Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entities Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-37669 |
Entity Registrant Name | Nomad Foods Limited |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | No. 1 New Square |
Entity Address, Address Line Two | Bedfont Lakes Business Park |
Entity Address, City or Town | Feltham |
Entity Address, Postal Zip Code | TW14 8HA |
Entity Address, Country | GB |
Title of 12(b) Security | Ordinary Shares, no par value |
Trading Symbol | NOMD |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 172,180,897 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001651717 |
Entity Shell Company | false |
Business Contact | |
Document and Entities Information [Line Items] | |
Entity Address, Address Line One | No. 1 New Square |
Entity Address, Address Line Two | Bedfont Lakes Business Park |
Entity Address, City or Town | Feltham |
Entity Address, Postal Zip Code | TW14 8HA |
Contact Personnel Name | Samy Zekhout |
City Area Code | +(44) |
Local Phone Number | 208 918 3200 |
Contact Personnel Fax Number | +(44) 208 918 3491 |
Preference shares [member] | |
Document and Entities Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,500,000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Goodwill | € 1,938 | € 1,862.9 |
Intangibles | 2,114.1 | 2,083.1 |
Property, plant and equipment | 422.2 | 422.4 |
Other non-current assets | 1.1 | 1.9 |
Derivative financial instruments | 17.2 | 17.5 |
Deferred tax assets | 113.5 | 96.4 |
Total non-current assets | 4,606.1 | 4,484.2 |
Current assets | ||
Cash and cash equivalents | 393.2 | 826.1 |
Inventories | 343.2 | 323.2 |
Trade and other receivables | 185 | 206.7 |
Indemnification assets | 15.4 | 35.4 |
Short-term deposits, not classified as cash equivalents | 25 | 25 |
Derivative financial instruments | 5.5 | 3.9 |
Total current assets | 967.3 | 1,420.3 |
Assets | 5,573.4 | 5,904.5 |
Current liabilities | ||
Trade and other payables | 646.4 | 525.2 |
Current tax payable | 166.2 | 217.2 |
Provisions | 45.7 | 40.9 |
Loans and borrowings | 22.5 | 27.7 |
Derivative financial instruments | 35.5 | 12.1 |
Total current liabilities | 916.3 | 823.1 |
Non-current liabilities | ||
Loans and borrowings | 1,736.3 | 1,847.6 |
Employee benefits | 276.2 | 237.5 |
Other non-current liabilities | 2.2 | 2.7 |
Provisions | 6.1 | 5.9 |
Derivative financial instruments | 89.5 | 32.8 |
Deferred tax liabilities | 420.7 | 398.2 |
Total non-current liabilities | 2,531 | 2,524.7 |
Total liabilities | 3,447.3 | 3,347.8 |
Net assets | 2,126.1 | 2,556.7 |
Equity | ||
Share capital and capital reserve | 1,620.5 | 2,095.4 |
Share-based compensation reserve | 8.3 | 22.6 |
Founder Preferred Shares Dividend Reserve | 245.5 | 370.1 |
Translation reserve | 84.7 | 94.8 |
Cash flow hedging reserve | (24.5) | (13.2) |
Retained earnings/(accumulated deficit reserve) | 191.6 | (11.8) |
Total equity | 2,126.1 | 2,557.9 |
Non-controlling interests | 0 | (1.2) |
Equity | € 2,126.1 | € 2,556.7 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Revenue | € 2,515.9 | € 2,324.3 | € 2,172.8 |
Cost of sales | (1,753.4) | (1,626.4) | (1,519.3) |
Gross profit | 762.5 | 697.9 | 653.5 |
Other operating expenses | (382.7) | (359.9) | (352.7) |
Exceptional items | (20.6) | (54.5) | (17.7) |
Operating profit | 359.2 | 283.5 | 283.1 |
Finance income | 4.7 | 2.5 | 1.6 |
Finance costs | (68.4) | (75.7) | (57.6) |
Net finance costs | (63.7) | (73.2) | (56) |
Profit before tax | 295.5 | 210.3 | 227.1 |
Taxation | (70.4) | (56.7) | (56.6) |
Profit for the period | 225.2 | 154 | 171.2 |
Profit (loss), attributable to non-controlling interests | (0.1) | (0.4) | (0.7) |
Profit (loss) | € 225.1 | € 153.6 | € 170.5 |
Earnings per share: | |||
Basic earnings per share (in euros per share) | € 1.16 | € 0.80 | € 0.97 |
Diluted earnings per share (in euros per share) | € 1.14 | € 0.78 | € 0.97 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Profit (loss) | € 225.1 | € 153.6 | € 170.5 |
Other comprehensive (loss)/income: | |||
Actuarial losses on defined benefit pension plans | (27.8) | (35.9) | (12.9) |
Taxation credit on remeasurement of defined benefit pension plans | 8.3 | 6.7 | 3.3 |
Items not reclassified to the Consolidated Statement of Profit or Loss | (19.5) | (29.2) | (9.6) |
(Loss)/gain on investment in foreign subsidiary, net of hedge | (10.1) | 6 | 5.6 |
Effective portion of changes in fair value of cash flow hedges | (17.3) | (27.3) | 15.5 |
Taxation credit/(charge) relating to components of other comprehensive income | 6 | 5.6 | (4) |
Items that may be subsequently reclassified to the Consolidated Statement of Profit or Loss | (21.4) | (15.7) | 17.1 |
Other comprehensive (loss)/income for the period, net of tax | (40.9) | (44.9) | 7.5 |
Comprehensive income | 184.2 | 108.7 | 178 |
Total comprehensive income for the period | 184.3 | 109.1 | 178.7 |
Comprehensive income, attributable to non-controlling interests | € (0.1) | € (0.4) | € (0.7) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Millions | Total | Share capital and capital reserve | Share based compensation reserve | Founder preferred shares dividend reserve | Translation reserve | Cash flow hedging reserve | Accumulated deficit reserve | Equity attributable to owners of parent [member] | Non-controlling interests [member] |
Equity | Increase (decrease) due to changes in accounting policy required by IFRSs | € 18.1 | € 18.1 | € 18.1 | ||||||
Equity | 1,852.6 | € 1,623.7 | € 2.9 | € 493.4 | € 83.2 | € (3) | (347.6) | 1,852.6 | |
Equity (restated) | 1,870.7 | 1,623.7 | 2.9 | 493.4 | 83.2 | (3) | (329.5) | 1,870.7 | |
Equity (restated) | 1,870.7 | 1,623.7 | 2.9 | 493.4 | 83.2 | (3) | (329.5) | 1,870.7 | |
Profit (loss) | 170.5 | 171.2 | 171.2 | € (0.7) | |||||
Other comprehensive income/(loss) for the year | 7.5 | 5.6 | 11.5 | (9.6) | 7.5 | ||||
Comprehensive income | 178 | 5.6 | 11.5 | 161.6 | 178.7 | (0.7) | |||
Dividends recognised as distributions to owners | 120.8 | (120.8) | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | (0.2) | 0.6 | (0.8) | (0.2) | |||||
Issue of equity | 0.1 | 3.4 | (3.3) | 0.1 | |||||
Share based payment charge | 13 | 13 | 13 | ||||||
Reclassification of awards for settlement of tax liabilities | (2.4) | (2.4) | (2.4) | ||||||
Non controlling interest through acquisition of subsidiary | (0.1) | 0 | (0.1) | ||||||
Increase (decrease) through transactions with owners, equity | 10.4 | 124.8 | 6.5 | (120.8) | 10.5 | (0.1) | |||
Equity | Increase (decrease) due to changes in accounting policy required by IFRSs | 31.3 | 31.3 | 31.3 | ||||||
Equity | 2,059.1 | 1,748.5 | 9.4 | 372.6 | 88.8 | 8.5 | (167.9) | 2,059.9 | (0.8) |
Equity (restated) | 2,090.4 | 1,748.5 | 9.4 | 372.6 | 88.8 | 8.5 | (136.6) | 2,091.2 | |
Equity (restated) | 2,090.4 | 1,748.5 | 9.4 | 372.6 | 88.8 | 8.5 | (136.6) | 2,091.2 | |
Profit (loss) | 153.6 | 154 | 154 | (0.4) | |||||
Other comprehensive income/(loss) for the year | (44.9) | 6 | (21.7) | (29.2) | (44.9) | ||||
Comprehensive income | 108.7 | 6 | (21.7) | 124.8 | 109.1 | (0.4) | |||
Dividends recognised as distributions to owners | 2.5 | (2.5) | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | (0.8) | (0.8) | (0.8) | ||||||
Issue of equity | 354.2 | 355.5 | (1.3) | 354.2 | |||||
Share based payment charge | 14.9 | 14.9 | 14.9 | ||||||
Reclassification of awards for settlement of tax liabilities | 0.4 | 0.4 | 0.4 | ||||||
Increase (decrease) through transactions with owners, equity | 357.6 | 346.9 | 13.2 | (2.5) | 357.6 | 0 | |||
Listing and share transaction costs | (11.1) | (11.1) | (11.1) | ||||||
Equity | 2,556.7 | 2,095.4 | 22.6 | 370.1 | 94.8 | (13.2) | (11.8) | 2,557.9 | (1.2) |
Profit (loss) | 225.1 | 225.2 | 225.2 | (0.1) | |||||
Other comprehensive income/(loss) for the year | (40.9) | (10.1) | (11.3) | (19.5) | (40.9) | ||||
Comprehensive income | 184.2 | (10.1) | (11.3) | 205.7 | 184.3 | (0.1) | |||
Dividends recognised as distributions to owners | 124.6 | (124.6) | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0.7 | (0.7) | |||||||
Issue of equity | 0.5 | 8.4 | (7.9) | 0.5 | |||||
Share based payment charge | 9 | 9 | 9 | ||||||
Reclassification of awards for settlement of tax liabilities | (14.7) | (14.7) | (14.7) | ||||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | (1) | (2.3) | (2.3) | 1.3 | |||||
Increase (decrease) through transactions with owners, equity | (614.8) | (474.9) | (14.3) | (124.6) | (2.3) | (616.1) | 1.3 | ||
Listing and share transaction costs | (2.1) | ||||||||
Purchase of treasury shares | (608.6) | (608.6) | (608.6) | ||||||
Equity | € 2,126.1 | € 1,620.5 | € 8.3 | € 245.5 | € 84.7 | € (24.5) | € 191.6 | € 2,126.1 | € 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of cash flows [abstract] | |||
Cash generated from operations before tax and exceptional items | € 552 | € 376.9 | € 397.6 |
Cash flows relating to exceptional items | (12.1) | (15.9) | (43.4) |
Tax paid | (82.9) | (45.6) | (32.9) |
Net cash flows from operating activities | 457 | 315.4 | 321.3 |
Cash flows from investing activities | |||
Business combinations, net of cash acquired | (112.9) | (1.5) | (471.6) |
Purchase of property, plant and equipment and intangibles | (58.7) | (47.3) | (41.6) |
Purchase of investments | (25) | (25) | 0 |
Redemption of investments | 25.2 | ||
Net cash used in investing activities | (171.4) | (73.8) | (513.2) |
Cash flows from financing activities | |||
Proceeds from issuance of Ordinary Shares | 0.6 | 354.1 | 0.1 |
Share issuance costs | 0 | (11.1) | 0 |
Repurchase of ordinary shares | (608.6) | ||
Income taxes paid (refund), classified as financing activities | (19.2) | ||
Proceeds from new loans and notes | 0 | 2 | 355.6 |
Repayment of loan principal | (11.7) | (22.2) | (5.9) |
Payments of lease liabilities, classified as financing activities | (20.3) | (21.8) | 0 |
Payment of financing fees | 0 | 0 | (2.6) |
Interest paid | (50.2) | (48.4) | (45.3) |
Interest received | 0.7 | 2.4 | 0.2 |
Other financing cash flows | (6.1) | (3.6) | 0.6 |
Net cash (used in)/provided by financing activities | (714.8) | 251.4 | 302.7 |
Net (decrease)/increase in cash and cash equivalents | (429.2) | 493 | 110.8 |
Cash and cash equivalents at beginning of period | 826.1 | 327.6 | 219.2 |
Effect of exchange rate fluctuations | (13.1) | 4.2 | (2.4) |
Cash and cash equivalents at end of period | 393.2 | 826.1 | 327.6 |
Cash and cash equivalents if different from statement of financial position | € 382.5 | € 824.8 | € 327.6 |
General information
General information | 12 Months Ended |
Dec. 31, 2020 | |
General Information About Financial Statements [Abstract] | |
General information | General information Nomad Foods Limited (the “Company” or “Nomad”) was incorporated in the British Virgin Islands on April 1, 2014. The address of Nomad’s registered office is Nemours Chambers, Road Town, Tortola, British Virgin Islands. The Company is domiciled for tax in the United Kingdom. Nomad Foods Limited (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and in the future across the broader food sector. Nomad produces, markets and distributes brands through offices in 14 countries and exports to many others. Nomad has the leading market share in Western Europe. The Company’s portfolio of leading frozen food brands includes Birds Eye , Iglo , Findus , Goodfella's and Aunt Bessie's . |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis of preparation | Basis of preparation The consolidated financial statements of Nomad and its subsidiaries (the “Company” or “Nomad”) have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board. These consolidated financial statements are also in accordance with International Financial Reporting Standards as adopted by the European Union. References to "Iglo" or "Findus" refer to the groups of companies separately acquired by Nomad in June and November 2015, respectively. On March 11, 2020, the World Health Organization officially declared COVID-19, the disease caused by novel coronavirus, a pandemic. The Directors are working with Management to monitor the evolution of the pandemic, including how it may affect the markets and the general population and also the potential financial impact. The final impact of the pandemic on the Company is hard to predict, however, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing these financial statements. Standards not yet adopted IFRS 9 'Financial Instruments' IFRS 9 ‘Financial Instruments’ was issued in July 2014 and replaced IAS 39 ‘Financial Instruments: Recognition and Measurement.’ The Company had previously elected to continue hedge accounting under IAS 39 as was allowed by the standard. On January 1, 2021, the Company will be adopting hedge accounting under IFRS 9 as the hedge accounting requirements have been simplified and are more closely aligned to the Company's risk management strategy. Under IFRS 9 all existing hedging relationships will qualify as continuing hedging relationships. IFRS 9 introduces a new way of treating fair value movements on cross currency basis spreads of certain hedging instruments. The Company intends to elect the cost of hedging approach as allowable under IFRS 9 and will initially recognize these movements within equity, in a cost of hedging reserve to the extent that they relate to the hedged item. An adjustment to the January 1, 2021 opening balance sheet is expected to be made to transfer approximately €5 million from the cash flow hedge reserve to the costs of hedging reserve for relevant hedging instruments existing on transition. Under IFRS 9, in cash flow hedges of a forecast transaction which results in the recognition of a non-financial item (such as inventory), the carrying value of that item must be adjusted for the accumulated gains or losses recognized directly in equity. Whilst a similar option is available under IAS 39, this was not applied. The effective portion of the gain or loss on a cash flow hedging instrument is reported in the statement of other comprehensive income, but the transfer to the non-financial item on the balance sheet will be shown in the statement of changes in equity. As at December 31, 2020 the impact is approximately €7 million. Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest Rate Benchmark Reform (Phase 2) I n August 2020, the IASB issued Interest Rate Benchmark Reform (Phase 2), which amends other IFRS standards. The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The amendments in this final phase relate to practical expedient for particular changes in contractual cash flows, relief from specific hedge accounting requirements and certain disclosure requirement. These amendments are effective for annual reporting periods beginning on or after January 1, 2021, with earlier application permitted. The Company is currently evaluating the impact of the amendment on the consolidated financial statements. Amended standards early adopted The Company has elected to early adopt the ‘Amendments to IAS 39 and IFRS 7 Interest Rate Benchmark Reform (Phase 1)’ issued in September 2019. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed at the start of the reporting period and to the amount accumulated in the cash flow hedge reserve at that date. The amendments provide temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by IBOR reform. The reliefs have the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness continues to be recorded in the Statement of Profit or Loss. In summary, the reliefs provided by the amendments that apply are: • When considering the ‘highly probable’ requirement, the Company has assumed that the LIBOR interest rate on which our hedged debts are based does not change as a result of IBOR reform. • In assessing whether the hedge is expected to be highly effective on a forward-looking basis, the Company has assumed that the LIBOR interest rate on which the cash flows of the hedged debt and the interest rate swap that hedges it are based is not altered by IBOR reform. • The Company will not discontinue hedge accounting during the period of IBOR-related uncertainty solely because the retrospective effectiveness falls outside the required 80-125% range. • The Company has not recycled the cash flow hedge reserve relating to the period after the reforms are expected to take effect. Note 33 provides the required disclosures of the uncertainty arising from IBOR reform for hedging relationships for which the reliefs have been applied. Other The consolidated financial statements and notes are presented in the reporting currency of millions of Euros. All financial information has been rounded to the nearest €0.1 million, except where otherwise indicated. The consolidated financial statements were approved for issuance by the Board of Directors of Nomad Foods Limited on February 23, 2021. The Directors have, at the time of approving the financial statements, a reasonable expectation that Nomad has adequate resources to continue in operational existence for the foreseeable future given the cash funds available and the current forecast cash outflows. Thus, Nomad continues to adopt the going concern basis of accounting in preparing the financial statements. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | |
Accounting policies | Accounting policies The accounting policies set out below have, unless otherwise stated, been applied consistently. Judgments made by the Directors in the application of these accounting policies that have a significant effect on the financial statements and key sources of estimation uncertainty are discussed in Note 4. 3.1 Measurement convention The financial statements are prepared on the historical cost basis with the exception of derivative financial instruments, business combinations, share based payments, and founder preferred shares which are stated at fair value. 3.2 Business combination The Company uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. Where selling shareholders have contractually agreed to indemnify Nomad Foods Limited for contingent liabilities, an indemnification asset is recognized equivalent to the fair value of the liability recognized by Nomad. The indemnification asset is deducted from consideration transferred for the business combination. The indemnification asset value will subsequently be revised where revisions are made to the value of the liability or where there are doubts over the ability to recover losses from the selling shareholders. 3.3 Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions, and any unrealized income and expenses arising from intra-group transactions are eliminated. Accounting policies are applied consistently across the Company. Subsidiaries are all entities (including structured entities) over which Nomad has control; directly or indirectly. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Where the Company owns less than a 100 per cent interest in a subsidiary, a non-controlling interest is recognized. The carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance. 3.4 Foreign currency i) Foreign currency transactions Transactions in foreign currencies (currencies other than the functional currency) are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate ruling the financial year end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges, qualifying net investment hedges or are attributable to part of a net investment in a foreign operation. Non-monetary assets and liabilities in a foreign currency are translated into the functional currency to establish historical cost, using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the date the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. The revenues and expenses of foreign operations are translated at an average rate for the period (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transaction). ii) Assets and liabilities of foreign operations For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at foreign exchange rates ruling at the financial year ended December 31, 2020 of £1:€1.11 (December 31, 2019: £1:€1.17, December 31, 2018: £1:€1.11). The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange gains and losses that relate to these assets and liabilities are presented in the Consolidated Statement of Profit or Loss within ‘finance income or costs’, except where hedge accounting applies. iii) Net investment in foreign operations Exchange differences arising from the translation of foreign operations and of related qualifying hedges are taken directly to the translation reserve within equity. They are realized through the Consolidated Statement of Profit or Loss upon disposal of the related foreign operation. 3.5 Goodwill Goodwill represents amounts arising on acquisition of subsidiaries. Goodwill is the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is not monitored below the operating segment. Goodwill is not amortized but is tested annually for impairment. 3.6 Other intangible assets Intangible assets acquired separately are recorded at cost and those acquired as part of a business combination are recorded at fair value as at the date of acquisition. i) Computer software Capitalized software costs include the cost of acquired computer software licenses and costs that are directly associated with the design, construction and testing of such software where this relates to a major business system. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognized as an expense within other operating expenses as incurred. The assets are stated at cost less accumulated amortization and impairment losses. Software costs are amortized by equal monthly installments over their estimated useful economic life of five ii) Brands Based on the market position of the brands, the significant levels of investment in advertising and promoting the brands, and the fact that Goodfella's and Aunt Bessie's brands have been established for over 20 years, with the Birds Eye , Iglo and Findus brands established for over 50 years, the Directors consider that the brands have indefinite lives. Therefore these brands are not amortized, but instead held at historical cost less provision for any impairment. Brands that are deemed to not have an indefinite life are being amortized by equal monthly installments within other operating expenses over the course of their remaining useful economic life. iii) Customer relationships Long standing Food Service customer relationships have been identified as intangible assets as part of the Findus Acquisition. These are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over 14 years. 3.7 Impairment of non-current assets The carrying amounts of the Company’s non-current assets are reviewed annually to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Impairment losses are recognized in the Consolidated Statement of Profit or Loss in the period in which they arise. For goodwill and assets that have an indefinite useful life an impairment review is performed at least annually. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. i) Calculation of recoverable amount Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows of the business are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ii) Allocation of impairment losses Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units, then to reduce the carrying amount of the other assets in the unit on a pro rata basis. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. iii) Reversals of impairment An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 3.8 Property, plant and equipment i) Owned assets Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. ii) Leased assets As a result of the adoption of IFRS 16, the Company has changed its accounting policy for leased assets. Until December 31, 2018, leases of property, plant and equipment where the Company, as a lessee, has substantially all the risks and rewards of ownership were classified as finance leases and all others as operating leases. The Company leases various properties, equipment and cars. Since January 1, 2019, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a contract contains both lease and non-lease components, the Group has elected to account for the contract as a single lease. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is classified within property, plant and equipment and is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are presented within loans and borrowings and include the net present value of expected lease payments, including those from extension options if the Company reasonably expects to exercise them. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, otherwise the Company’s incremental borrowing rate is used. Right-of-use assets are measured at cost comprising the amount of the lease liability, adjusted for payments made or received before the commencement date, initial direct costs and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise IT equipment and small items of office furniture. iii) Depreciation Depreciation is charged to the Consolidated Statement of Profit or Loss on a straight line basis over the shorter of the lease term and the estimated useful lives of each part of an item of property, plant and equipment once the item is brought into use. Land is not depreciated. The estimated useful lives are as follows: • Buildings 40 years • Plant and equipment 5 to 14 years • Computer equipment 3 to 5 years The assets’ residual values and useful lives are reviewed on a frequent basis. 3.9 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Inventories that are acquired through business combinations are fair valued at the time of acquisition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of direct costs and overheads based on normal operating capacity. Provision is made for slow moving, obsolete and defective inventories. 3.10 Employee benefits i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognized as an expense in the Consolidated Statement of Profit or Loss as incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in the future payments is available. ii) Defined benefit plans The Company’s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That net obligation is discounted to determine its present value. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the Consolidated Statement of Profit or Loss in staff costs included within Operating profit/(loss), except where included in the cost of an asset, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other Comprehensive Income in the period in which they arise. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Consolidated Statement of Profit or Loss. Past service cost is recognized immediately. iii) Share-based payment schemes Employee benefits given through share-based payment schemes are discussed further in section 3.15 of this note. 3.11 Founder Preferred Shares Nomad Foods issued Founder Preferred Shares to both TOMS Acquisition I LLC and Mariposa Acquisition II, LLC (collectively the “Founder Entities”) in connection with its initial public offering in April 2014. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Dividend Amount”). The instrument and its component parts were analyzed under IFRS 2. The Company intends that any future Founder Preferred Shares Annual Dividend Amount will be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015, of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Should a Founder Preferred Share Annual Dividend Amount become due and payable, the market value of any dividend paid will be deducted from the Founder Preferred Shares Dividend reserve, with any excess deducted from the accumulated profit/(deficit) reserve within equity. 3.12 Provisions Provisions are recognized when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the financial year end date and are discounted to present value where the effect is material. Where it is not possible to make a reliable estimate of the estimated financial effect of a provision, appropriate disclosure of the resulting contingent liability is made, but no provision is recognized. 3.13 Financial instruments Financial assets and liabilities are recognized in the Company’s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. i) Trade receivables Trade receivables are amounts due from customers for goods sold when control of the products has transferred, being when the products are delivered in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. The Company holds the trade receivables with the objective of collecting the contractual cash flows and so they are subsequently measured at amortized cost using the effective interest method, less any loss allowance. Since trade receivables are due within one year, this equates to initial carrying value less any loss allowance. To assist in managing operating cash flow, we may enter into non-recourse factoring arrangements with certain receivables whereby we sell specific account receivables to one or more external financial institutions. The risks and rewards of ownership are considered to have been transferred at the point of sale. Up to the point of sale, these receivables are treated as held for sale and measured at fair value through Profit or Loss. Under the terms of the contractual arrangements, the Company may continue to collect the cash from the customer receivables sold, albeit acting solely as a collecting agent on behalf of the purchaser of receivables. Any cash received from customers which is due to be paid to the agent is presented as a financial liability in the Statement of Financial Position and as a financing activity within the Statement of Cash Flows. Factoring fees associated with the sale of factored receivables were minimal for all periods presented. See Note 18. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Trade receivables are grouped by days past due. Expected loss rates are based on historical credit losses experienced in each market as well as forward looking information where this is significant. Trade receivables are written off when there is no reasonable expectation of recovery. Appropriate allowances for expected credit losses and estimated irrecoverable amounts are recognized in the Consolidated Statement of Profit or Loss. Trade receivables are presented net of associated contract liabilities, referred to as 'trade terms' as discussed further in Note 3.14 and Note 4. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and deposits that are readily convertible to a known amount of cash and are measured at amortized cost. Deposits held in money market funds are measured at fair value through Profit or Loss as the cash flows do not only represent principal and interest. iii) Loans and borrowings a. Valuation Interest bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing loans and borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the Consolidated Statement of Profit or Loss over the expected period of the borrowings. b. Capitalization of transaction costs Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. iv) Trade payables Trade payables are measured at initial recognition at fair value and are subsequently measured at amortized cost using the effective interest method. Since trade payables are largely due within one year, this equates to initial carrying value. v) Derivative financial instruments and hedge accounting Derivative financial instruments are recognized at fair value. When a derivative financial instrument is not designated in a hedge accounting relationship, all changes in its fair value are recognized immediately in the Consolidated Statement of Profit or Loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The fair value of all financial derivative instruments (including but not limited to forward foreign exchange contracts, currency swaps and cross currency interest rates swaps), is determined per market standard using forward foreign exchange and interest rates at the balance sheet date, with the resulting value discounted back to present value. Cross currency interest rate swaps can be entered into in order to mitigate perceived risks to foreign exchange translation risk and interest rate risk. Foreign exchange forward contracts can be entered into in order to mitigate perceived risks to foreign exchange transaction risk. The Company applies the hedge accounting requirements of IAS 39 to all hedging relationships. a. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the cash flow of a recognized asset or liability, (including a highly probable forecast transaction) the effective part of any gain or loss on the derivative financial instrument is recognized directly in the cash flow hedging reserve. Any ineffective portion of the hedge is recognized immediately in the Consolidated Statement of Profit or Loss. When a hedging instrument expires or is sold, exercised or otherwise terminated, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognized when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealized gain or loss recognized in equity is recognized in the Consolidated Statement of Profit or Loss immediately. b. Net investment hedges Foreign currency differences arising on the retranslation of the spot rate component of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in Other Comprehensive Income to the extent that the hedge is effective, and are presented in the translation reserve within equity. To the extent that the hedge is ineffective, such differences are recognized in the Consolidated Statement of Profit or Loss. When the hedged net investment is disposed of, the relevant amount in the translation reserve is transferred to the Consolidated Statement of Profit or Loss as part of the gain or loss on disposal. vi) Short-term investments The Company invests surplus cash positions in short-term investments to manage liquidity and credit risk. Short‐term investments are held within managed investment funds and are measured at fair value. All changes in fair value are recognized immediately in the Consolidated Statement of Profit or Loss. The short-term investments are held within managed investment funds which invest in supply chain financing receivables, the creditworthiness of which are enhanced by an insurance wrapper as provided by established insurance companies with a long-term credit rating of at least A. Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. 3.14 Revenue from contracts with customers The Company manufactures and sells a range of frozen foods to retail, wholesale and Food Service markets. Revenue is recognized when control of the products has transferred, being when the products are delivered to the customer in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. A provision for product return allowances, which is estimated based upon the Company’s historical performance and management’s experience, is recorded as a reduction of sales in the same period that the revenue is recognized. Revenue excludes sales taxes and intra-company sales. Products are often sold with variable pricing arrangements, including payment discounts, trade promotions and slotting fees. Discounts given by the Company include rebates, price reductions and incentives to customers, promotional couponing and trade communication costs. Trade promotions consist of pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. Certain retailers require the payment of slotting fees to obtain space for the Company’s products on the retailers’ store shelves. Where variable pricing arrangements are in place, revenue is only recognized to the extent that it is highly probable that the amount recognized is unlikely to be reversed. Accumulated experience is used to estimate and provide for the discounts. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Accruals for expected pay-outs under these programs are collectively known as ‘trade terms’ and are included within trade and other receivables or within trade and other payables in the Consolidated Statement of Financial Position. No element of financing is deemed present as the sales are made in line with market practice and accruals are typically settled within twelve months of the sale. 3.15 Share based payments The Nomad Foods Long-term Incentive Plan known as the (the "Management Share Awards"), which incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the provisions of IFRS 2 “Share-based Payment” and awards under the Management Share Awards represent equity settled share based payments. A charge is taken to the Consolidated Statement of Profit or Loss for the difference between the fair value of the shares at grant date and the amount subscribed, spread over the vesting period. Share based payment arrangements in which Nomad receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share based payment transactions, regardless of how the equity instruments are obtained by Nomad. The grant date fair value of share-based payment awards granted to any Director or employee is recognized as an expense, with a corresponding increase in equity, over the period that any Director or employee becomes unconditionally entitled to the awards. The fair value of the awards granted is measured using a valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. See Note 8(b) for further information on the Company’s share-based payment arrangements and details of the valuation model used. 3.16 Interest income Interest income is recognized in the Consolidated Statement of Profit or Loss on an accruals basis using the effective interest method. 3.17 Expenses i) Operating lease payments Payments associated with short-term leases, leases of low-value assets, variable lease payments and leases assessed as service agreements are recognized on a straight-line basis as an expense in profit or loss and presented as "operating leases". Lease incentives received are recognized on a straight line basis in the Consolidated Statement of Profit or Loss as an integral part of the total lease expense. ii) Borrowing costs Unless capitalized as part of the cost of borrowing (see Note 3.13(iii)), borrowing costs are recognized in the Consolidated Statement of Profit or Loss in the period in which they are incurred. iii) Exceptional items The separate reporting of exceptional items which are presented as exceptional within the relevant Consolidated Statement of Profit or Loss category, helps provide an indication of the Company’s underlying business performance. Exceptional items have been identified and presented by virtue of their size, nature or incidence. In determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. Exceptional items comprise restructuring costs, impairments or reversal of impairments of intangible assets, operational restructuring, integration and acquisition costs relating to new acquisitions, implementation of strategic opportunities and other significant items (see Note 7). iv) Research and development Expenditure on research activities is recognized in the Consolidated Statement of Profit or Loss as an expense as incurred. 3.18 Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized in Other Comprehensive Income, in which case it is recognized within the Statement of Other Comprehensive Income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the financial year end date, and any adjustment to tax payable in respect of previous years. Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on the best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. Deferred tax is provided on temporary difference |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | |
Critical accounting estimates and judgments | Critical accounting estimates and judgments The preparation of financial statements in accordance with IFRS requires the use of judgment in applying the accounting policies and estimation that affect the reported amounts of assets and liabilities and results. Actual results could differ from those estimates and the financial statements will be impacted by key judgments taken. Key Judgments Judgments are made in the process of applying accounting policies. Those judgments which are considered key are listed below. a) Business Combinations For business combinations that have a significant effect on the amounts reported in the consolidated financial statements. The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves judgment over whether intangible assets can be separately identified. b) Discounts and trade promotions Management use judgment when considering when accruals for discounts and trade promotions can be released. Management makes the judgment based on the principle that accruals are reversed only to the extent that it is highly probable that a significant reversal will not occur. c) Uncertain tax positions Management use judgment when determining whether it is appropriate to accrue for uncertain tax positions and for how long accruals for uncertain tax positions are retained. Management considers tax laws which are in place in making that assessment determining whether it is appropriate to release. d) Cash generating units When performing goodwill impairment testing, management apply judgment to the allocation of goodwill to cash generating units. Management has determined goodwill is monitored at the operating segment level of “Frozen”. Please refer to Note 13 for further information. e) Operating segments Management apply judgment in determining the Chief Operating Decision Maker (“CODM”), and the nature and extent of the financial information which is reviewed by the CODM. Management have considered how resources are allocated in determining the single reporting and operating segment of “Frozen”. Please refer to Note 5 for further information. Significant estimates Information about estimates and assumptions that have significant effects on the amounts reported in the consolidated financial statements are listed below. Management have taken into account the impact and potential future impact of COVID-19 on these estimates. We will continue to assess the impact of future developments in relation to COVID-19 as it relates to estimates, especially around the carrying value of goodwill, brands and other intangibles, as well as on property, plant and equipment. In particular, we will focus on the long-term impact on the food service customer relationship intangible assets. a) Discounts and trade promotions Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Each customer has bespoke agreements that are governed by a combination of observable and unobservable performance conditions. Trade promotions comprise of amounts paid to retailers for programs designed to promote Company products and include pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. The ultimate costs of these programs can depend upon retailer performance and is the subject of significant management estimates. The estimated ultimate cost of the program is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends. At each financial year end date, any discount or trade promotion incurred but not yet invoiced is estimated and accrued for. In certain cases, the estimate for discounts and trade promotions requires the use of forecast information for future trading periods and therefore a degree of estimation uncertainty exists. These estimates are sensitive to variances between actual results and forecasts. The estimate is based on accumulated experience. The accruals are presented as ‘trade terms’ and offset against trade receivables due to the same customer, or as trade term payables where there is no receivable to be offset. The balance of the reduction in trade receivables for trade terms as of December 31, 2020 is disclosed in Note 18 and the balance classified as a trade term payable is disclosed in Note 22. b) Business combinations The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable estimation in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following estimates and assumptions can materially affect our financial position and profit: • The fair value and expected useful economic life of acquired intangible and tangible assets that are subject to depreciation or amortization in future periods. • Future changes to the assumptions over forecast future profitability used in estimating the value of intangible assets and goodwill may result in additional expenses or income. • Future changes to the assumptions used in estimating the value of uncertain tax positions may result in additional expenses or income. c) Carrying value of goodwill and brands Determining whether goodwill and brands are impaired requires an estimation of the value in use of the cash generating unit to which goodwill and brands have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. Future cash flows for the purposes of the value in use calculation are taken from approved budgets. Details of impairment reviews including disclosures covering sensitivities are provided in Note 13. d) Employee benefit obligation The Group operates a number of defined benefit pension schemes and post-employment benefit schemes which are valued by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Each scheme has an actuarial valuation performed by a specialist third party and is dependent on a series of assumptions which are estimated by management. See Note 23 for details of these assumptions and a sensitivity analysis on material assumptions. e) Uncertain tax positions Where tax exposures can be quantified, an accrual for uncertain tax positions is based on the Group's judgment of the most likely amount of the liability expected to be paid to the relevant tax authority; or, when there is a wide range of possible outcomes, a probability weighted average approach. Given the inherent uncertainties in assessing the outcomes of these exposures, the Company could in future periods experience adjustments to these accruals. The factors considered in estimating the accrual include the progress of discussions with the tax authorities, the complexity of respective tax legislation, valuations of assets for tax purposes and the level of documentary support for historical positions taken by previous owners. The accruals are made on the basis of a weighted average of potential outcomes. f) Fair value of derivative financial instruments. Note 34 includes details of the fair value of the derivative instruments that the Company holds at each balance sheet period. Management has estimated the fair value of these instruments by using valuations based on discounted cash flow calculations. These inputs may be readily observable, market corroborated, or generally unobservable inputs and are further discussed in Note 34. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2020 | |
Operating Segments [Abstract] | |
Segment reporting | Segment reporting Nomad has one reporting and operating segment, "Frozen", reflected in the segment presentation below for the periods presented. The CODM primarily uses “Adjusted EBITDA”, disclosed in Note 3.19, as the key measure of the segment’s results, which is considered non-IFRS financial information. Segment Adjusted EBITDA Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Note €m €m €m Profit for the period 225.1 153.6 170.5 Taxation 70.4 56.7 56.6 Net financing costs 63.7 73.2 56.0 Depreciation and amortization 67.6 68.3 46.3 EBITDA 426.8 351.8 329.4 Acquisition purchase price adjustments — — 5.7 Exceptional items 7 20.6 54.5 17.7 Other add-backs 19.4 25.7 23.6 Adjusted EBITDA 466.8 432.0 376.4 Acquisition purchase price adjustments relate to the reversal of the non-cash increase applied to inventory acquired in business combinations to value it at fair value as opposed to cost. Other add-backs include the elimination of share-based payment expense and related employer payroll expense of €12.1 million (2019: €22.4 million, 2018: €14.7 million) and elimination of non-operating M&A related costs, professional fees and transaction costs of €7.3 million (2019: €3.3 million, 2018: €8.9 million). We exclude these costs because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. No information on segment assets or liabilities is presented to the CODM. Product information Management considers the products it sells belong to one category, being "Frozen". Geographical information External revenue by geography Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m United Kingdom 747.3 712.5 585.4 Italy 426.3 394.1 383.6 Germany 393.2 329.6 310.2 France 203.8 176.6 174.1 Sweden 158.7 175.7 192.7 Austria 127.9 108.2 102.4 Norway 115.6 120.4 122.5 Spain 82.6 79.5 76.7 Rest of Europe 260.5 227.7 225.2 Total external revenue by geography 2,515.9 2,324.3 2,172.8 Non-current assets by geography December 31, 2020 December 31, 2019 €m €m Germany 135.5 124.9 United Kingdom 132.1 131.3 Italy 68.5 68.2 Norway 30.0 29.6 Sweden 28.5 51.1 France 15.7 17.2 Rest of Europe 68.9 56.0 Total non-current assets by geography 479.2 478.3 |
Operating profit_(loss)
Operating profit/(loss) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Operating profit/(loss) | Operating profit Operating profit is stated after charging: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Note €m €m €m Staff costs 8 340.2 308.6 299.7 Depreciation of property, plant and equipment (1) 12 59.8 59.7 39.3 Impairment of property, plant and equipment 12 — 0.1 — Amortization of software and brands 13 7.8 8.6 7.0 Operating lease charges (1) 3.0 4.5 18.5 Exchange (gains)/losses (2.8) (14.6) 2.9 Research & development expenditure 17.6 18.9 15.5 Inventories recognized as an expense within cost of goods sold 1,627.9 1,536.0 1,410.0 (1) As a result of the adoption of IFRS 16 Leases on January 1, 2019, the majority of leases have been capitalized and are being depreciated. Expenses relating to leases that are not capitalized continue to be shown within Operating Profit. |
Exceptional items
Exceptional items | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items Exceptional items are made up as follows: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Supply chain reconfiguration (1) (12.5) (3.6) 1.2 Findus Group integration costs (2) — 3.5 10.4 Findus Switzerland integration costs (3) 0.3 — — Brexit (4) 1.6 1.6 — Business Transformation program (5) 2.3 — — Goodfella's Pizza & Aunt Bessie's integration costs (6) 4.0 12.5 8.3 Factory optimization (7) 10.0 5.7 1.6 Settlement of legacy matters (8) (2.9) (9.2) (3.8) Release of indemnification assets (9) 17.8 44.0 — Total exceptional items 20.6 54.5 17.7 We do not consider these items to be indicative of our ongoing operating performance. (1) Supply chain reconfiguration Supply chain reconfiguration relates to activities associated with the closure of the Bjuv manufacturing facility in Sweden which ceased production in 2017. Income of €12.5 million has been recognized in the year ended December 31, 2020 (2019: income of €3.6 million, 2018: charge of €1.2 million). In 2020, the Company signed an agreement to end its leasehold of a cold store in Sweden in 2021, which was originally due to expire in 2040. The cold store will continue to be used by the Company under a service contract once the lease has come to an end. The agreement resulted in a significant modification of a right-of-use asset and reduction in lease liabilities. The carrying value of the right-of-use asset had previously been impaired such that its value was significantly lower than that of the liabilities extinguished. Consequently, the Company recognized a gain from the transaction. As part of the transaction, the Company has become liable to fulfill certain severance arrangements in 2021 which have been provided for, the cost of which offsets a portion of the income from the modification of the lease. In 2019, the income related to the sale of the agricultural land and the finalization of consideration received for the sale of the industrial property, which had completed in 2018. Costs in 2018 relate to the closure and have been partially offset by income from the disposal of tangible assets. (2) Findus Group integration costs Following the acquisition of the Findus Group on November 2, 2015, the Company initiated a substantial integration project. Expenses presented (2019: €3.5 million, 2018: €10.4 million) primarily relate to the roll-out of the Nomad ERP system which completed in 2019. (3) Findus Switzerland integration costs As disclosed in Note 14, the Company completed the acquisition of Findus Switzerland on December 31, 2020, following which the Company is undertaking an integration project. (4) Brexit With the uncertainty of the United Kingdom exiting the European Union, commonly referred to as Brexit, we made preparations for the potential adverse impacts of Brexit to our supply chain, such as tariffs and delays at ports of entry and departure. (5) Business transformation program The Company has launched the first phase of a multi-year, enterprise-wide transformation and optimization program. Over the next few years, additional transformation phases will be implemented. The program aims to standardize, simplify and automate end-to-end business processes. This will enable key decision making and analytical capability, building a platform and organization to support future growth and provide better value for shareholders. Execution of the business transformation program will include the evaluation and implementation of new systems needed to support the project. Expenses in the year consist of restructuring and transformational project costs, including business technology transformation initiative costs and related professional fees. (6) Goodfella's Pizza & Aunt Bessie's integration costs Following the acquisition of the Goodfella’s pizza business in April 2018 and the Aunt Bessie's business in July 2018, the Company completed an integration project. (7) Factory optimization In 2018, the Company initiated a three-year factory optimization program. The focus of the program is to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. The program is expected to provide a number of benefits, including an optimized supply chain infrastructure, benefits derived from the implementation of a standardized global manufacturing and planning processes, and an increased level of sustainable performance improvement. (8) Settlement of legacy matters A net income of €2.9 million has been recognized associated with the release of acquired tax liabilities relating to periods prior to acquisition by the Company. Net income of €9.2 million was recognized in the year ended December 31, 2019 associated with the release of acquired tax liabilities relating to periods prior to acquisition by the Company. Net income of €3.8 million were recognized in the year ended December 31, 2018. This includes an income of €2.7 million recognized on settlement of contingent consideration for the La Cocinera acquisition and net income of €0.7 million associated with settlements of tax audits. (9) Release of indemnification assets The charges relate to the release of shares held in escrow as part of the consideration for the acquisition of the Findus Group in 2015, as discussed in Note 19. Tax impact of exceptional items The tax impact of the exceptional items amounts to a credit of €3.5 million in the year ended December 31, 2020 (year ended December 31, 2019: €3.1 million, year ended December 31, 2018: €3.2 million). Cash flow impact of exceptional items Included in the Consolidated Statements of Cash Flows for the year ended December 31, 2020 is €12.1 million (year ended December 31, 2019: €15.9 million, year ended December 31, 2018: €43.4 million) of cash outflows relating to exceptional items. This includes cash flows related to the above items as well as the cash impact of the settlement of provisions brought forward from previous accounting periods. |
Payroll costs, share based paym
Payroll costs, share based payments and management incentive schemes | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits And Share-Based Payments [Abstract] | |
Payroll costs, share based payments and management incentive schemes | Payroll costs, share based payments and management incentive schemes (a) Payroll costs The average number of persons employed by the Company (excluding non-Executive Directors) is analyzed and set out below: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Production 3,043 3,308 2,915 Administration, distribution & sales 1,647 1,448 1,510 Total number of employees 4,690 4,756 4,425 The table below discloses the Company’s aggregate payroll costs of these persons. Payroll costs exclude long term management incentive scheme and share based payment costs, but includes bonus costs. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Wages and salaries 276.4 250.4 240.6 Social security costs 49.2 45.2 46.0 Other pension costs 14.6 13.0 13.1 Total payroll costs 340.2 308.6 299.7 (b) Share based payments The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Non-Executive Director Restricted Share Awards In accordance with the Board approved independent Non-Executive Director compensation guidelines, each independent Non-Executive Director is granted $100,000 of restricted shares annually on the date of the annual general meeting, valued at the closing market price for such shares on this date. The restricted shares vest on the earlier to occur of the date of the Company’s annual meeting of shareholders or thirteen months from the date of grant. The Non-Executive Directors restricted share awards granted on June 19, 2017, which consisted of 53,498 shares at a share price of $14.38, vested on June 14, 2018 and were issued at a share price of $17.94, resulting in a €0.2 million increase in the share based compensation reserve. Of the total 53,498 number of shares vesting, 12,312 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. The Non-Executive Directors restricted share awards granted on June 19, 2018, which consisted of 32,172 shares at a share price of $18.07, vested on June 14, 2019 and were issued at a share price of $20.74, resulting in a €0.1 million increase in the share based compensation reserve. Of the total 44,272 number of shares vesting, 12,100 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. The Non-Executive Directors restricted share awards granted on June 14, 2019, which consisted of 39,370 shares at a share price of $20.32. In July 2019, in conjunction with the resignation of one of our Non-Executive Directors, 2,460 shares from this grant were vested and issued. The remaining awards vested on June 17, 2020 and were issued at a share price of $21.78. Of the total 34,447 number of shares vesting, 8,656 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. On June 17, 2020, after the Company's annual general meeting of shareholders, the current Non-Executive Directors were granted 32,140 restricted share award at a share price of $21.78. The total charge for Non-Executive Director grants within the Statement of Consolidated Profit or Loss for the year ended December 31, 2020 for stock compensation awards was €0.7 million (year ended December 31, 2019: €0.9 million; year ended December 31, 2018: €0.9 million). Director and Senior Management Share Awards As part of its long term incentive initiatives, the Company has outstanding awards over 3,178,400 ordinary shares granted to certain members of its management team (the “Management Share Awards”) as of the following four award dates: January 1, 2016 Award January 1, 2017 Award January 1, 2018 Award January 1, 2019 Award January 1, 2020 Award Total Number of awards outstanding at January 1, 2020 2,965,514 838,123 548,900 166,427 — 4,518,964 New awards granted in the period — — — — 761,979 761,979 Awards vested and issued in the period (1,910,561) — (42,825) — — (1,953,386) Forfeitures in the period (13,000) (18,250) (59,500) (6,866) (51,541) (149,157) Number of awards outstanding at December 31, 2020 1,041,953 819,873 446,575 159,561 710,438 3,178,400 The 2016, 2017 and 2018 awards have vesting conditions based on cumulative EBITDA performance and over four years and Company share price performance over two • For the 2016 award, the initial two three • For the 2017 award, the initial two two • For the 2018 award, the initial two three If the revised respective four The incremental fair value granted as a result of the modifications made to the January 1, 2016 and 2017 awards was $9.9 million (€8.7 million) and $1.1 million (€1.0 million), respectively. There was no incremental fair value on modification for the January 1, 2018 award. In September 2019, 166,427 restricted share awards were granted as part of the 2019 Management Share Award. The performance period associated with the award began as of January 1, 2019. The 2019 awards have vesting conditions based on three-year cumulative EBITDA and net sales, and Company share price performance measures. One third of the total share award is assigned to each type of performance measure. All shares are subject to a holding period of an additional year and require that the participants to the scheme are still actively employed during the entire four year period, through January 1, 2023. In January 2020, 761,979 restricted share awards were granted as part of the 2020 Management Share Award. The performance period associated with the award began on January 1, 2020. The Share awards will vest on the Company achieving a range of performance conditions including cumulative EBITDA, cumulative net sales, and share price performance measures over a three-year period. The cumulative EBITDA and Cumulative Net Sales tranches of shares are equally weighted, being worth 37.5% of the total award each. The Share Price Tranche is worth 25% of the total award. All shares are subject to a holding period of an additional year and require that the participants to the scheme are still actively employed during the entire four year period, through January 1, 2024. In January 2019, 85,315 restricted shares granted as part of the 2017 Management Share Awards vested based on share price performance, resulting in the issuance of 51,932 ordinary shares (net of 33,383 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In January 2020, 284,555 restricted shares granted as part of the 2016 Management Share Awards vested as a result of the satisfaction of the applicable Share Price Performance Condition (based on a share price of $22.37), resulting in the issuance of 163,816 ordinary shares to participants in the LTIP (net of 120,739 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In February 2020, 1,626,006 restricted shares granted as part of the 2016 Management Share Awards vested as a result of the satisfaction of the applicable Share Price Performance Condition (based on a share price of $19.53), resulting in the issuance of 928,042 ordinary shares to participants in the LTIP (net of 697,964 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In September 2020, 42,825 restricted shares granted as part of the 2018 Management Share Awards vested as a result of the satisfaction of the applicable Share Price Performance Condition (based on a share price of $25.30). Due to the timing of the vesting, the resulting issuance of 25,655 ordinary shares to participants in the LTIP (net of 17,170 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares) occurred in October 2020. The stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2020 related to the director and senior management share awards is €8.3 million (year ended December 31, 2019: €14.0 million: year ended December 31, 2018: €12.1 million). The Company calculates the cost of the Management Share Awards based upon their fair value using the Monte Carlo Model, which is considered to be the most appropriate methodology considering the restricted shares only vest once the market performance conditions have been satisfied. Following the revisions to the EBITDA Performance Conditions and benchmark market share price targets described above, and the additions of the January 1, 2019 and 2020 schemes, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are now as follows: January 1, 2016 award January 1, 2017 award January 1, 2018 award January 1, 2019 award January 1, 2020 award Grant date price $ 16.72 $ 16.72 $ 16.72 $ 20.15 $ 22.37 Exercise price $ — $ — $ — $ — $ — Expected life of restricted share 1.00 - 2.00 years 2.00 years 1.50 - 4.00 years 4.00 years 4.00 years Expected volatility of the share price 22.6 % 22.6 % 22.7 % 24.0 % 24.4 % Dividend yield expected — % — % — % — % — % Risk free rate 2.65 % 2.65 % 2.55 % 1.33 % 1.70 % Employee exit rate 6.0 % 14.0 % 14.0 % 14.0 % 27.3 % EBITDA Performance Target Condition 93.0 % 72.0 % 35.0 % 35.0 % 35.0 % The expected volatility of the share price inputs above were estimated by referencing selected quoted companies which are considered to exhibit some degree of comparability with the Company, as the Company has only been listed for approximately four years. Based on the latest assessments of fair value and the number of shares expected to vest, the total fair values in respect of the Restricted Shares are: • 2016 award - $28.2 million (€24.7 million) • 2017 award - $5.2 million (€4.6 million) • 2018 award - $1.6 million (€1.3 million) • 2019 award - $1.4 million (€1.2 million) • 2020 award - $4.8 million (€4.3 million) Initial Director Options In 2014, certain Non-Executive Directors were granted options (“Initial Options”) to purchase a maximum of 125,000 Ordinary Shares at an exercise price of $11.50 per ordinary share. The awards were valued at issuance and expensed during the two years ended April 1, 2016. In June 2018, a former Non-Executive Director exercised 9,375 of 125,000 initial options granted to them for €0.1 million. Throughout 2019, former Non-Executive Directors exercised a further 56,250 of the 125,000 initial options granted to them for €0.6 million. |
Directors and Key Management co
Directors and Key Management compensation | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Disclosure of information about key management personnel [text block] | Directors and Key Management compensation Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Short-term employee benefits 3.9 2.8 3.3 Share-based payment expense 3.5 7.6 6.3 Termination benefits — — 0.1 Non-Executive Director fees 0.3 0.4 0.4 Total Directors' and executive officers' compensation 7.7 10.8 10.1 All significant management decision making authority is vested within the Board of Directors and the executive team, therefore key management are considered to be the Directors and executive Officers. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 2 3 Share based payment schemes 2 2 3 |
Finance income and costs
Finance income and costs | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Finance income and costs | Finance income and costs Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Interest income 0.7 2.5 0.2 Net fair value gains on derivatives held at fair value through profit or loss — — 1.4 Net foreign exchange gains on translation of financial assets and liabilities 4.0 — — Finance income 4.7 2.5 1.6 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (1) (64.0) (79.0) (64.4) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 5.9 21.8 14.6 Net pension interest costs (2.7) (3.8) (3.8) Amortization of borrowing costs (2.0) (2.0) (1.5) Net foreign exchange losses on translation of financial assets and liabilities — (3.9) (0.3) Interest on unwinding of discounted items — — (1.1) Net fair value losses on derivatives held at fair value through profit or loss (5.6) (8.8) — Financing costs incurred in amendment of terms of debt — — (1.1) Finance costs (68.4) (75.7) (57.6) Net finance costs (63.7) (73.2) (56.0) (1) Following the adoption of IFRS 16 Leases on January 1, 2019, |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Taxation | Taxation Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (44.8) (66.4) (63.9) Adjustments in respect of prior periods (7.6) — 2.8 (52.4) (66.4) (61.1) Deferred tax (expense)/income Origination and reversal of temporary differences (1.2) 9.7 4.5 Impact of change in tax rates (16.8) — — 16 (18.0) 9.7 4.5 Total tax expense (70.4) (56.7) (56.6) Reconciliation of effective tax rate: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, €m €m €m Profit before tax 295.5 210.3 227.1 Tax charge at the standard UK corporation tax rate 19% (2019: 19%; 2018: 19%) (56.1) (39.9) (43.2) Difference in tax rates (18.2) (11.9) (14.8) Non tax deductible interest (0.1) 0.6 — Other income and expenses not taxable or deductible (0.8) (1.2) 5.3 Unrecognized tax assets (6.3) (0.9) 0.6 Provisions for uncertainties 35.5 (3.4) (7.3) Impact of change in deferred tax rates (16.8) — — Prior period adjustment (7.6) — 2.8 Total tax expense (70.4) (56.7) (56.6) Effective tax rates Effective from and including January 12, 2016, the Company become a resident in the United Kingdom for United Kingdom tax purposes. The effective tax rate for the year ended December 31, 2020 was 23.8% (year ended December 31, 2019: 27%). The change is principally caused by the release of uncertain tax positions in relation to exposures that are now time barred, offset in part by the impact of a change in tax rates on deferred tax assets and liabilities. The Company operates in many different jurisdictions and in some of these, certain matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve, and are in different stages with respect to assessments appeals and refunds. The Company actively seeks to manage the associated risks by proactively engaging with tax authorities and applying for Advanced Pricing Agreements where appropriate. Accruals for tax contingencies require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could, in future years, experience adjustments to this provision, including releases of provisions when those exposures become time-barred. Notwithstanding this, management believes that the Company’s position on all open matters including those in current discussion with local tax authorities is robust and that the Company is appropriately provided. As of December 31, 2020, the current tax payable of €166.2m and deferred tax assets of €113.5m includes provisions for tax uncertainties of €103.9m. As of December 31, 2019, the current tax payable of €217.2m and deferred tax assets of €96.4m included provisions for tax uncertainties of €137.8m. Following the enactment of the Finance Act 2020, the standard rate of corporation tax in the UK is 19% for 2020 (2019: 19%). Previously, the substantively enacted rate of corporation tax in the UK from April 1, 2020 was 17%. The tax (credit)/charge relating to components of other comprehensive income is as follows: Before Tax After tax Year ended December 31, 2020 Note €m €m €m Remeasurement of post-employment benefit liabilities 27.8 (8.3) 19.5 Net investment hedge 10.1 — 10.1 Cash flow hedges 17.3 (6.0) 11.3 Other comprehensive loss/(income) 55.2 (14.3) 40.9 Current tax — Deferred tax 16 (14.3) (14.3) Before Tax After tax Year ended December 31, 2019 Note €m €m €m Remeasurement of post-employment benefit liabilities 35.9 (6.7) 29.2 Net investment hedge (6.0) — (6.0) Cash flow hedges 27.3 (5.6) 21.7 Other comprehensive loss/(income) 57.2 (12.3) 44.9 Current tax — Deferred tax 16 (12.3) (12.3) Before Tax After tax Year ended December 31, 2018 €m €m €m Remeasurement of post-employment benefit liabilities 12.9 (3.3) 9.6 Net investment hedge (5.6) — (5.6) Cash flow hedges (15.5) 4.0 (11.5) Other comprehensive (income)/loss (8.2) 0.7 (7.5) Current tax — Deferred tax 0.7 0.7 Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, 2020 December 31, 2019 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 20.6 (27.3) (6.7) 23.0 (29.3) (6.3) Intangible assets 0.9 (378.1) (377.2) 0.4 (357.0) (356.6) Employee benefits 48.3 (0.3) 48.0 40.2 (0.4) 39.8 Tax value of loss carry forwards 24.6 — 24.6 20.7 — 20.7 Derivative financial instruments 9.3 (0.1) 9.2 3.2 (0.3) 2.9 Other 9.8 (14.9) (5.1) 8.9 (11.2) (2.3) Tax assets/(liabilities) 113.5 (420.7) (307.2) 96.4 (398.2) (301.8) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Deferred tax assets that the Company has not recognized in the financial statements amount to €72.7 million (December 31, 2019: €70.3 million). These deferred tax assets had not been recognized as the likelihood of recovery is not probable. The aggregate deferred tax relating to items that have been credited directly to equity is €14.3 million (December 31, 2019: debit of €12.3 million). Movement in deferred tax during the year: Opening balance Jan 1, 2020 Acquired in Recognized Recognized Movement Closing balance Dec 31, 2020 €m €m €m €m €m Property, plant and equipment (6.3) (1.3) 1.0 — (0.1) (6.7) Intangible assets (356.6) — (20.6) — — (377.2) Employee benefits 39.8 — — 8.3 (0.1) 48.0 Tax value of loss carry forwards 20.7 — 3.9 — — 24.6 Derivative financial instruments 2.9 — 0.3 6.0 — 9.2 Other (2.3) (0.3) (2.6) — 0.1 (5.1) Total deferred tax (301.8) (1.6) (18.0) 14.3 (0.1) (307.2) Opening balance Jan 1, 2019 Recognized Recognized Movement Closing balance Dec 31, 2019 €m €m €m €m €m Property, plant and equipment (12.4) 6.3 — (0.2) (6.3) Intangible assets (354.1) (2.5) — — (356.6) Employee benefits 29.6 3.5 6.7 — 39.8 Tax value of loss carry forwards 19.1 1.6 — — 20.7 Derivative financial instruments (2.5) — 5.6 (0.2) 2.9 Other (3.1) 0.8 — — (2.3) Total deferred tax (323.4) 9.7 12.3 (0.4) (301.8) |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets and goodwill [abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill Brands Computer Customer Total €m €m €m €m €m Cost Balance at December 31, 2018 1,861.0 2,051.1 25.4 31.0 3,968.5 Acquisitions through business combinations 1.9 — — — 1.9 Additions — — 4.8 — 4.8 Disposals — — (0.1) — (0.1) Effect of movements in foreign exchange — — (0.3) — (0.3) Balance at December 31, 2019 1,862.9 2,051.1 29.8 31.0 3,974.8 Acquisitions through business combinations 75.6 24.4 0.1 — 100.1 Additions — — 8.8 — 8.8 Effect of movements in foreign exchange (0.5) 5.3 0.3 — 5.1 Balance at December 31, 2020 1,938.0 2,080.8 39.0 31.0 4,088.8 Goodwill Brands Computer Customer Total €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2018 — 2.7 10.6 7.0 20.3 Amortization — 1.7 4.7 2.2 8.6 Effect of movements in foreign exchange — — (0.1) — (0.1) Balance at December 31, 2019 — 4.4 15.2 9.2 28.8 Amortization — 1.2 4.4 2.2 7.8 Effect of movements in foreign exchange — — 0.1 — 0.1 Balance at December 31, 2020 — 5.6 19.7 11.4 36.7 Net book value December 31, 2018 1,861.0 2,048.4 14.8 24.0 3,948.2 Net book value December 31, 2019 1,862.9 2,046.7 14.6 21.8 3,946.0 Net book value December 31, 2020 1,938.0 2,075.2 19.3 19.6 4,052.1 Amortization of €7.8 million (December 31, 2019: €8.6 million; December 31, 2018: €7.0 million) is included in ‘other operating expenses’ in the Consolidated Statement of Profit or Loss. The Company’s goodwill, brand and customer relationships values have been allocated based on the enterprise value at acquisition of each cash generating unit (“CGU”). Goodwill is monitored at an operating segment level. As required by IAS 36 'Impairment of Assets', an annual review of the carrying amount of the goodwill and the indefinite life brands is carried out to identify whether there is any impairment to these carrying values. This is done by means of comparison of the carrying values to the value in use of the CGU. Value in use is calculated as the net present value of the projected risk-adjusted cash flows of each CGU. Key assumptions The values for the key assumptions r elating to the annual review of the carrying amount of goodwill and indefinite life brands were arrived at by taking into consideration detailed historical information and comparison to external sources where appropriate, such as market rates for discount factors. • Budgeted cash flows: the calculation of value in use has been based on the cash flow forecasts by management for 2021 to 2023. The trends in these forecasts have been extrapolated to produce 2024 and 2025 forecast cash flows. Beyond 2025 the same assumptions have been applied for future periods in the absence of longer term detailed forecasts. These plans have been prepared and approved by management, and incorporate past performance of the entities acquired in the period, historical growth rates and projections of developments in key markets. • Revenue: projected revenues are built up with reference to markets and product platforms. They incorporate past performance, historical growth rates and projections of developments in key markets. • Profit margins: projected margins reflect historical performance. • Capital expenditure forecast reflects expected expenditure requirements and includes an allowance for the replacement of leased right-of-use assets. • Discount rate: a pre-tax discount rate of 5.8% (2019: 7.1%) was applied to the cash flows. This discount rate has been calculated using a capital asset pricing model using observable market data, including the share price of Nomad Foods Limited. • Long-term growth rates: the growth rate used in the testing after the detailed forecasting period was 1.0% (2019: 1.0%). These rates do not reflect the long-term assumptions used by the Company for investment planning. Sensitivity to changes in assumptions Impairment was not required at either December 31, 2020, or December 31, 2019. In each case the valuations derived from the discounted cash flow model indicate a sufficient amount of headroom for which any reasonably possible change to key assumptions is unlikely to result in an impairment of the related goodwill. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations1 [Abstract] | |
Acquisitions | Acquisitions (a) Findus Switzerland On December 31, 2020, the Company completed its acquisition of all of the share capital of Findus Switzerland for €112.0 million, which produces and sells frozen food in Switzerland. The deal extends the geographical reach of this brand, complementing the existing business model. Due to the acquisition occurring on the date of the Statement of Financial Position, the valuation of the business has not been completed, with the difference between the consideration paid and the book value of assets valued being provisionally allocated to goodwill. During 2021, the Company will determine the fair value of the identifiable assets acquired as well as liabilities and contingent liabilities assumed, with any corresponding adjustment necessary being made to the value of goodwill recognized. Therefore, the purchase price allocation exercise over the assets and liabilities at the date acquisition and the consideration paid, remains provisional. These were as follows: December 31, 2020 €m Assets: Intangible assets 24.5 Property, plant and equipment, including Right-of-use assets 8.9 Current assets 0.2 Inventories 11.5 Total assets 45.1 Liabilities: Current liabilities 0.3 Non-current liabilities 6.8 Deferred tax liabilities 1.6 Total liabilities 8.7 Total identifiable net assets acquired 36.4 Total purchase consideration 112.0 Total identifiable net assets acquired (36.4) Goodwill 75.6 Goodwill recognized on acquisition is €75.6 million. In addition to the value of assets and liabilities yet to be valued, the goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies. (b) Toppfrys AB Effective March 30, 2020, the Company acquired the remaining 19% stake of the share capital of Toppfrys AB, increasing the Company's ownership to 100%. The Company paid €1.0 million for the equity share acquired and no longer recognizes any non-controlling interest from this date. (c) Impact of acquisitions on financial statements Acquisition related costs of €4.8 million are recognized as an expense in other operating expenses. If the acquisition had occurred on January 1, 2020, management estimates that the combined Company would have revenue of €2,593.7 million and profit before tax of €301.4 million for the year ended December 31, 2020. (d) Purchase consideration - cash outflow Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Outflow of cash for business combinations, net of cash acquired €m €m €m Cash consideration 113.0 — 474.9 Less cash acquired (0.1) — (9.8) Contingent consideration paid related to acquisitions 24 — 1.5 6.5 Net outflow of cash - investing activities 112.9 1.5 471.6 Year ended December 31, 2020 Year ended December 31, 2019 €m €m Balance at January 1 35.4 79.4 Release of indemnified provision (20.0) (44.0) Balance at December 31 15.4 35.4 As at December 31, 2020, €12.0 million (December 31, 2019: €29.8 million) of the indemnification assets relate to the acquisition of the Findus Group in 2015 for which 618,099 shares are held in escrow and are valued at $25.42 (€20.69) (December 31, 2019: 1,583,627 shares valued at $22.37 (€19.96)) each. The shares placed in escrow will be released in stages over a four-year period beginning January 2019 and each anniversary thereafter. During 2020, 965,528 shares were released from escrow. As a consequence the indemnification asset was reduced by approximately €17.8 million with a corresponding charge of to the Statement of Profit or Loss within the financial statements for the year ended December 31, 2020. In January 2021, 275,909 shares were released from escrow. As a consequence the indemnification asset will be reduced by approximately €5.0 million with a corresponding charge of to the Statement of Profit or Loss within the financial statements for the year ended December 31, 2021. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Interests in Other Entities [Abstract] | |
Investments | Investments The following are the Company's significant investments as of December 31, 2020. Activity Country of Class of Ownership Nomad Foods Europe Holdings Limited Holding England Ordinary 100% Nomad Foods Europe Holdco Limited Holding England Ordinary 100% Nomad Foods Europe Finco Limited Holding England Ordinary 100% Nomad Foods Europe Midco Limited Holding/ England Ordinary 100% Nomad Foods Bondco Plc Finance England Ordinary 100% Nomad Foods Lux S.à.r.l. Finance Luxembourg Ordinary 100% Nomad Foods Europe Limited Management England Ordinary 100% Birds Eye Limited Trading England Ordinary 100% Nomad Foods Europe Finance Limited Finance England Ordinary 100% Aunt Bessie's Limited Dormant England Ordinary 100% Birds Eye Ireland Limited Trading Republic of Ordinary 100% Birds Eye Ireland Oldco Unlimited Company Non-Trading Republic of Ireland Ordinary 100% Iglo Holding GmbH Holding Germany Ordinary 100% Iglo Nederland B.V. Trading Netherlands Ordinary 100% Iglo Belgium S.A. Trading Belgium Ordinary 100% Iglo Portugal Trading Portugal Ordinary 100% Iglo Austria Holdings GmbH Holding Austria Ordinary 100% C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Ordinary 100% Findus Sverige Holdings AB Holding Sweden Ordinary 100% Iglo GmbH Trading Germany Ordinary 100% Frozen Fish International GmbH Trading Germany Ordinary 100% Liberator Germany Newco GmbH Property Germany Ordinary 100% Iglo Austria GmbH Trading Austria Ordinary 100% Findus Sverige AB Trading Sweden Ordinary 100% Frionor Sverige AB Holding Sweden Ordinary 100% Findus Holdings France SAS Holding France Ordinary 100% Findus France SAS Trading France Ordinary 100% Findus Espana SLU Trading Spain Ordinary 100% Findus Danmark A/S Trading Denmark Ordinary 100% Findus Finland Oy Trading Finland Ordinary 100% Findus Norge AS Trading Norway Ordinary 100% Findus Norge Holding AS Holding Norway Ordinary 100% Toppfrys AB Trading Sweden Ordinary 100% Findus Switzerland AG Trading Switzerland Ordinary 100% |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax [Abstract] | |
Deferred tax assets and liabilities | Taxation Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (44.8) (66.4) (63.9) Adjustments in respect of prior periods (7.6) — 2.8 (52.4) (66.4) (61.1) Deferred tax (expense)/income Origination and reversal of temporary differences (1.2) 9.7 4.5 Impact of change in tax rates (16.8) — — 16 (18.0) 9.7 4.5 Total tax expense (70.4) (56.7) (56.6) Reconciliation of effective tax rate: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, €m €m €m Profit before tax 295.5 210.3 227.1 Tax charge at the standard UK corporation tax rate 19% (2019: 19%; 2018: 19%) (56.1) (39.9) (43.2) Difference in tax rates (18.2) (11.9) (14.8) Non tax deductible interest (0.1) 0.6 — Other income and expenses not taxable or deductible (0.8) (1.2) 5.3 Unrecognized tax assets (6.3) (0.9) 0.6 Provisions for uncertainties 35.5 (3.4) (7.3) Impact of change in deferred tax rates (16.8) — — Prior period adjustment (7.6) — 2.8 Total tax expense (70.4) (56.7) (56.6) Effective tax rates Effective from and including January 12, 2016, the Company become a resident in the United Kingdom for United Kingdom tax purposes. The effective tax rate for the year ended December 31, 2020 was 23.8% (year ended December 31, 2019: 27%). The change is principally caused by the release of uncertain tax positions in relation to exposures that are now time barred, offset in part by the impact of a change in tax rates on deferred tax assets and liabilities. The Company operates in many different jurisdictions and in some of these, certain matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve, and are in different stages with respect to assessments appeals and refunds. The Company actively seeks to manage the associated risks by proactively engaging with tax authorities and applying for Advanced Pricing Agreements where appropriate. Accruals for tax contingencies require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could, in future years, experience adjustments to this provision, including releases of provisions when those exposures become time-barred. Notwithstanding this, management believes that the Company’s position on all open matters including those in current discussion with local tax authorities is robust and that the Company is appropriately provided. As of December 31, 2020, the current tax payable of €166.2m and deferred tax assets of €113.5m includes provisions for tax uncertainties of €103.9m. As of December 31, 2019, the current tax payable of €217.2m and deferred tax assets of €96.4m included provisions for tax uncertainties of €137.8m. Following the enactment of the Finance Act 2020, the standard rate of corporation tax in the UK is 19% for 2020 (2019: 19%). Previously, the substantively enacted rate of corporation tax in the UK from April 1, 2020 was 17%. The tax (credit)/charge relating to components of other comprehensive income is as follows: Before Tax After tax Year ended December 31, 2020 Note €m €m €m Remeasurement of post-employment benefit liabilities 27.8 (8.3) 19.5 Net investment hedge 10.1 — 10.1 Cash flow hedges 17.3 (6.0) 11.3 Other comprehensive loss/(income) 55.2 (14.3) 40.9 Current tax — Deferred tax 16 (14.3) (14.3) Before Tax After tax Year ended December 31, 2019 Note €m €m €m Remeasurement of post-employment benefit liabilities 35.9 (6.7) 29.2 Net investment hedge (6.0) — (6.0) Cash flow hedges 27.3 (5.6) 21.7 Other comprehensive loss/(income) 57.2 (12.3) 44.9 Current tax — Deferred tax 16 (12.3) (12.3) Before Tax After tax Year ended December 31, 2018 €m €m €m Remeasurement of post-employment benefit liabilities 12.9 (3.3) 9.6 Net investment hedge (5.6) — (5.6) Cash flow hedges (15.5) 4.0 (11.5) Other comprehensive (income)/loss (8.2) 0.7 (7.5) Current tax — Deferred tax 0.7 0.7 Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, 2020 December 31, 2019 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 20.6 (27.3) (6.7) 23.0 (29.3) (6.3) Intangible assets 0.9 (378.1) (377.2) 0.4 (357.0) (356.6) Employee benefits 48.3 (0.3) 48.0 40.2 (0.4) 39.8 Tax value of loss carry forwards 24.6 — 24.6 20.7 — 20.7 Derivative financial instruments 9.3 (0.1) 9.2 3.2 (0.3) 2.9 Other 9.8 (14.9) (5.1) 8.9 (11.2) (2.3) Tax assets/(liabilities) 113.5 (420.7) (307.2) 96.4 (398.2) (301.8) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Deferred tax assets that the Company has not recognized in the financial statements amount to €72.7 million (December 31, 2019: €70.3 million). These deferred tax assets had not been recognized as the likelihood of recovery is not probable. The aggregate deferred tax relating to items that have been credited directly to equity is €14.3 million (December 31, 2019: debit of €12.3 million). Movement in deferred tax during the year: Opening balance Jan 1, 2020 Acquired in Recognized Recognized Movement Closing balance Dec 31, 2020 €m €m €m €m €m Property, plant and equipment (6.3) (1.3) 1.0 — (0.1) (6.7) Intangible assets (356.6) — (20.6) — — (377.2) Employee benefits 39.8 — — 8.3 (0.1) 48.0 Tax value of loss carry forwards 20.7 — 3.9 — — 24.6 Derivative financial instruments 2.9 — 0.3 6.0 — 9.2 Other (2.3) (0.3) (2.6) — 0.1 (5.1) Total deferred tax (301.8) (1.6) (18.0) 14.3 (0.1) (307.2) Opening balance Jan 1, 2019 Recognized Recognized Movement Closing balance Dec 31, 2019 €m €m €m €m €m Property, plant and equipment (12.4) 6.3 — (0.2) (6.3) Intangible assets (354.1) (2.5) — — (356.6) Employee benefits 29.6 3.5 6.7 — 39.8 Tax value of loss carry forwards 19.1 1.6 — — 20.7 Derivative financial instruments (2.5) — 5.6 (0.2) 2.9 Other (3.1) 0.8 — — (2.3) Total deferred tax (323.4) 9.7 12.3 (0.4) (301.8) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | Inventories December 31, 2020 December 31, 2019 €m €m Raw materials and consumables 80.5 86.8 Work in progress 46.5 48.3 Finished goods and goods for resale 216.2 188.1 Total inventories 343.2 323.2 During the year ended December 31, 2020, €8.5 million (year ended December 31, 2019: €9.0 million, year ended December 31, 2018: €7.1 million) was charged to the Consolidated Statement of Profit or Loss for the write down of inventories. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables December 31, 2020 December 31, 2019 Current assets €m €m Trade receivables 141.2 143.6 Prepayments and accrued income 9.2 8.0 Other receivables 31.2 31.0 Tax receivable 3.4 24.1 Total current trade and other receivables 185.0 206.7 Non-current assets Other receivables 1.1 1.9 Total non-current trade and other receivables 1.1 1.9 Total trade and other receivables 186.1 208.6 Trade receivables, prepayments and other receivables, except for those defined as non-current, are expected to be recovered in less than 12 months. Other receivables includes VAT receivable. The aging of trade receivables is detailed below: Gross Impaired Net December 31, 2020 €m €m €m Not past due 308.6 (0.3) 308.3 Past due less than 1 month 20.5 (0.2) 20.3 Past due 1 to 3 months 4.0 (0.1) 3.9 Past due 3 to 6 months 1.1 (0.1) 1.0 Past due more than 6 months 11.9 (3.7) 8.2 Sub-total 346.1 (4.4) 341.7 Reduction in trade-terms (200.5) Total trade receivables 141.2 Gross Impaired Net December 31, 2019 €m €m €m Not past due 288.1 (0.2) 287.9 Past due less than 1 month 32.5 (0.3) 32.2 Past due 1 to 3 months 7.5 (0.2) 7.3 Past due 3 to 6 months 3.6 (0.2) 3.4 Past due more than 6 months 7.9 (3.9) 4.0 Sub-total 339.6 (4.8) 334.8 Reduction in trade-terms (191.2) Total trade receivables 143.6 Reduction in trade-terms are described in Note 4(a). Trade receivables have been provided against based on expected credit losses on positions net of trade-terms, which fall into all aging categories. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. The Company does not hold any collateral as security. Debts past due are not impaired where there are eligible trade terms deductions which can be offset against them. The Company entered into facilities with third-party banks in which the Company may sell qualifying trade debtors on a non-recourse basis. Under the terms of the agreements, the Company has transferred substantially all the credit risks and control of the receivables, which are subject to this agreement, and accordingly €nil (December 31, 2019:€nil) of trade receivables have been derecognized at the period end. Liabilities related to contracts with customers The Company has recognized the following liabilities related to contracts with customers: December 31, 2020 December 31, 2019 €m €m Trade terms liabilities reported within trade receivables (200.5) (191.2) Trade terms liabilities reported within trade and other payables (Note 22) (89.7) (59.4) Total trade terms liabilities (290.2) (250.6) Significant changes to trade terms No significant changes to trade terms occurred in the year ended December 31, 2020. Revenue recognized in relation to trade terms |
Indemnification assets
Indemnification assets | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations1 [Abstract] | |
Indemnification assets | Acquisitions (a) Findus Switzerland On December 31, 2020, the Company completed its acquisition of all of the share capital of Findus Switzerland for €112.0 million, which produces and sells frozen food in Switzerland. The deal extends the geographical reach of this brand, complementing the existing business model. Due to the acquisition occurring on the date of the Statement of Financial Position, the valuation of the business has not been completed, with the difference between the consideration paid and the book value of assets valued being provisionally allocated to goodwill. During 2021, the Company will determine the fair value of the identifiable assets acquired as well as liabilities and contingent liabilities assumed, with any corresponding adjustment necessary being made to the value of goodwill recognized. Therefore, the purchase price allocation exercise over the assets and liabilities at the date acquisition and the consideration paid, remains provisional. These were as follows: December 31, 2020 €m Assets: Intangible assets 24.5 Property, plant and equipment, including Right-of-use assets 8.9 Current assets 0.2 Inventories 11.5 Total assets 45.1 Liabilities: Current liabilities 0.3 Non-current liabilities 6.8 Deferred tax liabilities 1.6 Total liabilities 8.7 Total identifiable net assets acquired 36.4 Total purchase consideration 112.0 Total identifiable net assets acquired (36.4) Goodwill 75.6 Goodwill recognized on acquisition is €75.6 million. In addition to the value of assets and liabilities yet to be valued, the goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies. (b) Toppfrys AB Effective March 30, 2020, the Company acquired the remaining 19% stake of the share capital of Toppfrys AB, increasing the Company's ownership to 100%. The Company paid €1.0 million for the equity share acquired and no longer recognizes any non-controlling interest from this date. (c) Impact of acquisitions on financial statements Acquisition related costs of €4.8 million are recognized as an expense in other operating expenses. If the acquisition had occurred on January 1, 2020, management estimates that the combined Company would have revenue of €2,593.7 million and profit before tax of €301.4 million for the year ended December 31, 2020. (d) Purchase consideration - cash outflow Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Outflow of cash for business combinations, net of cash acquired €m €m €m Cash consideration 113.0 — 474.9 Less cash acquired (0.1) — (9.8) Contingent consideration paid related to acquisitions 24 — 1.5 6.5 Net outflow of cash - investing activities 112.9 1.5 471.6 Year ended December 31, 2020 Year ended December 31, 2019 €m €m Balance at January 1 35.4 79.4 Release of indemnified provision (20.0) (44.0) Balance at December 31 15.4 35.4 As at December 31, 2020, €12.0 million (December 31, 2019: €29.8 million) of the indemnification assets relate to the acquisition of the Findus Group in 2015 for which 618,099 shares are held in escrow and are valued at $25.42 (€20.69) (December 31, 2019: 1,583,627 shares valued at $22.37 (€19.96)) each. The shares placed in escrow will be released in stages over a four-year period beginning January 2019 and each anniversary thereafter. During 2020, 965,528 shares were released from escrow. As a consequence the indemnification asset was reduced by approximately €17.8 million with a corresponding charge of to the Statement of Profit or Loss within the financial statements for the year ended December 31, 2020. In January 2021, 275,909 shares were released from escrow. As a consequence the indemnification asset will be reduced by approximately €5.0 million with a corresponding charge of to the Statement of Profit or Loss within the financial statements for the year ended December 31, 2021. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents December 31, 2020 December 31, 2019 Note €m €m Cash and cash equivalents 393.1 826.0 Restricted cash 0.1 0.1 Cash and cash equivalents 393.2 826.1 Bank overdraft 22 (10.7) (1.3) Cash and cash equivalents per Statement of Cash Flows 382.5 824.8 |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Loans and borrowings | Loans and borrowings The repayment profile of the syndicated and other loans held by the Company is as follows: December 31, 2020 December 31, 2019 €m €m Current liabilities/(assets) Syndicated loans 7.8 10.8 Lease liabilities 16.7 18.9 Less deferred borrowing costs to be amortized within 1 year (2.0) (2.0) Total due in less than one year 22.5 27.7 Non-current liabilities Syndicated loans 1,287.5 1,364.4 2024 fixed rate senior secured notes 400.0 400.0 Lease liabilities 53.7 90.1 Less deferred borrowing costs to be amortized in 2-5 years (4.9) (6.9) Total due after more than one year 1,736.3 1,847.6 Total borrowings 1,758.8 1,875.3 On May 3, 2017 the Company completed a refinancing of its Senior debt. All Senior debt as at the balance sheet date was repaid and replaced with new Senior Euro debt of €500.0 million and Senior U.S. Dollar debt of $610.0 million. Both are repayable on May 15, 2024. The Senior U.S. Dollar debt requires a mandatory repayment of 1% of notional, of which $9.6 million was repaid in 2019 and $9.6 million in 2020. The existing revolving credit facility was also replaced with a new €80.0 million facility, which is available until May 15, 2023 and may be utilized to support working capital requirements, including letters of credit and bank guarantees. Concurrent to the refinancing, the Company repaid the senior secured notes due 2020 and completed a private offering of €400.0 million of 3.25% senior secured notes due May 15, 2024 (the “Notes”), payable semi-annually in arrears. Both the new Senior debt and the Notes are guaranteed on a senior basis by the Company and certain subsidiaries thereof. Eligible transaction costs of approximately €9.8 million were capitalized as part of the refinancing and will be amortized over the life of the debt. We also established a $50.0 million incremental term loan facility and a €58.0 million incremental term loan facility which were fully drawn down on January 31, 2018 and February 9, 2018 respectively. Eligible transaction costs of approximately €2.5 million have been capitalized as part of this amendment and will be amortized over the life of the debt. On June 15, 2018, we amended and restated our Senior Facilities Agreement to establish an incremental U.S. Dollar denominated term loan that increased the amount of U.S. Dollar Term Loans by $300.0 million to $953.4 million. Principal outstanding under the Euro-denominated term loan remained unchanged at €558.0 million. The maturity dates remained May 2024 for both Euro and U.S. Dollar denominated Term Loans. The €80.0 million multicurrency revolving credit facility remained unchanged and matures in May 2023. As at December 31, 2020 €16.1 million (December 31, 2019: €17.2 million) has been utilized for issuance of letters of credit and bank guarantees. Guarantees and secured assets The Senior Facility Agreement that governs the Company’s Senior debt, establishes security over the assets of the “Guarantor Group”. The Guarantor Group consists of those companies that individually have more than 5% of consolidated total assets or EBITDA (as defined in the Senior Facilities Agreement) of the Company and in total comprise more than 80% of consolidated total assets or EBITDA at any testing date. The Senior Facilities Agreement includes an excess cash flow calculation whereupon an amount of principal shall be repaid based upon terms including cash generated during the year and leverage. In 2019 the amount repaid was €12.1 million relating to the calculation performed at the end of 2018. Based on the calculation performed for December 31, 2020, there will be no excess cash flow repayment in 2021. In connection with its pension scheme, Findus Sverige AB, a 100% owned subsidiary, is required to obtain credit insurance with PRI Pensionsgaranti (“PRI”), a credit insurance company that provides insurance annually against the risk of a sponsoring company’s insolvency. In connection with such credit insurance, as at December 31, 2020 Findus Sverige AB has granted floating charges over certain assets in favor of PRI in an amount of SEK 300 million (€29.8 million) (December 31, 2019: €28.7 million) and Nomad Foods Limited has issued a parent guarantee to PRI which will not exceed SEK 450 million (€44.7 million) (December 31, 2019: €43.0 million) and has a maturity date of March 31, 2021. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables December 31, 2020 December 31, 2019 Current liabilities €m €m Trade payables 363.7 306.5 Accruals and deferred income 133.7 109.4 Trade terms payable 89.7 59.4 Social security and other taxes 24.1 25.7 Other payables 21.2 18.8 Financial payables 3.3 4.1 Bank overdrafts 10.7 1.3 Total current trade and other payables 646.4 525.2 Non-current liabilities Accruals and deferred income 2.2 2.7 Total non-current trade and other payables 2.2 2.7 Total trade and other payables 648.6 527.9 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The Company operates defined benefit pension plans in Germany, Italy, Sweden and Austria, as well as various defined contribution plans in other countries. i. Defined contribution plans The total expense relating to defined contribution plans for the year ended December 31, 2020 was €8.3 million (year ended December 31, 2019: €9.0 million, year ended December 31, 2018: €9.1 million) ii. Defined benefit plans The Company operates partially funded defined benefit pension plans in Germany and Austria, an unfunded defined benefit pension plan in Sweden and defined benefit indemnity arrangements in Italy and Austria. In addition, pension benefits in Switzerland are met via a contract with a collective foundation that offers a fully insured solution to provide a contribution-based cash balance retirement plan, which is classified as a defined benefit plan. In addition, an unfunded post-retirement medical plan is operated in Austria. In Germany and Italy, long term service awards are in operation and various other countries provide other employee benefits. December 31, 2020 December 31, 2019 €m €m Net employee benefit obligations-Germany 181.2 151.3 Net employee benefit obligations-Sweden 74.1 71.7 Net employee benefit obligations-Switzerland 6.6 — Net employee benefit obligations-Italy 4.7 4.8 Net employee benefit obligations-Austria 5.6 5.8 Sub-total 272.2 233.6 Net employee benefit obligations- total of other countries 4.0 3.9 Total net employee benefit obligations 276.2 237.5 The net obligation of €4.0 million (December 31, 2019: €3.9 million) in respect of other countries is the aggregate of a number of different types of minor schemes, each one not being considered material individually or in aggregate and so detailed disclosure of these schemes is not provided in the following tables. As a result, certain disclosures may differ to those presented elsewhere in the Financial Statements. The amount included in the Statement of Financial Position arising from the Company’s obligations in respect of its defined benefit retirement plans and post-employment benefits is as follows: Defined benefit Post-employment Total December 31, 2020 €m €m €m Present value of unfunded defined benefit obligations 79.6 5.0 84.6 Present value of funded defined benefit obligations 285.5 — 285.5 Subtotal present value of defined benefit obligations 365.1 5.0 370.1 Fair value of plan assets (97.9) — (97.9) Recognized liability for net defined benefit obligations 267.2 5.0 272.2 Defined benefit Post-employment Total December 31, 2019 €m €m €m Present value of unfunded defined benefit obligations 77.6 5.1 82.7 Present value of funded defined benefit obligations 237.3 — 237.3 Subtotal present value of defined benefit obligations 314.9 5.1 320.0 Fair value of plan assets (86.4) — (86.4) Recognized liability for net defined benefit obligations 228.5 5.1 233.6 Movements in recognized liability for net defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2020 228.5 5.1 233.6 Acquired through business combinations 6.6 — 6.6 Current service cost 6.2 (0.1) 6.1 Interest cost 2.7 — 2.7 Actuarial losses 28.0 — 28.0 Contributions to plan (0.6) — (0.6) Benefits paid (7.0) — (7.0) Exchange adjustments 2.8 — 2.8 As at December 31, 2020 267.2 5.0 272.2 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 192.7 4.8 197.5 Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 Actuarial losses 35.3 — 35.3 Contributions to plan (0.6) — (0.6) Benefits paid (5.2) — (5.2) Exchange adjustments (1.3) 0.1 (1.2) As at December 31, 2019 228.5 5.1 233.6 Movements in present value of defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2020 314.9 5.1 320.0 Acquired through business combinations 18.4 — 18.4 Current service cost 6.2 (0.1) 6.1 Interest cost 3.7 — 3.7 Actuarial experience gains (0.8) — (0.8) Actuarial losses arising from changes in financial assumptions 29.2 — 29.2 Contributions to plan 0.4 — 0.4 Benefits paid (9.7) — (9.7) Exchange adjustments 2.8 — 2.8 As at December 31, 2020 365.1 5.0 370.1 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 274.2 4.8 279.0 Current service cost 4.0 0.2 4.2 Interest cost 5.0 — 5.0 Actuarial experience losses 0.2 — 0.2 Actuarial losses arising from changes in financial assumptions 43.2 — 43.2 Actuarial gains arising from changes in demographic assumptions (3.0) — (3.0) Contributions to plan 0.4 — 0.4 Benefits paid (7.8) — (7.8) Exchange adjustments (1.3) 0.1 (1.2) As at December 31, 2019 314.9 5.1 320.0 Movements in fair value of plan assets of defined benefit retirement plans: 2020 €m Opening balance January 1, 2020 86.4 Acquired through business combinations 11.8 Interest income 1.0 Actuarial gains arising from the return on plan assets, excluding interest income 0.4 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.7) As at December 31, 2020 97.9 2019 €m Opening balance January 1, 2019 81.5 Interest income 1.4 Actuarial gains arising from the return on plan assets, excluding interest income 5.1 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.6) As at December 31, 2019 86.4 Expense recognized in the Consolidated Statement of Profit or Loss: Defined benefit Post-employment Total 2020 2020 2020 €m €m €m Current service cost 6.2 (0.1) 6.1 Interest cost 2.7 — 2.7 For the year ended December 31, 2020 8.9 (0.1) 8.8 Defined benefit Post-employment Total 2019 2019 2019 €m €m €m Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 For the year ended December 31, 2019 7.6 0.2 7.8 Current service cost is allocated between cost of sales and other operating expenses. Interest on net defined benefit obligation is disclosed in net financing costs. Amount recognized in the Consolidated Statement of Comprehensive Income: Year ended December 31, 2020 Year ended December 31, 2019 €m €m Actuarial experience (losses)/gains (0.8) 0.2 Actuarial losses arising from changes in financial assumptions 29.2 43.2 Actuarial gains arising from changes in demographic assumptions — (3.0) Actuarial gains arising from the return on plan assets, excluding interest income (0.4) (5.1) Total actuarial losses 28.0 35.3 Year ended December 31, 2020 Year ended December 31, 2019 €m €m Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income 77.5 49.5 The fair value of plan assets, all at quoted prices are as follows: December 31, 2020 December 31, 2019 €m €m Equities 24.5 20.5 Debt instruments 44.1 40.3 Property 17.1 13.1 Other 12.2 12.5 Total 97.9 86.4 Defined benefit Post-employment medical December 31, 2020 Germany Sweden Austria Switzerland Italy Germany Austria Discount rate 0.55 % 1.05 % 1.00 % 0.15 % 0.33 % 0.05 % — % Inflation rate 2.00 % 1.50 % 2.00 % 0.20 % 1.00 % 2.00 % 3.00 % Rate of increase in salaries 2.80 % 2.50 % 2.00 % 0%-2.50% — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% 1.50 % — — — — — Long term medical cost of inflation — — — — — — 2.00 % Defined benefit Post-employment medical December 31, 2019 Germany Sweden Austria Italy Germany Austria Discount rate 1.15 % 1.45 % 1.00 % 0.67 % 0.45 % 0.30 % Inflation rate 2.00 % 1.80 % 1.53 % 1.50 % 2.00 % 1.53 % Rate of increase in salaries 2.80 % 2.80 % 2.00 % — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% — 2.00 % — — — Long term medical cost of inflation — — — — — 2.00 % In valuing the liabilities of the pension fund at December 31, 2020 and December 31, 2019, mortality assumptions have been made as indicated below. The assumptions relating to longevity underlying the pension liabilities at the financial year end date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are based on the following mortality tables: • Germany: Richttafeln 2018 G • Sweden: DUS 14 • Switzerland: BVG 2015 GT • Austria: AVÖ 2018 - P • Italy: RG48 These references are to the specific standard rates of mortality that are published and widely used in each country for the use of actuarial assessment of pension liabilities and take account of local current and future average life expectancy. December 31, 2020 (years) Germany Sweden Austria Switzerland Italy Retiring at the end of the year: Male 21 22 23 21 21 Female 24 24 26 24 22 December 31, 2019 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 21 22 23 19 Female 24 24 25 22 The history of experience adjustments from inception of the Company for the defined benefit retirement plans is as follows: December 31, 2020 December 31, 2019 December 31, 2018 €m €m €m Present value of defined benefit obligations 365.1 314.9 274.2 Fair value of plan assets (97.9) (86.4) (81.5) Recognized liability in the scheme 267.2 228.5 192.7 Experience (gains)/losses on scheme liabilities (0.8) 0.2 0.5 Experience gains on scheme assets (0.4) (5.1) (0.3) Post-employment medical benefits- sensitivity analysis The effect of a 1% movement in the assumed medical cost trend rate is not significant. Defined benefit obligation- sensitivity analysis The effect of a 1% movement in the most significant assumptions for the year ended December 31, 2020 is as follows: Increase Decrease €m €m Discount rate (62.0) 82.7 Inflation rate 52.7 (38.9) Rate of increase in salaries 17.3 (13.2) Rate of increase for pensions in payment 52.1 (40.2) There are no deficit elimination plans for any of the defined benefit schemes. Expected contributions and payments to post-employment benefit plans for the period ending December 31, 2021 are €6.5 million. The weighted average duration of the defined benefit obligations is 19.8 years. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Restructuring Onerous/ Provisions Contingent Other Total €m €m €m €m €m €m Balance at December 31, 2018 12.3 68.8 5.8 1.5 25.3 113.7 Impact of transition to IFRS 16 — (66.9) — — — (66.9) Balance at January 1, 2019 12.3 1.9 5.8 1.5 25.3 46.8 Acquired through business combinations — — — — 1.9 1.9 Additional provision in the period 3.2 — 2.4 — 10.2 15.8 Release of provision (1.5) — (1.3) — (5.7) (8.5) Utilization of provision (6.7) (0.9) — (1.5) (0.5) (9.6) Foreign exchange 0.1 0.2 — — 0.1 0.4 Balance at December 31, 2019 7.4 1.2 6.9 — 31.3 46.8 Additional provision in the period 15.6 — 0.1 — 13.4 29.1 Release of provision — (0.7) (0.4) — (6.0) (7.1) Utilization of provision (10.4) (0.5) — — (5.9) (16.8) Foreign exchange 0.3 — — — (0.5) (0.2) Balance at December 31, 2020 12.9 — 6.6 — 32.3 51.8 Analysis of total provisions: December 31, 2020 December 31, 2019 Current 45.7 40.9 Non-current 6.1 5.9 Total 51.8 46.8 Restructuring The €12.9 million (2019: €7.4 million) provision relates to committed plans for certain restructuring activities of exceptional nature which are due to be completed within the next 12 months. The amounts have been provided based on the latest information available on the likely remaining expenditure required to complete the committed plans. An additional provision of €15.6 million has been made and €10.4 million has been utilized in the year ended December 31, 2020. Onerous/unfavorable contracts The provision related to a service contract covering a warehouse facility. During the year a termination agreement was reached. Provisions relating to other taxes The €6.6 million (2019: €6.9 million) provision relates to other, non-income taxes due to tax authorities after tax investigations within certain operating subsidiaries within the Nomad Group. Contingent consideration During the year ended December 31, 2019, the contingent consideration provision was utilized to settle all remaining liabilities in respect of the Lutosa Brand, which was being used under license until 2020. This payment has been presented as an investing cash flow within the Statement of Cash Flows. |
Share capital and reserves
Share capital and reserves | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share capital and reserves | Share capital and capital reserves Share capital and capital reserve As at December 31, 2020 As at December 31, 2019 €m €m Authorized: Unlimited number of Ordinary Shares with nil nominal value issued at $10.00 per share n/a n/a Unlimited number of Founder Preferred Shares with nil nominal value issued at $10.00 per share n/a n/a Issued and fully paid: 172,180,897 (December 31, 2019: 194,542,957) Ordinary Shares with nil nominal value 1,636.9 2,109.7 1,500,000 (December 31, 2019: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 1,647.5 2,120.3 Listing and share transaction costs (27.0) (24.9) Total net share capital and capital reserve 1,620.5 2,095.4 Ordinary Shares Issued and Repurchased Ordinary shares Balance at December 31, 2018 174.2 Shares issued in the year 20.3 Balance at December 31, 2019 194.5 Shares issued in the year 7.6 Shares repurchased in the year (29.9) Balance at December 31, 2020 172.2 Note 8(b) sets out the Non-Executive Director, Initial Director Options and Director and Senior Management Restricted share awards. Note 27 sets out the Founder Preferred Share Dividends issued as ordinary shares in all years presented. On March 22, 2019, the Company issued 20,000,000 ordinary shares in a public offering at $20.00 per share for aggregate gross proceeds of $400.0 million (€353.6 million). Directly attributed transaction costs of €11.1 million were incurred. On March 13, 2020, the Company announced a share repurchase program to purchase up to an aggregate of $300.0 million of the Company’s ordinary shares. Acquisitions pursuant to the stock repurchase program may be made from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions. After the announcement, the Company entered into a series of open-market repurchases. As at December 31, 2020, 11,913,682 ordinary shares at an average price of $21.04, for aggregate gross costs of $250.9 million (€217.4 million) had been repurchased and canceled. Directly attributed transaction costs of €0.2 million were incurred. In August 2020, the Company announced the repurchase of up to $500.0 million of shares, to be executed by way of a Dutch auction. On September 15, 2020, a total of 18,061,952 shares at a clearing price of $25.50 per share amounting to the purchase price of $460.6 million (€389.3 million) was paid to the prevailing shareholders with all shares canceled as of the same date. Directly attributed transaction costs of €1.9 million were incurred. In May 2020, former and current Non-Executive Directors were issued an aggregate of 49,196 shares (net of shares withheld for the settlement of taxes), exercising all the remaining initial options outstanding for €0.6 million. Listing and share transaction costs As at December 31, 2020, cumulative listing and share transaction costs, which includes the total cost of admission and share issuance expenses, as well as costs associated with share repurchases were €27.0 million and are disclosed as a deduction directly against the capital reserve. €m At December 31, 2018 13.8 Share transaction costs 11.1 At December 31, 2019 24.9 Share transaction costs 2.1 At December 31, 2020 27.0 Founder Preferred Shares Annual Dividend Amount Each of the Founder Entities holds 750,000 shares for a total of 1,500,000 Founder Preferred Shares which were issued at $10.00 per share. The Founder Preferred Shares are intended to incentivize the Founders to achieve Nomad’s objectives. In addition to providing long term capital, the Founder Preferred Shares are structured to provide a dividend based on the future appreciation of the market value of the ordinary shares thus aligning the interests of the Founders with those of the holders of ordinary shares on a long term basis. The Founder Preferred Shares are also intended to encourage the Founders to grow Nomad to maximize value for holders of ordinary shares. There are no Founder Preferred Shares held in Treasury. Founder Preferred Shares confer upon the holder the following: 1. the right to one vote per Founder Preferred Share on all matters to be voted on by shareholders generally and to vote together with the holders of ordinary shares; 2. commencing on January 1, 2015 and for each financial year thereafter: a. once the average price per ordinary share for the Dividend Determination Period, i.e. the last ten b. the right to receive dividends and other distributions as may be declared from time to time by the Company’s board of directors with respect to the Ordinary Shares (such dividends to be distributed among the holders of Founder Preferred Shares, as if for such purpose the Founder Preferred Shares had been converted into Ordinary Shares immediately prior to such distribution) plus an amount equal to 20% of the dividend which would be distributable on such number of Ordinary Shares equal to the Preferred Share Dividend Equivalent (as defined below); and 3. in addition to amounts payable pursuant to clause 2 above, the right, together with the holders of Ordinary Shares, to receive such portion of all amounts available for distribution and from time to time distributed by way of dividend or otherwise at such time as determined by the Directors; and 4. the right to an equal share (with the holders of Ordinary Shares on a share for share basis) in the distribution of the surplus assets of Nomad on its liquidation as are attributable to the Founder Preferred Shares; and 5. the ability to convert into Ordinary Shares on a 1-for-1 basis (mandatorily upon a Change of Control or the seventh full financial year after an acquisition) See Note 27 for further information on the Founder Preferred Shares Dividends issued. |
Share-based compensation reserv
Share-based compensation reserve | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share-based compensation reserve | Share-based compensation reserve The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015, the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. The Preferred Shares Annual Dividend amount is determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts (currently $25.2127) multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Year ended December 31, 2020 2019 2018 €m €m €m Balance as of January 1 94.8 88.8 83.2 Foreign currency translation adjustments (23.6) 19.2 2.2 Net deferred gains/(losses) on net investment hedges (1) 13.5 (13.2) 3.4 Total presented in Other Comprehensive Income (10.1) 6.0 5.6 Balance as of December 31 84.7 94.8 88.8 (1) Gains/(losses) on net investment hedges are offset by €25.7 million of losses (2019: gains of €19.0 million, 2018: losses of €3.7 million) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2020, includes €17.3 million (2019: €3.8 million) relating to continuing hedging relationships in respect of GBP net investments, as well as €46.4 million (2019: €46.4 million) relating to a discontinued hedging relationship in respect of GBP net investments. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Details of the Company's cash flow hedge accounting is detailed in Note 33. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2018 (0.4) (2.6) (3.0) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4) (6.4) Reclassified from OCI to finance costs (47.9) — (47.9) Deferred tax (0.3) (3.7) (4.0) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8) (21.8) Reclassified from OCI to finance costs (37.4) — (37.4) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8) (6.4) (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) Reclassified to cost of goods sold — 0.2 0.2 Reclassified from OCI to finance costs 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) |
Founder Preferred Shares Divide
Founder Preferred Shares Dividend Reserve | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Founder Preferred Shares Dividend reserve | Share-based compensation reserve The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015, the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. The Preferred Shares Annual Dividend amount is determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts (currently $25.2127) multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Year ended December 31, 2020 2019 2018 €m €m €m Balance as of January 1 94.8 88.8 83.2 Foreign currency translation adjustments (23.6) 19.2 2.2 Net deferred gains/(losses) on net investment hedges (1) 13.5 (13.2) 3.4 Total presented in Other Comprehensive Income (10.1) 6.0 5.6 Balance as of December 31 84.7 94.8 88.8 (1) Gains/(losses) on net investment hedges are offset by €25.7 million of losses (2019: gains of €19.0 million, 2018: losses of €3.7 million) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2020, includes €17.3 million (2019: €3.8 million) relating to continuing hedging relationships in respect of GBP net investments, as well as €46.4 million (2019: €46.4 million) relating to a discontinued hedging relationship in respect of GBP net investments. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Details of the Company's cash flow hedge accounting is detailed in Note 33. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2018 (0.4) (2.6) (3.0) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4) (6.4) Reclassified from OCI to finance costs (47.9) — (47.9) Deferred tax (0.3) (3.7) (4.0) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8) (21.8) Reclassified from OCI to finance costs (37.4) — (37.4) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8) (6.4) (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) Reclassified to cost of goods sold — 0.2 0.2 Reclassified from OCI to finance costs 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) |
Translation reserve Translation
Translation reserve Translation reserve (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Share-based compensation reserve | Share-based compensation reserve The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015, the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. The Preferred Shares Annual Dividend amount is determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts (currently $25.2127) multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Year ended December 31, 2020 2019 2018 €m €m €m Balance as of January 1 94.8 88.8 83.2 Foreign currency translation adjustments (23.6) 19.2 2.2 Net deferred gains/(losses) on net investment hedges (1) 13.5 (13.2) 3.4 Total presented in Other Comprehensive Income (10.1) 6.0 5.6 Balance as of December 31 84.7 94.8 88.8 (1) Gains/(losses) on net investment hedges are offset by €25.7 million of losses (2019: gains of €19.0 million, 2018: losses of €3.7 million) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2020, includes €17.3 million (2019: €3.8 million) relating to continuing hedging relationships in respect of GBP net investments, as well as €46.4 million (2019: €46.4 million) relating to a discontinued hedging relationship in respect of GBP net investments. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Details of the Company's cash flow hedge accounting is detailed in Note 33. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2018 (0.4) (2.6) (3.0) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4) (6.4) Reclassified from OCI to finance costs (47.9) — (47.9) Deferred tax (0.3) (3.7) (4.0) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8) (21.8) Reclassified from OCI to finance costs (37.4) — (37.4) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8) (6.4) (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) Reclassified to cost of goods sold — 0.2 0.2 Reclassified from OCI to finance costs 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) |
Cash flow hedging reserve
Cash flow hedging reserve | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Cash flow hedging reserve | Share-based compensation reserve The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015, the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. The Preferred Shares Annual Dividend amount is determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts (currently $25.2127) multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Year ended December 31, 2020 2019 2018 €m €m €m Balance as of January 1 94.8 88.8 83.2 Foreign currency translation adjustments (23.6) 19.2 2.2 Net deferred gains/(losses) on net investment hedges (1) 13.5 (13.2) 3.4 Total presented in Other Comprehensive Income (10.1) 6.0 5.6 Balance as of December 31 84.7 94.8 88.8 (1) Gains/(losses) on net investment hedges are offset by €25.7 million of losses (2019: gains of €19.0 million, 2018: losses of €3.7 million) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2020, includes €17.3 million (2019: €3.8 million) relating to continuing hedging relationships in respect of GBP net investments, as well as €46.4 million (2019: €46.4 million) relating to a discontinued hedging relationship in respect of GBP net investments. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Details of the Company's cash flow hedge accounting is detailed in Note 33. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2018 (0.4) (2.6) (3.0) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4) (6.4) Reclassified from OCI to finance costs (47.9) — (47.9) Deferred tax (0.3) (3.7) (4.0) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8) (21.8) Reclassified from OCI to finance costs (37.4) — (37.4) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8) (6.4) (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) Reclassified to cost of goods sold — 0.2 0.2 Reclassified from OCI to finance costs 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Earnings/(loss) per share | Earnings per share Basic earnings per share Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Profit for the period attributable to equity owners of the parent (€m) 225.2 154.0 171.2 Weighted average Ordinary Shares and Founder Preferred Shares 194,019,070 192,004,803 175,622,538 Basic earnings per share (€’s) 1.16 0.80 0.97 For the year ended December 31, 2020, basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Company of €225.2 million (year ended December 31, 2019: €154.0 million, year ended December 31, 2018: €171.2 million) by the weighted average number of Ordinary Shares of 192,519,070 (December 31, 2019: 190,504,803, year ended December 31, 2018: 174,122,538) and Founder Preferred Shares of 1,500,000 (December 31, 2019: 1,500,000, year ended December 31, 2018: 1,500,000). Diluted earnings per share Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Profit for the period attributable to equity owners of the parent (€m) 225.2 154.0 171.2 Weighted average Ordinary Shares and Founder Preferred Shares 197,894,106 198,425,877 175,793,631 Diluted earnings per share (€’s) 1.14 0.78 0.97 |
Reconciliation of liabilities a
Reconciliation of liabilities arising from financing activities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Reconciliation of liabilities arising from financing activities | Reconciliation of liabilities arising from financing activities The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities. Cash / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2020 1,875.3 4.1 (0.2) 15.3 Cash inflow (1) Cash — — — 6.8 Cash outflow (2) Cash (32.0) (57.0) (2.2) (3.9) Interest accretion Cash 5.2 58.8 — — Acquired through business combinations Non-cash 0.4 — — — Exchange movement Non-cash (71.7) 0.9 — — Fair value changes Non-cash — — 2.6 54.1 Other non-cash adjustments Non-cash (18.4) (3.5) — — Closing balance December 31, 2020 1,758.8 3.3 0.2 72.3 Cash / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2019 1,764.3 7.7 0.1 (0.3) Restatement on adoption of IFRS 16 Non-cash 120.8 — — — Restated opening balance January 1, 2019 1,885.1 7.7 0.1 (0.3) Cash inflow (1) Cash 2.0 — 4.7 20.9 Cash outflow (2) Cash (44.0) (72.7) — (4.0) Interest accretion Cash 5.3 73.7 — — Exchange movement Non-cash 15.7 (1.1) — — Fair value changes Non-cash — — (5.0) (1.3) Other non-cash adjustments Non-cash 11.2 (3.5) — — Closing balance December 31, 2019 1,875.3 4.1 (0.2) 15.3 (1) Cash inflows from cross currency interest rate swaps are part of effective cash flow hedging relationships and are presented within interest paid within the Consolidated Statements of Cash Flows. (2) Cash outflows from cross currency interest rate swaps are not part of a cash flow hedge and are presented within proceeds on settlement of derivatives within the Consolidated Statements of Cash Flows. |
Cash flows from operating activ
Cash flows from operating activities | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Statement [Abstract] | |
Cash flows from operating activities | Cash flows from operating activities Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Note €m €m €m Cash flows from operating activities Profit for the period 225.1 153.6 170.5 Adjustments for: Exceptional items 7 20.6 54.5 17.7 Non-cash fair value purchase price adjustment of inventory 5 — — 5.7 Share based payments expense 9.0 14.9 13.0 Depreciation and amortization 67.6 68.3 46.3 Loss on disposal and impairment of property, plant and equipment 0.9 0.6 0.3 Net finance costs 10 63.7 73.2 56.0 Taxation 11 70.4 56.7 56.6 Operating cash flow before changes in working capital, provisions and exceptional items 457.3 421.8 366.1 (Increase)/decrease in inventories (12.7) 23.5 (20.2) Increase in trade and other receivables (1.8) (34.4) (10.8) Increase/(decrease) in trade and other payables 107.2 (40.6) 64.5 Increase/(decrease) in employee benefit and other provisions 2.0 6.6 (2.0) Cash generated from operations before tax and exceptional items 552.0 376.9 397.6 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Financial instruments | The effects of the cash flow hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2020 December 31, 2019 USD - cross currency interest rate swaps Carrying amount of liability (89.5) (18.5) Notional amount (USD) $926.00 $935.6 Maturity date 5/15/2022 5/15/2022 Change in fair value of outstanding hedging instruments since January 1 (71.0) 7.1 Loss/(gain) in value of hedged item used to determine effectiveness 71.0 (7.1) Weighted average hedged rate for the year 1.11 1.11 The effects of the net investment hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2020 December 31, 2019 UK cross-currency interest rate swaps hedge Carrying amount of cross-currency interest rate swaps 14.3 2.4 Notional amount (GBP) £220.2 £222.5 Maturity Date 5/15/2022 5/15/2022 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 13.5 (13.2) (Gain)/loss in value of hedged item used to determine hedge effectiveness (13.5) 13.2 Weighted average hedged rate for the year 1.19 1.19 As at December 31, 2020 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of (liability)/asset (21.9) (3.7) 1.4 (4.0) (2.6) (0.5) Notional amount 249.0 53.5 159.0 77.3 14.1 16.8 Fair value (gains)/losses of outstanding hedging instruments since January 1 (20.6) (2.0) 8.5 (4.2) (2.2) 0.8 Weighted average hedge rate for the year 1.13 1.28 1.12 0.09 0.10 0.21 As at December 31, 2019 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 2.1 (1.7) (8.3) (0.3) (0.3) Notional amount 220.6 56.5 217.4 70.1 42.3 Fair value (gains)/losses of outstanding hedging instruments since January 1 10.5 (0.7) (10.9) 2.1 0.2 Weighted average hedge rate for the year 1.14 1.28 1.12 0.09 0.21 Categories of financial instruments The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2020 €m €m €m €m €m €m Assets Trade receivables 141.2 — — — — 141.2 Derivative financial instruments — — 2.9 19.8 — 22.7 Cash and cash equivalents 393.2 — — — — 393.2 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (601.1) (601.1) Derivative financial instruments — — (0.2) (124.8) — (125.0) Loans and borrowings (1) — — — — (1,765.7) (1,765.7) Total 534.4 25.0 2.7 (105.0) (2,366.8) (1,909.7) (1) Loans and borrowings excludes €6.9 million of deferred borrowing costs which are included within €1,758.8 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4) (483.4) Derivative financial instruments — — — (44.9) — (44.9) Loans and borrowings (2) — — — — (1,884.2) (1,884.2) Total 891.0 103.7 1.0 (24.5) (2,367.6) (1,396.4) (2) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total non-current loans and borrowings in Note 21. Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Nomad uses various methods including market, income and cost approaches. Based on these approaches, Nomad utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1—Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 2—Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 3—Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for non binding single dealer quotes not corroborated by observable market data. Where market information is not available to support internal valuations, reviews of third party valuations are performed. While Nomad believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies and assumptions used for estimating the fair values of financial instruments held by the Company. (i) Derivative financial instruments Derivative financial instruments are held at fair value. There is no difference between carrying value and fair value. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 ‘Fair value measurement’. (ii) Trade and other payables/receivables The notional amount of trade and other payables/receivables are deemed to be carried at fair value, short term and settled in cash. (iii) Cash and cash equivalents The carrying value of cash and cash equivalents is deemed to equal fair value. (iv) Short-term investments Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”. (v) Interest bearing loans and liabilities The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the year end’s prevailing interest rates. They are classified as level 2 instruments. There is no requirement to determine or disclose the fair value of lease liabilities. Fair value Carrying value December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 €m €m €m €m Senior EUR/USD loans 1,300.4 1,396.9 1,295.1 1,371.9 Other external debt 0.2 3.3 0.2 3.3 2024 fixed rate senior secured notes 405.8 411.3 400.0 400.0 Less deferred borrowing costs — — (6.9) (8.9) 1,706.4 1,811.5 1,688.4 1,766.3 Derivatives As at December 31, 2020 As at December 31, 2019 €m €m Cross Currency Interest Rate Swaps 17.2 17.5 Forward foreign exchange contracts 5.5 3.9 Total assets 22.7 21.4 Cross Currency Interest Rate Swaps (89.5) (32.8) Forward foreign exchange contracts (35.5) (12.1) Total liabilities (125.0) (44.9) Total (102.3) (23.5) Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2020 €m €m €m Derivatives - assets 22.7 (22.7) — Derivatives - liabilities (125.0) 22.7 (102.3) Gross amount Related Net amount As at Dec 31, 2019 €m €m €m Derivatives - assets 21.4 (21.4) — Derivatives - liabilities (44.9) 21.4 (23.5) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Leases1 [Abstract] | |
Commitments | Commitments Future aggregate minimum contractual payments under non-cancellable service agreements and lease rentals for short-lived and low-value assets are payable as follows: As at December 31, 2020 As at December 31, 2019 €m €m Less than one year 1.9 2.1 Between one and three years 3.5 3.6 Between three and five years 2.0 1.9 More than five years 0.1 — Total 7.5 7.6 These agreements may be subject to contractual annual increases linked to inflation indices. The payments shown above exclude the impact of these contractual increases which cannot be reliably estimated. |
Capital commitments
Capital commitments | 12 Months Ended |
Dec. 31, 2020 | |
Additional information [abstract] | |
Capital commitments | Capital commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: As at December 31, 2020 As at December 31, 2019 €m €m Property, plant and equipment 13.6 11.5 Intangible assets 3.4 0.6 Total 17.0 12.1 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Related parties | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Short-term employee benefits 3.9 2.8 3.3 Share-based payment expense 3.5 7.6 6.3 Termination benefits — — 0.1 Non-Executive Director fees 0.3 0.4 0.4 Total Directors' and executive officers' compensation 7.7 10.8 10.1 |
Significant events after the St
Significant events after the Statement of Financial Position date | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2017 | |
Events After Reporting Period [Abstract] | ||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | |
Significant events after the Statement of Financial Position date | Significant events after the Statement of Financial Position dateOn December 31, 2020, the Company’s Board of Directors approved a Founder Preferred Share dividend of an aggregate of 3,875,036 Ordinary Shares calculated as 20% of the increase in the market price of our Ordinary Shares compared to 2019 dividend price of $21.7289 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the Ordinary Shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. |
Basis of preparation Summary of
Basis of preparation Summary of adjustments arising form application of IFRS 9 (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of notes and other explanatory information [Abstract] | |
IFRS 9 'Financial Instruments' | IFRS 9 ‘Financial Instruments’ was issued in July 2014 and replaced IAS 39 ‘Financial Instruments: Recognition and Measurement.’ The Company had previously elected to continue hedge accounting under IAS 39 as was allowed by the standard. On January 1, 2021, the Company will be adopting hedge accounting under IFRS 9 as the hedge accounting requirements have been simplified and are more closely aligned to the Company's risk management strategy. Under IFRS 9 all existing hedging relationships will qualify as continuing hedging relationships. IFRS 9 introduces a new way of treating fair value movements on cross currency basis spreads of certain hedging instruments. The Company intends to elect the cost of hedging approach as allowable under IFRS 9 and will initially recognize these movements within equity, in a cost of hedging reserve to the extent that they relate to the hedged item. An adjustment to the January 1, 2021 opening balance sheet is expected to be made to transfer approximately €5 million from the cash flow hedge reserve to the costs of hedging reserve for relevant hedging instruments existing on transition. Under IFRS 9, in cash flow hedges of a forecast transaction which results in the recognition of a non-financial item (such as inventory), the carrying value of that item must be adjusted for the accumulated gains or losses recognized directly in equity. Whilst a similar option is available under IAS 39, this was not applied. The effective portion of the gain or loss on a cash flow hedging instrument is reported in the statement of other comprehensive income, but the transfer to the non-financial item on the balance sheet will be shown in the statement of changes in equity. As at December 31, 2020 the impact is approximately €7 million. |
Amended standards early adopted | Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest Rate Benchmark Reform (Phase 2) I n August 2020, the IASB issued Interest Rate Benchmark Reform (Phase 2), which amends other IFRS standards. The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The amendments in this final phase relate to practical expedient for particular changes in contractual cash flows, relief from specific hedge accounting requirements and certain disclosure requirement. These amendments are effective for annual reporting periods beginning on or after January 1, 2021, with earlier application permitted. The Company is currently evaluating the impact of the amendment on the consolidated financial statements. Amended standards early adopted The Company has elected to early adopt the ‘Amendments to IAS 39 and IFRS 7 Interest Rate Benchmark Reform (Phase 1)’ issued in September 2019. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed at the start of the reporting period and to the amount accumulated in the cash flow hedge reserve at that date. The amendments provide temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by IBOR reform. The reliefs have the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness continues to be recorded in the Statement of Profit or Loss. In summary, the reliefs provided by the amendments that apply are: • When considering the ‘highly probable’ requirement, the Company has assumed that the LIBOR interest rate on which our hedged debts are based does not change as a result of IBOR reform. • In assessing whether the hedge is expected to be highly effective on a forward-looking basis, the Company has assumed that the LIBOR interest rate on which the cash flows of the hedged debt and the interest rate swap that hedges it are based is not altered by IBOR reform. • The Company will not discontinue hedge accounting during the period of IBOR-related uncertainty solely because the retrospective effectiveness falls outside the required 80-125% range. • The Company has not recycled the cash flow hedge reserve relating to the period after the reforms are expected to take effect. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of types of insurance contracts [line items] | |
Measurement convention | Measurement conventionThe financial statements are prepared on the historical cost basis with the exception of derivative financial instruments, business combinations, share based payments, and founder preferred shares which are stated at fair value. |
Business combination | Business combinationThe Company uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. Where selling shareholders have contractually agreed to indemnify Nomad Foods Limited for contingent liabilities, an indemnification asset is recognized equivalent to the fair value of the liability recognized by Nomad. The indemnification asset is deducted from consideration transferred for the business combination. The indemnification asset value will subsequently be revised where revisions are made to the value of the liability or where there are doubts over the ability to recover losses from the selling shareholders. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions, and any unrealized income and expenses arising from intra-group transactions are eliminated. Accounting policies are applied consistently across the Company. Subsidiaries are all entities (including structured entities) over which Nomad has control; directly or indirectly. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Where the Company owns less than a 100 per cent interest in a subsidiary, a non-controlling interest is recognized. The carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance. |
Foreign currency | Foreign currency i) Foreign currency transactions Transactions in foreign currencies (currencies other than the functional currency) are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate ruling the financial year end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges, qualifying net investment hedges or are attributable to part of a net investment in a foreign operation. Non-monetary assets and liabilities in a foreign currency are translated into the functional currency to establish historical cost, using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the date the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. The revenues and expenses of foreign operations are translated at an average rate for the period (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transaction). ii) Assets and liabilities of foreign operations For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at foreign exchange rates ruling at the financial year ended December 31, 2020 of £1:€1.11 (December 31, 2019: £1:€1.17, December 31, 2018: £1:€1.11). The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange gains and losses that relate to these assets and liabilities are presented in the Consolidated Statement of Profit or Loss within ‘finance income or costs’, except where hedge accounting applies. iii) Net investment in foreign operations Exchange differences arising from the translation of foreign operations and of related qualifying hedges are taken directly to the translation reserve within equity. They are realized through the Consolidated Statement of Profit or Loss upon disposal of the related foreign operation. |
Goodwill | Goodwill Goodwill represents amounts arising on acquisition of subsidiaries. Goodwill is the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. |
Other intangible assets | Other intangible assets Intangible assets acquired separately are recorded at cost and those acquired as part of a business combination are recorded at fair value as at the date of acquisition. i) Computer software Capitalized software costs include the cost of acquired computer software licenses and costs that are directly associated with the design, construction and testing of such software where this relates to a major business system. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognized as an expense within other operating expenses as incurred. The assets are stated at cost less accumulated amortization and impairment losses. Software costs are amortized by equal monthly installments over their estimated useful economic life of five ii) Brands Based on the market position of the brands, the significant levels of investment in advertising and promoting the brands, and the fact that Goodfella's and Aunt Bessie's brands have been established for over 20 years, with the Birds Eye , Iglo and Findus brands established for over 50 years, the Directors consider that the brands have indefinite lives. Therefore these brands are not amortized, but instead held at historical cost less provision for any impairment. Brands that are deemed to not have an indefinite life are being amortized by equal monthly installments within other operating expenses over the course of their remaining useful economic life. iii) Customer relationships Long standing Food Service customer relationships have been identified as intangible assets as part of the Findus Acquisition. These are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over 14 years. |
Impairment of non-current assets | Impairment of non-current assets The carrying amounts of the Company’s non-current assets are reviewed annually to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Impairment losses are recognized in the Consolidated Statement of Profit or Loss in the period in which they arise. For goodwill and assets that have an indefinite useful life an impairment review is performed at least annually. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. i) Calculation of recoverable amount Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows of the business are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ii) Allocation of impairment losses Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units, then to reduce the carrying amount of the other assets in the unit on a pro rata basis. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. iii) Reversals of impairment An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Property, plant and equipment | Property, plant and equipment i) Owned assets Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. ii) Leased assets As a result of the adoption of IFRS 16, the Company has changed its accounting policy for leased assets. Until December 31, 2018, leases of property, plant and equipment where the Company, as a lessee, has substantially all the risks and rewards of ownership were classified as finance leases and all others as operating leases. The Company leases various properties, equipment and cars. Since January 1, 2019, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a contract contains both lease and non-lease components, the Group has elected to account for the contract as a single lease. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is classified within property, plant and equipment and is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are presented within loans and borrowings and include the net present value of expected lease payments, including those from extension options if the Company reasonably expects to exercise them. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, otherwise the Company’s incremental borrowing rate is used. Right-of-use assets are measured at cost comprising the amount of the lease liability, adjusted for payments made or received before the commencement date, initial direct costs and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise IT equipment and small items of office furniture. iii) Depreciation Depreciation is charged to the Consolidated Statement of Profit or Loss on a straight line basis over the shorter of the lease term and the estimated useful lives of each part of an item of property, plant and equipment once the item is brought into use. Land is not depreciated. The estimated useful lives are as follows: • Buildings 40 years • Plant and equipment 5 to 14 years • Computer equipment 3 to 5 years The assets’ residual values and useful lives are reviewed on a frequent basis. |
Inventories | InventoriesInventories are stated at the lower of cost and net realizable value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Inventories that are acquired through business combinations are fair valued at the time of acquisition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of direct costs and overheads based on normal operating capacity. Provision is made for slow moving, obsolete and defective inventories. |
Employee benefits | Employee benefits i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognized as an expense in the Consolidated Statement of Profit or Loss as incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in the future payments is available. ii) Defined benefit plans The Company’s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That net obligation is discounted to determine its present value. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the Consolidated Statement of Profit or Loss in staff costs included within Operating profit/(loss), except where included in the cost of an asset, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other Comprehensive Income in the period in which they arise. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Consolidated Statement of Profit or Loss. Past service cost is recognized immediately. iii) Share-based payment schemes Employee benefits given through share-based payment schemes are discussed further in section 3.15 of this note. |
Founder Preferred Shares | Founder Preferred Shares Nomad Foods issued Founder Preferred Shares to both TOMS Acquisition I LLC and Mariposa Acquisition II, LLC (collectively the “Founder Entities”) in connection with its initial public offering in April 2014. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Dividend Amount”). The instrument and its component parts were analyzed under IFRS 2. The Company intends that any future Founder Preferred Shares Annual Dividend Amount will be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015, of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Should a Founder Preferred Share Annual Dividend Amount become due and payable, the market value of any dividend paid will be deducted from the Founder Preferred Shares Dividend reserve, with any excess deducted from the accumulated profit/(deficit) reserve within equity. |
Provisions/Onerous contracts provisions | ProvisionsProvisions are recognized when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the financial year end date and are discounted to present value where the effect is material.Where it is not possible to make a reliable estimate of the estimated financial effect of a provision, appropriate disclosure of the resulting contingent liability is made, but no provision is recognized. |
Financial instruments | Financial instruments Financial assets and liabilities are recognized in the Company’s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. i) Trade receivables Trade receivables are amounts due from customers for goods sold when control of the products has transferred, being when the products are delivered in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. The Company holds the trade receivables with the objective of collecting the contractual cash flows and so they are subsequently measured at amortized cost using the effective interest method, less any loss allowance. Since trade receivables are due within one year, this equates to initial carrying value less any loss allowance. To assist in managing operating cash flow, we may enter into non-recourse factoring arrangements with certain receivables whereby we sell specific account receivables to one or more external financial institutions. The risks and rewards of ownership are considered to have been transferred at the point of sale. Up to the point of sale, these receivables are treated as held for sale and measured at fair value through Profit or Loss. Under the terms of the contractual arrangements, the Company may continue to collect the cash from the customer receivables sold, albeit acting solely as a collecting agent on behalf of the purchaser of receivables. Any cash received from customers which is due to be paid to the agent is presented as a financial liability in the Statement of Financial Position and as a financing activity within the Statement of Cash Flows. Factoring fees associated with the sale of factored receivables were minimal for all periods presented. See Note 18. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Trade receivables are grouped by days past due. Expected loss rates are based on historical credit losses experienced in each market as well as forward looking information where this is significant. Trade receivables are written off when there is no reasonable expectation of recovery. Appropriate allowances for expected credit losses and estimated irrecoverable amounts are recognized in the Consolidated Statement of Profit or Loss. Trade receivables are presented net of associated contract liabilities, referred to as 'trade terms' as discussed further in Note 3.14 and Note 4. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and deposits that are readily convertible to a known amount of cash and are measured at amortized cost. Deposits held in money market funds are measured at fair value through Profit or Loss as the cash flows do not only represent principal and interest. iii) Loans and borrowings a. Valuation Interest bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing loans and borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the Consolidated Statement of Profit or Loss over the expected period of the borrowings. b. Capitalization of transaction costs Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. iv) Trade payables Trade payables are measured at initial recognition at fair value and are subsequently measured at amortized cost using the effective interest method. Since trade payables are largely due within one year, this equates to initial carrying value. v) Derivative financial instruments and hedge accounting Derivative financial instruments are recognized at fair value. When a derivative financial instrument is not designated in a hedge accounting relationship, all changes in its fair value are recognized immediately in the Consolidated Statement of Profit or Loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The fair value of all financial derivative instruments (including but not limited to forward foreign exchange contracts, currency swaps and cross currency interest rates swaps), is determined per market standard using forward foreign exchange and interest rates at the balance sheet date, with the resulting value discounted back to present value. Cross currency interest rate swaps can be entered into in order to mitigate perceived risks to foreign exchange translation risk and interest rate risk. Foreign exchange forward contracts can be entered into in order to mitigate perceived risks to foreign exchange transaction risk. The Company applies the hedge accounting requirements of IAS 39 to all hedging relationships. a. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the cash flow of a recognized asset or liability, (including a highly probable forecast transaction) the effective part of any gain or loss on the derivative financial instrument is recognized directly in the cash flow hedging reserve. Any ineffective portion of the hedge is recognized immediately in the Consolidated Statement of Profit or Loss. When a hedging instrument expires or is sold, exercised or otherwise terminated, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognized when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealized gain or loss recognized in equity is recognized in the Consolidated Statement of Profit or Loss immediately. b. Net investment hedges Foreign currency differences arising on the retranslation of the spot rate component of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in Other Comprehensive Income to the extent that the hedge is effective, and are presented in the translation reserve within equity. To the extent that the hedge is ineffective, such differences are recognized in the Consolidated Statement of Profit or Loss. When the hedged net investment is disposed of, the relevant amount in the translation reserve is transferred to the Consolidated Statement of Profit or Loss as part of the gain or loss on disposal. vi) Short-term investments The Company invests surplus cash positions in short-term investments to manage liquidity and credit risk. Short‐term investments are held within managed investment funds and are measured at fair value. All changes in fair value are recognized immediately in the Consolidated Statement of Profit or Loss. The short-term investments are held within managed investment funds which invest in supply chain financing receivables, the creditworthiness of which are enhanced by an insurance wrapper as provided by established insurance companies with a long-term credit rating of at least A. |
Revenue | Revenue from contracts with customers The Company manufactures and sells a range of frozen foods to retail, wholesale and Food Service markets. Revenue is recognized when control of the products has transferred, being when the products are delivered to the customer in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. A provision for product return allowances, which is estimated based upon the Company’s historical performance and management’s experience, is recorded as a reduction of sales in the same period that the revenue is recognized. Revenue excludes sales taxes and intra-company sales. Products are often sold with variable pricing arrangements, including payment discounts, trade promotions and slotting fees. Discounts given by the Company include rebates, price reductions and incentives to customers, promotional couponing and trade communication costs. Trade promotions consist of pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. Certain retailers require the payment of slotting fees to obtain space for the Company’s products on the retailers’ store shelves. Where variable pricing arrangements are in place, revenue is only recognized to the extent that it is highly probable that the amount recognized is unlikely to be reversed. Accumulated experience is used to estimate and provide for the discounts. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Accruals for expected pay-outs under these programs are collectively known as ‘trade terms’ and are included within trade and other receivables or within trade and other payables in the Consolidated Statement of Financial Position. No element of financing is deemed present as the sales are made in line with market practice and accruals are typically settled within twelve months of the sale. |
Share based payments | Share based paymentsThe Nomad Foods Long-term Incentive Plan known as the (the "Management Share Awards"), which incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the provisions of IFRS 2 “Share-based Payment” and awards under the Management Share Awards represent equity settled share based payments. A charge is taken to the Consolidated Statement of Profit or Loss for the difference between the fair value of the shares at grant date and the amount subscribed, spread over the vesting period. Share based payment arrangements in which Nomad receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share based payment transactions, regardless of how the equity instruments are obtained by Nomad. The grant date fair value of share-based payment awards granted to any Director or employee is recognized as an expense, with a corresponding increase in equity, over the period that any Director or employee becomes unconditionally entitled to the awards. The fair value of the awards granted is measured using a valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. See Note 8(b) for further information on the Company’s share-based payment arrangements and details of the valuation model used. |
Interest income | Interest incomeInterest income is recognized in the Consolidated Statement of Profit or Loss on an accruals basis using the effective interest method. |
Expenses | Expenses i) Operating lease payments Payments associated with short-term leases, leases of low-value assets, variable lease payments and leases assessed as service agreements are recognized on a straight-line basis as an expense in profit or loss and presented as "operating leases". Lease incentives received are recognized on a straight line basis in the Consolidated Statement of Profit or Loss as an integral part of the total lease expense. ii) Borrowing costs Unless capitalized as part of the cost of borrowing (see Note 3.13(iii)), borrowing costs are recognized in the Consolidated Statement of Profit or Loss in the period in which they are incurred. iii) Exceptional items The separate reporting of exceptional items which are presented as exceptional within the relevant Consolidated Statement of Profit or Loss category, helps provide an indication of the Company’s underlying business performance. Exceptional items have been identified and presented by virtue of their size, nature or incidence. In determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. Exceptional items comprise restructuring costs, impairments or reversal of impairments of intangible assets, operational restructuring, integration and acquisition costs relating to new acquisitions, implementation of strategic opportunities and other significant items (see Note 7). iv) Research and development Expenditure on research activities is recognized in the Consolidated Statement of Profit or Loss as an expense as incurred. |
Taxation | Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized in Other Comprehensive Income, in which case it is recognized within the Statement of Other Comprehensive Income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the financial year end date, and any adjustment to tax payable in respect of previous years. Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on the best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts used for taxation purposes on an undiscounted basis. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial year end date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
Segment reporting | Segment reporting The Chief Operating Decision Maker (“CODM”) has been determined to be the Chief Executive Officer as he is primarily responsible for the allocation of resources to the segments and the assessment of performance of the segments. Nomad’s operations are organized into one operating unit, "Frozen", which comprises all the brands, as well as the factories, private label business units and certain corporate overheads. The CODM primarily uses “Adjusted EBITDA”, disclosed in Note 5, as the key measure of the segment’s results. Adjusted EBITDA is EBITDA adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments, chart of account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. EBITDA, disclosed in Note 5, is defined as profit/(loss) for the period before taxation, net financing costs, depreciation and amortization. |
IFRSs not yet adopted | IFRS 9 ‘Financial Instruments’ was issued in July 2014 and replaced IAS 39 ‘Financial Instruments: Recognition and Measurement.’ The Company had previously elected to continue hedge accounting under IAS 39 as was allowed by the standard. On January 1, 2021, the Company will be adopting hedge accounting under IFRS 9 as the hedge accounting requirements have been simplified and are more closely aligned to the Company's risk management strategy. Under IFRS 9 all existing hedging relationships will qualify as continuing hedging relationships. IFRS 9 introduces a new way of treating fair value movements on cross currency basis spreads of certain hedging instruments. The Company intends to elect the cost of hedging approach as allowable under IFRS 9 and will initially recognize these movements within equity, in a cost of hedging reserve to the extent that they relate to the hedged item. An adjustment to the January 1, 2021 opening balance sheet is expected to be made to transfer approximately €5 million from the cash flow hedge reserve to the costs of hedging reserve for relevant hedging instruments existing on transition. Under IFRS 9, in cash flow hedges of a forecast transaction which results in the recognition of a non-financial item (such as inventory), the carrying value of that item must be adjusted for the accumulated gains or losses recognized directly in equity. Whilst a similar option is available under IAS 39, this was not applied. The effective portion of the gain or loss on a cash flow hedging instrument is reported in the statement of other comprehensive income, but the transfer to the non-financial item on the balance sheet will be shown in the statement of changes in equity. As at December 31, 2020 the impact is approximately €7 million. |
Onerous/ unfavorable contracts | |
Disclosure of types of insurance contracts [line items] | |
Provisions/Onerous contracts provisions | Onerous contracts provisionsWhere the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Segments [Abstract] | |
Segment As Adjusted EBITDA | Segment Adjusted EBITDA Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Note €m €m €m Profit for the period 225.1 153.6 170.5 Taxation 70.4 56.7 56.6 Net financing costs 63.7 73.2 56.0 Depreciation and amortization 67.6 68.3 46.3 EBITDA 426.8 351.8 329.4 Acquisition purchase price adjustments — — 5.7 Exceptional items 7 20.6 54.5 17.7 Other add-backs 19.4 25.7 23.6 Adjusted EBITDA 466.8 432.0 376.4 |
External Revenue and Non-current Assets by Geography | External revenue by geography Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m United Kingdom 747.3 712.5 585.4 Italy 426.3 394.1 383.6 Germany 393.2 329.6 310.2 France 203.8 176.6 174.1 Sweden 158.7 175.7 192.7 Austria 127.9 108.2 102.4 Norway 115.6 120.4 122.5 Spain 82.6 79.5 76.7 Rest of Europe 260.5 227.7 225.2 Total external revenue by geography 2,515.9 2,324.3 2,172.8 Non-current assets by geography December 31, 2020 December 31, 2019 €m €m Germany 135.5 124.9 United Kingdom 132.1 131.3 Italy 68.5 68.2 Norway 30.0 29.6 Sweden 28.5 51.1 France 15.7 17.2 Rest of Europe 68.9 56.0 Total non-current assets by geography 479.2 478.3 |
Operating profit_(loss) (Tables
Operating profit/(loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Disclosure of Detailed Information About Profit (Loss) from Operating Activities | Operating profit is stated after charging: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Note €m €m €m Staff costs 8 340.2 308.6 299.7 Depreciation of property, plant and equipment (1) 12 59.8 59.7 39.3 Impairment of property, plant and equipment 12 — 0.1 — Amortization of software and brands 13 7.8 8.6 7.0 Operating lease charges (1) 3.0 4.5 18.5 Exchange (gains)/losses (2.8) (14.6) 2.9 Research & development expenditure 17.6 18.9 15.5 Inventories recognized as an expense within cost of goods sold 1,627.9 1,536.0 1,410.0 |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Schedule of Exceptional Items | Exceptional items are made up as follows: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Supply chain reconfiguration (1) (12.5) (3.6) 1.2 Findus Group integration costs (2) — 3.5 10.4 Findus Switzerland integration costs (3) 0.3 — — Brexit (4) 1.6 1.6 — Business Transformation program (5) 2.3 — — Goodfella's Pizza & Aunt Bessie's integration costs (6) 4.0 12.5 8.3 Factory optimization (7) 10.0 5.7 1.6 Settlement of legacy matters (8) (2.9) (9.2) (3.8) Release of indemnification assets (9) 17.8 44.0 — Total exceptional items 20.6 54.5 17.7 |
Payroll costs, share based pa_2
Payroll costs, share based payments and management incentive schemes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits And Share-Based Payments [Abstract] | |
Disclosure of Employee Information | The average number of persons employed by the Company (excluding non-Executive Directors) is analyzed and set out below: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Production 3,043 3,308 2,915 Administration, distribution & sales 1,647 1,448 1,510 Total number of employees 4,690 4,756 4,425 |
Disclosure of Employee Benefit Expense | The table below discloses the Company’s aggregate payroll costs of these persons. Payroll costs exclude long term management incentive scheme and share based payment costs, but includes bonus costs. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Wages and salaries 276.4 250.4 240.6 Social security costs 49.2 45.2 46.0 Other pension costs 14.6 13.0 13.1 Total payroll costs 340.2 308.6 299.7 |
Disclosure of number and weighted average exercise prices of share options | management team (the “Management Share Awards”) as of the following four award dates: January 1, 2016 Award January 1, 2017 Award January 1, 2018 Award January 1, 2019 Award January 1, 2020 Award Total Number of awards outstanding at January 1, 2020 2,965,514 838,123 548,900 166,427 — 4,518,964 New awards granted in the period — — — — 761,979 761,979 Awards vested and issued in the period (1,910,561) — (42,825) — — (1,953,386) Forfeitures in the period (13,000) (18,250) (59,500) (6,866) (51,541) (149,157) Number of awards outstanding at December 31, 2020 1,041,953 819,873 446,575 159,561 710,438 3,178,400 |
Inputs and assumptions underlying the Monte Carlo Model | January 1, 2016 award January 1, 2017 award January 1, 2018 award January 1, 2019 award January 1, 2020 award Grant date price $ 16.72 $ 16.72 $ 16.72 $ 20.15 $ 22.37 Exercise price $ — $ — $ — $ — $ — Expected life of restricted share 1.00 - 2.00 years 2.00 years 1.50 - 4.00 years 4.00 years 4.00 years Expected volatility of the share price 22.6 % 22.6 % 22.7 % 24.0 % 24.4 % Dividend yield expected — % — % — % — % — % Risk free rate 2.65 % 2.65 % 2.55 % 1.33 % 1.70 % Employee exit rate 6.0 % 14.0 % 14.0 % 14.0 % 27.3 % EBITDA Performance Target Condition 93.0 % 72.0 % 35.0 % 35.0 % 35.0 % |
Directors and Key Management _2
Directors and Key Management compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties [text block] | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 2 3 Share based payment schemes 2 2 3 |
Disclosure of information about key management personnel [text block] | Directors and Key Management compensation Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Short-term employee benefits 3.9 2.8 3.3 Share-based payment expense 3.5 7.6 6.3 Termination benefits — — 0.1 Non-Executive Director fees 0.3 0.4 0.4 Total Directors' and executive officers' compensation 7.7 10.8 10.1 All significant management decision making authority is vested within the Board of Directors and the executive team, therefore key management are considered to be the Directors and executive Officers. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 2 3 Share based payment schemes 2 2 3 |
Finance income and costs (Table
Finance income and costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Schedule of Finance income and costs | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Interest income 0.7 2.5 0.2 Net fair value gains on derivatives held at fair value through profit or loss — — 1.4 Net foreign exchange gains on translation of financial assets and liabilities 4.0 — — Finance income 4.7 2.5 1.6 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (1) (64.0) (79.0) (64.4) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 5.9 21.8 14.6 Net pension interest costs (2.7) (3.8) (3.8) Amortization of borrowing costs (2.0) (2.0) (1.5) Net foreign exchange losses on translation of financial assets and liabilities — (3.9) (0.3) Interest on unwinding of discounted items — — (1.1) Net fair value losses on derivatives held at fair value through profit or loss (5.6) (8.8) — Financing costs incurred in amendment of terms of debt — — (1.1) Finance costs (68.4) (75.7) (57.6) Net finance costs (63.7) (73.2) (56.0) (1) Following the adoption of IFRS 16 Leases on January 1, 2019, |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Components Of Tax Expense (Benefit) | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (44.8) (66.4) (63.9) Adjustments in respect of prior periods (7.6) — 2.8 (52.4) (66.4) (61.1) Deferred tax (expense)/income Origination and reversal of temporary differences (1.2) 9.7 4.5 Impact of change in tax rates (16.8) — — 16 (18.0) 9.7 4.5 Total tax expense (70.4) (56.7) (56.6) |
Reconciliation Of Effective Tax Rate | Reconciliation of effective tax rate: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, €m €m €m Profit before tax 295.5 210.3 227.1 Tax charge at the standard UK corporation tax rate 19% (2019: 19%; 2018: 19%) (56.1) (39.9) (43.2) Difference in tax rates (18.2) (11.9) (14.8) Non tax deductible interest (0.1) 0.6 — Other income and expenses not taxable or deductible (0.8) (1.2) 5.3 Unrecognized tax assets (6.3) (0.9) 0.6 Provisions for uncertainties 35.5 (3.4) (7.3) Impact of change in deferred tax rates (16.8) — — Prior period adjustment (7.6) — 2.8 Total tax expense (70.4) (56.7) (56.6) |
Income Tax Relating to Components Of Other Comprehensive Income | The tax (credit)/charge relating to components of other comprehensive income is as follows: Before Tax After tax Year ended December 31, 2020 Note €m €m €m Remeasurement of post-employment benefit liabilities 27.8 (8.3) 19.5 Net investment hedge 10.1 — 10.1 Cash flow hedges 17.3 (6.0) 11.3 Other comprehensive loss/(income) 55.2 (14.3) 40.9 Current tax — Deferred tax 16 (14.3) (14.3) Before Tax After tax Year ended December 31, 2019 Note €m €m €m Remeasurement of post-employment benefit liabilities 35.9 (6.7) 29.2 Net investment hedge (6.0) — (6.0) Cash flow hedges 27.3 (5.6) 21.7 Other comprehensive loss/(income) 57.2 (12.3) 44.9 Current tax — Deferred tax 16 (12.3) (12.3) Before Tax After tax Year ended December 31, 2018 €m €m €m Remeasurement of post-employment benefit liabilities 12.9 (3.3) 9.6 Net investment hedge (5.6) — (5.6) Cash flow hedges (15.5) 4.0 (11.5) Other comprehensive (income)/loss (8.2) 0.7 (7.5) Current tax — Deferred tax 0.7 0.7 |
Property, plant and equipment D
Property, plant and equipment Disclosure NBV of Tangible Assets and Right of use Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure NBV Tangible and Right of use Assets [Table Text Block] | 12) Property, plant and equipment December 31, 2020 December 31, 2019 €m €m Owned property, plant and equipment (i) 373.2 350.0 Right-of-use assets (ii) 49.0 72.4 Property, plant and equipment 422.2 422.4 |
Disclosure of detailed information about property, plant and equipment [text block] | Land and Plant and Computer Total €m €m €m €m Cost Balance at December 31, 2018 151.8 290.2 9.0 451.0 Additions 4.1 34.7 4.7 43.5 Disposals (1.5) (1.1) — (2.6) Effect of movements in foreign exchange 1.8 8.1 0.1 10.0 Balance at December 31, 2019 156.2 331.9 13.8 501.9 Acquisitions through business combinations 5.1 3.5 — 8.6 Additions 6.8 54.6 2.1 63.5 Disposals (0.1) (2.6) (0.3) (3.0) Effect of movements in foreign exchange (2.7) (11.3) (0.3) (14.3) Balance at December 31, 2020 165.3 376.1 15.3 556.7 Accumulated depreciation and impairment Balance at December 31, 2018 14.3 85.5 2.4 102.2 Depreciation 7.7 34.4 1.5 43.6 Impairment — 0.1 — 0.1 Disposals — (0.3) — (0.3) Effect of movements in foreign exchange 1.0 5.3 — 6.3 Balance at December 31, 2019 23.0 125.0 3.9 151.9 Depreciation 7.6 33.5 3.0 44.1 Disposals — (1.8) (0.3) (2.1) Effect of movements in foreign exchange (1.4) (8.6) (0.4) (10.4) Balance at December 31, 2020 29.2 148.1 6.2 183.5 Net book value December 31, 2018 137.5 204.7 6.6 348.8 Net book value December 31, 2019 133.2 206.9 9.9 350.0 Balance at December 31, 2020 136.1 228.0 9.1 373.2 |
Asset Class of RIght of use Assets [Table Text Block] | (ii) Right-of-use assets December 31, 2020 December 31, 2019 €m €m Net book value Land and Buildings 38.5 62.8 Plant and equipment and motor vehicles 10.3 9.2 Computer equipment 0.2 0.4 Right-of-use assets 49.0 72.4 Additions to right-of-use assets during the year ended December 31, 2020 were €17.9 million. A further €0.3 million of additions were acquired through business combinations. Lease liabilities are included within loans and borrowings in Note 21. Interest on lease liabilities is presented as a finance cost in Note 10. Payments of lease liabilities are included as a financing activity within the Statement of Cash Flows. |
Disclosure of depreciation and amortisation expense [text block] | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 €m €m €m Depreciation Land and Buildings 10.6 10.7 — Plant and equipment and motor vehicles 4.9 5.2 — Computer equipment 0.2 0.2 — Depreciation expense of right-of-use assets 15.7 16.1 — |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | Goodwill Brands Computer Customer Total €m €m €m €m €m Cost Balance at December 31, 2018 1,861.0 2,051.1 25.4 31.0 3,968.5 Acquisitions through business combinations 1.9 — — — 1.9 Additions — — 4.8 — 4.8 Disposals — — (0.1) — (0.1) Effect of movements in foreign exchange — — (0.3) — (0.3) Balance at December 31, 2019 1,862.9 2,051.1 29.8 31.0 3,974.8 Acquisitions through business combinations 75.6 24.4 0.1 — 100.1 Additions — — 8.8 — 8.8 Effect of movements in foreign exchange (0.5) 5.3 0.3 — 5.1 Balance at December 31, 2020 1,938.0 2,080.8 39.0 31.0 4,088.8 Goodwill Brands Computer Customer Total €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2018 — 2.7 10.6 7.0 20.3 Amortization — 1.7 4.7 2.2 8.6 Effect of movements in foreign exchange — — (0.1) — (0.1) Balance at December 31, 2019 — 4.4 15.2 9.2 28.8 Amortization — 1.2 4.4 2.2 7.8 Effect of movements in foreign exchange — — 0.1 — 0.1 Balance at December 31, 2020 — 5.6 19.7 11.4 36.7 Net book value December 31, 2018 1,861.0 2,048.4 14.8 24.0 3,948.2 Net book value December 31, 2019 1,862.9 2,046.7 14.6 21.8 3,946.0 Net book value December 31, 2020 1,938.0 2,075.2 19.3 19.6 4,052.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisitions | These were as follows: December 31, 2020 €m Assets: Intangible assets 24.5 Property, plant and equipment, including Right-of-use assets 8.9 Current assets 0.2 Inventories 11.5 Total assets 45.1 Liabilities: Current liabilities 0.3 Non-current liabilities 6.8 Deferred tax liabilities 1.6 Total liabilities 8.7 Total identifiable net assets acquired 36.4 Total purchase consideration 112.0 Total identifiable net assets acquired (36.4) Goodwill 75.6 Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Outflow of cash for business combinations, net of cash acquired €m €m €m Cash consideration 113.0 — 474.9 Less cash acquired (0.1) — (9.8) Contingent consideration paid related to acquisitions 24 — 1.5 6.5 Net outflow of cash - investing activities 112.9 1.5 471.6 Year ended December 31, 2020 Year ended December 31, 2019 €m €m Balance at January 1 35.4 79.4 Release of indemnified provision (20.0) (44.0) Balance at December 31 15.4 35.4 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interests in Other Entities [Abstract] | |
Disclosure of Significant Investments | The following are the Company's significant investments as of December 31, 2020. Activity Country of Class of Ownership Nomad Foods Europe Holdings Limited Holding England Ordinary 100% Nomad Foods Europe Holdco Limited Holding England Ordinary 100% Nomad Foods Europe Finco Limited Holding England Ordinary 100% Nomad Foods Europe Midco Limited Holding/ England Ordinary 100% Nomad Foods Bondco Plc Finance England Ordinary 100% Nomad Foods Lux S.à.r.l. Finance Luxembourg Ordinary 100% Nomad Foods Europe Limited Management England Ordinary 100% Birds Eye Limited Trading England Ordinary 100% Nomad Foods Europe Finance Limited Finance England Ordinary 100% Aunt Bessie's Limited Dormant England Ordinary 100% Birds Eye Ireland Limited Trading Republic of Ordinary 100% Birds Eye Ireland Oldco Unlimited Company Non-Trading Republic of Ireland Ordinary 100% Iglo Holding GmbH Holding Germany Ordinary 100% Iglo Nederland B.V. Trading Netherlands Ordinary 100% Iglo Belgium S.A. Trading Belgium Ordinary 100% Iglo Portugal Trading Portugal Ordinary 100% Iglo Austria Holdings GmbH Holding Austria Ordinary 100% C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Ordinary 100% Findus Sverige Holdings AB Holding Sweden Ordinary 100% Iglo GmbH Trading Germany Ordinary 100% Frozen Fish International GmbH Trading Germany Ordinary 100% Liberator Germany Newco GmbH Property Germany Ordinary 100% Iglo Austria GmbH Trading Austria Ordinary 100% Findus Sverige AB Trading Sweden Ordinary 100% Frionor Sverige AB Holding Sweden Ordinary 100% Findus Holdings France SAS Holding France Ordinary 100% Findus France SAS Trading France Ordinary 100% Findus Espana SLU Trading Spain Ordinary 100% Findus Danmark A/S Trading Denmark Ordinary 100% Findus Finland Oy Trading Finland Ordinary 100% Findus Norge AS Trading Norway Ordinary 100% Findus Norge Holding AS Holding Norway Ordinary 100% Toppfrys AB Trading Sweden Ordinary 100% Findus Switzerland AG Trading Switzerland Ordinary 100% |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are attributable to the following: December 31, 2020 December 31, 2019 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 20.6 (27.3) (6.7) 23.0 (29.3) (6.3) Intangible assets 0.9 (378.1) (377.2) 0.4 (357.0) (356.6) Employee benefits 48.3 (0.3) 48.0 40.2 (0.4) 39.8 Tax value of loss carry forwards 24.6 — 24.6 20.7 — 20.7 Derivative financial instruments 9.3 (0.1) 9.2 3.2 (0.3) 2.9 Other 9.8 (14.9) (5.1) 8.9 (11.2) (2.3) Tax assets/(liabilities) 113.5 (420.7) (307.2) 96.4 (398.2) (301.8) Movement in deferred tax during the year: Opening balance Jan 1, 2020 Acquired in Recognized Recognized Movement Closing balance Dec 31, 2020 €m €m €m €m €m Property, plant and equipment (6.3) (1.3) 1.0 — (0.1) (6.7) Intangible assets (356.6) — (20.6) — — (377.2) Employee benefits 39.8 — — 8.3 (0.1) 48.0 Tax value of loss carry forwards 20.7 — 3.9 — — 24.6 Derivative financial instruments 2.9 — 0.3 6.0 — 9.2 Other (2.3) (0.3) (2.6) — 0.1 (5.1) Total deferred tax (301.8) (1.6) (18.0) 14.3 (0.1) (307.2) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, 2020 December 31, 2019 €m €m Raw materials and consumables 80.5 86.8 Work in progress 46.5 48.3 Finished goods and goods for resale 216.2 188.1 Total inventories 343.2 323.2 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade terms | Liabilities related to contracts with customers The Company has recognized the following liabilities related to contracts with customers:December 31, 2020December 31, 2019€m€mTrade terms liabilities reported within trade receivables(200.5)(191.2)Trade terms liabilities reported within trade and other payables (Note 22)(89.7)(59.4)Total trade terms liabilities(290.2)(250.6) |
Schedule of Trade and Other Receivables | December 31, 2020 December 31, 2019 Current assets €m €m Trade receivables 141.2 143.6 Prepayments and accrued income 9.2 8.0 Other receivables 31.2 31.0 Tax receivable 3.4 24.1 Total current trade and other receivables 185.0 206.7 Non-current assets Other receivables 1.1 1.9 Total non-current trade and other receivables 1.1 1.9 Total trade and other receivables 186.1 208.6 |
Disclosure of Aging Trade Receivables | The aging of trade receivables is detailed below: Gross Impaired Net December 31, 2020 €m €m €m Not past due 308.6 (0.3) 308.3 Past due less than 1 month 20.5 (0.2) 20.3 Past due 1 to 3 months 4.0 (0.1) 3.9 Past due 3 to 6 months 1.1 (0.1) 1.0 Past due more than 6 months 11.9 (3.7) 8.2 Sub-total 346.1 (4.4) 341.7 Reduction in trade-terms (200.5) Total trade receivables 141.2 Gross Impaired Net December 31, 2019 €m €m €m Not past due 288.1 (0.2) 287.9 Past due less than 1 month 32.5 (0.3) 32.2 Past due 1 to 3 months 7.5 (0.2) 7.3 Past due 3 to 6 months 3.6 (0.2) 3.4 Past due more than 6 months 7.9 (3.9) 4.0 Sub-total 339.6 (4.8) 334.8 Reduction in trade-terms (191.2) Total trade receivables 143.6 |
Indemnification assets (Tables)
Indemnification assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations1 [Abstract] | |
Disclosure of detailed information about business combination | These were as follows: December 31, 2020 €m Assets: Intangible assets 24.5 Property, plant and equipment, including Right-of-use assets 8.9 Current assets 0.2 Inventories 11.5 Total assets 45.1 Liabilities: Current liabilities 0.3 Non-current liabilities 6.8 Deferred tax liabilities 1.6 Total liabilities 8.7 Total identifiable net assets acquired 36.4 Total purchase consideration 112.0 Total identifiable net assets acquired (36.4) Goodwill 75.6 Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Outflow of cash for business combinations, net of cash acquired €m €m €m Cash consideration 113.0 — 474.9 Less cash acquired (0.1) — (9.8) Contingent consideration paid related to acquisitions 24 — 1.5 6.5 Net outflow of cash - investing activities 112.9 1.5 471.6 Year ended December 31, 2020 Year ended December 31, 2019 €m €m Balance at January 1 35.4 79.4 Release of indemnified provision (20.0) (44.0) Balance at December 31 15.4 35.4 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents per Statement of Cash Flows | December 31, 2020 December 31, 2019 Note €m €m Cash and cash equivalents 393.1 826.0 Restricted cash 0.1 0.1 Cash and cash equivalents 393.2 826.1 Bank overdraft 22 (10.7) (1.3) Cash and cash equivalents per Statement of Cash Flows 382.5 824.8 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Repayment Profile and Individual Loan Details | The repayment profile of the syndicated and other loans held by the Company is as follows: December 31, 2020 December 31, 2019 €m €m Current liabilities/(assets) Syndicated loans 7.8 10.8 Lease liabilities 16.7 18.9 Less deferred borrowing costs to be amortized within 1 year (2.0) (2.0) Total due in less than one year 22.5 27.7 Non-current liabilities Syndicated loans 1,287.5 1,364.4 2024 fixed rate senior secured notes 400.0 400.0 Lease liabilities 53.7 90.1 Less deferred borrowing costs to be amortized in 2-5 years (4.9) (6.9) Total due after more than one year 1,736.3 1,847.6 Total borrowings 1,758.8 1,875.3 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information About Trade and Other Payables | December 31, 2020 December 31, 2019 Current liabilities €m €m Trade payables 363.7 306.5 Accruals and deferred income 133.7 109.4 Trade terms payable 89.7 59.4 Social security and other taxes 24.1 25.7 Other payables 21.2 18.8 Financial payables 3.3 4.1 Bank overdrafts 10.7 1.3 Total current trade and other payables 646.4 525.2 Non-current liabilities Accruals and deferred income 2.2 2.7 Total non-current trade and other payables 2.2 2.7 Total trade and other payables 648.6 527.9 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |
Disclosure of Net Defined Benefit Liability (Asset) | December 31, 2020 December 31, 2019 €m €m Net employee benefit obligations-Germany 181.2 151.3 Net employee benefit obligations-Sweden 74.1 71.7 Net employee benefit obligations-Switzerland 6.6 — Net employee benefit obligations-Italy 4.7 4.8 Net employee benefit obligations-Austria 5.6 5.8 Sub-total 272.2 233.6 Net employee benefit obligations- total of other countries 4.0 3.9 Total net employee benefit obligations 276.2 237.5 |
Disclosure of Fair Value of Plan Assets | Movements in fair value of plan assets of defined benefit retirement plans: 2020 €m Opening balance January 1, 2020 86.4 Acquired through business combinations 11.8 Interest income 1.0 Actuarial gains arising from the return on plan assets, excluding interest income 0.4 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.7) As at December 31, 2020 97.9 2019 €m Opening balance January 1, 2019 81.5 Interest income 1.4 Actuarial gains arising from the return on plan assets, excluding interest income 5.1 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.6) As at December 31, 2019 86.4 The fair value of plan assets, all at quoted prices are as follows: December 31, 2020 December 31, 2019 €m €m Equities 24.5 20.5 Debt instruments 44.1 40.3 Property 17.1 13.1 Other 12.2 12.5 Total 97.9 86.4 |
Disclosure of Expense Recognized in Consolidated Statement of Profit or Loss | Expense recognized in the Consolidated Statement of Profit or Loss: Defined benefit Post-employment Total 2020 2020 2020 €m €m €m Current service cost 6.2 (0.1) 6.1 Interest cost 2.7 — 2.7 For the year ended December 31, 2020 8.9 (0.1) 8.8 Defined benefit Post-employment Total 2019 2019 2019 €m €m €m Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 For the year ended December 31, 2019 7.6 0.2 7.8 |
Disclosure of Amount Recognized In Consolidated Statement of Comprehensive Income | Amount recognized in the Consolidated Statement of Comprehensive Income: Year ended December 31, 2020 Year ended December 31, 2019 €m €m Actuarial experience (losses)/gains (0.8) 0.2 Actuarial losses arising from changes in financial assumptions 29.2 43.2 Actuarial gains arising from changes in demographic assumptions — (3.0) Actuarial gains arising from the return on plan assets, excluding interest income (0.4) (5.1) Total actuarial losses 28.0 35.3 Year ended December 31, 2020 Year ended December 31, 2019 €m €m Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income 77.5 49.5 |
Disclosure of Actuarial Assumptions | Defined benefit Post-employment medical December 31, 2020 Germany Sweden Austria Switzerland Italy Germany Austria Discount rate 0.55 % 1.05 % 1.00 % 0.15 % 0.33 % 0.05 % — % Inflation rate 2.00 % 1.50 % 2.00 % 0.20 % 1.00 % 2.00 % 3.00 % Rate of increase in salaries 2.80 % 2.50 % 2.00 % 0%-2.50% — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% 1.50 % — — — — — Long term medical cost of inflation — — — — — — 2.00 % Defined benefit Post-employment medical December 31, 2019 Germany Sweden Austria Italy Germany Austria Discount rate 1.15 % 1.45 % 1.00 % 0.67 % 0.45 % 0.30 % Inflation rate 2.00 % 1.80 % 1.53 % 1.50 % 2.00 % 1.53 % Rate of increase in salaries 2.80 % 2.80 % 2.00 % — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% — 2.00 % — — — Long term medical cost of inflation — — — — — 2.00 % |
Disclosure of the Effect of a 1% Movement in the Discount Rate | The effect of a 1% movement in the most significant assumptions for the year ended December 31, 2020 is as follows: Increase Decrease €m €m Discount rate (62.0) 82.7 Inflation rate 52.7 (38.9) Rate of increase in salaries 17.3 (13.2) Rate of increase for pensions in payment 52.1 (40.2) |
Present value of defined benefit obligation [member] | |
Disclosure of defined benefit plans [line items] | |
Disclosure of analysis of present value of defined benefit obligation [Table Text Block] | Defined benefit Post-employment Total December 31, 2020 €m €m €m Present value of unfunded defined benefit obligations 79.6 5.0 84.6 Present value of funded defined benefit obligations 285.5 — 285.5 Subtotal present value of defined benefit obligations 365.1 5.0 370.1 Fair value of plan assets (97.9) — (97.9) Recognized liability for net defined benefit obligations 267.2 5.0 272.2 Defined benefit Post-employment Total December 31, 2019 €m €m €m Present value of unfunded defined benefit obligations 77.6 5.1 82.7 Present value of funded defined benefit obligations 237.3 — 237.3 Subtotal present value of defined benefit obligations 314.9 5.1 320.0 Fair value of plan assets (86.4) — (86.4) Recognized liability for net defined benefit obligations 228.5 5.1 233.6 Movements in recognized liability for net defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2020 228.5 5.1 233.6 Acquired through business combinations 6.6 — 6.6 Current service cost 6.2 (0.1) 6.1 Interest cost 2.7 — 2.7 Actuarial losses 28.0 — 28.0 Contributions to plan (0.6) — (0.6) Benefits paid (7.0) — (7.0) Exchange adjustments 2.8 — 2.8 As at December 31, 2020 267.2 5.0 272.2 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 192.7 4.8 197.5 Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 Actuarial losses 35.3 — 35.3 Contributions to plan (0.6) — (0.6) Benefits paid (5.2) — (5.2) Exchange adjustments (1.3) 0.1 (1.2) As at December 31, 2019 228.5 5.1 233.6 Movements in present value of defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2020 314.9 5.1 320.0 Acquired through business combinations 18.4 — 18.4 Current service cost 6.2 (0.1) 6.1 Interest cost 3.7 — 3.7 Actuarial experience gains (0.8) — (0.8) Actuarial losses arising from changes in financial assumptions 29.2 — 29.2 Contributions to plan 0.4 — 0.4 Benefits paid (9.7) — (9.7) Exchange adjustments 2.8 — 2.8 As at December 31, 2020 365.1 5.0 370.1 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 274.2 4.8 279.0 Current service cost 4.0 0.2 4.2 Interest cost 5.0 — 5.0 Actuarial experience losses 0.2 — 0.2 Actuarial losses arising from changes in financial assumptions 43.2 — 43.2 Actuarial gains arising from changes in demographic assumptions (3.0) — (3.0) Contributions to plan 0.4 — 0.4 Benefits paid (7.8) — (7.8) Exchange adjustments (1.3) 0.1 (1.2) As at December 31, 2019 314.9 5.1 320.0 |
Experience adjustments [Domain] | |
Disclosure of defined benefit plans [line items] | |
Disclosure of Net Defined Benefit Liability (Asset) | The history of experience adjustments from inception of the Company for the defined benefit retirement plans is as follows: December 31, 2020 December 31, 2019 December 31, 2018 €m €m €m Present value of defined benefit obligations 365.1 314.9 274.2 Fair value of plan assets (97.9) (86.4) (81.5) Recognized liability in the scheme 267.2 228.5 192.7 Experience (gains)/losses on scheme liabilities (0.8) 0.2 0.5 Experience gains on scheme assets (0.4) (5.1) (0.3) |
Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of defined benefit plans [line items] | |
Disclosure of Actuarial Assumptions | December 31, 2020 (years) Germany Sweden Austria Switzerland Italy Retiring at the end of the year: Male 21 22 23 21 21 Female 24 24 26 24 22 December 31, 2019 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 21 22 23 19 Female 24 24 25 22 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Disclosure of Detailed Information About Provisions | Restructuring Onerous/ Provisions Contingent Other Total €m €m €m €m €m €m Balance at December 31, 2018 12.3 68.8 5.8 1.5 25.3 113.7 Impact of transition to IFRS 16 — (66.9) — — — (66.9) Balance at January 1, 2019 12.3 1.9 5.8 1.5 25.3 46.8 Acquired through business combinations — — — — 1.9 1.9 Additional provision in the period 3.2 — 2.4 — 10.2 15.8 Release of provision (1.5) — (1.3) — (5.7) (8.5) Utilization of provision (6.7) (0.9) — (1.5) (0.5) (9.6) Foreign exchange 0.1 0.2 — — 0.1 0.4 Balance at December 31, 2019 7.4 1.2 6.9 — 31.3 46.8 Additional provision in the period 15.6 — 0.1 — 13.4 29.1 Release of provision — (0.7) (0.4) — (6.0) (7.1) Utilization of provision (10.4) (0.5) — — (5.9) (16.8) Foreign exchange 0.3 — — — (0.5) (0.2) Balance at December 31, 2020 12.9 — 6.6 — 32.3 51.8 Analysis of total provisions: December 31, 2020 December 31, 2019 Current 45.7 40.9 Non-current 6.1 5.9 Total 51.8 46.8 |
Share capital and reserves (Tab
Share capital and reserves (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | ||
Schedule of Share Capital and Capital Reserve | Share capital and capital reserve As at December 31, 2020 As at December 31, 2019 €m €m Authorized: Unlimited number of Ordinary Shares with nil nominal value issued at $10.00 per share n/a n/a Unlimited number of Founder Preferred Shares with nil nominal value issued at $10.00 per share n/a n/a Issued and fully paid: 172,180,897 (December 31, 2019: 194,542,957) Ordinary Shares with nil nominal value 1,636.9 2,109.7 1,500,000 (December 31, 2019: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 1,647.5 2,120.3 Listing and share transaction costs (27.0) (24.9) Total net share capital and capital reserve 1,620.5 2,095.4 Ordinary Shares Issued and Repurchased Ordinary shares Balance at December 31, 2018 174.2 Shares issued in the year 20.3 Balance at December 31, 2019 194.5 Shares issued in the year 7.6 Shares repurchased in the year (29.9) Balance at December 31, 2020 172.2 | |
Summary of Listing and Share Transaction Costs | €m At December 31, 2018 13.8 Share transaction costs 11.1 At December 31, 2019 24.9 Share transaction costs 2.1 At December 31, 2020 27.0 |
Share-based compensation rese_2
Share-based compensation reserve (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of detailed information about reserves within equity | Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 |
Founder Preferred Shares Divi_2
Founder Preferred Shares Dividend Reserve (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of classes of share capital | Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 |
Translation reserve Translati_2
Translation reserve Translation reserve table (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reserves within equity [line items] | |
Cash flow hedging reserve | Share-based compensation reserve The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based €m Balance as of January 1, 2020 22.6 Non-Executive Director restricted share awards charge 0.7 Directors and Senior Management share awards charge 8.3 Vesting of Non-Executive Director restricted shares (0.7) Vesting of LTIP Share awards (7.9) Reclassification of awards for settlement of tax liabilities (14.7) Balance as of December 31, 2020 8.3 Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015, the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. The Preferred Shares Annual Dividend amount is determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts (currently $25.2127) multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. Founder €m Balance as of January 1, 2020 370.1 Settlement of dividend through share issue (124.6) Balance as of December 31, 2020 245.5 The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Year ended December 31, 2020 2019 2018 €m €m €m Balance as of January 1 94.8 88.8 83.2 Foreign currency translation adjustments (23.6) 19.2 2.2 Net deferred gains/(losses) on net investment hedges (1) 13.5 (13.2) 3.4 Total presented in Other Comprehensive Income (10.1) 6.0 5.6 Balance as of December 31 84.7 94.8 88.8 (1) Gains/(losses) on net investment hedges are offset by €25.7 million of losses (2019: gains of €19.0 million, 2018: losses of €3.7 million) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2020, includes €17.3 million (2019: €3.8 million) relating to continuing hedging relationships in respect of GBP net investments, as well as €46.4 million (2019: €46.4 million) relating to a discontinued hedging relationship in respect of GBP net investments. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Details of the Company's cash flow hedge accounting is detailed in Note 33. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2018 (0.4) (2.6) (3.0) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4) (6.4) Reclassified from OCI to finance costs (47.9) — (47.9) Deferred tax (0.3) (3.7) (4.0) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8) (21.8) Reclassified from OCI to finance costs (37.4) — (37.4) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8) (6.4) (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) Reclassified to cost of goods sold — 0.2 0.2 Reclassified from OCI to finance costs 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) |
Reserve of exchange differences on translation [member] | |
Disclosure of reserves within equity [line items] | |
Cash flow hedging reserve | investment in a foreign subsidiary. Year ended December 31, 2020 2019 2018 €m €m €m Balance as of January 1 94.8 88.8 83.2 Foreign currency translation adjustments (23.6) 19.2 2.2 Net deferred gains/(losses) on net investment hedges (1) 13.5 (13.2) 3.4 Total presented in Other Comprehensive Income (10.1) 6.0 5.6 Balance as of December 31 84.7 94.8 88.8 (1) Gains/(losses) on net investment hedges are offset by €25.7 million of losses (2019: gains of €19.0 million, 2018: losses of €3.7 million) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2020, includes €17.3 million (2019: €3.8 million) relating to continuing hedging relationships in respect of GBP net investments, as well as €46.4 million (2019: €46.4 million) relating to a discontinued hedging relationship in respect of GBP net investments. |
Cash flow hedging reserve (Tabl
Cash flow hedging reserve (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Movement in cash flow hedging reserve | The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2018 (0.4) (2.6) (3.0) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4) (6.4) Reclassified from OCI to finance costs (47.9) — (47.9) Deferred tax (0.3) (3.7) (4.0) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8) (21.8) Reclassified from OCI to finance costs (37.4) — (37.4) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8) (6.4) (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) Reclassified to cost of goods sold — 0.2 0.2 Reclassified from OCI to finance costs 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Basic and diluted earnings/(loss) per share | Basic earnings per share Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Profit for the period attributable to equity owners of the parent (€m) 225.2 154.0 171.2 Weighted average Ordinary Shares and Founder Preferred Shares 194,019,070 192,004,803 175,622,538 Basic earnings per share (€’s) 1.16 0.80 0.97 |
Diluted earnings (loss) per share | Diluted earnings per share Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Profit for the period attributable to equity owners of the parent (€m) 225.2 154.0 171.2 Weighted average Ordinary Shares and Founder Preferred Shares 197,894,106 198,425,877 175,793,631 Diluted earnings per share (€’s) 1.14 0.78 0.97 |
Reconciliation of liabilities_2
Reconciliation of liabilities arising from financing activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities. Cash / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2020 1,875.3 4.1 (0.2) 15.3 Cash inflow (1) Cash — — — 6.8 Cash outflow (2) Cash (32.0) (57.0) (2.2) (3.9) Interest accretion Cash 5.2 58.8 — — Acquired through business combinations Non-cash 0.4 — — — Exchange movement Non-cash (71.7) 0.9 — — Fair value changes Non-cash — — 2.6 54.1 Other non-cash adjustments Non-cash (18.4) (3.5) — — Closing balance December 31, 2020 1,758.8 3.3 0.2 72.3 Cash / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2019 1,764.3 7.7 0.1 (0.3) Restatement on adoption of IFRS 16 Non-cash 120.8 — — — Restated opening balance January 1, 2019 1,885.1 7.7 0.1 (0.3) Cash inflow (1) Cash 2.0 — 4.7 20.9 Cash outflow (2) Cash (44.0) (72.7) — (4.0) Interest accretion Cash 5.3 73.7 — — Exchange movement Non-cash 15.7 (1.1) — — Fair value changes Non-cash — — (5.0) (1.3) Other non-cash adjustments Non-cash 11.2 (3.5) — — Closing balance December 31, 2019 1,875.3 4.1 (0.2) 15.3 (1) Cash inflows from cross currency interest rate swaps are part of effective cash flow hedging relationships and are presented within interest paid within the Consolidated Statements of Cash Flows. (2) Cash outflows from cross currency interest rate swaps are not part of a cash flow hedge and are presented within proceeds on settlement of derivatives within the Consolidated Statements of Cash Flows. |
Cash flows from operating act_2
Cash flows from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Statement [Abstract] | |
Schedule of cash flow disclosures | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Note €m €m €m Cash flows from operating activities Profit for the period 225.1 153.6 170.5 Adjustments for: Exceptional items 7 20.6 54.5 17.7 Non-cash fair value purchase price adjustment of inventory 5 — — 5.7 Share based payments expense 9.0 14.9 13.0 Depreciation and amortization 67.6 68.3 46.3 Loss on disposal and impairment of property, plant and equipment 0.9 0.6 0.3 Net finance costs 10 63.7 73.2 56.0 Taxation 11 70.4 56.7 56.6 Operating cash flow before changes in working capital, provisions and exceptional items 457.3 421.8 366.1 (Increase)/decrease in inventories (12.7) 23.5 (20.2) Increase in trade and other receivables (1.8) (34.4) (10.8) Increase/(decrease) in trade and other payables 107.2 (40.6) 64.5 Increase/(decrease) in employee benefit and other provisions 2.0 6.6 (2.0) Cash generated from operations before tax and exceptional items 552.0 376.9 397.6 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments | The effects of the cash flow hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2020 December 31, 2019 USD - cross currency interest rate swaps Carrying amount of liability (89.5) (18.5) Notional amount (USD) $926.00 $935.6 Maturity date 5/15/2022 5/15/2022 Change in fair value of outstanding hedging instruments since January 1 (71.0) 7.1 Loss/(gain) in value of hedged item used to determine effectiveness 71.0 (7.1) Weighted average hedged rate for the year 1.11 1.11 The effects of the net investment hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2020 December 31, 2019 UK cross-currency interest rate swaps hedge Carrying amount of cross-currency interest rate swaps 14.3 2.4 Notional amount (GBP) £220.2 £222.5 Maturity Date 5/15/2022 5/15/2022 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 13.5 (13.2) (Gain)/loss in value of hedged item used to determine hedge effectiveness (13.5) 13.2 Weighted average hedged rate for the year 1.19 1.19 As at December 31, 2020 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of (liability)/asset (21.9) (3.7) 1.4 (4.0) (2.6) (0.5) Notional amount 249.0 53.5 159.0 77.3 14.1 16.8 Fair value (gains)/losses of outstanding hedging instruments since January 1 (20.6) (2.0) 8.5 (4.2) (2.2) 0.8 Weighted average hedge rate for the year 1.13 1.28 1.12 0.09 0.10 0.21 As at December 31, 2019 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 2.1 (1.7) (8.3) (0.3) (0.3) Notional amount 220.6 56.5 217.4 70.1 42.3 Fair value (gains)/losses of outstanding hedging instruments since January 1 10.5 (0.7) (10.9) 2.1 0.2 Weighted average hedge rate for the year 1.14 1.28 1.12 0.09 0.21 Categories of financial instruments The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2020 €m €m €m €m €m €m Assets Trade receivables 141.2 — — — — 141.2 Derivative financial instruments — — 2.9 19.8 — 22.7 Cash and cash equivalents 393.2 — — — — 393.2 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (601.1) (601.1) Derivative financial instruments — — (0.2) (124.8) — (125.0) Loans and borrowings (1) — — — — (1,765.7) (1,765.7) Total 534.4 25.0 2.7 (105.0) (2,366.8) (1,909.7) (1) Loans and borrowings excludes €6.9 million of deferred borrowing costs which are included within €1,758.8 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4) (483.4) Derivative financial instruments — — — (44.9) — (44.9) Loans and borrowings (2) — — — — (1,884.2) (1,884.2) Total 891.0 103.7 1.0 (24.5) (2,367.6) (1,396.4) (2) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total non-current loans and borrowings in Note 21. Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Nomad uses various methods including market, income and cost approaches. Based on these approaches, Nomad utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1—Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 2—Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 3—Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for non binding single dealer quotes not corroborated by observable market data. Where market information is not available to support internal valuations, reviews of third party valuations are performed. While Nomad believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies and assumptions used for estimating the fair values of financial instruments held by the Company. (i) Derivative financial instruments Derivative financial instruments are held at fair value. There is no difference between carrying value and fair value. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 ‘Fair value measurement’. (ii) Trade and other payables/receivables The notional amount of trade and other payables/receivables are deemed to be carried at fair value, short term and settled in cash. (iii) Cash and cash equivalents The carrying value of cash and cash equivalents is deemed to equal fair value. (iv) Short-term investments Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”. (v) Interest bearing loans and liabilities The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the year end’s prevailing interest rates. They are classified as level 2 instruments. There is no requirement to determine or disclose the fair value of lease liabilities. Fair value Carrying value December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 €m €m €m €m Senior EUR/USD loans 1,300.4 1,396.9 1,295.1 1,371.9 Other external debt 0.2 3.3 0.2 3.3 2024 fixed rate senior secured notes 405.8 411.3 400.0 400.0 Less deferred borrowing costs — — (6.9) (8.9) 1,706.4 1,811.5 1,688.4 1,766.3 Derivatives As at December 31, 2020 As at December 31, 2019 €m €m Cross Currency Interest Rate Swaps 17.2 17.5 Forward foreign exchange contracts 5.5 3.9 Total assets 22.7 21.4 Cross Currency Interest Rate Swaps (89.5) (32.8) Forward foreign exchange contracts (35.5) (12.1) Total liabilities (125.0) (44.9) Total (102.3) (23.5) Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2020 €m €m €m Derivatives - assets 22.7 (22.7) — Derivatives - liabilities (125.0) 22.7 (102.3) Gross amount Related Net amount As at Dec 31, 2019 €m €m €m Derivatives - assets 21.4 (21.4) — Derivatives - liabilities (44.9) 21.4 (23.5) |
Disclosure of maturity analysis for derivative financial liabilities | The tables below show a maturity analysis of contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the Company could be required to pay the liability: 2020 2021 2022 2023 2024 2025 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 7.8 7.8 7.8 1,683.1 — — 1,706.5 Borrowings-interest 46.6 46.8 47.2 20.4 — — 161.0 Forward contracts Sell 677.3 — — — — — 677.3 Forward contracts Buy (647.5) — — — — — (647.5) Cross Currency Interest Rate Swaps Pay 38.5 1,135.9 — — — — 1,174.4 Cross Currency Interest Rate Swaps Receive (34.6) (1,059.0) — — — — (1,093.6) Lease Liabilities 17.2 13.6 9.9 6.2 5.2 28.1 80.2 Trade and other payables excluding non-financial liabilities 601.1 — — — — — 601.1 Total 706.4 145.1 64.9 1,709.7 5.2 28.1 2,659.4 2019 2020 2021 2022 2023 2024 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 10.8 9.6 8.6 8.6 1,753.4 — 1,791.0 Borrowings-interest 61.1 59.8 59.4 59.1 25.0 — 264.4 Forward contracts Sell 666.2 — — — — — 666.2 Forward contracts Buy (658.5) — — — — — (658.5) Cross Currency Interest Rate Swaps Pay 38.8 38.6 1,138.4 — — — 1,215.8 Cross Currency Interest Rate Swaps Receive (49.4) (48.2) (1,136.0) — — — (1,233.6) Lease Liabilities 16.8 15.2 13.3 7.5 7.0 85.7 145.5 Trade and other payables excluding non-financial liabilities 483.4 — — — — — 483.4 Total 569.2 75.0 83.7 75.2 1,785.4 85.7 2,674.2 |
Disclosure of maturity analysis for non-derivative financial liabilities | The tables below show a maturity analysis of contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the Company could be required to pay the liability: 2020 2021 2022 2023 2024 2025 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 7.8 7.8 7.8 1,683.1 — — 1,706.5 Borrowings-interest 46.6 46.8 47.2 20.4 — — 161.0 Forward contracts Sell 677.3 — — — — — 677.3 Forward contracts Buy (647.5) — — — — — (647.5) Cross Currency Interest Rate Swaps Pay 38.5 1,135.9 — — — — 1,174.4 Cross Currency Interest Rate Swaps Receive (34.6) (1,059.0) — — — — (1,093.6) Lease Liabilities 17.2 13.6 9.9 6.2 5.2 28.1 80.2 Trade and other payables excluding non-financial liabilities 601.1 — — — — — 601.1 Total 706.4 145.1 64.9 1,709.7 5.2 28.1 2,659.4 2019 2020 2021 2022 2023 2024 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 10.8 9.6 8.6 8.6 1,753.4 — 1,791.0 Borrowings-interest 61.1 59.8 59.4 59.1 25.0 — 264.4 Forward contracts Sell 666.2 — — — — — 666.2 Forward contracts Buy (658.5) — — — — — (658.5) Cross Currency Interest Rate Swaps Pay 38.8 38.6 1,138.4 — — — 1,215.8 Cross Currency Interest Rate Swaps Receive (49.4) (48.2) (1,136.0) — — — (1,233.6) Lease Liabilities 16.8 15.2 13.3 7.5 7.0 85.7 145.5 Trade and other payables excluding non-financial liabilities 483.4 — — — — — 483.4 Total 569.2 75.0 83.7 75.2 1,785.4 85.7 2,674.2 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments | The effects of the cash flow hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2020 December 31, 2019 USD - cross currency interest rate swaps Carrying amount of liability (89.5) (18.5) Notional amount (USD) $926.00 $935.6 Maturity date 5/15/2022 5/15/2022 Change in fair value of outstanding hedging instruments since January 1 (71.0) 7.1 Loss/(gain) in value of hedged item used to determine effectiveness 71.0 (7.1) Weighted average hedged rate for the year 1.11 1.11 The effects of the net investment hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2020 December 31, 2019 UK cross-currency interest rate swaps hedge Carrying amount of cross-currency interest rate swaps 14.3 2.4 Notional amount (GBP) £220.2 £222.5 Maturity Date 5/15/2022 5/15/2022 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 13.5 (13.2) (Gain)/loss in value of hedged item used to determine hedge effectiveness (13.5) 13.2 Weighted average hedged rate for the year 1.19 1.19 As at December 31, 2020 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of (liability)/asset (21.9) (3.7) 1.4 (4.0) (2.6) (0.5) Notional amount 249.0 53.5 159.0 77.3 14.1 16.8 Fair value (gains)/losses of outstanding hedging instruments since January 1 (20.6) (2.0) 8.5 (4.2) (2.2) 0.8 Weighted average hedge rate for the year 1.13 1.28 1.12 0.09 0.10 0.21 As at December 31, 2019 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 2.1 (1.7) (8.3) (0.3) (0.3) Notional amount 220.6 56.5 217.4 70.1 42.3 Fair value (gains)/losses of outstanding hedging instruments since January 1 10.5 (0.7) (10.9) 2.1 0.2 Weighted average hedge rate for the year 1.14 1.28 1.12 0.09 0.21 Categories of financial instruments The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2020 €m €m €m €m €m €m Assets Trade receivables 141.2 — — — — 141.2 Derivative financial instruments — — 2.9 19.8 — 22.7 Cash and cash equivalents 393.2 — — — — 393.2 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (601.1) (601.1) Derivative financial instruments — — (0.2) (124.8) — (125.0) Loans and borrowings (1) — — — — (1,765.7) (1,765.7) Total 534.4 25.0 2.7 (105.0) (2,366.8) (1,909.7) (1) Loans and borrowings excludes €6.9 million of deferred borrowing costs which are included within €1,758.8 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4) (483.4) Derivative financial instruments — — — (44.9) — (44.9) Loans and borrowings (2) — — — — (1,884.2) (1,884.2) Total 891.0 103.7 1.0 (24.5) (2,367.6) (1,396.4) (2) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total non-current loans and borrowings in Note 21. Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Nomad uses various methods including market, income and cost approaches. Based on these approaches, Nomad utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1—Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 2—Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 3—Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for non binding single dealer quotes not corroborated by observable market data. Where market information is not available to support internal valuations, reviews of third party valuations are performed. While Nomad believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies and assumptions used for estimating the fair values of financial instruments held by the Company. (i) Derivative financial instruments Derivative financial instruments are held at fair value. There is no difference between carrying value and fair value. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 ‘Fair value measurement’. (ii) Trade and other payables/receivables The notional amount of trade and other payables/receivables are deemed to be carried at fair value, short term and settled in cash. (iii) Cash and cash equivalents The carrying value of cash and cash equivalents is deemed to equal fair value. (iv) Short-term investments Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”. (v) Interest bearing loans and liabilities The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the year end’s prevailing interest rates. They are classified as level 2 instruments. There is no requirement to determine or disclose the fair value of lease liabilities. Fair value Carrying value December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 €m €m €m €m Senior EUR/USD loans 1,300.4 1,396.9 1,295.1 1,371.9 Other external debt 0.2 3.3 0.2 3.3 2024 fixed rate senior secured notes 405.8 411.3 400.0 400.0 Less deferred borrowing costs — — (6.9) (8.9) 1,706.4 1,811.5 1,688.4 1,766.3 Derivatives As at December 31, 2020 As at December 31, 2019 €m €m Cross Currency Interest Rate Swaps 17.2 17.5 Forward foreign exchange contracts 5.5 3.9 Total assets 22.7 21.4 Cross Currency Interest Rate Swaps (89.5) (32.8) Forward foreign exchange contracts (35.5) (12.1) Total liabilities (125.0) (44.9) Total (102.3) (23.5) Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2020 €m €m €m Derivatives - assets 22.7 (22.7) — Derivatives - liabilities (125.0) 22.7 (102.3) Gross amount Related Net amount As at Dec 31, 2019 €m €m €m Derivatives - assets 21.4 (21.4) — Derivatives - liabilities (44.9) 21.4 (23.5) |
Disclosure of Financial Assets | The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2020 €m €m €m €m €m €m Assets Trade receivables 141.2 — — — — 141.2 Derivative financial instruments — — 2.9 19.8 — 22.7 Cash and cash equivalents 393.2 — — — — 393.2 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (601.1) (601.1) Derivative financial instruments — — (0.2) (124.8) — (125.0) Loans and borrowings (1) — — — — (1,765.7) (1,765.7) Total 534.4 25.0 2.7 (105.0) (2,366.8) (1,909.7) (1) Loans and borrowings excludes €6.9 million of deferred borrowing costs which are included within €1,758.8 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4) (483.4) Derivative financial instruments — — — (44.9) — (44.9) Loans and borrowings (2) — — — — (1,884.2) (1,884.2) Total 891.0 103.7 1.0 (24.5) (2,367.6) (1,396.4) |
Disclosure of Financial Liabilities | The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2020 €m €m €m €m €m €m Assets Trade receivables 141.2 — — — — 141.2 Derivative financial instruments — — 2.9 19.8 — 22.7 Cash and cash equivalents 393.2 — — — — 393.2 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (601.1) (601.1) Derivative financial instruments — — (0.2) (124.8) — (125.0) Loans and borrowings (1) — — — — (1,765.7) (1,765.7) Total 534.4 25.0 2.7 (105.0) (2,366.8) (1,909.7) (1) Loans and borrowings excludes €6.9 million of deferred borrowing costs which are included within €1,758.8 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at Derivatives designated in hedge relationships Financial Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4) (483.4) Derivative financial instruments — — — (44.9) — (44.9) Loans and borrowings (2) — — — — (1,884.2) (1,884.2) Total 891.0 103.7 1.0 (24.5) (2,367.6) (1,396.4) Fair value Carrying value December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 €m €m €m €m Senior EUR/USD loans 1,300.4 1,396.9 1,295.1 1,371.9 Other external debt 0.2 3.3 0.2 3.3 2024 fixed rate senior secured notes 405.8 411.3 400.0 400.0 Less deferred borrowing costs — — (6.9) (8.9) 1,706.4 1,811.5 1,688.4 1,766.3 |
Disclosure of Derivatives | As at December 31, 2020 As at December 31, 2019 €m €m Cross Currency Interest Rate Swaps 17.2 17.5 Forward foreign exchange contracts 5.5 3.9 Total assets 22.7 21.4 Cross Currency Interest Rate Swaps (89.5) (32.8) Forward foreign exchange contracts (35.5) (12.1) Total liabilities (125.0) (44.9) Total (102.3) (23.5) |
Disclosure of offsetting of financial assets and financial liabilities [text block] | The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2020 €m €m €m Derivatives - assets 22.7 (22.7) — Derivatives - liabilities (125.0) 22.7 (102.3) Gross amount Related Net amount As at Dec 31, 2019 €m €m €m Derivatives - assets 21.4 (21.4) — Derivatives - liabilities (44.9) 21.4 (23.5) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases1 [Abstract] | |
Future Aggregate Minimum Lease Payments for non-cancellable Service agreements and low value or short-lived Lease Rentals | on-cancellable service agreements and lease rentals for short-lived and low-value assets are payable as follows: As at December 31, 2020 As at December 31, 2019 €m €m Less than one year 1.9 2.1 Between one and three years 3.5 3.6 Between three and five years 2.0 1.9 More than five years 0.1 — Total 7.5 7.6 |
Capital commitments (Tables)
Capital commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Additional information [abstract] | |
Schedule of capital commitments | Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: As at December 31, 2020 As at December 31, 2019 €m €m Property, plant and equipment 13.6 11.5 Intangible assets 3.4 0.6 Total 17.0 12.1 |
General information (Details)
General information (Details) | Dec. 31, 2020country |
General Information About Financial Statements [Abstract] | |
Number of countries in which entity produces, markets and distributes brands | 14 |
Basis of preparation Impact of
Basis of preparation Impact of change in accounting standard IFRS16 (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |||||
Disclosure of maturity analysis ofcommitments [text block] | 7.5 | 7.6 | |||
Property, plant and equipment | € 373.2 | € 350 | € 348.8 | ||
Other provisions | 51.8 | 46.8 | 113.7 | € 46.8 | |
Retained earnings/(accumulated deficit reserve) | 191.6 | (11.8) | |||
Profit (loss) before tax | 295.5 | 210.3 | 227.1 | ||
Depreciation, right-of-use assets | € 15.7 | € 16.1 | € 0 | ||
Impact on Earnings per share | € 1.16 | € 0.80 | € 0.97 | ||
Loans and borrowings | € 1,736.3 | € 1,847.6 | |||
Current | 45.7 | 40.9 | |||
Provisions | 6.1 | 5.9 | |||
Trade and other payables | 648.6 | 527.9 | |||
IFRS 16 [Member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Other provisions | (51.8) | (46.8) | |||
Current | 45.7 | 40.9 | |||
Provisions | € 6.1 | € 5.9 | |||
IFRS 9 | Voluntary changes in accounting policy | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied | € 5 | ||||
Reserve of cash flow hedges, hedging relationships for which hedge accounting is no longer applied | € 7 |
Accounting policies (Details)
Accounting policies (Details) € in Millions | 12 Months Ended | |||
Dec. 31, 2020EUR (€)segment | Dec. 31, 2019EUR (€) | Dec. 31, 2018 | Jun. 01, 2015EUR (€) | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | ||||
Foreign exchange rate | 1.17 | 1.11 | 1.13 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Trade receivables | € 341.7 | € 334.8 | ||
Founder Preferred Shares Dividend Reserve | € 245.5 | 370.1 | € 531.5 | |
Number of operating segments | segment | 1 | |||
Cost | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Trade receivables | € 346.1 | € 339.6 | ||
Buildings | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 40 years | |||
Plant and equipment | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 5 years | |||
Plant and equipment | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 14 years | |||
Computer equipment | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 3 years | |||
Computer equipment | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 5 years | |||
Computer software | Bottom of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 5 years | |||
Computer software | Top of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 7 years | |||
Brands | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Years established | 50 years | |||
Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 14 years |
Accounting policies IFRS 16 dis
Accounting policies IFRS 16 disclosure (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Disclosure changes in accounting policy IFRS 16 [Line Items] | ||||
Right-of-use assets | € 49 | € 72.4 | ||
Other provisions | 51.8 | 46.8 | € 113.7 | € 46.8 |
Increase (decrease) in accounting estimate | 295.5 | 210.3 | 227.1 | |
EBITDA | € 426.8 | € 351.8 | € 329.4 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2020EUR (€)segment | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Operating Segments [Abstract] | |||
Number of operating segments | segment | 1 | ||
adjustments for share based payments including employer tax | € 12.1 | € 22.4 | € 14.7 |
Adjustments for acquisition related costs | € 7.3 | € 3.3 | € 8.9 |
Segment reporting - Segment as
Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Profit (loss) | € 225.1 | € 153.6 | € 170.5 |
Profit (loss), attributable to owners of parent | 225.2 | 154 | 171.2 |
adjustments for share based payments including employer tax | 12.1 | 22.4 | 14.7 |
Taxation | 70.4 | 56.7 | 56.6 |
Net financing costs | 63.7 | 73.2 | 56 |
Depreciation and amortization | 67.6 | 68.3 | 46.3 |
EBITDA | 426.8 | 351.8 | 329.4 |
Exceptional items | 20.6 | 54.5 | 17.7 |
Other add-backs | 23.6 | ||
Material reconciling items | |||
Disclosure of operating segments [line items] | |||
Acquisition purchase price adjustments | 0 | 0 | 5.7 |
Exceptional items | 20.6 | 54.5 | 17.7 |
Other add-backs | 19.4 | 25.7 | |
Adjusted EBITDA | € 466.8 | € 432 | € 376.4 |
Segment reporting - Geographica
Segment reporting - Geographical information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | |||
Revenue | € 2,515.9 | € 2,324.3 | € 2,172.8 |
Non-current assets | 479.2 | 478.3 | |
Revenue | 2,515.9 | 2,324.3 | 2,172.8 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Revenue | 747.3 | 712.5 | 585.4 |
Non-current assets | 132.1 | 131.3 | |
Revenue | 747.3 | 712.5 | 585.4 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Revenue | 426.3 | 394.1 | 383.6 |
Non-current assets | 68.5 | 68.2 | |
Revenue | 426.3 | 394.1 | 383.6 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenue | 393.2 | 329.6 | 310.2 |
Non-current assets | 135.5 | 124.9 | |
Revenue | 393.2 | 329.6 | 310.2 |
SWEDEN | |||
Disclosure of geographical areas [line items] | |||
Revenue | 158.7 | 175.7 | 192.7 |
Non-current assets | 28.5 | 51.1 | |
Revenue | 158.7 | 175.7 | 192.7 |
Sweden | |||
Disclosure of geographical areas [line items] | |||
Revenue | 203.8 | 176.6 | 174.1 |
Non-current assets | 15.7 | 17.2 | |
Revenue | 203.8 | 176.6 | 174.1 |
Austria | |||
Disclosure of geographical areas [line items] | |||
Revenue | 115.6 | 120.4 | 122.5 |
Non-current assets | 30 | 29.6 | |
Revenue | 115.6 | 120.4 | 122.5 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Revenue | 82.6 | 79.5 | 76.7 |
Revenue | 82.6 | 79.5 | 76.7 |
Rest of Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 260.5 | 227.7 | 225.2 |
Non-current assets | 68.9 | 56 | |
Revenue | 260.5 | 227.7 | 225.2 |
AUSTRIA | |||
Disclosure of geographical areas [line items] | |||
Revenue | 127.9 | 108.2 | 102.4 |
Revenue | € 127.9 | € 108.2 | € 102.4 |
Operating profit_(loss) (Detail
Operating profit/(loss) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Staff costs | € 340.2 | € 308.6 | € 299.7 |
Depreciation of property, plant and equipment (1) | 59.8 | 59.7 | 39.3 |
Impairment of property, plant and equipment | 0 | 0.1 | 0 |
Amortization of software and brands | 7.8 | 8.6 | 7 |
Operating lease charges(1) | 3 | 4.5 | 18.5 |
Exchange (gains)/losses | (2.8) | 14.6 | (2.9) |
Research & development expenditure | 17.6 | 18.9 | 15.5 |
Inventories recognized as an expense within cost of goods sold | € 1,627.9 | € 1,536 | € 1,410 |
Exceptional items (Details)
Exceptional items (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unusual Or Infrequent Item1 [Line Items] | |||
Expenses From Supply Chain Reconfiguration, Restructuring Activities | € (12.5) | € (3.6) | € 1.2 |
Findus Group integration costs | 0 | 3.5 | 10.4 |
Findus Switzerland integration costs | 0.3 | 0 | 0 |
Brexit costs | 1.6 | 1.6 | 0 |
Business Transformation Program | 2.3 | 0 | 0 |
Goodfella's Pizza and Aunt Bessie's Integration Related Costs | 4 | 12.5 | 8.3 |
Factory Optimization | 10 | 5.7 | 1.6 |
Settlement of legacy matters | (2.9) | (9.2) | (3.8) |
Remeasurement of indemnification assets | 17.8 | 44 | 0 |
Adjustments For Exceptional Items | € 20.6 | € 54.5 | € 17.7 |
Exceptional items - Additional
Exceptional items - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis Of Income And Expense [Line Items] | |||
Restructuring activities charges | € 12.5 | € 3.6 | € (1.2) |
Integration costs | 0 | 3.5 | 10.4 |
Income (charge) related to legacy matters | 2.9 | 9.2 | 3.8 |
Contingent Consideration Arrangements And Indemnification Assets Recognised As Of Acquisition Date, Release of Provision | 20 | 44 | |
Gain from reassessment of sales tax provision | 0.7 | ||
Tax impact of exceptional items | 3.5 | 3.1 | 3.2 |
Cash flows used relating to exceptional items | 12.1 | 15.9 | 43.4 |
Goodfella's Pizza and Aunt Bessie's Integration Related Costs | 4 | 12.5 | 8.3 |
Factory Optimization | € 10 | € 5.7 | 1.6 |
La Cocinera [Member] | |||
Analysis Of Income And Expense [Line Items] | |||
Contingent Consideration Arrangements And Indemnification Assets Recognised As Of Acquisition Date, Release of Provision | € 2.7 |
Payroll costs, share based pa_3
Payroll costs, share based payments and management incentive schemes - Information About the Number of Persons Employed by the Company (Details) - employee | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Information [Line Items] | |||
Average number of employees | 4,690 | 4,756 | 4,425 |
Production | |||
Employee Information [Line Items] | |||
Average number of employees | 3,043 | 3,308 | 2,915 |
Administration, distribution & sales | |||
Employee Information [Line Items] | |||
Average number of employees | 1,647 | 1,448 | 1,510 |
Payroll costs, share based pa_4
Payroll costs, share based payments and management incentive schemes - Number of Persons Employed by the Company (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits And Share-Based Payments [Abstract] | |||
Wages and salaries | € 276.4 | € 250.4 | € 240.6 |
Social security costs | 49.2 | 45.2 | 46 |
Other pension costs | 14.6 | 13 | 13.1 |
Total payroll costs | € 340.2 | € 308.6 | € 299.7 |
Payroll costs, share based pa_5
Payroll costs, share based payments and management incentive schemes - Non Executive Director Restricted Share Awards (Details) $ / shares in Units, € in Millions | Jun. 17, 2020shares$ / shares | Jun. 19, 2019EUR (€)shares | Jun. 14, 2019shares$ / shares | Jun. 19, 2018shares$ / shares | Jun. 14, 2018EUR (€)shares | Jun. 19, 2017shares$ / shares | May 31, 2020shares | Jul. 31, 2019shares | Jun. 30, 2018shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€) | Jun. 19, 2019$ / shares | Jun. 14, 2018$ / shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||
Share based payment charge | € | € 9 | € 14.9 | € 13 | ||||||||||||
Share based compensation reserve | |||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||
Share based payment charge | € | € 9 | 14.9 | 13 | ||||||||||||
Restricted Shares | |||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||
New awards granted in the period | shares | 761,979 | 761,979 | |||||||||||||
Number of equity instruments exercised (in shares) | shares | 1,953,386 | 1,953,386 | |||||||||||||
Non-Executive Director | |||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||
Expense from share-based payment transactions with employees | € | € 0.7 | € 0.9 | € 0.9 | ||||||||||||
Non-Executive Director | Restricted Shares | |||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||
Number of shares issued per director | $ | $ 100,000 | ||||||||||||||
New awards granted in the period | shares | 32,140 | 39,370 | 32,172 | 53,498 | |||||||||||
Share price (in Dollars per share) | $ / shares | $ 21.78 | $ 14.38 | $ 20.74 | $ 17.94 | |||||||||||
Share based payment charge | € | € 0.6 | ||||||||||||||
Number of equity instruments exercised (in shares) | shares | 34,447 | 44,272 | 53,498 | 49,196 | 2,460 | 9,375 | 49,196 | 49,196 | 56,250 | ||||||
Reclassification of awards for settlement of tax liabilities | shares | 8,656 | 12,100 | 12,312 | (14,700,000) | (14,700,000) | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 21.78 | $ 20.32 | $ 18.07 | ||||||||||||
Non-Executive Director | Restricted Shares | Share based compensation reserve | |||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||
Share based payment charge | € | € 0.1 | € 0.2 |
Payroll costs, share based pa_6
Payroll costs, share based payments and management incentive schemes - Director and Senior Management Share Awards (Details) - Restricted Shares | 12 Months Ended |
Dec. 31, 2020shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 4,518,964 |
New awards granted in the period | 761,979 |
Awards vested and issued in the period | (1,953,386) |
Forfeitures in the period | (149,157) |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 3,178,400 |
January 1, 2016 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 2,965,514 |
New awards granted in the period | 0 |
Awards vested and issued in the period | (1,910,561) |
Forfeitures in the period | (13,000) |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,041,953 |
January 1, 2017 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 838,123 |
New awards granted in the period | 0 |
Awards vested and issued in the period | 0 |
Forfeitures in the period | (18,250) |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 819,873 |
January 1, 2018 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 548,900 |
New awards granted in the period | 0 |
Awards vested and issued in the period | (42,825) |
Forfeitures in the period | (59,500) |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 446,575 |
January 1, 2019 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 166,427 |
New awards granted in the period | 0 |
Awards vested and issued in the period | 0 |
Forfeitures in the period | (6,866) |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 159,561 |
January 1, 2020 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 0 |
New awards granted in the period | 761,979 |
Awards vested and issued in the period | 0 |
Forfeitures in the period | (51,541) |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 710,438 |
Payroll costs, share based pa_7
Payroll costs, share based payments and management incentive schemes - Director and Senior Management Share Awards Narrative (Details) $ / shares in Units, € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2020shares | Feb. 29, 2020shares | Jan. 31, 2020shares | Jan. 31, 2019shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€) | Sep. 01, 2020$ / shares | Aug. 01, 2020$ / shares | Feb. 01, 2020$ / shares | Jan. 01, 2020$ / shares | Mar. 22, 2019$ / shares | |
EBITDA | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Vesting period | 4 years | 4 years | |||||||||||
Vesting period | 4 years | 4 years | |||||||||||
Share price performance | Bottom of range | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Vesting period | 2 years | 2 years | |||||||||||
Vesting period | 2 years | 2 years | |||||||||||
Share price performance | Top of range | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Vesting period | 5 years | 5 years | |||||||||||
Vesting period | 5 years | 5 years | |||||||||||
Ordinary shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Share price (in Dollars per share) | $ / shares | $ 21.04 | $ 25.50 | $ 20 | ||||||||||
Management Award 2017 | Share price performance | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Vesting period | 2 years | 2 years | 2 years | ||||||||||
Vesting period | 2 years | 2 years | 2 years | ||||||||||
Management Award 2016 | Share price performance | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Vesting period | 3 years | 3 years | 2 years | ||||||||||
Vesting period | 3 years | 3 years | 2 years | ||||||||||
Management Award 2018 | Share price performance | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Vesting period | 3 years | 3 years | 2 years | ||||||||||
Vesting period | 3 years | 3 years | 2 years | ||||||||||
Restricted Shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 3,178,400 | 4,518,964 | |||||||||||
New awards granted in the period | 761,979 | 761,979 | |||||||||||
Number of equity instruments exercised (in shares) | 1,953,386 | 1,953,386 | |||||||||||
Restricted Shares | Key management personnel | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Expense from share-based payment transactions with employees | € | € 8.3 | € 14 | € 12.1 | ||||||||||
Restricted Shares | Management Award 2017 | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments exercised (in shares) | 85,315 | ||||||||||||
Reclassification of awards for settlement of tax liabilities | 33,383 | ||||||||||||
Restricted Shares | Management Award 2017 | Ordinary shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments exercised (in shares) | 51,932 | ||||||||||||
Restricted Shares | Management Award 2016 | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments exercised (in shares) | 1,626,006 | 284,555 | |||||||||||
Reclassification of awards for settlement of tax liabilities | 697,964 | 120,739 | |||||||||||
Share price (in Dollars per share) | $ / shares | $ 19.53 | $ 22.37 | |||||||||||
Restricted Shares | Management Award 2016 | Ordinary shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments exercised (in shares) | 928,042 | 163,816 | |||||||||||
Restricted Shares | Management Award 2018 | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments exercised (in shares) | 42,825 | ||||||||||||
Reclassification of awards for settlement of tax liabilities | 17,170 | ||||||||||||
Share price (in Dollars per share) | $ / shares | $ 25.30 | ||||||||||||
Restricted Shares | Management Award 2018 | Ordinary shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments exercised (in shares) | 25,655 | ||||||||||||
January 1, 2016 | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Incremental fair value granted, modified share-based payment arrangements | € 8.7 | $ 9.9 | |||||||||||
January 1, 2016 | Restricted Shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 1,041,953 | 2,965,514 | |||||||||||
New awards granted in the period | 0 | 0 | |||||||||||
Number of equity instruments exercised (in shares) | 1,910,561 | 1,910,561 | |||||||||||
January 1, 2017 | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Incremental fair value granted, modified share-based payment arrangements | € 1 | $ 1.1 | |||||||||||
January 1, 2017 | Restricted Shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 819,873 | 838,123 | |||||||||||
New awards granted in the period | 0 | 0 | |||||||||||
Number of equity instruments exercised (in shares) | 0 | 0 | |||||||||||
January 1, 2019 | Restricted Shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 159,561 | 166,427 | |||||||||||
New awards granted in the period | 0 | 0 | |||||||||||
Number of equity instruments exercised (in shares) | 0 | 0 | |||||||||||
January 1, 2020 | Restricted Shares | |||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 710,438 | 0 | |||||||||||
New awards granted in the period | 761,979 | 761,979 | |||||||||||
Number of equity instruments exercised (in shares) | 0 | 0 |
Payroll costs, share based pa_8
Payroll costs, share based payments and management incentive schemes - Inputs and Assumptions Underlying the Monte Carlo Model (Details) $ / shares in Units, € in Millions, $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2020$ / shares | Jan. 01, 2020USD ($) | Jan. 01, 2020EUR (€) | Jan. 01, 2019USD ($) | Jan. 01, 2019EUR (€) | Jan. 01, 2018USD ($) | Jan. 01, 2018EUR (€) | Jan. 01, 2017USD ($) | Jan. 01, 2017EUR (€) | Jan. 01, 2016USD ($) | Jan. 01, 2016EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
FV of equity instruments | $ 4.8 | € 4.3 | $ 1.4 | € 1.2 | $ 1.6 | € 1.3 | $ 5.2 | € 4.6 | $ 28.2 | € 24.7 | |
January 1, 2016 | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Grant date price (in Dollar per share) | $ 16.72 | ||||||||||
Exercise price (in Dollar per share) | $ 0 | ||||||||||
Expected volatility of the share price | 22.60% | ||||||||||
Dividend yield expected | 0.00% | ||||||||||
Risk free rate | 2.65% | ||||||||||
Employee exit rate | 6.00% | ||||||||||
EBITDA Performance Target Condition | 93.00% | ||||||||||
January 1, 2016 | Minimum | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Expected life of restricted share | 1 year | ||||||||||
January 1, 2016 | Top of range | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Expected life of restricted share | 2 years | ||||||||||
January 1, 2017 | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Grant date price (in Dollar per share) | $ 16.72 | ||||||||||
Exercise price (in Dollar per share) | $ 0 | ||||||||||
Expected life of restricted share | 2 years | ||||||||||
Expected volatility of the share price | 22.60% | ||||||||||
Dividend yield expected | 0.00% | ||||||||||
Risk free rate | 2.65% | ||||||||||
Employee exit rate | 14.00% | ||||||||||
EBITDA Performance Target Condition | 72.00% | ||||||||||
January 1, 2018 | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Grant date price (in Dollar per share) | $ 16.72 | ||||||||||
Exercise price (in Dollar per share) | $ 0 | ||||||||||
Expected volatility of the share price | 22.70% | ||||||||||
Dividend yield expected | 0.00% | ||||||||||
Risk free rate | 2.55% | ||||||||||
Employee exit rate | 14.00% | ||||||||||
EBITDA Performance Target Condition | 35.00% | ||||||||||
January 1, 2018 | Minimum | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Expected life of restricted share | 1 year 6 months | ||||||||||
January 1, 2018 | Top of range | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Expected life of restricted share | 4 years | ||||||||||
January 1, 2019 | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Grant date price (in Dollar per share) | $ 20.15 | ||||||||||
Exercise price (in Dollar per share) | $ 0 | ||||||||||
Expected life of restricted share | 4 years | ||||||||||
Expected volatility of the share price | 24.00% | ||||||||||
Dividend yield expected | 0.00% | ||||||||||
Risk free rate | 1.33% | ||||||||||
Employee exit rate | 14.00% | ||||||||||
EBITDA Performance Target Condition | 35.00% | ||||||||||
January 1, 2020 | Restricted Shares | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Grant date price (in Dollar per share) | $ 22.37 | ||||||||||
Exercise price (in Dollar per share) | $ 0 | ||||||||||
Expected life of restricted share | 4 years | ||||||||||
Expected volatility of the share price | 24.40% | ||||||||||
Dividend yield expected | 0.00% | ||||||||||
Risk free rate | 1.70% | ||||||||||
Employee exit rate | 27.30% | ||||||||||
EBITDA Performance Target Condition | 35.00% |
Payroll costs, share based pa_9
Payroll costs, share based payments and management incentive schemes - Initial Options (Details) € in Millions | Jun. 17, 2020shares | Jun. 19, 2019shares | Jun. 14, 2018shares | May 31, 2020EUR (€)shares | Jul. 31, 2019shares | Jun. 30, 2018EUR (€)shares | Dec. 31, 2020shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€) | Dec. 31, 2014$ / sharesshares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares reserved for issue under options and contracts for sale of shares (in shares) | 125,000 | |||||||||
Vesting of Non-Executive Restricted Stock award | € | € 0.1 | € (0.8) | € (0.2) | |||||||
Initial options exercise cost | € | € 0.6 | |||||||||
Restricted Shares | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of equity instruments exercised (in shares) | 1,953,386 | |||||||||
Non-Executive Director | Restricted Shares | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of equity instruments exercised (in shares) | 34,447 | 44,272 | 53,498 | 49,196 | 2,460 | 9,375 | 49,196 | 56,250 | ||
Initial options exercise cost | € | € 0.6 | |||||||||
Ordinary shares | Non-Executive Director | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Exercise price of share options granted (in Dollar per share) | $ / shares | $ 11.50 | |||||||||
Initial options | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares reserved for issue under options and contracts for sale of shares (in shares) | 125,000 |
Directors and Key Management _3
Directors and Key Management compensation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party [Abstract] | |||
Short-term employee benefits | € 3.9 | € 2.8 | € 3.3 |
Share-based payment expense | 3.5 | 7.6 | 6.3 |
Termination benefits | 0 | 0 | 0.1 |
Non-Executive Director fees | 0.3 | 0.4 | 0.4 |
Total Directors' and executive officers' compensation | € 7.7 | € 10.8 | € 10.1 |
Directors and Key Management _4
Directors and Key Management compensation - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2020executive_officerdirector | Dec. 31, 2019executive_officerdirector | Dec. 31, 2018directorexecutive_officer | |
Related Party [Abstract] | |||
Number of Members of Key Management Accruing Benefits Under Money Purchase Schemes | director | 2 | 2 | 3 |
Number of executive Officers accruing benefits under share-based payment schemes | executive_officer | 2 | 2 | 3 |
Finance income and costs (Detai
Finance income and costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Interest income | € 0.7 | € 2.5 | € 0.2 |
Net fair value gains on derivatives held at fair value through profit or loss | 0 | 0 | 1.4 |
Net foreign exchange gain | 4 | 0 | 0 |
Finance income | 4.7 | 2.5 | 1.6 |
Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (1) | (64) | (79) | (64.4) |
Cross-currency interest rate swaps: cash flow hedges, transfer from equity | 5.9 | 21.8 | 14.6 |
Net pension interest costs | (2.7) | (3.8) | (3.8) |
Amortization of borrowing costs | (2) | (2) | (1.5) |
Net foreign exchange losses on translation of financial assets and liabilities | 0 | (3.9) | (0.3) |
Interest on unwinding of discounted items | 0 | 0 | (1.1) |
Net fair value losses on derivatives held at fair value through profit or loss | (5.6) | (8.8) | 0 |
Financing costs incurred in amendment of terms of debt | 0 | 0 | (1.1) |
Finance costs | (68.4) | (75.7) | (57.6) |
Net finance costs | € (63.7) | € (73.2) | € (56) |
Taxation - Components of Tax Ex
Taxation - Components of Tax Expense (Income) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Current tax on profits for the period | € (44.8) | € (66.4) | € (63.9) |
Adjustments in respect of prior periods | (7.6) | 0 | 2.8 |
Total current tax expense and adjustments | (52.4) | (66.4) | (61.1) |
Origination and reversal of temporary differences | (1.2) | 9.7 | 4.5 |
Impact of change in tax rates | (16.8) | 0 | 0 |
Total deferred tax expense and adjustments | (18) | 9.7 | 4.5 |
Total tax expense | € (70.4) | € (56.7) | € (56.6) |
Taxation - Reconciliation of Ef
Taxation - Reconciliation of Effective Tax Rate (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Profit (loss) before tax | € 295.5 | € 210.3 | € 227.1 |
Tax charge at the standard UK corporation tax rate 19% (2019: 19%; 2018: 19%) | (56.1) | (39.9) | (43.2) |
Difference in tax rates | (18.2) | (11.9) | (14.8) |
Non tax deductible interest | (0.1) | 0.6 | 0 |
Other income and expenses not taxable or deductible | (0.8) | (1.2) | 5.3 |
Unrecognized tax assets | (6.3) | (0.9) | 0.6 |
Provisions for uncertainties | 35.5 | (3.4) | (7.3) |
Impact of change in deferred tax rates | (16.8) | 0 | 0 |
Prior period adjustment | (7.6) | 0 | 2.8 |
Total tax expense | € (70.4) | € (56.7) | € (56.6) |
Standard tax rate | 19.00% | 19.00% | 19.00% |
Current tax payable | € 166.2 | € 217.2 | |
Deferred tax assets | 113.5 | 96.4 | |
Provisions for tax uncertainties | € 103.9 | € 137.8 | |
Effective tax rate | 23.80% | 27.00% |
Taxation - Tax charge_(credit)
Taxation - Tax charge/(credit) Relating To Components Of Other Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Remeasurement of post-employment benefit liabilities, before tax | € 27.8 | € 35.9 | € 12.9 |
Remeasurement of post-employment benefit liabilities, tax charge/(credit) | (8.3) | (6.7) | (3.3) |
Remeasurement of post-employment benefit liabilities, after tax | 19.5 | 29.2 | 9.6 |
Net investment hedge, before tax | 10.1 | (6) | (5.6) |
Net investment hedge, tax charge/(credit) | 0 | 0 | 0 |
Net investment hedge, after tax | 10.1 | (6) | (5.6) |
Cash flow hedges, before tax | 17.3 | 27.3 | (15.5) |
Cash flow hedges, tax charge/(credit) | (6) | (5.6) | 4 |
Cash flow hedges, after tax | 11.3 | 21.7 | (11.5) |
Other comprehensive (income)/loss, before tax | 55.2 | 57.2 | (8.2) |
Other comprehensive (income)/loss, tax charges/(credits) | (14.3) | (12.3) | 0.7 |
Other comprehensive (income)/loss, after tax | 40.9 | 44.9 | (7.5) |
Current and deferred tax relating to items charged or credited directly to equity [abstract] | |||
Current tax | 0 | 0 | 0 |
Deferred tax | (14.3) | (12.3) | 0.7 |
Total current and deferred tax | € (14.3) | € (12.3) | € 0.7 |
Property, plant and equipment (
Property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 422.2 | € 422.4 | |
Guarantor Group, Percentage Of Consolidated Gross Assets Or Adjusted EBITDA Individually Held | 5.00% | ||
Guarantor Group, Percentage Of Consolidated Gross Assets Or Adjusted EBITDA Held In Total | 80.00% | ||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | € 350 | 348.8 | |
Acquisitions through business combinations | 8.6 | ||
Depreciation | 59.8 | 59.7 | € 39.3 |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0.1 | 0 |
Impairment | 0 | (0.1) | 0 |
Property, plant and equipment | 373.2 | 350 | 348.8 |
Acquisitions through business combinations | 8.6 | ||
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0.1 | 0 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 501.9 | 451 | |
Additions | 63.5 | 43.5 | |
Disposals | (3) | (2.6) | |
Effect of movements in foreign exchange | 14.3 | (10) | |
Disposals, property, plant and equipment | 3 | 2.6 | |
Property, plant and equipment | 556.7 | 501.9 | 451 |
Disposals, property, plant and equipment | 3 | 2.6 | |
Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (151.9) | (102.2) | |
Disposals | 2.1 | 0.3 | |
Effect of movements in foreign exchange | (10.4) | 6.3 | |
Depreciation | 44.1 | 43.6 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0.1 | ||
Impairment | (0.1) | ||
Disposals, property, plant and equipment | (2.1) | (0.3) | |
Property, plant and equipment | (183.5) | (151.9) | (102.2) |
Impairment loss recognised in profit or loss, property, plant and equipment | 0.1 | ||
Disposals, property, plant and equipment | (2.1) | (0.3) | |
Land and buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 133.2 | 137.5 | |
Property, plant and equipment | 136.1 | 133.2 | 137.5 |
Land and buildings | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 156.2 | 151.8 | |
Acquisitions through business combinations | 5.1 | ||
Additions | 6.8 | 4.1 | |
Disposals | (0.1) | (1.5) | |
Effect of movements in foreign exchange | 2.7 | (1.8) | |
Disposals, property, plant and equipment | 0.1 | 1.5 | |
Property, plant and equipment | 165.3 | 156.2 | 151.8 |
Acquisitions through business combinations | 5.1 | ||
Disposals, property, plant and equipment | 0.1 | 1.5 | |
Land and buildings | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (23) | (14.3) | |
Disposals | 0 | 0 | |
Effect of movements in foreign exchange | (1.4) | 1 | |
Depreciation | 7.6 | 7.7 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | ||
Impairment | 0 | ||
Disposals, property, plant and equipment | 0 | 0 | |
Property, plant and equipment | (29.2) | (23) | (14.3) |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | ||
Disposals, property, plant and equipment | 0 | 0 | |
Plant and equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 206.9 | 204.7 | |
Property, plant and equipment | 228 | 206.9 | 204.7 |
Plant and equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 331.9 | 290.2 | |
Acquisitions through business combinations | 3.5 | ||
Additions | 54.6 | 34.7 | |
Disposals | (2.6) | (1.1) | |
Effect of movements in foreign exchange | 11.3 | (8.1) | |
Disposals, property, plant and equipment | 2.6 | 1.1 | |
Property, plant and equipment | 376.1 | 331.9 | 290.2 |
Acquisitions through business combinations | 3.5 | ||
Disposals, property, plant and equipment | 2.6 | 1.1 | |
Plant and equipment | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (125) | (85.5) | |
Disposals | 1.8 | 0.3 | |
Effect of movements in foreign exchange | (8.6) | 5.3 | |
Depreciation | 33.5 | 34.4 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0.1 | ||
Impairment | (0.1) | ||
Disposals, property, plant and equipment | (1.8) | (0.3) | |
Property, plant and equipment | (148.1) | (125) | (85.5) |
Impairment loss recognised in profit or loss, property, plant and equipment | 0.1 | ||
Disposals, property, plant and equipment | (1.8) | (0.3) | |
Computer equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 9.9 | 6.6 | |
Property, plant and equipment | 9.1 | 9.9 | 6.6 |
Computer equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 13.8 | 9 | |
Acquisitions through business combinations | 0 | ||
Additions | 2.1 | 4.7 | |
Disposals | (0.3) | 0 | |
Effect of movements in foreign exchange | 0.3 | (0.1) | |
Disposals, property, plant and equipment | 0.3 | 0 | |
Property, plant and equipment | 15.3 | 13.8 | 9 |
Acquisitions through business combinations | 0 | ||
Disposals, property, plant and equipment | 0.3 | 0 | |
Computer equipment | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (3.9) | (2.4) | |
Disposals | 0.3 | 0 | |
Effect of movements in foreign exchange | (0.4) | 0 | |
Depreciation | 3 | 1.5 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | ||
Impairment | 0 | ||
Disposals, property, plant and equipment | (0.3) | 0 | |
Property, plant and equipment | (6.2) | (3.9) | € (2.4) |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | ||
Disposals, property, plant and equipment | € (0.3) | € 0 |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Construction in progress | € 24.5 | € 13.1 |
Percentage of consolidated gross assets or adjusted EBITDA held individually by companies in Guarantor Group | 5.00% | |
Percentage of consolidated gross assets or adjusted EBITDA held by Guarantor Group in total | 80.00% |
Property, plant and equipment_2
Property, plant and equipment Disclosure NBV of Right of Use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | € 49 | € 72.4 |
Additions to right-of-use assets | 17.9 | |
Acquisitions through business combinations, | 0.3 | |
Land and buildings [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | 38.5 | 62.8 |
Property, plant and equipment [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | 10.3 | 9.2 |
Computer equipment [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | € 0.2 | € 0.4 |
Property, plant and equipment_3
Property, plant and equipment Disclosure Depreciation of Right of use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | € 15.7 | € 16.1 | € 0 |
Land and buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 10.6 | 10.7 | 0 |
Property, plant and equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 4.9 | 5.2 | 0 |
Computer equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | € 0.2 | € 0.2 | € 0 |
Goodwill and Intangibles - Cost
Goodwill and Intangibles - Cost (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | € 3,946 | € 3,948.2 | |
Amortization of software and brands | 7.8 | 8.6 | € 7 |
Intangible assets and goodwill | 4,052.1 | 3,946 | 3,948.2 |
Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 3,974.8 | 3,968.5 | |
Acquisitions through business combinations | 100.1 | 1.9 | |
Additions | 8.8 | 4.8 | |
Disposals, intangible assets other than goodwill | (0.1) | ||
Effect of movements in foreign exchange | 5.1 | (0.3) | |
Intangible assets and goodwill | 4,088.8 | 3,974.8 | 3,968.5 |
Additions | 8.8 | 4.8 | |
Disposals, intangible assets other than goodwill | (0.1) | ||
Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (28.8) | (20.3) | |
Effect of movements in foreign exchange | (0.1) | 0.1 | |
Amortization of software and brands | (7.8) | (8.6) | (7) |
Intangible assets and goodwill | (36.7) | (28.8) | (20.3) |
Goodwill | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 1,862.9 | 1,861 | |
Intangible assets and goodwill | 1,938 | 1,862.9 | 1,861 |
Goodwill | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 1,862.9 | 1,861 | |
Acquisitions through business combinations | 75.6 | 1.9 | |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Effect of movements in foreign exchange | (0.5) | 0 | |
Intangible assets and goodwill | 1,938 | 1,862.9 | 1,861 |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Goodwill | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 0 | 0 | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of software and brands | 0 | 0 | |
Intangible assets and goodwill | 0 | 0 | 0 |
Brands | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,046.7 | 2,048.4 | |
Intangible assets and goodwill | 2,075.2 | 2,046.7 | 2,048.4 |
Brands | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,051.1 | 2,051.1 | |
Acquisitions through business combinations | 24.4 | 0 | |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Effect of movements in foreign exchange | 5.3 | 0 | |
Intangible assets and goodwill | 2,080.8 | 2,051.1 | 2,051.1 |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Brands | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (4.4) | (2.7) | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of software and brands | (1.2) | (1.7) | |
Intangible assets and goodwill | (5.6) | (4.4) | (2.7) |
Computer software | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 14.6 | 14.8 | |
Intangible assets and goodwill | 19.3 | 14.6 | 14.8 |
Computer software | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 29.8 | 25.4 | |
Acquisitions through business combinations | 0.1 | 0 | |
Additions | 8.8 | 4.8 | |
Disposals, intangible assets other than goodwill | (0.1) | ||
Effect of movements in foreign exchange | 0.3 | (0.3) | |
Intangible assets and goodwill | 39 | 29.8 | 25.4 |
Additions | 8.8 | 4.8 | |
Disposals, intangible assets other than goodwill | (0.1) | ||
Computer software | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (15.2) | (10.6) | |
Effect of movements in foreign exchange | (0.1) | 0.1 | |
Amortization of software and brands | (4.4) | (4.7) | |
Intangible assets and goodwill | (19.7) | (15.2) | (10.6) |
Customer relationships | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 21.8 | 24 | |
Intangible assets and goodwill | 19.6 | 21.8 | 24 |
Customer relationships | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 31 | 31 | |
Acquisitions through business combinations | 0 | 0 | |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | |
Intangible assets and goodwill | 31 | 31 | 31 |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Customer relationships | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (9.2) | (7) | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of software and brands | (2.2) | (2.2) | |
Intangible assets and goodwill | € (11.4) | € (9.2) | € (7) |
Goodwill and Intangibles - Accu
Goodwill and Intangibles - Accumulated Amortization and Impairment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | € (3,946) | € (3,948.2) | |
Amortisation, intangible assets other than goodwill | (7.8) | (8.6) | € (7) |
Intangible assets and goodwill | (4,052.1) | (3,946) | (3,948.2) |
Intangible assets and goodwill | 4,052.1 | 3,946 | 3,948.2 |
Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 28.8 | 20.3 | |
Amortisation, intangible assets other than goodwill | 7.8 | 8.6 | 7 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0.1 | (0.1) | |
Intangible assets and goodwill | 36.7 | 28.8 | 20.3 |
Intangible assets and goodwill | (36.7) | (28.8) | (20.3) |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (1,862.9) | (1,861) | |
Intangible assets and goodwill | (1,938) | (1,862.9) | (1,861) |
Intangible assets and goodwill | 1,938 | 1,862.9 | 1,861 |
Goodwill | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 0 | 0 | |
Amortisation, intangible assets other than goodwill | 0 | 0 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | |
Intangible assets and goodwill | 0 | 0 | 0 |
Intangible assets and goodwill | 0 | 0 | 0 |
Customer relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (21.8) | (24) | |
Intangible assets and goodwill | (19.6) | (21.8) | (24) |
Intangible assets and goodwill | 19.6 | 21.8 | 24 |
Customer relationships | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 9.2 | 7 | |
Amortisation, intangible assets other than goodwill | 2.2 | 2.2 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | |
Intangible assets and goodwill | 11.4 | 9.2 | 7 |
Intangible assets and goodwill | (11.4) | (9.2) | (7) |
Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (2,046.7) | (2,048.4) | |
Intangible assets and goodwill | (2,075.2) | (2,046.7) | (2,048.4) |
Intangible assets and goodwill | 2,075.2 | 2,046.7 | 2,048.4 |
Brands | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 4.4 | 2.7 | |
Amortisation, intangible assets other than goodwill | 1.2 | 1.7 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | |
Intangible assets and goodwill | 5.6 | 4.4 | 2.7 |
Intangible assets and goodwill | (5.6) | (4.4) | (2.7) |
Computer software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (14.6) | (14.8) | |
Intangible assets and goodwill | (19.3) | (14.6) | (14.8) |
Intangible assets and goodwill | 19.3 | 14.6 | 14.8 |
Computer software | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 15.2 | 10.6 | |
Amortisation, intangible assets other than goodwill | 4.4 | 4.7 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0.1 | (0.1) | |
Intangible assets and goodwill | 19.7 | 15.2 | 10.6 |
Intangible assets and goodwill | € (19.7) | € (15.2) | € (10.6) |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortization | € (7.8) | € (8.6) | € (7) |
Discount rate | 5.80% | 7.10% | |
Long-term growth rate | 1.00% | 1.00% | |
Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortization | € 7.8 | € 8.6 | € 7 |
Acquisitions - Findus Switzerla
Acquisitions - Findus Switzerland (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | ||
Assets | € 5,573.4 | € 5,904.5 |
Total liabilities | 3,447.3 | € 3,347.8 |
Findus Switzerland | ||
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | 112 | |
Intangible assets | 24.5 | |
Property, plant and equipment, including Right-of-use assets | 8.9 | |
Current assets | 0.2 | |
Inventories | 11.5 | |
Assets | 45.1 | |
Current liabilities | 0.3 | |
Non-current liabilities | 6.8 | |
Deferred tax liabilities | 1.6 | |
Total liabilities | 8.7 | |
Total identifiable net assets acquired | 36.4 | |
Total purchase consideration | 112 | |
Goodwill | € 75.6 |
Acquisitions (Details)
Acquisitions (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 30, 2020 | |
Disclosure of detailed information about business combination [line items] | ||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | € 4.8 | |||
Revenue of combined entity as if combination occurred at beginning of period | 2,593.7 | |||
Profit (loss) of combined entity as if combination occurred at beginning of period | 301.4 | |||
Cash consideration | 113 | € 0 | € 474.9 | |
Less cash acquired | (0.1) | 0 | (9.8) | |
Contingent consideration paid related to acquisitions | 0 | 1.5 | 6.5 | |
Net outflow of cash - investing activities | € 112.9 | € 1.5 | € 471.6 | |
Toppfrys AB | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of voting equity interests acquired | 19.00% | |||
Proportion of voting rights held by non-controlling interests | 100.00% | |||
Total purchase consideration | € 1 |
Investments (Details)
Investments (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Nomad Foods Europe Holdings Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Europe Holdco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Europe Finco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Europe Midco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Bondco Plc | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Lux S.à.r.l. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Europe Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Birds Eye Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Nomad Foods Europe Finance Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Aunt Bessie's [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Birds Eye Ireland Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo Holding GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo Nederland B.V. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo Belgium S.A. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo Portugal | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo Austria Holdings GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
C.S.I. Compagnia Surgelati Italiana S.R.L | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Sverige Holdings AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Frozen Fish International GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Liberator Germany Newco GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Iglo Austria GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Sverige AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Frionor Sverige AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Holdings France SAS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus France SAS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Espana SLU | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Danmark A/S | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Finland Oy | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Norge AS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Norge Holding AS [Member] [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Topprys AB [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Findus Switzerland | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Birds Eye Ireland Oldco Unlimited [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Ownership | 100.00% |
Deferred tax assets and liabi_3
Deferred tax assets and liabilities - Summary of Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 113.5 | € 96.4 | |
Deferred tax liabilities | (420.7) | (398.2) | |
Tax assets/(liabilities) | (307.2) | (301.8) | € (323.4) |
Deferred tax assets not recognized in the financial statements | 72.7 | 70.3 | |
Deferred tax items credited (charged) to equity | 14.3 | 12.3 | (0.7) |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 20.6 | 23 | |
Deferred tax liabilities | (27.3) | (29.3) | |
Tax assets/(liabilities) | (6.7) | (6.3) | (12.4) |
Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 0.9 | 0.4 | |
Deferred tax liabilities | (378.1) | (357) | |
Tax assets/(liabilities) | (377.2) | (356.6) | (354.1) |
Employee benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 48.3 | 40.2 | |
Deferred tax liabilities | (0.3) | (0.4) | |
Tax assets/(liabilities) | 48 | 39.8 | 29.6 |
Tax value of loss carry forwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 24.6 | 20.7 | |
Deferred tax liabilities | 0 | 0 | |
Tax assets/(liabilities) | 24.6 | 20.7 | 19.1 |
Derivative financial instruments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 9.3 | 3.2 | |
Deferred tax liabilities | (0.1) | (0.3) | |
Tax assets/(liabilities) | 9.2 | 2.9 | (2.5) |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 9.8 | 8.9 | |
Deferred tax liabilities | (14.9) | (11.2) | |
Tax assets/(liabilities) | € (5.1) | € (2.3) | € (3.1) |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities - Changes in Deferred tax (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | € (301.8) | € (323.4) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (1.6) | ||
Recognized in Statement of Profit or Loss | (18) | 9.7 | |
Recognized in Other Comprehensive Income | 14.3 | 12.3 | € (0.7) |
Movement in foreign exchange | (0.1) | (0.4) | |
Closing balance | (307.2) | (301.8) | (323.4) |
Property, plant and equipment | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (6.3) | (12.4) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (1.3) | ||
Recognized in Statement of Profit or Loss | 1 | 6.3 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | (0.1) | (0.2) | |
Closing balance | (6.7) | (6.3) | (12.4) |
Intangible assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (356.6) | (354.1) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | (20.6) | (2.5) | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0 | 0 | |
Closing balance | (377.2) | (356.6) | (354.1) |
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 39.8 | 29.6 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | 0 | 3.5 | |
Recognized in Other Comprehensive Income | 8.3 | 6.7 | |
Movement in foreign exchange | (0.1) | 0 | |
Closing balance | 48 | 39.8 | 29.6 |
Tax value of loss carry forwards | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 20.7 | 19.1 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | 3.9 | 1.6 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0 | 0 | |
Closing balance | 24.6 | 20.7 | 19.1 |
Derivative financial instruments | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 2.9 | (2.5) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | 0.3 | 0 | |
Recognized in Other Comprehensive Income | 6 | 5.6 | |
Movement in foreign exchange | 0 | (0.2) | |
Closing balance | 9.2 | 2.9 | (2.5) |
Other | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (2.3) | (3.1) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (0.3) | ||
Recognized in Statement of Profit or Loss | (2.6) | 0.8 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0.1 | 0 | |
Closing balance | € (5.1) | € (2.3) | € (3.1) |
Inventories (Details)
Inventories (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Abstract] | |||
Raw materials and consumables | € 80.5 | € 86.8 | |
Work in progress | 46.5 | 48.3 | |
Finished goods and goods for resale | 216.2 | 188.1 | |
Total inventories | 343.2 | 323.2 | |
Inventory write-down | € 8.5 | € 9 | € 7.1 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | € 18 | € 17.3 |
Recognised assets representing continuing involvement in derecognised financial assets | 0 | |
Current Trade Receivables, Reduction in Trade Terms | 200.5 | 191.2 |
Current trade payables, relating to trade terms | (89.7) | (59.4) |
Total trade terms liabilities | (290.2) | (250.6) |
Current assets | ||
Trade receivables | 141.2 | 143.6 |
Prepayments and accrued income | 9.2 | 8 |
Other receivables | 31.2 | 31 |
Tax receivable | 3.4 | 24.1 |
Total current trade and other receivables | 185 | 206.7 |
Non-current assets | ||
Other non-current assets | 1.1 | 1.9 |
Total non-current trade and other receivables | 1.1 | 1.9 |
Total trade and other receivables | € 186.1 | € 208.6 |
Trade and other receivables - A
Trade and other receivables - Aging of Trade Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Receivables [Line Items] | ||
Trade receivables | € 341.7 | € 334.8 |
Reduction in trade-terms | (200.5) | (191.2) |
Total trade receivables | 141.2 | 143.6 |
Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 308.3 | 287.9 |
Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 20.3 | 32.2 |
Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 3.9 | 7.3 |
Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 1 | 3.4 |
Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 8.2 | 4 |
Gross | ||
Trade Receivables [Line Items] | ||
Trade receivables | 346.1 | 339.6 |
Gross | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 308.6 | 288.1 |
Gross | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 20.5 | 32.5 |
Gross | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 4 | 7.5 |
Gross | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 1.1 | 3.6 |
Gross | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 11.9 | 7.9 |
Impaired | ||
Trade Receivables [Line Items] | ||
Trade receivables | (4.4) | (4.8) |
Impaired | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.3) | (0.2) |
Impaired | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.2) | (0.3) |
Impaired | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.1) | (0.2) |
Impaired | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.1) | (0.2) |
Impaired | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | € (3.7) | € (3.9) |
Indemnification assets (Details
Indemnification assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||
Indemnification assets | € 15.4 | € 35.4 | € 79.4 |
Release of indemnified provision | (20) | (44) | |
Goodfella's Pizza [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification Assets Recognised As Of Acquisition Date | 3.5 | 5.6 | |
Findus | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification assets | € 12 | € 29.8 |
Indemnification assets - Additi
Indemnification assets - Additional Information (Details) € / shares in Units, € in Millions | 12 Months Ended | ||||
Dec. 31, 2020EUR (€)€ / sharesshares | Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2018EUR (€) | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Disclosure of detailed information about business combination [line items] | |||||
Release of indemnified provision | € 20 | € 44 | |||
Indemnification assets | 15.4 | 35.4 | € 79.4 | ||
Remeasurement of indemnification assets | 17.8 | 44 | € 0 | ||
Findus | |||||
Disclosure of detailed information about business combination [line items] | |||||
Indemnification assets | € 12 | € 29.8 | |||
Shares held in escrow as a result of indemnification asset | shares | 618,099 | 1,583,627 | |||
Value of shares held in escrow as a result of indemnification asset (price per share) | (per share) | € 20.69 | € 19.96 | $ 25.42 | $ 22.37 | |
Goodfella's Pizza [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Indemnification Assets Recognised As Of Acquisition Date | € 3.5 | € 5.6 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash and cash equivalents | € 393.1 | € 826 | ||
Restricted cash | 0.1 | 0.1 | ||
Cash and cash equivalents | 393.2 | 826.1 | € 327.6 | € 219.2 |
Bank overdrafts | (10.7) | (1.3) | ||
Cash and cash equivalents if different from statement of financial position | € 382.5 | € 824.8 | € 327.6 |
Loans and borrowings - Repaymen
Loans and borrowings - Repayment Profile (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | May 03, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | € 22.5 | € 27.7 | |
Loans and borrowings | 1,736.3 | 1,847.6 | |
Borrowings | 1,758.8 | 1,875.3 | |
Gross | Syndicated loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | 7.8 | 10.8 | |
Loans and borrowings | 1,287.5 | 1,364.4 | |
Gross | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 400 | 400 | |
Lease Liabilities | Less than one year | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | 16.7 | 18.9 | |
Lease Liabilities | Later than one year [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 53.7 | 90.1 | |
Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 6.9 | 8.9 | |
Deferred borrowing costs | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Capitalised transaction costs | € 9.8 | ||
Deferred borrowing costs | Less than one year | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | (2) | (2) | |
Deferred borrowing costs | 2 to 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | € (4.9) | € (6.9) |
Loans and borrowings - Details
Loans and borrowings - Details of Individual Loans (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | € 22.5 | € 27.7 |
Total non-current loans and borrowings | 1,736.3 | 1,847.6 |
Borrowings | 1,758.8 | 1,875.3 |
Gross | Syndicated loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 7.8 | 10.8 |
Total non-current loans and borrowings | 1,287.5 | 1,364.4 |
Gross | 2024 fixed rate senior secured notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 400 | 400 |
Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 6.9 | 8.9 |
Less than one year | Lease Liabilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 16.7 | 18.9 |
Less than one year | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | (2) | (2) |
Later than one year [member] | Lease Liabilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 53.7 | 90.1 |
2 to 5 years | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | € (4.9) | € (6.9) |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) kr in Millions | May 15, 2019USD ($) | May 15, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020SEK (kr) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Jun. 15, 2018EUR (€) | Jun. 15, 2018USD ($) | Feb. 09, 2018EUR (€) | Jan. 31, 2018USD ($) | Dec. 20, 2017EUR (€) | May 03, 2017EUR (€) | May 03, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Annual principal payment | $ | $ 9,600,000 | $ 9,600,000 | $ 12,100,000 | ||||||||||||
Percentage of consolidated gross assets or adjusted EBITDA held individually by companies in Guarantor Group | 5.00% | ||||||||||||||
Percentage of consolidated gross assets or adjusted EBITDA held by Guarantor Group in total | 80.00% | ||||||||||||||
Guarantee amount | € 44,700,000 | kr 450 | € 43,000,000 | ||||||||||||
Findus Sverige AB | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Guarantee amount | 29,800,000 | kr 300 | 28,700,000 | ||||||||||||
Senior USD Debt | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | 836,500,000 | $ 926,000,000 | $ 935,600,000 | $ 953,400,000 | $ 610,000,000 | ||||||||||
Incremental term loan | $ | $ 50,000,000 | ||||||||||||||
Senior EURO Debt | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | € 558,000,000 | € 500,000,000 | |||||||||||||
Incremental term loan | € 58,000,000 | ||||||||||||||
2024 fixed rate senior secured notes | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | € 400,000,000 | ||||||||||||||
Interest rate | 3.25% | 3.25% | |||||||||||||
Revolving Credit Facility | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 80,000,000 | ||||||||||||||
Letters of credit, overdrafts, customer bonds and bank guarantees utilized against the credit facility | € 16,100,000 | € 17,200,000 | |||||||||||||
Deferred borrowing costs | 2024 fixed rate senior secured notes | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Capitalised transaction costs | € 9,800,000 | ||||||||||||||
Deferred borrowing costs | Senior US Debt and Senior Euro Debt | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Capitalised transaction costs | € 2,500,000 | ||||||||||||||
Findus Sverige AB | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary | 100.00% | ||||||||||||||
Senior USD Debt | Senior USD Debt | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ | $ 300,000,000 |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current liabilities | ||
Trade payables | € 363.7 | € 306.5 |
Accruals and deferred income | 133.7 | 109.4 |
Current trade payables, relating to trade terms | 89.7 | 59.4 |
Social security and other taxes | 24.1 | 25.7 |
Other payables | 21.2 | 18.8 |
Financial payables | 3.3 | 4.1 |
Bank overdrafts | 10.7 | 1.3 |
Total current trade and other payables | 646.4 | 525.2 |
Non-current liabilities | ||
Accruals and deferred income | 2.2 | 2.7 |
Total non-current trade and other payables | 2.2 | 2.7 |
Total trade and other payables | € 648.6 | € 527.9 |
Employee benefits - Additional
Employee benefits - Additional Information (Details) € in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2020shares | Jan. 31, 2020shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of defined benefit plans [line items] | |||||
Post-employment benefit expense, defined contribution plans | € 8.3 | € 9 | € 9.1 | ||
Recognized liability for net defined benefit obligations | 272.2 | 233.6 | € 197.5 | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | € 6.5 | ||||
Weighted average duration of defined benefit obligation | 19 years 9 months 18 days | ||||
Present value of defined benefit obligation [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Recognized liability for net defined benefit obligations | € 276.2 | 237.5 | |||
Present value of defined benefit obligation [member] | Other countries | |||||
Disclosure of defined benefit plans [line items] | |||||
Recognized liability for net defined benefit obligations | € 4 | € 3.9 | |||
Restricted Shares | |||||
Disclosure of defined benefit plans [line items] | |||||
New awards granted in the period | shares | 761,979 | ||||
Number of equity instruments exercised (in shares) | shares | 1,953,386 | ||||
Management Award 2016 | Restricted Shares | |||||
Disclosure of defined benefit plans [line items] | |||||
Number of equity instruments exercised (in shares) | shares | 1,626,006 | 284,555 | |||
Reclassification of awards for settlement of tax liabilities | shares | 697,964 | 120,739 |
Employee benefits - Defined Ben
Employee benefits - Defined Benefit Plans (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | € 272.2 | € 233.6 | € 197.5 |
Total loans and borrowings (Note 21) | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 1,706.4 | 1,811.5 | |
Financial liabilities, carrying value | 1,688.4 | 1,766.3 | |
Total loans and borrowings (Note 21) | Senior EUR/USD loans | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, carrying value | 1,295.1 | 1,371.9 | |
Total loans and borrowings (Note 21) | Other borrowings [Domain] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 0.2 | 3.3 | |
Financial liabilities, carrying value | 0.2 | 3.3 | |
Total loans and borrowings (Note 21) | 2024 fixed rate senior secured notes | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, carrying value | 400 | 400 | |
Total loans and borrowings (Note 21) | Level 2 | Senior EUR/USD loans | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 1,300.4 | 1,396.9 | |
Total loans and borrowings (Note 21) | Level 1 | 2024 fixed rate senior secured notes | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 405.8 | 411.3 | |
Deferred borrowing costs | Total loans and borrowings (Note 21) | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Financial liabilities, carrying value | (6.9) | (8.9) | |
Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 276.2 | 237.5 | |
Present value of defined benefit obligation | Germany | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 181.2 | 151.3 | |
Present value of defined benefit obligation | SWEDEN | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 74.1 | 71.7 | |
Present value of defined benefit obligation | SWITZERLAND | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 6.6 | 0 | |
Present value of defined benefit obligation | Italy | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 4.7 | 4.8 | |
Present value of defined benefit obligation | AUSTRIA | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 5.6 | 5.8 | |
Present value of defined benefit obligation | Sub-total | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 272.2 | 233.6 | |
Present value of defined benefit obligation | Other countries | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | € 4 | € 3.9 |
Employee benefits - Amount Incl
Employee benefits - Amount Included in the Statement of Financial Position Arising from the Company's Obligations (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | € 370.1 | € 320 | € 279 |
Plan assets, at fair value | 97.9 | 86.4 | |
Net defined benefit liability (asset) | 272.2 | 233.6 | 197.5 |
Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 365.1 | 314.9 | 274.2 |
Plan assets, at fair value | (97.9) | (86.4) | (81.5) |
Net defined benefit liability (asset) | 267.2 | 228.5 | 192.7 |
Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 5 | 5.1 | 4.8 |
Net defined benefit liability (asset) | 5 | 5.1 | € 4.8 |
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 370.1 | 320 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 365.1 | 314.9 | |
Present value of defined benefit obligation | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 5 | 5.1 | |
Present value of defined benefit obligation | Unfunded Plan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 84.6 | 82.7 | |
Present value of defined benefit obligation | Unfunded Plan | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 79.6 | 77.6 | |
Present value of defined benefit obligation | Unfunded Plan | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 5 | 5.1 | |
Present value of defined benefit obligation | Funded Plan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 285.5 | 237.3 | |
Present value of defined benefit obligation | Funded Plan | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 285.5 | 237.3 | |
Present value of defined benefit obligation | Funded Plan | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 0 | 0 | |
Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | (97.9) | (86.4) | |
Plan assets [member] | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | (97.9) | (86.4) | |
Plan assets [member] | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | € 0 | € 0 |
Employee benefits - Movements i
Employee benefits - Movements in Recognized Liability for Net Defined Benefit Obligations (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | € 370.1 | € 320 | € 279 |
Net defined benefit liability (asset) | 272.2 | 233.6 | |
Current service cost | 6.1 | 4.2 | |
Interest cost on defined benefit obligations | 3.7 | 5 | |
Actuarial experience (gains) losses | 0.8 | 0.2 | |
Actuarial losses arising from changes in financial assumptions | (29.2) | 43.2 | |
Actuarial gains arising from changes in demographic assumptions | 0 | 3 | |
Contributions to defined benefit obligation | 0.4 | ||
Benefits paid or payable | (9.7) | ||
Exchange adjustments | 2.8 | (1.2) | |
Increase through business combinations Defined Benefit Asset | 18.4 | ||
Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 365.1 | 314.9 | 274.2 |
Net defined benefit liability (asset) | 267.2 | 228.5 | |
Current service cost | 6.2 | 4 | |
Interest cost on defined benefit obligations | 3.7 | 5 | |
Actuarial experience (gains) losses | 0.8 | (0.2) | |
Actuarial losses arising from changes in financial assumptions | (29.2) | (43.2) | |
Actuarial gains arising from changes in demographic assumptions | (3) | ||
Contributions to defined benefit obligation | 0.4 | ||
Benefits paid | (2.7) | (2.6) | |
Benefits paid or payable | (9.7) | (7.8) | |
Exchange adjustments | 2.8 | (1.3) | |
Increase through business combinations Defined Benefit Asset | 18.4 | ||
Post-employment medical benefits and other benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 5 | 5.1 | € 4.8 |
Net defined benefit liability (asset) | 5 | 5.1 | |
Current service cost | (0.1) | 0.2 | |
Interest cost on defined benefit obligations | 0 | 0 | |
Actuarial experience (gains) losses | 0 | 0 | |
Actuarial losses arising from changes in financial assumptions | 0 | 0 | |
Actuarial gains arising from changes in demographic assumptions | 0 | ||
Contributions to defined benefit obligation | 0 | 0 | |
Benefits paid | 0 | ||
Benefits paid or payable | 0 | ||
Exchange adjustments | 0 | 0.1 | |
Increase through business combinations Defined Benefit Asset | 0 | ||
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions to defined benefit obligation | 0.4 | ||
Benefits paid or payable | 7.8 | ||
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 276.2 | 237.5 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 365.1 | € 314.9 |
Employee benefits - Movement in
Employee benefits - Movement in Fair Value of Plan Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | ||
Interest expense (income), net defined benefit liability (asset) | € 2.7 | € 3.6 |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | (86.4) | |
Gain (loss) on remeasurement, net defined benefit liability (asset) | (28) | (35.3) |
Contributions to plan, net defined benefit liability (asset) | (0.6) | 0.6 |
Payments from plan, net defined benefit liability (asset) | 7 | 5.2 |
Exchange adjustments | 2.8 | (1.2) |
Acquired through business combinations | 6.6 | |
Defined benefit retirement plans | ||
Disclosure of defined benefit plans [line items] | ||
Interest expense (income), net defined benefit liability (asset) | 2.7 | 3.6 |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | 86.4 | 81.5 |
Acquired through business combinations | 11.8 | |
Interest income | 1 | 1.4 |
Gain (loss) on remeasurement, net defined benefit liability (asset) | 28 | 35.3 |
Contributions to plan, net defined benefit liability (asset) | (0.6) | 0.6 |
Payments from plan, net defined benefit liability (asset) | (7) | 5.2 |
Contributions by employer | 0.5 | 0.5 |
Contributions by members | 0.5 | 0.5 |
Benefits paid | (2.7) | (2.6) |
Exchange adjustments | 2.8 | (1.3) |
Acquired through business combinations | 6.6 | |
Post-employment Retirement Benefits [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Interest expense (income), net defined benefit liability (asset) | 0 | 0 |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Gain (loss) on remeasurement, net defined benefit liability (asset) | 0 | 0 |
Contributions to plan, net defined benefit liability (asset) | 0 | 0 |
Payments from plan, net defined benefit liability (asset) | 0 | 0 |
Benefits paid | 0 | |
Exchange adjustments | 0 | € 0.1 |
Acquired through business combinations | € 0 |
Employee benefits - Expense Rec
Employee benefits - Expense Recognized (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | € 6.1 | € 4.2 |
Interest cost | 2.7 | 3.6 |
Post-employment benefit expense | 8.8 | 7.8 |
Defined benefit retirement plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 6.2 | 4 |
Interest cost | 2.7 | 3.6 |
Post-employment benefit expense | 8.9 | 7.6 |
Post-employment medical benefits and other benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | (0.1) | 0.2 |
Current Service Cost, post employment medical benefit, net defined benefit | (0.1) | 0.2 |
Interest cost | 0 | 0 |
Post-employment benefit expense | € (0.1) | € 0.2 |
Employee benefits - Amount reco
Employee benefits - Amount recognized in the Consolidated Statement of Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefits [Abstract] | ||
Actuarial experience (losses)/gains | € (0.8) | € (0.2) |
Actuarial losses arising from changes in financial assumptions | 29.2 | (43.2) |
Actuarial gains arising from changes in demographic assumptions | 0 | (3) |
Actuarial gains arising from the return on plan assets, excluding interest income | (0.4) | (5.1) |
Total actuarial losses | 28 | 35.3 |
Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income | € 77.5 | € 49.5 |
Employee benefits - Fair Value
Employee benefits - Fair Value of Plan Assets (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Employee Benefits [Abstract] | ||
Equities | € 24.5 | € 20.5 |
Debt instruments | 44.1 | 40.3 |
Property | 17.1 | 13.1 |
Other | 12.2 | 12.5 |
Total | € 97.9 | € 86.4 |
Employee benefits - Actuarial A
Employee benefits - Actuarial Assumptions (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.55% | 1.15% |
Inflation rate | 2.00% | 2.00% |
Rate of increase in salaries | 2.80% | 2.80% |
Long term medical cost of inflation | 0.00% | 0.00% |
Discount rate | 0.55% | 1.15% |
Inflation rate | 2.00% | 2.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Rate of increase in salaries | 2.80% | 2.80% |
Germany | Post-employment medical benefits and other benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.05% | 0.45% |
Inflation rate | 2.00% | 2.00% |
Rate of increase in salaries | 2.80% | 2.80% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Discount rate | 0.05% | 0.45% |
Inflation rate | 2.00% | 2.00% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Rate of increase in salaries | 2.80% | 2.80% |
SWEDEN | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.05% | 1.45% |
Inflation rate | 1.50% | 1.80% |
Rate of increase in salaries | 2.50% | 2.80% |
Rate of increase for pensions in payment | 1.50% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Discount rate | 1.05% | 1.45% |
Inflation rate | 1.50% | 1.80% |
Rate of increase for pensions in payment | 1.50% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Rate of increase in salaries | 2.50% | 2.80% |
AUSTRIA | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.00% | 1.00% |
Inflation rate | 2.00% | 1.53% |
Rate of increase in salaries | 2.00% | 2.00% |
Rate of increase for pensions in payment | 0.00% | 2.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Discount rate | 1.00% | 1.00% |
Inflation rate | 2.00% | 1.53% |
Rate of increase for pensions in payment | 0.00% | 2.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Rate of increase in salaries | 2.00% | 2.00% |
AUSTRIA | Post-employment medical benefits and other benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.00% | 0.30% |
Inflation rate | 3.00% | 1.53% |
Rate of increase in salaries | 3.00% | 3.00% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 2.00% | 2.00% |
Discount rate | 0.00% | 0.30% |
Inflation rate | 3.00% | 1.53% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 2.00% | 2.00% |
Rate of increase in salaries | 3.00% | 3.00% |
Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.33% | 0.67% |
Inflation rate | 1.00% | 1.50% |
Rate of increase in salaries | 0.00% | 0.00% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Discount rate | 0.33% | 0.67% |
Inflation rate | 1.00% | 1.50% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Rate of increase in salaries | 0.00% | 0.00% |
SWITZERLAND | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.15% | |
Inflation rate | 0.20% | |
Rate of increase for pensions in payment | 0.00% | |
Long term medical cost of inflation | 0.00% | |
Discount rate | 0.15% | |
Inflation rate | 0.20% | |
Rate of increase for pensions in payment | 0.00% | |
Long term medical cost of inflation | 0.00% | |
Bottom of range | Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase for pensions in payment | 1.00% | 1.00% |
Rate of increase for pensions in payment | 1.00% | 1.00% |
Bottom of range | SWITZERLAND | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase in salaries | 0.00% | |
Rate of increase in salaries | 0.00% | |
Top of range | Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase for pensions in payment | 2.00% | |
Rate of increase for pensions in payment | 2.00% | |
Top of range | SWITZERLAND | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase in salaries | 2.50% | |
Rate of increase in salaries | 2.50% |
Employee benefits - Average Lif
Employee benefits - Average Life Expectancy After Retirement (Details) - Defined benefit retirement plans | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Germany | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 years | 21 years |
Female | 24 years | 24 years |
Male | 21 years | 21 years |
Female | 24 years | 24 years |
SWEDEN | ||
Disclosure of defined benefit plans [line items] | ||
Male | 22 years | 22 years |
Female | 24 years | 24 years |
Male | 22 years | 22 years |
Female | 24 years | 24 years |
AUSTRIA | ||
Disclosure of defined benefit plans [line items] | ||
Male | 23 years | 23 years |
Female | 26 years | 25 years |
Male | 23 years | 23 years |
Female | 26 years | 25 years |
Italy | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 years | 19 years |
Female | 22 years | 22 years |
Male | 21 years | 19 years |
Female | 22 years | 22 years |
SWITZERLAND | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 years | |
Female | 24 years | |
Male | 21 years | |
Female | 24 years |
Employee benefits - History of
Employee benefits - History of Experience Adjustments From Inception (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | € 370.1 | € 320 | € 279 |
Plan assets, at fair value | 97.9 | 86.4 | |
Recognized liability for net defined benefit obligations | 272.2 | 233.6 | 197.5 |
Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 365.1 | 314.9 | 274.2 |
Plan assets, at fair value | (97.9) | (86.4) | (81.5) |
Recognized liability for net defined benefit obligations | 267.2 | 228.5 | 192.7 |
Experience (gains)/losses on scheme liabilities | (0.8) | 0.2 | 0.5 |
Experience gains on scheme assets | (0.4) | (5.1) | (0.3) |
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 276.2 | 237.5 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 365.1 | 314.9 | 274.2 |
Plan assets [member] | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | € (97.9) | € (86.4) | € (81.5) |
Employee benefits - Defined B_2
Employee benefits - Defined Benefit Obligation Sensitivity Analysis (Details) € in Millions | Dec. 31, 2020EUR (€) |
Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Effect on the post-employment benefit obligation with a 1% increase | € (62) |
Effect on the post-employment benefit obligation with a 1% decrease | € 82.7 |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of expected rates of inflation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Effect on the post-employment benefit obligation with a 1% increase | € 52.7 |
Effect on the post-employment benefit obligation with a 1% decrease | € (38.9) |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Effect on the post-employment benefit obligation with a 1% increase | € 17.3 |
Effect on the post-employment benefit obligation with a 1% decrease | € (13.2) |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Effect on the post-employment benefit obligation with a 1% increase | € 52.1 |
Effect on the post-employment benefit obligation with a 1% decrease | € (40.2) |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Employee benefits Employee Bene
Employee benefits Employee Benefits - Post-Employment Benefit Plans (Details) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Disclosure of employee benefits [Abstract] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 6.5 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Millions | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | € 113.7 | € 46.8 | € 113.7 |
Acquisitions through business combinations, other provisions | 1.9 | ||
Additional provision in the period | 29.1 | 15.8 | |
Release of provision | (7.1) | (8.5) | |
Utilization of provision | (16.8) | (9.6) | |
Foreign exchange | (0.2) | 0.4 | |
Opening balance sheet restatement IFRS 16 | (66.9) | ||
Provisions, ending balance | 46.8 | 51.8 | 46.8 |
Current | 45.7 | 40.9 | |
Non-current | (6.1) | (5.9) | |
Restructuring | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 12.3 | 7.4 | 12.3 |
Additional provision in the period | 15.6 | 3.2 | |
Release of provision | 0 | (1.5) | |
Utilization of provision | (10.4) | (6.7) | |
Foreign exchange | 0.3 | 0.1 | |
Provisions, ending balance | 12.3 | 12.9 | 7.4 |
Onerous/ unfavorable contracts | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 68.8 | 1.2 | 68.8 |
Additional provision in the period | 0 | 0 | |
Release of provision | (0.7) | 0 | |
Utilization of provision | (0.5) | (0.9) | |
Foreign exchange | 0 | 0.2 | |
Opening balance sheet restatement IFRS 16 | (66.9) | ||
Provisions, ending balance | 1.9 | 0 | 1.2 |
Provisions related to other taxes | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 5.8 | 6.9 | 5.8 |
Additional provision in the period | 0.1 | 2.4 | |
Release of provision | (0.4) | (1.3) | |
Utilization of provision | 0 | 0 | |
Foreign exchange | 0 | 0 | |
Provisions, ending balance | 5.8 | 6.6 | 6.9 |
Contingent consideration | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 1.5 | 0 | 1.5 |
Additional provision in the period | 0 | 0 | |
Release of provision | 0 | 0 | |
Utilization of provision | 0 | (1.5) | |
Foreign exchange | 0 | 0 | |
Provisions, ending balance | 1.5 | 0 | 0 |
Other | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 25.3 | 31.3 | 25.3 |
Acquisitions through business combinations, other provisions | 1.9 | ||
Additional provision in the period | 13.4 | 10.2 | |
Release of provision | (6) | (5.7) | |
Utilization of provision | (5.9) | (0.5) | |
Foreign exchange | (0.5) | 0.1 | |
Provisions, ending balance | € 25.3 | 32.3 | 31.3 |
IFRS 16 [Member] | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | (46.8) | ||
Provisions, ending balance | (51.8) | (46.8) | |
Current | 45.7 | 40.9 | |
Non-current | € (6.1) | € (5.9) |
Provisions - Additional Informa
Provisions - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||||
Provisions | € 51.8 | € 46.8 | € 46.8 | € 113.7 |
Acquisitions through business combinations, other provisions | 1.9 | |||
Provision used | 16.8 | 9.6 | ||
Release of provision | 7.1 | 8.5 | ||
Restructuring | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 12.9 | 7.4 | 12.3 | 12.3 |
Provision used | 10.4 | 6.7 | ||
Release of provision | 0 | 1.5 | ||
Onerous/ unfavorable contracts | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 0 | 1.2 | 1.9 | 68.8 |
Provision used | 0.5 | 0.9 | ||
Release of provision | 0.7 | 0 | ||
Provisions related to other taxes | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 6.6 | 6.9 | 5.8 | 5.8 |
Provision used | 0 | 0 | ||
Release of provision | 0.4 | 1.3 | ||
Contingent consideration | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 0 | 0 | 1.5 | 1.5 |
Provision used | 0 | 1.5 | ||
Release of provision | 0 | 0 | ||
Other provision | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 32.3 | 31.3 | € 25.3 | € 25.3 |
Acquisitions through business combinations, other provisions | 1.9 | |||
Provision used | 5.9 | 0.5 | ||
Release of provision | 6 | 5.7 | ||
Asset retirement obligation [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 6.1 | 6 | ||
Goodfella's Pizza [Member] | indemnification asset liability with customers | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 4.4 | 6.6 | ||
Italy | Other provision | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 4.7 | 4.7 | ||
Aunt Bessie's [Member] [Member] | Other provision | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 1.9 | 1.9 | ||
Restricted Shares | Provisions related to other taxes | ||||
Disclosure of other provisions [line items] | ||||
Provisions | € 6.6 | € 8.3 |
Share capital and reserves - Sc
Share capital and reserves - Schedule of Share Capital and Capital Reserve (Details) € in Millions | Dec. 31, 2020$ / shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019$ / shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€) |
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | € 1,647.5 | € 2,120.3 | |||
Listing and share transaction costs | (27) | (24.9) | € (13.8) | ||
Total net share capital and capital reserve | 1,620.5 | 2,095.4 | |||
Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | 1,636.9 | 2,109.7 | |||
Founder Preferred shares | |||||
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | € 10.6 | € 10.6 | |||
Issued Capital and Capital Reserve | Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value per share | $ / shares | $ 10 | $ 10 | |||
Number of shares issued and fully paid (in shares) | shares | 172,180,897 | 194,542,957 | |||
Issued Capital and Capital Reserve | Founder Preferred shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value per share | $ / shares | $ 10 | $ 10 | |||
Number of shares issued and fully paid (in shares) | shares | 1,500,000 | 1,500,000 |
Share capital and reserves - Or
Share capital and reserves - Ordinary Shares (Details) - Ordinary shares - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of number of shares outstanding [abstract] | ||
Number of shares outstanding, beginning balance (in shares) | 194.5 | 174.2 |
Shares issued in the year | 7.6 | 20.3 |
Shares repurchased in the year | 29.9 | |
Number of shares outstanding, ending balance (in shares) | 172.2 | 194.5 |
Share capital and reserves - _2
Share capital and reserves - Ordinary Shares Narrative (Details) $ / shares in Units, € in Millions, $ in Millions | Jun. 17, 2020shares$ / shares | Mar. 13, 2020USD ($) | Jun. 19, 2019shares$ / shares | Mar. 22, 2019EUR (€) | Mar. 22, 2019USD ($)$ / sharesshares | Jun. 14, 2018shares$ / shares | Aug. 31, 2020EUR (€)shares | Aug. 31, 2020USD ($)shares | May 31, 2020shares | Jul. 31, 2019shares | Jun. 30, 2018shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€) | Aug. 01, 2020$ / shares | Jun. 19, 2017$ / shares |
Disclosure of classes of share capital [line items] | |||||||||||||||||
Proceeds from issuance of Ordinary Shares | € 0.6 | € 354.1 | € 0.1 | ||||||||||||||
Share repurchase programme | $ | $ 300 | $ 500 | |||||||||||||||
Payments to acquire or redeem entity's shares | 608.6 | ||||||||||||||||
Share based payment charge | € 9 | € 14.9 | € 13 | ||||||||||||||
Restricted Shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Number of equity instruments exercised (in shares) | shares | 1,953,386 | 1,953,386 | |||||||||||||||
Non-Executive Director | Restricted Shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 21.78 | $ 20.74 | $ 17.94 | $ 14.38 | |||||||||||||
Number of equity instruments exercised (in shares) | shares | 34,447 | 44,272 | 53,498 | 49,196 | 2,460 | 9,375 | 49,196 | 49,196 | 56,250 | ||||||||
Share based payment charge | € 0.6 | ||||||||||||||||
Ordinary shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Number of shares issued (in shares) | shares | 20,000,000 | ||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 20 | $ 21.04 | $ 25.50 | ||||||||||||||
Proceeds from issuance of Ordinary Shares | € 353.6 | $ 400 | |||||||||||||||
Costs related to transactions | € 11.1 | € 1.9 | € 0.2 | ||||||||||||||
Number of shares repurchased (in shares) | shares | 18,061,952 | 18,061,952 | 11,913,682 | 11,913,682 | |||||||||||||
Payments to acquire or redeem entity's shares | € 389.3 | $ 460.6 | € 217.4 | $ 250.9 |
Share capital and reserves - Li
Share capital and reserves - Listing and Share Transaction Costs (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | ||
Share issue related cost, beginning balance | € 24.9 | € 13.8 |
Share transaction costs | 2.1 | 11.1 |
Share issue related cost, ending balance | € 27 | € 24.9 |
Share capital and reserves - Fo
Share capital and reserves - Founder Preferred Shares Annual Dividend Amount and Warrant Redemption Amount (Details) | Dec. 31, 2019$ / shares | Dec. 31, 2018 | Dec. 31, 2020vote$ / sharesshares | Dec. 31, 2017$ / shares | Dec. 31, 2016€ / shares |
Disclosure of classes of share capital [line items] | |||||
Preferred stocks issued (in shares) | 1,500,000 | ||||
Number of votes per Founder Preferred Share | vote | 1 | ||||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | ||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | (per share) | $ 11.50 | € 11.50 | |||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | ||
Preference shares, conversion ratio | 1 | ||||
Founder Preferred shares | Issued Capital and Capital Reserve | |||||
Disclosure of classes of share capital [line items] | |||||
Par value per share | $ / shares | $ 10 | $ 10 | |||
Founder entities | |||||
Disclosure of classes of share capital [line items] | |||||
Preferred stocks issued (in shares) | 750,000 |
Share-based compensation rese_3
Share-based compensation reserve (Details) - EUR (€) € in Millions | Jun. 17, 2020 | Jun. 19, 2019 | Jun. 14, 2018 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reserves within equity [line items] | |||||||
Beginning balance, Reserve of share-based payments | € 22.6 | ||||||
Increase (decrease) through share-based payment transactions, equity | 9 | € 14.9 | € 13 | ||||
Vesting of Non-Executive Director restricted shares | € (0.1) | 0.8 | € 0.2 | ||||
Vesting of LTIP Share awards | (7.9) | ||||||
Ending balance, Reserve of share-based payments | 8.3 | 22.6 | |||||
Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Beginning balance, Reserve of share-based payments | 22.6 | ||||||
Vesting of Non-Executive Director restricted shares | (0.7) | ||||||
Ending balance, Reserve of share-based payments | 8.3 | € 22.6 | |||||
Non-Executive Director | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (decrease) through share-based payment transactions, equity | 0.7 | ||||||
Key management personnel | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (decrease) through share-based payment transactions, equity | 8.3 | ||||||
Restricted Shares | Non-Executive Director | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (decrease) through share-based payment transactions, equity | € 0.6 | ||||||
Reclassification of awards for settlement of tax liabilities | 8,656 | 12,100 | 12,312 | (14,700,000) |
Share-based compensation rese_4
Share-based compensation reserve - Additional Information (Details) - EUR (€) € in Millions | Jun. 17, 2020 | Jun. 19, 2019 | Jun. 14, 2018 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reserves within equity [line items] | |||||||
Vesting of Non-Executive Restricted Stock award | € 0.1 | € (0.8) | € (0.2) | ||||
Share based payment charge | € 9 | 14.9 | 13 | ||||
Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Vesting of Non-Executive Restricted Stock award | 0.7 | ||||||
Non-Executive Director | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Share based payment charge | € 0.7 | ||||||
Non-Executive Director | Restricted Shares | |||||||
Disclosure of reserves within equity [line items] | |||||||
Shares paid for tax withholding for share based compensation | 8,656 | 12,100 | 12,312 | (14,700,000) | |||
Share based payment charge | € 0.6 | ||||||
Key management personnel | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Share based payment charge | 8.3 | ||||||
Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Vesting of Non-Executive Restricted Stock award | (0.7) | (0.8) | (0.8) | ||||
Share based payment charge | € 9 | € 14.9 | € 13 | ||||
Share based compensation reserve | Non-Executive Director | Restricted Shares | |||||||
Disclosure of reserves within equity [line items] | |||||||
Share based payment charge | € 0.1 | € 0.2 |
Founder Preferred Shares Divi_3
Founder Preferred Shares Dividend Reserve - Narrative (Details) | Dec. 31, 2020$ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / shares | Dec. 31, 2016€ / shares | Jan. 12, 2016 |
Disclosure of classes of share capital [line items] | |||||||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | (per share) | $ 11.50 | € 11.50 | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 25.2127 | $ 25.2127 | $ 21.7289 | $ 16.7538 | $ 16.6516 | ||||
Preferred share dividend equivalent | 140,220,619 | ||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | ||||||
Ordinary shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Ordinary shares excluded | 13,700,000 | ||||||||
Founder entities | Ordinary shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Share dividend issued (in shares) | 3,875,036 | 6,421,074 | 171,092 |
Founder Preferred Shares Divi_4
Founder Preferred Shares Dividend Reserve (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | |||
Equity, beginning balance | € 2,556.7 | € 2,059.1 | € 1,852.6 |
Equity, ending balance | 2,126.1 | 2,556.7 | 2,059.1 |
Founder preferred shares dividend reserve | |||
Disclosure of classes of share capital [line items] | |||
Equity, beginning balance | 370.1 | 372.6 | 493.4 |
Settlement of dividend through share issue | (124.6) | (2.5) | (120.8) |
Equity, ending balance | 245.5 | 370.1 | € 372.6 |
Founder preferred shares dividend reserve | Founder Preferred shares | |||
Disclosure of classes of share capital [line items] | |||
Equity, beginning balance | 370.1 | ||
Settlement of dividend through share issue | 124.6 | ||
Equity, ending balance | € 245.5 | € 370.1 |
Translation reserve Translati_3
Translation reserve Translation reserve table (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reserves within equity [line items] | |||
Gains (losses) on exchange differences on translation, before tax | € (23.6) | € 19.2 | € 2.2 |
Gains (losses) on hedges of net investments in foreign operations, net of tax | 13.5 | (13.2) | 3.4 |
Other comprehensive income/(loss) for the year | (40.9) | (44.9) | 7.5 |
Equity attributable to owners of parent | 2,126.1 | 2,557.9 | |
Reserve of exchange differences on translation, hedging relationships for which hedge accounting is no longer applied | 46.4 | 46.4 | |
Hedges of net investment in foreign operations | |||
Disclosure of reserves within equity [line items] | |||
Reserve of exchange differences on translation, continuing hedges | 17.3 | 3.8 | |
Reserve of exchange differences on translation, continuing hedges | 17.3 | 3.8 | |
Translation reserve | |||
Disclosure of reserves within equity [line items] | |||
Equity attributable to owners of the parent (restated) | 94.8 | ||
Other comprehensive income/(loss) for the year | (10.1) | 6 | 5.6 |
Equity attributable to owners of parent | 88.8 | ||
GBP net investments [Member] | |||
Disclosure of reserves within equity [line items] | |||
Gains (losses) on exchange differences on translation, net of tax | € (25.7) | € 19 | € (3.7) |
Cash flow hedging reserve (Deta
Cash flow hedging reserve (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | € (24.5) | € (13.2) | € 8.5 | € (3) |
Change in fair value of hedging instrument recognized in OCI in the year | (83.7) | 31.9 | 69.8 | |
Reclassified to cost of goods sold | 0.2 | (21.8) | (6.4) | |
Reclassified from other comprehensive income to finance costs | 66.2 | (37.4) | (47.9) | |
Deferred tax income (expense) on cash flow hedge reserve | 6 | 5.6 | (4) | |
Swap contract [member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | (4.5) | (6.8) | 0.9 | (0.4) |
Change in fair value of hedging instrument recognized in OCI in the year | (63.7) | 28.1 | 49.5 | |
Reclassified to cost of goods sold | 0 | 0 | 0 | |
Reclassified from other comprehensive income to finance costs | 66.2 | (37.4) | (47.9) | |
Deferred tax income (expense) on cash flow hedge reserve | (0.2) | 1.6 | (0.3) | |
Forward contract [member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | (20) | (6.4) | 7.6 | € (2.6) |
Change in fair value of hedging instrument recognized in OCI in the year | (20) | 3.8 | 20.3 | |
Reclassified to cost of goods sold | 0.2 | (21.8) | (6.4) | |
Reclassified from other comprehensive income to finance costs | 0 | 0 | 0 | |
Deferred tax income (expense) on cash flow hedge reserve | € 6.2 | € 4 | € (3.7) |
Earnings_(loss) per share (Deta
Earnings/(loss) per share (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | |||
Profit (loss), attributable to owners of parent | € 225.2 | € 154 | € 171.2 |
Weighted average Ordinary Shares and Founder Preferred Shares | 194,019,070 | 192,004,803 | 175,622,538 |
Basic earnings per share (in euros per share) | € 1.16 | € 0.80 | € 0.97 |
Weighted average Ordinary Shares and Founder Preferred Shares | 197,894,106 | 198,425,877 | 175,793,631 |
Diluted earnings per share (in euros per share) | € 1.14 | € 0.78 | € 0.97 |
Profit (loss) | € 225.1 | € 153.6 | € 170.5 |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | |||
Profit (loss), attributable to owners of parent | € 225.2 | € 154 | € 171.2 |
Weighted average number of ordinary shares (in shares) | 192,519,070 | 190,504,803 | 174,122,538 |
Weighted average number of founder preferred shares (in shares) | 1,500,000 | 1,500,000 | 1,500,000 |
Adjusted shares for dilutive impact of 2018 non-executive restricted stock awards (in shares) | 3,875,036 |
Reconciliation of liabilities_3
Reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total loans and borrowings (Note 21) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | € 1,875.3 | € 1,764.3 | |
Increase (decrease) in financial liabilities arising from change in measurement attribute, initial application of IFRS 9 | € 120.8 | ||
Cash inflow | 0 | 2 | |
Cash outflow | (32) | (44) | |
Interest accretion | 5.2 | 5.3 | |
Financial liabilities recognised as of acquisition date | 0.4 | ||
Exchange movement | (71.7) | 15.7 | |
Fair value changes | 0 | 0 | |
Other non-cash adjustments | (18.4) | 11.2 | |
Closing balance | 1,758.8 | 1,875.3 | |
Interest accretion | 5.2 | 5.3 | |
Financial payables (Note 22) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 4.1 | 7.7 | |
Cash inflow | 0 | 0 | |
Cash outflow | (57) | (72.7) | |
Interest accretion | 58.8 | 73.7 | |
Financial liabilities recognised as of acquisition date | 0 | ||
Exchange movement | 0.9 | (1.1) | |
Fair value changes | 0 | 0 | |
Other non-cash adjustments | (3.5) | (3.5) | |
Closing balance | 3.3 | 4.1 | |
Interest accretion | 58.8 | 73.7 | |
Forward foreign exchange and currency swap contract | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | (0.2) | 0.1 | |
Cash inflow | 0 | 4.7 | |
Cash outflow | (2.2) | 0 | |
Interest accretion | 0 | 0 | |
Financial liabilities recognised as of acquisition date | 0 | ||
Exchange movement | 0 | 0 | |
Fair value changes | 2.6 | (5) | |
Other non-cash adjustments | 0 | 0 | |
Closing balance | 0.2 | (0.2) | |
Interest accretion | 0 | 0 | |
Cross currency interest rate swap | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 15.3 | (0.3) | |
Cash inflow | 6.8 | 20.9 | |
Cash outflow | (3.9) | (4) | |
Interest accretion | 0 | 0 | |
Financial liabilities recognised as of acquisition date | 0 | ||
Exchange movement | 0 | 0 | |
Fair value changes | 54.1 | (1.3) | |
Other non-cash adjustments | 0 | 0 | |
Closing balance | 72.3 | 15.3 | |
Interest accretion | € 0 | 0 | |
Increase (decrease) due to changes in accounting policy required by IFRSs | Total loans and borrowings (Note 21) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 1,885.1 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs | Financial payables (Note 22) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 7.7 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs | Forward foreign exchange and currency swap contract | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 0.1 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs | Cross currency interest rate swap | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | € (0.3) |
Cash flows from operating act_3
Cash flows from operating activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Profit (loss) | € 225.1 | € 153.6 | € 170.5 |
Adjustments for: | |||
Exceptional items | 20.6 | 54.5 | 17.7 |
Non-cash fair value purchase price adjustment of inventory | 0 | 0 | 5.7 |
Share based payments expense | 9 | 14.9 | 13 |
Depreciation and amortization | 67.6 | 68.3 | 46.3 |
Loss on disposal and impairment of property, plant and equipment | 0.9 | 0.6 | 0.3 |
Net finance costs | 63.7 | 73.2 | 56 |
Taxation | 70.4 | 56.7 | 56.6 |
Operating cash flow before changes in working capital, provisions and exceptional items | 457.3 | 421.8 | 366.1 |
(Increase)/decrease in inventories | (12.7) | 23.5 | (20.2) |
Increase in trade and other receivables | (1.8) | (34.4) | (10.8) |
Increase/(decrease) in trade and other payables | 107.2 | (40.6) | 64.5 |
Increase/(decrease) in employee benefit and other provisions | 2 | 6.6 | (2) |
Cash generated from operations before tax and exceptional items | 552 | 376.9 | 397.6 |
Material reconciling items [member] | |||
Adjustments for: | |||
Exceptional items | € 20.6 | € 54.5 | € 17.7 |
Financial risk management - Der
Financial risk management - Derivatives and Hedging (Details) € in Millions, £ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Jun. 15, 2018USD ($) | May 03, 2017USD ($) | |
Hedges of net investment in foreign operations | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Gain (loss) on hedge ineffectiveness recognised in profit or loss | € 0 | € 0 | |||||||
Gain (loss) on hedge ineffectiveness recognised in profit or loss | 0 | 0 | |||||||
Foreign exchange forward contract | Derivative financial instruments | EUR/USD | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Carrying amount of forward currency contracts | (21.9) | 2.1 | |||||||
Notional amount | 249 | 220.6 | |||||||
Change in fair value of outstanding hedging instruments | € (20.6) | € 10.5 | |||||||
Weighted average hedged rate for the year | 113.00% | 114.00% | 113.00% | 113.00% | 114.00% | 114.00% | |||
Notional amount | € 249 | € 220.6 | |||||||
Foreign exchange forward contract | Derivative financial instruments | GBP/USD | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Carrying amount of forward currency contracts | (3.7) | (1.7) | |||||||
Notional amount | 53.5 | 56.5 | |||||||
Change in fair value of outstanding hedging instruments | € (2) | € (0.7) | |||||||
Weighted average hedged rate for the year | 128.00% | 128.00% | 128.00% | 128.00% | 128.00% | 128.00% | |||
Notional amount | € 53.5 | € 56.5 | |||||||
Foreign exchange forward contract | Derivative financial instruments | GBP/EUR | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Carrying amount of forward currency contracts | 1.4 | (8.3) | |||||||
Notional amount | 159 | 217.4 | |||||||
Change in fair value of outstanding hedging instruments | € 8.5 | € (10.9) | |||||||
Weighted average hedged rate for the year | 112.00% | 112.00% | 112.00% | 112.00% | 112.00% | 112.00% | |||
Notional amount | € 159 | € 217.4 | |||||||
Foreign exchange forward contract | Derivative financial instruments | SEKEUR | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Carrying amount of forward currency contracts | (4) | (0.3) | |||||||
Notional amount | 77.3 | 70.1 | |||||||
Change in fair value of outstanding hedging instruments | € (4.2) | € 2.1 | |||||||
Weighted average hedged rate for the year | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | |||
Notional amount | € 77.3 | € 70.1 | |||||||
Foreign exchange forward contract | Derivative financial instruments | SEK/USD | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Carrying amount of forward currency contracts | (2.6) | ||||||||
Notional amount | 14.1 | ||||||||
Change in fair value of outstanding hedging instruments | € (2.2) | ||||||||
Weighted average hedged rate for the year | 10.00% | 10.00% | 10.00% | ||||||
Notional amount | € 14.1 | ||||||||
Foreign exchange forward contract | Derivative financial instruments | Other currencies | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Carrying amount of forward currency contracts | (0.5) | (0.3) | |||||||
Notional amount | 16.8 | 42.3 | |||||||
Change in fair value of outstanding hedging instruments | € 0.8 | € 0.2 | |||||||
Weighted average hedged rate for the year | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | |||
Notional amount | € 16.8 | € 42.3 | |||||||
Cross currency interest rate swap | Cash flow hedges | Derivative financial instruments | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Change in fair value of outstanding hedging instruments | € (71) | € 7.1 | |||||||
Weighted average hedged rate for the year | 111.00% | 111.00% | 111.00% | 111.00% | 111.00% | 111.00% | |||
Change in value of hedged item | € 71 | € (7.1) | |||||||
Carrying amount of cross currency interest rate swaps | (89.5) | (18.5) | |||||||
Change in value of hedged item | 71 | (7.1) | |||||||
Carrying amount of cross currency interest rate swaps | (89.5) | (18.5) | |||||||
Cross currency interest rate swap | Hedges of net investment in foreign operations | Derivative financial instruments | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Change in fair value of outstanding hedging instruments | € 13.5 | € (13.2) | |||||||
Weighted average hedged rate for the year | 119.00% | 119.00% | 119.00% | 119.00% | 119.00% | 119.00% | |||
Change in value of hedged item | € (13.5) | € 13.2 | |||||||
Carrying amount of cross currency interest rate swaps | 14.3 | 2.4 | |||||||
Change in value of hedged item | (13.5) | 13.2 | |||||||
Carrying amount of cross currency interest rate swaps | 14.3 | 2.4 | |||||||
Forward foreign exchange and currency swap contract | Cash flow hedges | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Gains (losses) on change in fair value of derivatives | (2.4) | 4.8 | € (1) | ||||||
Gains (losses) on change in fair value of derivatives | (2.4) | 4.8 | (1) | ||||||
Forward foreign exchange and currency swap contract | Foreign exchange swap | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Gains (losses) on change in fair value of derivatives | (3.2) | (13.6) | 0.4 | ||||||
Gains (losses) on change in fair value of derivatives | (3.2) | € (13.6) | € 0.4 | ||||||
Sell | Interest rate swap contract | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Notional amount | 306.6 | ||||||||
Notional amount | 306.6 | ||||||||
Pay | Interest rate swap contract | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Notional amount | £ | £ 258.1 | ||||||||
Notional amount | £ | 258.1 | ||||||||
Senior USD Debt | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Notional amount | 836.5 | $ 926,000,000 | $ 935,600,000 | $ 953,400,000 | $ 610,000,000 | ||||
Notional amount | € 836.5 | $ 926,000,000 | $ 935,600,000 | $ 953,400,000 | $ 610,000,000 | ||||
Senior USD Debt | Interest rate swap contract | Net Investment Hedge | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Notional amount | £ | 220.2 | ||||||||
Notional amount | £ | 220.2 | ||||||||
Senior GBP Debt | |||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||
Notional amount | £ | 220.2 | £ 222.5 | |||||||
Notional amount | £ | £ 220.2 | £ 222.5 |
Financial risk management - Mar
Financial risk management - Market Risk (Details) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018 | Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | |
Senior GBP Debt | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Notional amount | £ | £ 220.2 | £ 222.5 | |||
Notional amount | £ | 220.2 | £ 222.5 | |||
Net Investment Hedge | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on interest charge | € 2,400,000 | € 2,600,000 | |||
Interest rate swap contract | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on interest charge | € 400,000 | € 500,000 | |||
Cross currency interest rate swap where hedge accounting not applied | £ | 37.9 | ||||
Cross currency interest rate swap where hedge accounting not applied | £ | £ 37.9 | ||||
Pound Sterling | Cross currency interest rate swap | Hedges of net investment in foreign operations | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Percentage of financial instruments designated as hedging instruments | 85.30% | 85.30% | 85.30% | 85.30% | 85.30% |
Interest rate risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 5,600,000 | € 5,600,000 | |||
Liquidity risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Line of credit facility, maximum borrowing capacity | 80,000,000 | ||||
Letters of credit, overdrafts, customer bonds and bank guarantees utilized against the credit facility | € 16,100,000 | ||||
Currency risk | Pound Sterling | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | (5.20%) | 5.30% | (1.30%) | ||
Currency risk | Pound Sterling | Cross currency interest rate swap | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | 1.00% | |||
Currency risk | Pound Sterling | Hedges of net investment in foreign operations | Loans and Borrowings | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Risk exposure associated with instruments sharing characteristic, concentration percentage | 100.00% | 100.00% | |||
Currency risk | Pound Sterling | Cross currency interest rate swap | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on interest charge | € 100,000 | € 100,000 | |||
Currency risk | Pound Sterling | Cross currency interest rate swap | Hedges of net investment in foreign operations | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Risk exposure associated with instruments sharing characteristic, concentration percentage | 104.00% | 104.00% | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Currency risk | Pound Sterling | Foreign exchange forward contract | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 3,000,000 | € 1,400,000 | |||
Currency risk | US dollar | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | (9.60%) | 2.00% | 4.50% | ||
Currency risk | US dollar | Foreign exchange forward contract | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 3,000,000 | € 2,800,000 | |||
Currency risk | US dollar | Foreign exchange forward contract | Derivative financial instruments | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Percentage of financial instruments designated as hedging instruments | 87.90% | 82.70% | 87.90% | 82.70% | |
Financial assets | € 28,300,000 | € 400,000 | |||
Currency risk | Euro | Foreign exchange forward contract | Derivative financial instruments | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Percentage of financial instruments designated as hedging instruments | 84.90% | 95.20% | 84.90% | 95.20% | |
Financial assets | € 3,100,000 | € 9,000,000 | |||
Currency risk | Swedish Krona | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | 3.80% | (2.20%) | (4.10%) | ||
Currency risk | Swedish Krona | Foreign exchange forward contract | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 1,100,000 | € 1,200,000 | |||
Bottom of range | Interest rate risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Interest rate | 0.00% | 0.00% |
Financial risk management - Mat
Financial risk management - Maturity Analysis (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Loan repayment percentage | 1.00% | |
Repayment of current borrowings in future years | € 8,700,000 | € 8,600,000 |
Financial liabilities, undiscounted cash flows | 2,659,400,000 | 2,674,200,000 |
2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 706,400,000 | 569,200,000 |
2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 145,100,000 | 75,000,000 |
2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 64,900,000 | 83,700,000 |
2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,709,700,000 | 75,200,000 |
2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5,200,000 | 1,785,400,000 |
More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 28,100,000 | 85,700,000 |
Borrowings-principal | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,706,500,000 | 1,791,000,000 |
Borrowings-principal | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 7,800,000 | 10,800,000 |
Borrowings-principal | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 7,800,000 | 9,600,000 |
Borrowings-principal | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 7,800,000 | 8,600,000 |
Borrowings-principal | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,683,100,000 | 8,600,000 |
Borrowings-principal | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 1,753,400,000 |
Borrowings-principal | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Borrowings-interest | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 161,000,000 | 264,400,000 |
Borrowings-interest | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 46,600,000 | 61,100,000 |
Borrowings-interest | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 46,800,000 | 59,800,000 |
Borrowings-interest | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 47,200,000 | 59,400,000 |
Borrowings-interest | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 20,400,000 | 59,100,000 |
Borrowings-interest | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 25,000,000 |
Borrowings-interest | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Lease Liabilities | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 80,200,000 | 145,500,000 |
Lease Liabilities | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 17,200,000 | 16,800,000 |
Lease Liabilities | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 13,600,000 | 15,200,000 |
Lease Liabilities | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 9,900,000 | 13,300,000 |
Lease Liabilities | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 6,200,000 | 7,500,000 |
Lease Liabilities | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5,200,000 | 7,000,000 |
Lease Liabilities | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 28,100,000 | 85,700,000 |
Trade and other payables excluding non-financial liabilities | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 601,100,000 | 483,400,000 |
Trade and other payables excluding non-financial liabilities | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 601,100,000 | 483,400,000 |
Trade and other payables excluding non-financial liabilities | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Foreign exchange forward contract | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 677,300,000 | 666,200,000 |
Sell | Foreign exchange forward contract | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 677,300,000 | 666,200,000 |
Sell | Foreign exchange forward contract | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Foreign exchange forward contract | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Foreign exchange forward contract | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Foreign exchange forward contract | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Foreign exchange forward contract | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Cross currency interest rate swap | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,174,400,000 | 1,215,800,000 |
Sell | Cross currency interest rate swap | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 38,500,000 | 38,800,000 |
Sell | Cross currency interest rate swap | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,135,900,000 | 38,600,000 |
Sell | Cross currency interest rate swap | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 1,138,400,000 |
Sell | Cross currency interest rate swap | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Cross currency interest rate swap | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Cross currency interest rate swap | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (647,500,000) | (658,500,000) |
Pay | Foreign exchange forward contract | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (647,500,000) | (658,500,000) |
Pay | Foreign exchange forward contract | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Cross currency interest rate swap | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (1,093,600,000) | (1,233,600,000) |
Pay | Cross currency interest rate swap | 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (34,600,000) | (49,400,000) |
Pay | Cross currency interest rate swap | 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (1,059,000,000) | (48,200,000) |
Pay | Cross currency interest rate swap | 2023 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | (1,136,000,000) |
Pay | Cross currency interest rate swap | 2024 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Cross currency interest rate swap | 2025 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Cross currency interest rate swap | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Forecast | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Repayment based on excess cashflow calculation | € 0 | € 0 |
Financial instruments - Categor
Financial instruments - Categories of Financial Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | € (25) | € (103.7) |
Derivatives at fair value through profit or loss | 2.7 | 1 |
Financial assets at amortised cost | 534.4 | 891 |
Financial liabilities at amortised cost | (2,366.8) | (2,367.6) |
Financial assets (liabilities) at fair value through other comprehensive income | (105) | (24.5) |
Total | (1,909.7) | (1,396.4) |
Total non-current loans and borrowings | 1,736.3 | 1,847.6 |
Borrowings | 1,758.8 | 1,875.3 |
Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 1,706.4 | 1,811.5 |
Financial liabilities | (1,688.4) | (1,766.3) |
Trade and other payables excluding non-financial liabilities | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 0 | 0 |
Financial liabilities at amortised cost | (601.1) | (483.4) |
Financial liabilities | (601.1) | (483.4) |
Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0.2 | 0 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 124.8 | 44.9 |
Financial liabilities at amortised cost | 0 | 0 |
Financial liabilities | (125) | (44.9) |
Loans and borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 0 | 0 |
Financial liabilities at amortised cost | (1,765.7) | (1,884.2) |
Financial liabilities | (1,765.7) | (1,884.2) |
Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at fair value through other comprehensive income | 0 | 0 |
Financial assets | 141.2 | 143.6 |
Financial assets at amortised cost | 141.2 | 143.6 |
Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 2.9 | 1 |
Financial assets at fair value through other comprehensive income | 19.8 | 20.4 |
Financial assets | 22.7 | 21.4 |
Financial assets at amortised cost | 0 | 0 |
Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | (78.7) |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at fair value through other comprehensive income | 0 | 0 |
Financial assets | 393.2 | 826.1 |
Financial assets at amortised cost | 393.2 | 747.4 |
Short-term investments not cash and cash equivalents [Domain] | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | (25) | (25) |
Financial assets | 25 | 25 |
Deferred borrowing costs | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Total non-current loans and borrowings | 6.9 | 8.9 |
Deferred borrowing costs | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Financial liabilities | 6.9 | 8.9 |
Senior EUR/USD loans | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (1,295.1) | (1,371.9) |
Other borrowings [Domain] | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 0.2 | 3.3 |
Financial liabilities | (0.2) | (3.3) |
2024 fixed rate senior secured notes | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (400) | (400) |
Level 2 | Senior EUR/USD loans | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 1,300.4 | 1,396.9 |
Level 1 of fair value hierarchy [member] | 2024 fixed rate senior secured notes | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | € 405.8 | € 411.3 |
Financial instruments - Derivat
Financial instruments - Derivative Financial Instruments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Loans and borrowings | € 1,736.3 | € 1,847.6 |
Borrowings | 1,758.8 | 1,875.3 |
Gross amount of financial instruments as presented upon balance sheet | 22.7 | 21.4 |
Gross financial liabilities set off against financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | 22.7 | 21.4 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 0 | 0 |
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 125 | 44.9 |
Related financial instruments that are offset | 22.7 | 21.4 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 102.3 | 23.5 |
Derivative financial instruments | Cash flow hedges | Cross currency interest rate swap | ||
Disclosure of financial assets [line items] | ||
Change in fair value of outstanding hedging instruments | € (71) | € 7.1 |
Weighted average hedged rate for the year | 111.00% | 111.00% |
EUR/USD | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (21.9) | € 2.1 |
Notional amount | 249 | 220.6 |
Change in fair value of outstanding hedging instruments | € (20.6) | € 10.5 |
Weighted average hedged rate for the year | 113.00% | 114.00% |
GBP/USD | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (3.7) | € (1.7) |
Notional amount | 53.5 | 56.5 |
Change in fair value of outstanding hedging instruments | € (2) | € (0.7) |
Weighted average hedged rate for the year | 128.00% | 128.00% |
GBP/EUR | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 1.4 | € (8.3) |
Notional amount | 159 | 217.4 |
Change in fair value of outstanding hedging instruments | € 8.5 | € (10.9) |
Weighted average hedged rate for the year | 112.00% | 112.00% |
SEKEUR | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (4) | € (0.3) |
Notional amount | 77.3 | 70.1 |
Change in fair value of outstanding hedging instruments | € (4.2) | € 2.1 |
Weighted average hedged rate for the year | 9.00% | 9.00% |
Other currencies | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (0.5) | € (0.3) |
Notional amount | 16.8 | 42.3 |
Change in fair value of outstanding hedging instruments | € 0.8 | € 0.2 |
Weighted average hedged rate for the year | 21.00% | 21.00% |
Deferred Financing Costs [Member] | ||
Disclosure of financial assets [line items] | ||
Loans and borrowings | € 6.9 | € 8.9 |
Financial instruments - Deriv_2
Financial instruments - Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans and borrowings | € 1,736.3 | € 1,847.6 |
Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 22.7 | 21.4 |
Total liabilities | (125) | (44.9) |
Total | (102.3) | (23.5) |
Foreign exchange forward contract | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 5.5 | 3.9 |
Total liabilities | (35.5) | (12.1) |
Cross currency interest rate swap | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 17.2 | 17.5 |
Total liabilities | (89.5) | (32.8) |
Deferred Financing Costs [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and borrowings | € 6.9 | € 8.9 |
Financial instruments - Offsett
Financial instruments - Offsetting of Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives - assets | ||
Gross amount of financial instruments as presented upon balance sheet | € 22.7 | € 21.4 |
Related financial instruments that are offset | (22.7) | (21.4) |
Net amount | 0 | 0 |
Derivatives - liabilities | ||
Gross amount of financial instruments as presented upon balance sheet | (125) | (44.9) |
Related financial instruments that are offset | 22.7 | 21.4 |
Net amount | € (102.3) | € (23.5) |
Commitments - Non-cancellable O
Commitments - Non-cancellable Operating Lease Rentals (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 7.5 | 7.6 |
Less than one year | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 1.9 | 2.1 |
Between one and three years | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 3.5 | 3.6 |
Between three and five years | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 2.0 | 1.9 |
More than five years | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 0.1 | — |
Capital commitments (Details)
Capital commitments (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Commitment [Line Items] | ||
Total capital commitments | € 17 | € 12.1 |
Property, plant and equipment | ||
Capital Commitment [Line Items] | ||
Total capital commitments | 13.6 | 11.5 |
Intangible assets | ||
Capital Commitment [Line Items] | ||
Total capital commitments | € 3.4 | € 0.6 |
Related parties (Details)
Related parties (Details) $ / shares in Units, $ in Millions | Jun. 15, 2015USD ($) | Aug. 31, 2020EUR (€) | Aug. 31, 2020USD ($) | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019EUR (€) | Aug. 01, 2020$ / shares | Jun. 17, 2020$ / shares | Jun. 19, 2019$ / shares | Mar. 22, 2019$ / sharesshares | Jun. 14, 2018$ / shares | Jun. 19, 2017$ / shares |
Disclosure of transactions between related parties [line items] | ||||||||||||
Payments to acquire or redeem entity's shares | € 608,600,000 | |||||||||||
Non-Executive Director | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Travel expenses reimbursed to related party | 300,000 | € 400,000 | ||||||||||
Travel expenses reimbursed to related party | € 300,000 | 400,000 | ||||||||||
Ordinary shares | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 21.04 | $ 25.50 | $ 20 | |||||||||
Number of shares issued (in shares) | shares | 20,000,000 | |||||||||||
Shares repurchased and canceled | shares | (29,900,000) | (29,900,000) | ||||||||||
Payments to acquire or redeem entity's shares | € 389,300,000 | $ 460.6 | € 217,400,000 | $ 250.9 | ||||||||
Restricted Shares | Key management personnel | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Number of shares issued (in shares) | shares | 3,178,400 | |||||||||||
Restricted Shares | Non-Executive Director | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 21.78 | $ 20.74 | $ 17.94 | $ 14.38 | ||||||||
Mariposa Capital and TOMS Capital | Affiliate Of Founder Entities | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Advisory Services Agreement, annual fee | $ | $ 2 | |||||||||||
Advisory Services Agreement, renewal term | 1 year | |||||||||||
Advisory Services Agreement, expiration notice term | 90 days | |||||||||||
Advisory Services Agreement, termination term | 6 months | |||||||||||
Mariposa Capital | Affiliate Of Founder Entities | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Travel expenses reimbursed to related party | 1,000,000 | 1,100,000 | ||||||||||
Travel expenses reimbursed to related party | 1,000,000 | 1,100,000 | ||||||||||
TOMS Capital | Affiliate Of Founder Entities | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Travel expenses reimbursed to related party | 900,000 | 1,200,000 | ||||||||||
Travel expenses reimbursed to related party | € 900,000 | € 1,200,000 |
Significant events after the _2
Significant events after the Statement of Financial Position date (Details) $ / shares in Units, € in Millions, $ in Millions | Jan. 08, 2021EUR (€)shares | Jan. 08, 2021USD ($)shares | Dec. 31, 2020$ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2020shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / shares |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | ||||||||
Dividend price per share (in dollars per share) | $ / shares | $ 25.2127 | $ 25.2127 | $ 21.7289 | $ 16.7538 | $ 16.6516 | ||||||
Purchase of treasury shares (in shares) | € | € 608.6 | ||||||||||
Ordinary shares | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Number of shares repurchased (in shares) | 18,061,952 | 11,913,682 | |||||||||
Founder Entities [Member] | Ordinary shares | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Share dividend issued (in shares) | 3,875,036 | 6,421,074 | 171,092 | ||||||||
Major ordinary share transactions | Ordinary shares | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Number of shares repurchased (in shares) | 507,396 | 507,396 | |||||||||
Purchase of treasury shares (in shares) | € 10.5 | $ 12.8 |
Uncategorized Items - nomd-2020
Label | Element | Value |
Pension Plans Defined Benefit1 [Member] | ||
Return on plan assets excluding interest income or expense, net defined benefit liability (asset) | ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset | € (400,000) |
Return on plan assets excluding interest income or expense, net defined benefit liability (asset) | ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset | € (5,100,000) |