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"fact-491": {
"value": "1 GENERAL INFORMATION Hilton Food Group plc (\u2018the Company\u2019) and its subsidiaries (together \u2018the Group\u2019) is a leading specialist international food packing business supplying major international food retailers in 14 European countries, Australia and New Zealand. The Company\u2019s subsidiaries are listed in note 17. The Company is a public company limited by shares incorporated and domiciled in the UK and registered in England. The address of the registered office is 2\u20138 The Interchange, Latham Road, Huntingdon, Cambridgeshire PE29 6YE. The registered number of the Company is 06165540. The Company maintains a Premium Listing on the London Stock Exchange. The financial period represents the 52 weeks to 1 January 2023 (prior financial period 52 weeks to 2 January 2022). These consolidated financial statements were approved for issue on 4 April 2023. The Company has taken advantage of the exemption in Section 408 Companies Act 2006 not to publish its individual income statement, statement of comprehensive income and related notes. Profit for the period dealt with in the income statement of Hilton Food Group plc amounted to \u00a325,600,000 (2021: \u00a324,300,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
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"fact-489": {
"value": "1 GENERAL INFORMATION Hilton Food Group plc (\u2018the Company\u2019) and its subsidiaries (together \u2018the Group\u2019) is a leading specialist international food packing business supplying major international food retailers in 14 European countries, Australia and New Zealand. The Company\u2019s subsidiaries are listed in note 17. The Company is a public company limited by shares incorporated and domiciled in the UK and registered in England. The address of the registered office is 2\u20138 The Interchange, Latham Road, Huntingdon, Cambridgeshire PE29 6YE. The registered number of the Company is 06165540. The Company maintains a Premium Listing on the London Stock Exchange. The financial period represents the 52 weeks to 1 January 2023 (prior financial period 52 weeks to 2 January 2022). These consolidated financial statements were approved for issue on 4 April 2023. The Company has taken advantage of the exemption in Section 408 Companies Act 2006 not to publish its individual income statement, statement of comprehensive income and related notes. Profit for the period dealt with in the income statement of Hilton Food Group plc amounted to \u00a325,600,000 (2021: \u00a324,300,000). 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the periods presented, unless otherwise stated. Basis of preparation The consolidated and Company financial statements of Hilton Food Group plc have been prepared under the historical cost convention except for certain financial assets and liabilities measured at fair value and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The consolidated and company financial statements have been prepared on the going concern basis. The reasons why the Directors consider this basis to be appropriate are set out in the Performance and financial review on page 25. The financial statements are presented in Sterling and all values are rounded to the nearest thousand (\u00a3\u2019000) except when otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The financial information included in this preliminary announcement does not constitute statutory accounts of the Group for the years ended 1 January 2023 and 2 January 2022 but is derived from those accounts. Statutory accounts for 2021 have been delivered to the Registrar of Companies and those for 2022 will be delivered following the Company\u2019s Annual General Meeting. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. Basis of consolidation These consolidated financial statements comprise the financial statements of Hilton Food Group plc (\u2018the Company\u2019), its subsidiaries and its share of profit in joint ventures, together, (\u2018the Group\u2019) drawn up to 1 January 2023. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (i) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group 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 to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (see note 18). Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. (ii) Joint ventures Joint ventures are all entities over which the Group exercises joint control and has an interest in the net assets of that entity. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from joint ventures are recognised as a reduction in the carrying amount of the investment . NOTES TO THE FINANCIAL STATEMENTS Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity -accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. Prior period adjustments Following discussions with the FRC in connection with their limited scope review of the 2021 Annual report, that was focused on disclosures relating to business combinations, prior period adjustments have been made to restate the Consolidated cash flow statement, Deferred tax disclosures (note 25) and the disclosures of the Analysis and movement in net debt (note 29). Presentation of cash outflow for the acquisition of subsidiary The 2021 Consolidated cash flow statement recognised a \u00a339,062,000 cash outflow within investing activities for the acquisition of subsidiary. This figure included: \u2013 \u00a38,504,000 of debt acquired as part of the acquisition of Fairfax Meadow Europe Limited (\u2018Fairfax Meadow\u2019) that was immediately repaid as a result of the requirements of change of control clauses within related bank facility agreements \u2013 \u00a31,825,000 of debt acquired as part of the Dalco acquisition \u2013 \u00a31,785,000 in respect of the fair value of shares transferred to the vendors as part of the consideration for the acquisition of Dalco. This amount was offset by a corresponding cash inflow recognised within the total \u00a377,123,000 cash inflow from the issue of ordinary shares included within financing activities (i) Acquisition of Fairfax Meadow The repayment of the loans acquired with Fairfax Meadow was triggered by pre-existing change of control clauses requiring the debt to be repaid and therefore, in accordance with IAS 7, the repayment of the acquired debt was classified within the cash outflow from the acquisition of a subsidiary. However, as the cash flows were not between the Group and the vendors of Fairfax Meadow the fair value of the acquired debt has been included within the fair value of assets and liabilities acquired rather than as part of the consideration. As a result of this classification the \u00a38,504,000 debt acquired and subsequently repaid should have been recognised as separate line items with the movements in net debt note. The movement in net debt detailed in note 29 for the 2021 financial period has therefore been restated to reflect this. (ii) Acquisition of Dalco The \u00a31,825,000 of debt acquired as part of the acquisition of Dalco was not repaid at the point of acquisition and the \u00a31,785,000 consideration paid in shares to the vendors was a non-cash item and therefore neither item should have been recognised as part of the cash outflow for the acquisition of a subsidiary. To correct this, the 2021 comparative cash flow statement has been restated as follows: \u2013 the cash outflow for the acquisition of subsidiary has been reduced by \u00a33,609,000 to \u00a335,453,000 with a corresponding \u00a33,609,000 reduction in the net cash outflow from investing activities to \u00a394,062,000. \u2013 Proceeds from borrowings reduced by \u00a31,825,000 to \u00a365,237,000. \u2013 Issue of ordinary shares reduced by \u00a31,785,000 to \u00a375,339,000. \u2013 With a corresponding overall reduction of \u00a33,609,000 in net cash generated from financing activities reduced to \u00a327,807,000. An adjustment has also been made to restate the movement in net debt for 2021 in note 29 to show \u00a31,825,000 of further debt acquired with a corresponding reduction to \u00a365,237,000 in the proceeds of new borrowings. Deferred tax The provisional fair value assessment of the assets and liabilities acquired through business combinations recognised in the 2021 Annual report included total deferred tax liabilities of \u00a33,266,000. In 2021\u2019s financial statement disclosures the total deferred tax amount recognised was included within the movement of deferred tax as a result of accelerated capital allowances. However, included within this total figure was \u00a33,001,000 recognised in respect of acquired brand and customer relationship intangible assets. The prior period deferred tax movements explained in note 25 have therefore been restated to correctly classify the movement that related to the valuation of acquired brand and customer relationship intangible assets. Depreciation Following a review of expense classification, the Group has reclassified depreciation relating to buildings, plant and machinery from administration expenses to cost of sales as these assets are directly involved in production. As a result, the Group has restated the comparative figures for this reclassification. The restatement has no impact on operating profit and results in cost of sales increasing by \u00a346,263,000 in the prior period with a corresponding reduction in gross profit. Other Administrative expenses have also therefore reduced by \u00a346,263,000. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued International Financial Reporting Standards (a) New standards, amendments and interpretations effective in 2022 The Group has applied the following amendments for the first time for their annual reporting period commencing 3 January 2022: \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16; \u2013 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2013 Annual Improvements to IFRS Standards 2018-2020; and \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (b) New standard, amendments and interpretations issued but not yet effective Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods an on foreseeable future transactions. Group leasing activities and accounting treatment The Group\u2019s leases relate to property leases for a number of food processing facilities, leases of plant and equipment and leases of motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognised 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 repayment of the lease 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 depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The depreciation is being charged to administration and cost of sales expenses in the Group\u2019s income statement. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2013 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2013 variable lease payments that are based on an index or a rate; \u2013 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; \u2013 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and, \u2013 only leases of a value above \u00a31,000 have been considered. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2013 the amount of the initial measurement of lease liability; \u2013 any lease payments made at or before the commencement date less any lease incentives received; and \u2013 any initial direct costs. Payments associated with short-term leases and leases of low-value assets are recognised 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 comprise IT equipment and small items of office equipment. Extension and termination options Extension and termination options are included in a number of property leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Revenue recognition The Group sources raw material food proteins often in conjunction with its customers. The raw materials are then processed, packed and delivered to customers. Revenue is recognised at a point in time when control of the products has transferred, that is when the products have been delivered to the customer\u2019s specified location or have been collected by the customer from the Group\u2019s facilities. At that point the customers have obtained all the benefits of the products and have full discretion over the channel and price to sell the products, and the Group has no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location or have been collected by the customer, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the Group has objective evidence that all criteria for acceptance have been satisfied. The products are sold with discounts and rebates which are based on contractual arrangements. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated discounts or rebate. Accumulated experience is used to estimate and provide for the discounts and rebates, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A receivable/payable is recognised for expected rebates and discounts are deducted from the amount receivable from the customer. NOTES TO THE FINANCIAL STATEMENTS continued Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of operating segments,
has been identified as the Group\u2019s Executive Directors.
Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic
environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling,
which is the Company\u2019s functional and the Group\u2019s presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period
end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
(c) Group companies
The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have
a functional currency different from the presentation currency are translated into the presentation currency as follows:
\u2013 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
\u2013 income and expenses for each income statement are translated at average exchange rates (unless this average 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 rate on the dates of the transactions); and
\u2013 all resulting currency translation differences are recognised in other comprehensive income and disclosed as a separate
component of equity in a foreign currency translation reserve. The profit and loss of designated cash flow hedges goes through
other comprehensive income and cash flow hedging reserve.
When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognised in the
income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity
are treated as assets and liabilities of the foreign entity and translated at the closing rate.
Business combinations
Business combinations are accounted for using the acquisition method.
The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred,
the liabilities incurred to the former owners of the acquired businesses and the equity interests issued by the Group. The consideration
transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity
interest in the subsidiary at the acquisition date.
Acquisition-related costs are expensed as incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values at the acquisition date.
The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded
as goodwill.
If control of a subsidiary is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in
profit or loss. Transactions with non-controlling interests that result in changes to the ownership interest of a subsidiary do not result
in a fair value remeasurement but are instead accounted for as adjustments to equity attributed to the owners of the parent.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment in value. Historical cost
includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying
amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they
are incurred.
Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment to their residual values
over their estimated useful economic lives, as follows:
Annual rate
Buildings (including leasehold improvements) 4% - 14%
Plant and machinery 14% - 33%
Fixtures and fittings 14% - 33%
Motor vehicles 25%
Land is not depreciated. Assets in the course of construction are not depreciated until commissioned.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued The residual value and useful economic lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying value is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. These impairment losses are recognised in the income statement. Following the recognition of an impairment loss, the depreciation charge applicable to the asset is adjusted prospectively in order to systematically allocate the revised carrying amount, net of any residual value, over the remaining useful economic life. Intangible assets (a) Goodwill Goodwill on acquisitions of subsidiaries and purchase of non-controlling interests is included in \u2018intangible assets\u2019, tested annually for impairment and carried at cost less accumulated impairment losses. All business units acquired in the period are also tested for goodwill. Goodwill represents the excess of the cost of the acquisition or purchase over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or non-controlling interest at the date of acquisition (See note 15). (b) Other intangibles Other intangibles include acquired software licences, customer relationships and brands and are stated at cost or acquisition fair value less accumulated amortisation. Software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is charged on a straight-line basis over the assets\u2019 useful economic lives of 3 to 22 years. Investments Investments in subsidiary undertakings and joint ventures are carried at cost less provision for impairment. Impairment of non-financial assets Assets that have an indefinite useful economic life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Non-financial assets other than goodwill that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Financial assets a) Classification The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest. These items are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. Such assets include, \u2018trade and other receivables\u2019, \u2018cash and cash equivalents\u2019 and \u2018other financial assets\u2019 in the balance sheet. b) Recognition and measurement Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are recognised initially at the amount of consideration that is unconditional, unless they contain a significant financing component, in which case they are recognised at fair value. These assets are held with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. c) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all financial assets. Once the expected credit loss has been determined, this is deducted from the carrying value of the asset and recognised in the consolidated income statement. Derivative financial instruments and hedging activities The Group\u2019s policy is only to use forward currency exchange rate contracts for the purpose of mitigating commodity risk occurring in the normal course of business. At no time will the Group take positions in derivative instruments for the purpose of earning a stand-alone profit from such instruments. A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates each hedge as either: (a) fair value hedge or (b) cash flow hedge. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise. NOTES TO THE FINANCIAL STATEMENTS continued The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items,
as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are
highly effective in offsetting changes in fair value or cash flows of the hedged items.
The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining expected
life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item
is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability.
a) Fair value hedge
The Group has entered into currency forwards that are fair value hedges for currency risk arising from its firm commitments for
purchases and sales denominated in foreign currencies (\u201chedged item\u201d). The fair value changes on the hedged item resulting from
currency risk are recognised in profit or loss. The fair value changes on the effective portion of currency forwards designated as fair
value hedges are recognised in profit or loss within the same line item as the fair value changes from the hedged item. The fair value
changes on the ineffective portion of currency forwards are recognised separately in profit or loss.
b) Cash flow hedge
Currency forwards
The Group has entered into currency forwards that qualify as cash flow hedges against highly probable forecasted transactions
in foreign currencies. The fair value changes on the effective portion of the currency forwards designated as cash flow hedges are
recognised in the hedging reserve and transferred to either the cost of a hedged non-monetary asset upon acquisition or profit
or loss when the hedged forecast transactions are recognised.
The fair value changes on the ineffective portion are recognised immediately in profit or loss. When a forecasted transaction is
no longer expected to occur, the gains and losses that were previously recognised in the hedging reserve are reclassified to profit
or loss immediately.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is either determined on the first-in-first out basis or by
the \u2018retail method\u2019 depending on the subsidiary. The \u2018retail method\u2019 computes cost on the basis of selling price less the appropriate
trading margin. Cost comprises material costs, direct wages and other direct production costs together with a proportion of
production overheads relevant to the stage of completion of work in progress and finished goods and excludes borrowing costs.
Net realisable value represents the estimated selling price less costs to completion and appropriate selling and distribution costs.
Provision is made, where necessary, for slow moving, obsolete and defective inventories.
Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business.
If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant
financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the
effective interest method, less loss allowance. Details about the Group\u2019s impairment policies and the calculation of the loss allowance
are provided in note 20.
The Group applies the IFRS 9 simplified approach to measuring expected credit loss which uses a lifetime expected loss allowance
for all trade receivables and contract assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months
or less. Bank overdrafts are shown on the balance sheet within borrowings in current liabilities.
Other financial assets \u2013 restricted cash
Where cash is held for a specific purpose and is therefore not available for immediate or general business use it is recognised
as restricted cash and classified as another financial asset.
Share capital and reserves
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
The share premium and employee share schemes reserve represents the premium on new shares issued in connection with and
the fair value of share options outstanding under the Group\u2019s share schemes respectively.
The foreign currency translation reserve represents the cumulative currency differences arising on the translation of the Group\u2019s
overseas subsidiaries.
The merger and reverse acquisition reserves arose during 2007 following the restructuring of the Group.
Trade and other payables
Trade payables represent obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented
as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued Borrowings All borrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised 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. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs directly attributable to an acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge represents the expected tax payable or recoverable on the taxable profit for the period using tax laws enacted or substantively enacted at the balance sheet date. Deferred income tax is recognised, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Employment benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Pensions and other post-employment benefits The Group operates defined contribution schemes for certain employees in the UK, Ireland, the Netherlands, Belgium, Denmark, Australia and New Zealand. The Group contributes to a state administered money purchase scheme in Poland. The Group pays contributions to publicly or privately administered pension insurance plans and has no further payment obligations once the contributions have been made. The contributions are recognised as an employee benefit expense when they are due. In the Netherlands and Sweden the Group contributes to industry-wide pension schemes for its employees. Although having some defined benefit features, the Group\u2019s liability to these schemes is limited to the fixed contributions which are recognised as an expense when they are due. Accordingly, the Group has accounted for these schemes as defined contribution schemes . Share-based payments The Group operates a number of share-based compensation plans that have been accounted for as equity-settled schemes. The fair value of the employee services received in exchange for the grant of options is recognised as an expense with a corresponding adjustment to equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest based on non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. All adjustments to equity are recognised as a separate component of equity in an employee share scheme reserve. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium . NOTES TO THE FINANCIAL STATEMENTS continued Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the consolidated financial statements in the period
in which the dividends are approved by the Company\u2019s shareholders.
Exceptional Items
Exceptional items are not defined under IFRS. However, the Group classifies Exceptional Items as those that are separately identifiable
by virtue of their size, nature or expected frequency and that therefore warrant separate presentation.
The Group has treated acquisition costs, including legal and professional fees and stamp duty costs, as exceptional due to the
size and expected frequency of acquisitions. As detailed in note 9 during the period to 1 January 2023 the Group has recognised
exceptional items in respect of the fire at its facility in Belgium, as a consequence of acquisition-related costs incurred in the period,
business restructuring costs and in respect of a gain made on accounting for the acquisition of a 15% share of its Foods Connected Ltd
joint venture.
The income statement separately shows the impact of the exceptional items on reported operating profit with further reconciliations
between statutory and adjusted measures used by the Group presented in note 33.
Presentation of these exceptional items and the reconciliations between adjusted and statutory measures is not intended to be
a substitute for or intended to promote the adjusted measures above statutory measures.
3 FINANCIAL RISK MANAGEMENT
Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk including price risk, foreign exchange risk and cash flow
interest rate risk, credit risk and liquidity risk. The Group has in place a risk management programme that seeks to limit the adverse
effects on the financial performance of the Group by monitoring the foregoing risks.
(a) Market risk
(i) Price risk
The Group is not exposed to equity securities price risk as it holds no listed or other equity investments. The Group is exposed to
commodity price risk which is significantly mitigated through its customer agreements which are on a cost plus or agreed packing
rate basis.
(ii) Foreign exchange risk
The Group is exposed to foreign exchange risk in the normal course of business in its overseas operations, principally on transactions
in Euros, Swedish Krona, Danish Krone, Polish Zloty, US Dollars, Australian Dollars and New Zealand Dollars although such risk is
mitigated as natural hedges exist in each operation through matching local currency cash flows. The Group regularly monitors foreign
exchange exposure and is exposed to foreign exchange risk where some of its sales and purchases are denominated in US Dollars.
The policy is to hedge material foreign exchange risk associated with highly probable forecast transactions with its key US customers
based on firm commitments and monetary items denominated in foreign currencies.
(iii) Cash flow interest rate risk
The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow
interest rate risk.
(iv) Sensitivity analysis
2022 2021
Group
Income
statement
\u00a3\u2019000
Equity
\u00a3\u2019000
Income
statement
\u00a3\u2019000
Equity
\u00a3\u2019000
Annual effect of a change in Group-wide interest rates by - 0.5% 1,495 1,495 885 885
Annual effect of a change in Group-wide interest rates by +0.5% (1,495) (1,495) (885) (885)
Annual effect of a change in exchange rates to the GBP \u00a3 by +10% 2,639 23,434 3,913 14,715
Annual effect of a change in exchange rates to the GBP \u00a3 by -10% (2,159) (19,173) (3,202) (12,040)
(b) Credit risk
The Group is exposed to credit risk in respect of credit exposures to its retail customer partners and banking arrangements.
The majority of the Group\u2019s customers are comprised of blue chip international supermarket retailers, and the Group has implemented
policies that require appropriate credit checks on potential customers before sales are made and in relation to its banking partners.
The Group\u2019s maximum exposure to credit risk is \u00a3252.0m (2021: \u00a3227.1m) as stated in note 32.
3 FINANCIAL RISK MANAGEMENT continued (c) Liquidity risk The Group monitors regular cash forecasts to ensure that it has sufficient cash to meet operational needs whilst maintaining sufficient headroom on its undrawn committed borrowing facilities and without breaching its banking covenants. The Group held significant cash and cash equivalents of \u00a387.2m (2021: \u00a3140.2m) and maintains a mix of long-term and short-term debt finance. The Group\u2019s financial liabilities measured as the contractual undiscounted cash flows mature as follows: 2022 2021 Borrowings \u00a3\u2019000 Leases \u00a3\u2019000 Trade and other payables \u00a3\u2019000 Borrowings \u00a3\u2019000 Leases \u00a3\u2019000 Trade and other payables \u00a3\u2019000 Less than one year 28,279 22,645 418,794 224,732 22,716 378,258 Between one and two years 27,188 22,793 \u2013 \u2013 20,873 \u2013 Between two and five years 54,375 63,656 \u2013 \u2013 58,137 \u2013 Over five years 188,947 220,081 \u2013 \u2013 233,673 \u2013 Capital risk management The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of a gearing ratio. This ratio is calculated as net bank debt as per note 29 divided by EBITDA as shown in note 33. Net bank debt is calculated as total borrowings (including \u2018current and non-current borrowings\u2019 as shown on the consolidated balance sheet) less cash and cash equivalents. EBITDA is calculated as operating profit less interest, tax, depreciation and amortisation, excluding the impact of IFRS 16. The gearing of the Group was 177% as at the period end (2021: 69.5%). Fair value estimation The carrying value of trade receivables (less impairment provisions) and trade payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The Directors consider that there is a single level of fair value measurement hierarchy for disclosure purposes. 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting judgements Leases In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of buildings and equipment, the following factors are normally the most relevant: \u2013 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \u2013 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \u2013 Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. Extension options in vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Long-term supply contracts On adoption of IFRS 16 the Group elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessments made applying IAS 17 and IFRIC 4 \u2018Determining whether an Arrangement contains a Lease\u2019. Some of Hilton\u2019s long-term supply contracts are on a cost plus basis. These cost plus arrangements typically contain benchmarking clauses which allow our customers to obtain competitive pricing or to source supply from a competitor. Additional product inputs and packaging are traded in active markets which are monitored by our customers and furthermore product selling prices are updated on a frequent basis thereby resulting in pricing that is, in substance, market price. On this basis the criteria in IFRIC 4 for determining whether these agreements contained a lease were not met. Under IFRS 16 the assessment of whether a contract is or contains a lease will be determined based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. NOTES TO THE FINANCIAL STATEMENTS continued To assess whether a contracts conveys the right to control the use of an asset judgement is required in the assessment of a customer\u2019s
right to:
\u2013 obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use; and
\u2013 direct the use of the identified asset.
Although a number of the Group\u2019s supply contracts are fulfilled from dedicated manufacturing facilities, and therefore customers
will obtain a significant proportion of the economic benefits from their use, the Group believes that future long-term supply contracts
should not be assessed as containing leases as the Group considers it has the right to direct the use of the identified assets.
In making this assessment, the Group has considered that the Group controls the raw materials including the timing and amount of
purchases and has discretion as to how and when such materials are processed to fulfil customer orders. Therefore, the Group obtains
the economic benefits from processing the inventory, has the right to direct the use of the identified assets and the customer rights
are limited to placing orders. This consideration is particularly judgemental given orders are typically produced on a real-time basis.
However, it is the Group\u2019s view that this real-time production is inherent in the context of producing perishable goods with a short
shelf life and not indicative of the customer having the right to control the use of the facilities.
Share-based payments
The Group operates a Long Term Incentive Plan (LTIP) and an employee Sharesave scheme, both of which have been accounted for
as equity-settled share-based payment schemes under IFRS 2.
Upon exercise, awards under the LTIP scheme may be settled either through issuing new shares to participants, or by issuing shares
that have been purchased in the market.
Awards under the LTIP scheme first began to vest during the 2017 financial period and options exercised were settled either
by providing plan participants with shares purchased in the market by the Group or the cash equivalent to the market value
of the shares.
Critical accounting estimates
Goodwill impairment
Goodwill is reviewed for impairment at least on an annual basis. Details of the tests and carrying value of the assets are shown in
note 15. An impairment review requires an estimation of the recoverable amount of the cash generating units to which the goodwill
is allocated using either value-in-use or fair value less costs of disposal calculations. Value-in-use calculations require assumptions
to be made regarding the expected future cash flows from the cash generating unit and choice of a suitable discount rate in order
to calculate the present value of those cash flows. Fair value less costs of disposal calculations can be based on transaction prices
observed in the market for comparable assets or if these are not available using a discounted cash flow model, requiring assumptions
in respect of cash flows and suitable after-tax discount rates to be made. If the actual cash flows are lower than estimated, future
impairments may be necessary. Sensitivities are applied to the key assumptions used in the impairment assessment and as explained
in note 15. The impact in running reasonable sensitivities did not result in a material impairment in any of the CGUs subject to
impairment testing.
Share-based payments
Note 27 describes the key assumptions and valuation model inputs used in the determination of the fair values of awards made under
the Group\u2019s share-based payment plans.
In addition, estimates are made as to the number of awards that will ultimately vest based on the Group\u2019s projected future financial
performance, in relation to the probability of meeting non-market-based performance conditions and the continuing participation
of employees in the plans.
If projected performance was to increase or decrease by 10% compared to expectations there would be no impact to the share-based
change to the share-based payments.
Business combinations
For business combinations the assets acquired, liabilities assumed and consideration payable are all valued at fair value. This requires
a number of estimates and judgements to be applied notably when assessing the fair value of acquired property, plant and
equipment, identifiable intangible assets and acquired leased assets and liabilities. Note 18 describes the business combinations
that took place in the period and the Group\u2019s approach to assessing fair values of acquired assets and liabilities.
During 2022 and 2021 there were no other critical accounting estimates or judgements in relation to the application of the Group
or Company\u2019s accounting policies.
5 SEGMENT INFORMATION
Management have determined the operating segments based on the reports reviewed by the Executive Directors that are used
to make strategic decisions.
The Executive Directors have considered the business from both a geographic and product perspective.
From a geographic perspective, the Executive Directors consider that the Group has ten operating segments: i) United Kingdom;
ii) Netherlands; iii) Belgium; iv) Republic of Ireland; v) Sweden; vi) Denmark; vii) Central Europe including Poland, Czech Republic,
Hungary, Slovakia, Latvia, Lithuania and Estonia; viii) Portugal; ix) APAC and x) Central costs. The United Kingdom, Netherlands,
Belgium, Republic of Ireland, Sweden, Denmark, Central Europe and Portugal have been aggregated into one reportable
segment \u2018Europe\u2019 as they have similar economic characteristics as identified in IFRS 8. APAC and Central costs comprise the other
reportable segments.
From a product perspective the Executive Directors consider that the Group has only one identifiable product, wholesaling of
food protein products including meat, seafood and vegetarian. The Executive Directors consider that no further segmentation is
appropriate, as all of the Group\u2019s operations are subject to similar risks and returns and exhibit similar long-term financial performance.
5 SEGMENT INFORMATION continued The segment information provided to the Executive Directors for the reportable segments is as follows: 2022 2021 Europe \u00a3\u2019000 APAC \u00a3\u2019000 Central costs \u00a3\u2019000 Total \u00a3\u2019000 Europe \u00a3\u2019000 APAC \u00a3\u2019000 Central costs \u00a3\u2019000 Total \u00a3\u2019000 Total revenue 2,348,355 1,592,946 \u2013 3,941,301 2,040,618 1,314,602 \u2013 3,355,220 Inter-co revenue (93,701) \u2013 \u2013 (93,701) (53,250) \u2013 \u2013 (53,250) Third party revenue 2,254,654 1,592,946 \u2013 3,847,600 1,987,368 1,314,602 \u2013 3,301,970 Adjusted operating profit/(loss) segment result (see note 33) 49,672 26,705 (5,233) 71,144 61,788 22,370 (10,591) 73,567 Amortisation of acquired intangibles (8,257) \u2013 \u2013 (8,257) (2,778) \u2013 \u2013 (2,778) Exceptional items (9,014) \u2013 (2,882) (11,896) (6,994) \u2013 \u2013 (6,994) Impact of IFRS 16 915 2,120 \u2013 3,035 291 (654) \u2013 (363) Operating profit/(loss) segment result 33,316 28,825 (8,115) 54,026 52,307 21,716 (10,591) 63,432 Finance income 356 \u2013 \u2013 356 10 \u2013 \u2013 10 Finance costs (8,094) (5,336) (11,338) (24,768) (2,881) (10,017) (3,146) (16,044) Income tax (expense)/credit (3,469) (7,505) 852 (10,122) (7,965) (1,761) 1,610 (8,116) Profit/(loss) for the period 22,109 15,984 (18,601) 19,492 41,471 9,938 (12,127) 39,282 Depreciation and amortisation 39,776 37,640 353 77,769 33,039 33,604 140 66,783 Additions to non-current assets 46,197 9,643 1,167 57,007 29,587 27,528 662 57,777 Segment assets 769,936 481,229 24,825 1,275,990 643,157 462,556 49,547 1,155,260 Current income tax assets 5,995 5,212 Deferred income tax assets 13,801 6,952 Total assets 1,295,786 1,167,424 Segment liabilities 386,903 466,492 121,153 974,548 346,403 419,611 89,329 855,343 Deferred income tax liabilities 15,921 4,132 Total liabilities 990,469 859,475 Sales between segments are carried out at arm\u2019s length. The Executive Directors assess the performance of each operating segment based on its operating profit before exceptional items and amortisation of acquired intangibles and also before the impact of IFRS 16 (see note 33). Operating profit is measured in a manner consistent with that in the income statement. The amounts provided to the Executive Directors with respect to total assets and liabilities are measured in a manner consistent with that of the financial statements. The assets are allocated based on the operations of the segment and their physical location. The liabilities are allocated based on the operations of the segment. The Group has five principal customers (comprising groups of entities known to be under common control): Tesco, Ahold Delhaize, Coop Danmark, ICA Gruppen and Woolworths. These customers are located in the United Kingdom, Netherlands, Belgium, Republic of Ireland, Sweden, Denmark and Central Europe including Poland, Czech Republic, Hungary, Slovakia, Latvia, Lithuania, Estonia and APAC. NOTES TO THE FINANCIAL STATEMENTS continued Analysis of revenues from external customers and non-current assets are as follows:
Revenues from
external customers
Non-current assets excluding
deferred tax assets
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Analysis by geographical area
United Kingdom \u2013 country of domicile 1,184,006 1,122,047 257,481 196,857
Netherlands 446,387 298,535 56,671 34,857
Belgium 26,915 25,687 883 1,327
Sweden 237,438 220,065 9,119 12,814
Republic of Ireland 83,686 95,349 3,008 4,711
Denmark 131,845 116,156 16,468 16,046
Central Europe 142,905 109,529 23,717 22,297
APAC 1,594,418 1,314,602 343,530 338,136
3,847,600 3,301,970 710,877 627,045
Analysis by principal customer
Customer 1 1,100,571 1,156,771
Customer 2 341,289 327,293
Customer 3 230,716 231,492
Customer 4 124,506 113,555
Customer 5 1,430,806 1,314,602
Other 619,712 158,257
3,847,600 3,301,970
6 AUDITORS\u2019 REMUNERATION
Services provided by the Group\u2019s auditors and their associates
During the period the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditors and
their associates:
Group
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Fees payable to the Group\u2019s auditors for the audit of the parent Group and consolidated financial
statements
244 168
Fees payable to the Group\u2019s auditors and their associates for other services:
\u2013 The audit of the Group's subsidiaries pursuant to legislation 801 544
\u2013 Other services pursuant to legislation 53 49
\u2013 All other services including regulatory acquisition work 25 25
Total fees payable to the Group\u2019s auditors and its associates 1,123 786
7 EXPENSES BY NATURE Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Changes in inventories of finished goods and goods for resale 3,620 3,503 Raw materials and consumables used 3,175,358 2,718,685 Employee benefit expense (note 8) 239,692 211,866 Depreciation and amortisation \u2013 owned assets 56,959 48,356 Depreciation and amortisation \u2013 leased assets 20,780 18,427 Repairs and maintenance expenditure on property, plant and equipment 30,861 24,101 Transportation expenses 42,254 24,721 Gain on impact of acquisition of Dalco BV (note 9) \u2013 (6,837) Gain on impact of acquisition of Foods Connected Ltd (note 9) (2,702) \u2013 Foreign exchange gain/(losses) (391) 1,180 Other expenses 228,378 196,461 Total cost of sales, distribution costs and administrative expenses 3,794,809 3,240,463 Cost of sales 3,464,837 2,982,155 Distribution costs 42,028 25,083 Administrative expenses 287,944 233,225 Total cost of sales, distribution costs and administrative expenses 3,794,809 3,240,463 8 EMPLOYEE BENEFIT EXPENSE Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs during the period Wages and salaries 211,054 182,736 Social security costs 17, 274 16,855 Share options granted to Directors and employees (655) 2,725 Pension costs -defined contribution plan 12,019 9,550 239,692 211,866 Group 2022 Number 2021 Number Average number of monthly persons employed (including Executive Directors) during the period by activity Production 5,137 4,755 Administration 1,551 1,270 6,688 6,025 Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Key management compensation (including Directors) Salaries and short-term employee benefits, including termination benefits 10,059 8,423 Post-employment benefits 94 314 Share-based payments 3,074 3,074 13,227 11,811 Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Directors\u2019 emoluments Aggregate emoluments 1,414 3,658 Group contribution to money purchase pension scheme 94 138 1,508 3,796 Further details of Directors\u2019 emoluments and share interests, including the highest paid Director, are given in the Directors\u2019 remuneration report. The Company has no employees and Directors do not receive emoluments from the Company. Employee expenses of the Company amounted to \u00a3nil (2021: \u00a3nil). NOTES TO THE FINANCIAL STATEMENTS continued 9 EXCEPTIONAL ITEMS
Group
Operating
profit
2022
\u00a3\u2019000
Finance
costs
2022
\u00a3\u2019000
Tax
2022
\u00a3\u2019000
Profit
after tax
2022
\u00a3\u2019000
Fire in Belgium 9,500 \u2013 \u2013 9,500
Impact of acquisition of Foods Connected Ltd (2,701) \u2013 \u2013 (2,701)
Acquisition related costs 1,204 \u2013 \u2013 1,204
Reorganisation costs 3,893 \u2013 (145) 3,748
Total exceptional costs 11,896 \u2013 (145) 11,751
Group
Operating
profit
2021
\u00a3\u2019000
Finance
costs
2021
\u00a3\u2019000
Tax
2021
\u00a3\u2019000
Profit
after tax
2021
\u00a3\u2019000
Fire in Belgium 11,661 \u2013 (2,901) 8,760
Impact of acquisition of Dalco (6,837) \u2013 \u2013 (6,837)
Acquisition related costs 2,226 1,131 (215) 3,142
Total exceptional costs 7,050 1,131 (3,116) 5,065
Fire in Belgium
In June 2021 the Group\u2019s facility in Belgium suffered an extensive fire. The Group continues to work closely with its insurers to progress
related insurance claims. The results for the period to 1 January 2023 do not include potential income that may be received in respect
of these claims with the insurance proceeds therefore considered to be contingent assets; at this stage in the claims process the
value of the contingent asset has yet to be determined. Legal claims have been made against the Group in connection with the fire,
however at this stage the Group considers the likelihood of incurring financial liabilities as a result of them is remote.
Exceptional costs totalling \u00a39,500,000 have been recognised in the period relating to additional costs incurred in continuing
to operate in Belgium including the ongoing insurance and legal claim.
In the prior period an exceptional impairment totalling \u00a311,661,000 was recognised in respect of assets that were destroyed by the fire,
alongside additional costs incurred in continuing to operate in Belgium including insurance and legal claims.
Acquisition of Foods Connected Ltd
On 7 July 2022 the Group acquired a further 15% interest in Foods Connected Ltd, taking its total holding to 65% (see note 18) and the
financial position and performance of the business was fully consolidated from this date. The Group\u2019s existing joint venture interest
was effectively disposed of at this date with an exceptional gain of \u00a32,701,000, being the difference between the carrying value and
fair value of the joint venture interest, recognised.
In 2021 the Group acquired the remaining 50% interest in Dalco Food BV (see note 18) and the financial position and performance of
the business was fully consolidated from this date. The Group\u2019s joint venture interest was effectively disposed of at this date with an
exceptional gain of \u00a36,837,000, being the difference between the carrying value and fair value of the joint venture interest, recognised.
Reorganisation costs
During the period exceptional reorganisation costs of \u00a33,893,000 have been recognised by the Group. These costs resulted from
on-going efficiency and restructuring programmes resulting in redundancies at a number of facilities operated by the Group.
An exceptional tax credit of \u00a3145,000 has been recognised in respect of these costs.
Acquisition costs
During the period the Group has recognised exceptional acquisition costs relating primarily to the acquisition of Foppen in respect
of legal and professional fees and other related costs of \u00a31,204,000. In 2021 the business recognised \u00a32,226,000 of exceptional
acquisition costs in respect of legal and professional fees and \u00a31,131,000 of exceptional finance costs related to the agreement of short-
term acquisition bridge finance.
10 FINANCE INCOME AND COSTS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income Other interest income 356 10 Finance income 356 10 Finance costs Bank borrowings (12,241) (5,132) Interest on lease liabilities (8,758) (8,536) Exceptional finance costs (note 9) \u2013 (1,131) Other interest expense (3,769) (1,245) Finance costs (24,768) (16,044) Finance costs \u2013 net (24,412) (16,034) 11 INCOME TAX EXPENSE Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current income tax Current tax on profits for the period 13,697 12,646 Adjustments to tax in respect of previous periods 195 (2,322) Total current tax 13,892 10,324 Deferred income tax Origination and reversal of temporary differences (3,753) (3,342) Adjustments to tax in respect of previous periods (17) 1,134 Total deferred tax (3,770) (2,208) Income tax expense 10,122 8,116 Deferred tax charged directly to equity during the period in respect of employee share schemes amounted to \u00a31,031,409 (2021: charge \u00a3333,000). Factors affecting future tax charges The Group operates in numerous tax jurisdictions around the world and is subject to factors that may affect future tax charges including transfer pricing, tax rate changes and tax legislation changes. The UK government made a number of budget announcements on 3 March 2021. These include confirming that the rate of corporation tax will increase to 25% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. The tax on the Group\u2019s profit before income tax differs (2021: differs) from the theoretical amount that would arise using the standard rate of UK corporation tax of 19% (2021: 19%) applied to profits of the consolidated entities as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Profit before income tax 29,614 47,398 Tax calculated at the standard rate of UK corporation tax 19% (2021: 19%) 5,627 9,006 Effects of: Expense/(income) not deductible for tax purposes 1,074 (15) Joint venture received net of tax (238) (471) Adjustments to tax in respect of previous periods 178 (1,188) Profits taxed at rates other than 19% (2021: 19%) 5,867 2,746 Impact of change in tax rates (398) (633) Non-taxable gain on acquisition of JV (513) (1,299) Unrelieved losses carried forward (444) \u2013 Deferred tax recognised in reserves (1,031) \u2013 Other \u2013 (30) Income tax expense 10,122 8,116 Adjustments to tax in respect of prior periods have resulted from changes in assumptions in respect of deductible expenses and the application of capital allowances. NOTES TO THE FINANCIAL STATEMENTS continued 12 EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the profit attributable to owners of the parent by the weighted average number
of ordinary shares in issue during the period.
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The Group has share options for which a calculation is done to determine the
number of shares that could have been acquired at fair value (determined as the average annual market share price of the Group\u2019s
shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares
calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
Group Basic
2022
Diluted Basic
2021
Diluted
Profit attributable to owners of the parent (\u00a3'000) 17,706 17,706 37,143 37,143
Weighted average number of ordinary shares in issue (thousands) 89,234 89,234 82,456 82,456
Adjustment for share options (thousands) \u2013 690 \u2013 1,098
Adjusted weighted average number of ordinary shares (thousands) 89,234 89,924 82,456 83,554
Basic and diluted earnings per share (pence) 19.8 19.7 45.0 44.5
13 DIVIDENDS
Group and Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Final dividend in respect of 2021 paid 21.5p per ordinary share (2020: 19.0p) 19,143 15,561
Interim dividend in respect of 2022 paid 7.1p per ordinary share (2021: 8.2p) 6,349 6,740
Total dividends paid 25,492 22,301
The Directors propose a final dividend of 22.6p (2021: 21.5p) per share payable on 30 June 2023 to shareholders who are on the
register at 2 June 2023. This dividend totalling \u00a320.2m (2021: \u00a319.1m) has not been recognised as a liability in these consolidated
financial statements.
Dividends paid to non-controlling interests in the period totalled \u00a31,264,000 (2021: \u00a31,783,000).
14 PROPERTY, PLANT AND EQUIPMENT Group Land and buildings (including leasehold improvements) \u00a3\u2019000 Plant and machinery \u00a3\u2019000 Fixtures and fittings \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Cost At 4 January 2021 97,523 443,243 20,498 172 561,436 Exchange adjustments (3,248) (19,497) (1,136) (8) (23,889) Acquisition (note 18) 2,315 7,843 548 123 10,829 Additions 15,125 37,487 3,606 33 56,251 Exceptional impairment (note 9) \u2013 (7,049) \u2013 \u2013 (7,049) Transfer 430 (769) (4,165) 3 (4,501) Disposals (469) (260) (735) (15) (1,479) At 2 January 2022 111,676 460,998 18,616 308 591,598 Accumulated depreciation At 4 January 2021 30,350 224,905 15,333 2 270,590 Exchange adjustments (924) (10,560) (781) (7) (12,272) Charge for the period 4,440 37, 384 2,297 65 44,186 Exceptional impairment (note 9) \u2013 (672) \u2013 \u2013 (672) Transfer \u2013 \u2013 (553) \u2013 (553) Disposals (87) (192) (878) (12) (1,169) At 2 January 2022 33,779 250,865 15,418 48 300,110 Net book amount At 4 January 2021 67,173 218,338 5,165 170 290,846 At 2 January 2022 77,897 210,133 3,198 260 291,488 Cost At 3 January 2022 111,676 460,998 18,616 308 591,598 Exchange adjustments 3,313 15,110 654 25 19,102 Acquisition (note 18) 6,040 11,443 1,263 81 18,827 Additions 6,484 44,946 3,591 119 55,140 Transfer \u2013 496 100 \u2013 596 Disposals (7) (1,171) (47) \u2013 (1,225) At 1 January 2023 127, 506 531,822 24,177 533 684,038 Accumulated depreciation At 3 January 2022 33,779 250,865 15,418 48 300,110 Exchange adjustments 1,122 7,960 406 17 9,505 Charge for the period 7,623 36,529 2,712 121 46,985 Transfer \u2013 496 100 \u2013 596 Disposals (7) (717) (45) \u2013 (769) At 1 January 2023 42,517 295,133 18,591 186 356,427 Net book amount At 1 January 2023 84,989 236,689 5,586 347 327,611 The cost and net book amount of property plant and equipment in the course of its construction included above comprise plant and machinery \u00a326,877,000 (2021: \u00a313,025,000). Additions to property, plant and equipment include capitalised interest costs of \u00a3Nil (2021: \u00a3725,000) . NOTES TO THE FINANCIAL STATEMENTS continued 15 INTANGIBLE ASSETS
Group
Computer
software
\u00a3\u2019000
Brand and
customer
relationships
\u00a3\u2019000
Goodwill
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 4 January 2021 10,980 22,560 47,582 81,122
Exchange adjustments (411) \u2013 \u2013 (411)
Acquisition (note 18) 158 12,519 21,900 34,577
Additions 1,526 \u2013 \u2013 1,526
Transfer 4,501 \u2013 \u2013 4,501
Disposals (3) \u2013 \u2013 (3)
At 2 January 2022 16,751 35,079 69,482 121,312
Accumulated amortisation
At 4 January 2021 3,420 7,631 \u2013 11,051
Exchange adjustments (235) \u2013 \u2013 (235)
Charge for the period 1,468 2,702 \u2013 4,170
Transfer 553 \u2013 \u2013 553
Disposals (2) \u2013 \u2013 (2)
At 2 January 2022 5,204 10,333 \u2013 15,537
Net book amount
At 4 January 2021 7,560 14,929 47,582 70,071
At 2 January 2022 11,547 24,746 69,482 105,775
Cost
At 3 January 2022 16,751 35,079 69,482 121,312
Exchange adjustments 19 \u2013 \u2013 19
Acquisition (note 18) 2,849 37,452 21,105 61,406
Impact of finalising fair value of prior year acquisitions (note 18) \u2013 9,440 (8,053) 1,387
Additions 1,867 \u2013 \u2013 1,867
Transfer (596) \u2013 \u2013 (596)
At 1 January 2023 20,890 81,971 82,534 185,395
Accumulated amortisation
At 3 January 2022 5,204 10,333 \u2013 15,537
Charge for the period 2,019 7,955 \u2013 9,974
Transfer (596) \u2013 \u2013 (596)
At 1 January 2023 6,627 18,288 \u2013 24,915
Net book amount
At 1 January 2023 14,263 63,683 82,534 160,480
Amortisation charges are included within administrative expenses in the income statement.
Goodwill impairment testing
Goodwill includes Seachill UK Limited \u00a344,000,000 (purchased 2017), SV Cuisine Limited \u00a32,789,000 (purchased 2021), Dalco
\u00a310,168,000 (purchased in 2021), Fairfax Meadow Europe Limited \u00a33,685,000 (purchased in 2021), Dutch Seafood Company
BV (Foppen) \u00a317,805,000 (purchased in 2022) and Foods Connected Ltd \u00a33,300,000 (controlling interest purchased in 2022).
Each business is considered to be a separate cash generating unit. The recoverable amount of the cash generating units was based
on a value-in-use basis using a discounted cash flow model. For each cash generating unit the recoverable amounts calculated
exceeded their carrying value.
The key assumptions used in the calculations are projected EBITDA, projected profit after tax, the pre-tax and post-tax discount rates
and the growth rates used to extrapolate cash flows beyond the projected period. EBITDA and profit after tax are based on one-year
budgets approved by the Board and longer-term, three-year, projections based on past experience adjusted to take account of the
impact of expected changes to sales prices, volumes, business mix and margin. Cash flows are discounted at a pre-tax discount rate of
9.6%-10% (2021: 10%) based on the country and cash generating unit with a growth rate of 2% (2021: 2%) used to extrapolate cash flows.
Discount rates and growth rates are calculated with reference to external benchmarks and where relevant past experience.
15 INTANGIBLE ASSETS continued Sensitivity to changes in assumptions The calculation is most sensitive to changes in the assumptions used for projected cash flow, the pre-tax discount rate and the growth rate. Management considers that reasonably possible changes in assumptions would be an increase in discount rate of 0.5%, a reduction in growth rate of 0.5% percentage point or a 5% reduction in budgeted cash flow. The impact in running reasonable sensitivities did not result in a material impairment in any of the CGUs subject to impairment testing. No indicators of impairment were identified in respect of other, amortised, intangible assets and therefore no impairment review has been undertaken. Goodwill acquired in the period Goodwill and other intangible assets totalling \u00a321,105,000 has been provisionally recognised following the acquisitions of Foods Connected Ltd and final numbers for Foppen Group with each forming separate cash generating units in the period (see note 18). The individual cash generating units have been tested for impairment in the 2022 financial period. 16 LEASES (i) Amounts recognised in the balance sheet The balance sheet includes the following amounts relating to leases: Lease: right of use assets Group Land and Buildings \u00a3\u2019000 Equipment \u00a3\u2019000 Vehicles \u00a3\u2019000 Total \u00a3\u2019000 Opening net book amount as at 4 January 2021 231,420 1,106 2,609 235,135 Exchange adjustments (9,945) (147) (108) (10,200) Additions 2,739 2,418 420 5,577 Acquisition (note 18) 6,066 5,139 1,289 12,494 Remeasurements, reclassification and scope changes \u2013 (336) \u2013 (336) Depreciation (16,339) (927) (1,161) (18,427) Disposal of leased assets destroyed by fire (note 9) (2,168) (19) (52) (2,239) Closing net book amount at 2 January 2022 211,773 7,234 2,997 222,004 Exchange adjustments 5,946 230 80 6,256 Additions 2,462 2,272 1,101 5,835 Acquisition (note 18) 3,106 \u2013 108 3,214 Remeasurements, reclassification and scope changes 120 \u2013 (71) 49 Depreciation (17,105) (1,945) (1,730) (20,780) Closing net book amount at 1 January 2023 206,302 7,791 2,485 216,578 Lease liabilities Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current 16,006 14,419 Non-current 230,152 228,977 246,158 243,396 Maturity analysis - contractual undiscounted cash flows Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than one year 22,645 22,716 One to five years 86,449 79,010 More than five years 220,081 233,673 Total lease liabilities 329,175 335,399 NOTES TO THE FINANCIAL STATEMENTS continued (ii) Amounts recognised in the consolidated income statement
The income statement shows the following amounts related to leases:
Depreciation charge on right-of-use assets
Group
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Buildings 17,105 16,339
Plant and equipment 1,945 927
Vehicles 1,730 1,161
20,780 18,427
Interest expenses (included in finance costs) 8,758 8,536
Expenses relating to short-term leases (included in costs of goods sold and administrative expenses) 748 136
Expenses relating to leases of low-value assets that have not been shown above as short-term
(included in costs of goods sold and administrative expenses)
\u2013 3
The total cash outflow for leases in 2022 was \u00a324,387,000 (2021: \u00a317,307,000).
Variable lease payments
Leases with liabilities recognised of \u00a39,476,000 (2021: \u00a39,824,000), accounting for 3.8% (2021: 4.0%) of total lease liabilities, are subject
to five-yearly RPI-linked rent reviews. These rent reviews are subject to a minimum collar, the impact of which is included in the
calculation of lease liabilities and a maximum cap. If the impact of these variable lease payments had been recognised, applying index
levels as at 1 January 2023, lease liabilities would have increased by 2022: \u00a34,536,000 (2021: \u00a31,895,000).
In addition, leases with liabilities recognised totalling \u00a35,021,000 (2021: \u00a36,408,000), accounting for 2.0% (2021: 2.6%) of total lease
liabilities, are subject to annual CPI-linked rent increases. If the impact of these variable lease payments had been recognised,
applying index levels as at 1 January 2023, lease liabilities would have increased by \u00a31,054,000 (2021: \u00a3278,000).
17 INVESTMENTS
The Group uses the equity method of accounting for its interest in joint ventures and associates. The aggregate movement in the
Group\u2019s investments in joint ventures and associates is as follows:
Group
2022
Joint ventures
\u00a3\u2019000
2022
Associates
\u00a3\u2019000
2022
Total
\u00a3\u2019000
2021
Joint ventures
\u00a3\u2019000
At the beginning of the period 5,539 \u2013 5,539 12,622
Acquisitions 1,139 1,765 2,904 \u2013
Profit for the period 1,235 \u2013 1,235 1,925
Disposal of investment (2,925) \u2013 (2,925) (6,551)
Dividends received (672) \u2013 (672) (2,273)
Effect of movements in foreign exchange 127 \u2013 127 (184)
At the end of the period 4,443 1,765 6,208 5,539
17 INVESTMENTS continued Where relevant, management accounts for the joint venture have been used to include the results up to 1 January 2023. The Group\u2019s share of the net assets, income and expenses of the joint venture and associates are detailed below: Set out below are the joint ventures and associates of the Group as at 1 January 2023. Unless otherwise stated there has been no change to the holding. Joint venture Registered address Country Share class (%) Proportion of ordinary shares held by Parent Group Sohi Meat Solutions \u2013 Distribuicao de Carnes SA Zona Industrial de Santarem - Quinta de Mocho District, Santarem, 2005 002 Varzea Portugal \u20ac5 Ordinary \u2013 50 Agito Global, Unipessoal LDA n\u00ba 249 - 1\u00ba, Avenida da Liberdade, Lisboa Concelho, Santo Ant\u00f3nio, Lisboa, 1250 143 LISBOA \u20ac1 Ordinary \u2013 50 Agito Group Pty Limited C/O PwC, Level 15, 125 St Georges Terrace, Perth, Western Australia, 6000 Australia AUD 1 Ordinary \u2013 50 Agito Global Limited 5th Floor, Beaux Lane House, Mercer Street Lower, Dublin 2, Dublin, D02 DH60 Ireland \u20ac1 Ordinary \u2013 50 Agito Holdings Limited 2-8 Interchange Latham Road, Huntingdon PE29 6YE UK \u00a31 Ordinary \u2013 50 (2021:100) Agito Global Limited First Floor Offices, Unit 6b, Vantage Park, Huntingdon, Cambridgeshire, PE29 6SR \u00a31 Ordinary \u2013 50 Associates Registered address Country Share class Parent Group Cellular Agriculture Limited Felin Y Glyn, Pontnewydd, Llanelli, SA15 5TL UK \u00a30.000002 Series A-1 Ordinary \u2013 17.45 A Turner and Sons Sausage Limited 205 North Lane, Aldershot, Hants, GU12 4SY \u00a31 Ordinary \u2013 16.25 As noted below, during the period the Group acquired an additional 15% interest in Foods Connected Ltd taking its interest to 65%. In addition the Group acquired a 17.45% interest in Cellular Agriculture Ltd for consideration of \u00a31,715,000 and a 16.25% interest in A Turner and Sons Sausage Limited for consideration of \u00a350,000. The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Group\u2019s share of those amounts. Sohi Meat Solutions Summarised balance sheet 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current assets Cash and cash equivalents 320 301 Other current assets 44,850 35,675 Total current assets 45,170 35,976 Non-current assets 20,700 19,023 Total current liabilities (54,504) (42,377) Total non-current liabilities (5,987) (6,920) Net assets 5,379 5,702 Reconciliation to carrying amounts Opening net assets 5,702 5,678 Profit for the period 1,224 1,086 Dividends paid (1,344) (956) Exchange adjustments (203) (106) Closing net assets 5,379 5,702 Group\u2019s share \u2013 % 50% 50% Group\u2019s share \u2013 \u00a3k 2,690 2,851 NOTES TO THE FINANCIAL STATEMENTS continued Summarised statement of comprehensive income
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Revenue 306,007 254,949
Depreciation and amortisation (4,338) (4,020)
Net finance costs (709) (634)
Income tax expense (275) (417)
Profit for the period 1,224 1,086
Dividends received from joint venture entity 672 478
On 7 July 2022 the Group acquired an additional 15% interest in Foods Connected Ltd taking its shareholding to 65% (see note 18)
and the financial position and performance of the business was fully consolidated from this date. The Group\u2019s joint venture interest
was effectively disposed of at this date with an exceptional gain of \u00a32,701,000, being the difference between the carrying value and
fair value of the joint venture interest, recognised.
The Group also has an interest in one other individually immaterial joint venture.
Individually immaterial joint ventures:
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Aggregate carrying amount of individually immaterial joint venture 1,549 2,688
Aggregate Group share of profit for the year 409 391
Non-controlling interests
Set out below is summarised financial information for Hilton Foods Holland BV, the only Group subsidiary with a non-controlling
interest that is considered to be material to the Group. The amounts disclosed are before inter-company eliminations.
Hilton Foods Holland BV
Summarised balance sheet
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Current assets 79,441 70,246
Current liabilities (55,132) (49,314)
Current net assets 24,309 20,932
Non-current assets 4,668 5,310
Non-current liabilities (361) (274)
Non-current net assets 4,307 5,036
Net assets 28,616 25,968
Accumulated non-controlling interests 5,722 5,194
Summarised statement of comprehensive income
Revenue 329,934 288,347
Profit for the period 7,083 7, 301
Other comprehensive (expense)/income 1,519 (1,806)
Total comprehensive income 8,602 5,495
Profit allocated to non-controlling interests 1,417 1,460
Dividends paid to non-controlling interests 1,193 1,175
Summarised cash flows
Cash flows from operating activities 385 9,065
Cash flows from investing activities (1,538) (5,646)
Cash flows from financing activities (5,965) (5,919)
Impact of foreign exchange 1,096 (1,443)
Net decrease in cash and cash equivalents (6,022) (3,943)
17 INVESTMENTS continued Investments in subsidiaries Investments in subsidiary undertakings are recorded at cost, which is the fair value of consideration paid. Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At the beginning of the period 247,785 157,221 Additions \u2013 90,564 At 2 January 2022 and 1 January 2023 247,785 247,785 During the prior period the Company invested \u00a390,564,000 in its subsidiary Hilton Foods Limited undertaking a swap of intercompany debt for equity. The subsidiary undertakings of the Group are as follows for 2 January 2022 and 1 January 2023 unless otherwise stated: (%) Proportion of shares held by Subsidiary undertakings Registered address Country Share class Parent Group Hilton Foods Asia Pacific Limited 2-8 Interchange Latham Road, Huntingdon PE29 6YE UK \u00a31 Ordinary \u2013 100 Hilton Food Solutions Limited \u00a31 Ordinary \u2013 65 (2021:55) Seachill UK Limited trading as Hilton Seafood UK \u00a31 Ordinary \u2013 100 Coldwater Seafood UK Limited \u00a31 Ordinary \u2013 100 Icelandic UK Limited \u00a31 Ordinary \u2013 100 Seachill Limited \u00a31 Ordinary \u2013 100 Fairfax Meadow Europe Limited \u00a31 Ordinary \u2013 100 Fairfax London Limited \u00a31 Ordinary \u2013 100 SV Cuisine Limited \u00a31 Ordinary \u2013 100 \u00a31 Preference \u2013 100 Foods Connected Limited City Factory, 100 Patrick Street, Lower Ground Floor, Londonderry, BT48 7EL, Northern Ireland \u00a30.01 Ordinary \u2013 65 (2021:50) Hilton Foods Limited Carson McDowell LLP, Murray House, Murray Street, Belfast, BT1 6DN, Northern Ireland \u00a31 Ordinary 100 100 Hilton Foods UK Limited \u00a31 Ordinary \u2013 100 Hilton Meats Holland Limited St George\u2019s Building, 3rd Floor, 37-41 High Street, Belfast, BT1 2AB, Northern Ireland \u00a31 Ordinary \u2013 80 Hilton Food Group (Europe) Limited \u00a31 Ordinary \u2013 100 Hilton Food.com Limited \u00a31 Ordinary \u2013 100 Hilton Foods Holland BV Grote Tocht 31, 1507 CG Zaandam Netherlands \u20ac1,000 Ordinary \u2013 80 Hilton Food Solutions Holland BV \u20ac1 Ordinary \u2013 65 (2021:55) Dutch Seafood Company BV 82, Fahrenheitstraat, Harderwijk, 3846 CC \u20ac0.01 Ordinary \u2013 100 Paling En Zalmfileerderij J. Foppen Jzn. BV \u20ac45 Ordinary \u2013 100 Foppen Eel & Salmon BV 24-26, Daltonstraat, Harderwijk, 3846 BX \u20ac10 Ordinary \u2013 100 Foppen Groep BV \u20ac450 Ordinary \u2013 100 Dalco Food BV Sweelinckstraat 8, 5344 AE Oss \u20ac45.38 Ordinary \u2013 100 Hilton Foods (Ireland) Limited Termonfeckin Road, Drogheda, Co Louth Ireland \u20ac1 Ordinary \u2013 100 Hilton Foods Sverige AB (formerly HFG Sverige AB) Saltangsvagen 53, 721 32 Vasteras Sweden SEK 2,500 Ordinary \u2013 100 Hilton Foods Danmark A/S Brunagervej 2, Kolt, 8361 Hasselager Denmark DKK 100 Ordinary \u2013 100 Hilton Foods Ltd Sp z o.o. Ul Strefowa 31, 43-100 Tychy Poland PLN 500 Ordinary \u2013 100 Hilton Foods Belgium BV Guldensporenpark 120, Stratenplan, 9820 Merelbeke Belgium \u20ac1 Ordinary \u2013 100 NOTES TO THE FINANCIAL STATEMENTS continued (%) Proportion of shares
held by
Subsidiary undertakings Registered address Country Share class Parent Group
Hilton Foods Australia Pty Limited 267 Dohertys Road, Truganina, VIC 3029
Australia
AUD 1
Ordinary
\u2013 100
Foods Connected Australia
Pty Limited
Moore Stephens, 62-64, Burwood Road,
Burwood, NSW, 2134
AUD 1
Ordinary
\u2013 65
Hilton Foods New Zealand Limited 11 Puaki Drive, Wiri, Auckland 2104 New Zealand
NZD 1
Ordinary
\u2013 100
Foppen USA Inc
4th Floor, 374, Milburn Ave, Milburn,
New Jersey, 07041
USA
$1 Ordinary \u2013 100
Foods Connected America Inc.
National Registered Agents, Inc.,
1209, Orange Street, Wilmington,
New Castle County, Delaware, 19081
$0.001
Ordinary
\u2013 65
Hong Kong Fu-Peng Co Limited
Room 1001, 10/F Boss Commercial
Centre, 28, Ferry Street, Kowloon,
Hong Kong
China
HKD 1
Ordinary
\u2013 100
Shanghai Fu Peng Food
Trading Co Limited
Room 710, Tower A, Building 2, 555,
Lansong Road, Pudong New Area,
Shanghai
CNY 1
Ordinary
\u2013 100
Foppen Seafood Canada Inc
Suite 1000, Brunswick House,
44, Chipman Hill, Saint John,
New Brunswick, E2L 2A9
Canada
CAD 10
Ordinary
\u2013 100
Olympic Eel & Salmon Industry SA
Industrial Area of Preveza, Preveza,
481 00
Greece
\u20ac30
Ordinary
\u2013 100
All subsidiary undertakings are included in the consolidation. The Company\u2019s voting rights in its subsidiary undertakings are the same
as its effective interest in its subsidiary undertakings.
18 BUSINESS COMBINATIONS
On 16 March 2022 the Group acquired 100% of the share capital of Dutch Seafood Company BV (Foppen Group BV), a leading
international producer of speciality smoked salmon products.
On 7 July 2022 the Group completed the purchase of an additional 15% of Foods Connected Ltd, taking its interest from 50% to 65%.
Foods Connected Ltd provides software solutions for supply chain, procurement, food safety, quality and CSR.
2022
Group
Dutch Seafood
Company BV
(Foppen)
\u00a3\u2019000
Foods
Connected Ltd
\u00a3\u2019000
Property, plant and equipment 16,792 71
Intangibles-Technology \u2013 2,849
Brand and customer relationship intangibles 30,488 6,964
Lease: Right-of-use asset 3,214 \u2013
Inventories 22,580 \u2013
Trade and other receivables 13,556 1,231
Cash and cash equivalents \u2013 230
Trade and other payables (13,334) (1,509)
Borrowings (56,938) \u2013
Lease liabilities (3,214) \u2013
Deferred tax (3,050) (1,882)
Derivative financial instruments (2,785) \u2013
Goodwill 17,805 3,300
Fair value of assets acquired 25,114 11,254
Consideration
Paid on completion 25,114 \u2013
Issue of shares \u2013 1,688
Non-controlling interest \u2013 3,939
Deemed fair value of existing 50% interest \u2013 5,627
25,114 11,254
18 BUSINESS COMBINATIONS continued Dutch Seafood Company BV (Foppen) The acquisition of Foppen improves the access for the Group to the specialised smoked salmon market, with a presence in the USA, Canada, Netherlands and Greece. The additional markets provide an opportunity for the Group to diversify its geographic presence whilst leveraging best practices and cost savings with the existing UK Seafood business. Consideration for the acquisition of Foppen totalled \u00a325,114,000 paid entirely in cash. Customer relationship intangibles have been recognised and relate to the supply agreements and long-standing relationships that Foppen has with its customers. Brand intangibles have been recognised in respect of the Foppen trading name and other brands employed by the business. The fair value of these intangible assets of \u00a330,488,000 has been aggregated as they are considered to be linked with their value each dependent on the other and will be amortised over their useful economic lives of five to 10 years. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively. Goodwill of \u00a317,805,000 has been recognised and mainly relates to the strategic benefits for the Group of diversifying its product and geographic portfolio. In the period the Group has recognised exceptional acquisition-related costs of \u00a31,204,000 in respect of legal and professional and other related activities associated with acquisition activity. The consolidated cash flow statement recognises a \u00a382,052,000 for cash outflow within investing activities for the acquisition of subsidiary. This figure comprises \u00a356,938,000 of debt repaid immediately on completion of the acquisition as a result of the requirements of change of control clauses within related bank facility agreements and the \u00a325,114,000 cash consideration paid to the vendors. The acquired business contributed revenues of \u00a386,073,000 and operating profit of \u00a34,300,000 to the Group for the period from 16 March to 1 January 2023. Foods Connected Ltd Consideration for the acquisition of the 15% interest in Foods Connected Ltd totalled \u00a31,688,000 comprised of 170,305 Hilton Food Group plc shares at Market Value taking the holding of Foods Connected to 65%. The acquisition of Foods Connected provides an opportunity to deliver growth through new customer agreements with retailers and manufacturers across Europe and Australia and provides the Group control over the business. As a result of the acquisition, and to allow full consolidation of Foods Connected Ltd as a subsidiary, the Group has recognised an exceptional gain of \u00a32,701,000, being the difference between the carrying value of its joint venture interest at the date of acquisition and its fair value. The fair value of the technology acquired was established following a review undertaken by qualified personnel and reflects their existing use value. The value of intangible assets technology used in the company\u2019s operations have been reviewed and valued at \u00a32,849,000. The value of customer relationships have also been assessed with the support of competent professionals. Customer relationships have been assessed to have a fair value of \u00a36,964,000 and a useful economic life of 22 years. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively. Goodwill of \u00a33,300,000 has provisionally been recognised in 2022. Residual goodwill relates to the strategic benefits for the Group of diversifying its business and the know-how of Foods Connected Ltd\u2019s employees. The value of other assets and liabilities reflect the amounts expected to be realised or paid, respectively. The acquired business contributed revenues of \u00a32,876,000 and operating profit of \u00a3262,000 to the Group for the period from 7 July to 1 January 2023. 2021 Group Dalco Food BV \u00a3\u2019000 Fairfax Meadow Europe Limited \u00a3\u2019000 Property, plant and equipment 6,047 6,782 Brand and customer relationship intangibles 10,193 11,766 Lease: Right-of-use asset 5,303 7,191 Inventories 8,142 7,982 Trade and other receivables 5,992 13,343 Trade and other payables (8,767) (16,782) Borrowings (1,825) (8,504) Lease liabilities (5,303) (7,094) Deferred tax (3,175) (3,023) Goodwill 10,168 3,685 Fair value of assets acquired 26,775 15,346 NOTES TO THE FINANCIAL STATEMENTS continued Fairfax Meadow Europe Limited \u00a3\u2019000 Consideration Paid on completion 13,388 15,346 Deemed fair value of existing 50% interest 13,387 \u2013 26,775 15,346 During 2021 the Group completed the purchase of the remaining 50% of Dalco Food BV (Dalco), taking its interest from 50% to 100%. Dalco is a leading producer of vegetarian and vegan proteins, supplying retail and food service customers from its facilities in the Netherlands. The Group also acquired 100% of the share capital of Fairfax Meadow Europe Limited (Fairfax Meadow), a leading meat supplier to the UK food service sector. Due to the timing of completion of the acquisition and the timing of other acquisition activity undertaken by the Group in 2021, the assessment of the fair values of assets and liabilities acquired was ongoing when the Group reported its 2021 annual results and were therefore provisional. Dalco Food BV The acquisition of the remaining 50% of Dalco allowed the Group to take full control of the business, enabling it to diversify further and strengthen its protein offering in the fast-growing vegan and vegetarian market. Consideration for the acquisition of the 50% interest in Dalco totalled \u00a313,388,000 and comprised cash of \u00a311,603,000, and Hilton Food Group plc shares with a market value at the date of issue of \u00a31,785,000. Updated fair values are presented above and have now been finalised. Goodwill of \u00a310,168,000 has been recognised in 2022 compared to \u00a318,967,000 recognised in 2021 and relates to the strategic benefits for the Group of diversifying its product portfolio into the vegan and vegetarian protein market. The adjustment in Goodwill has gone to recognising Customer and Brand relationship, uplifting the fair value of fixed assets and recognising a deferred tax liability. The fair value of property, plant and equipment acquired was established following a review undertaken by qualified surveyors and reflects their existing use value uplifting their fair value by \u00a31,540,000 an increase of \u00a31,654,000 compared to the amount reported in 2021. Customer relationship intangibles have been recognised and relate to the supply agreements and long-standing relationships that Dalco has with its customers. Brand intangibles have been recognised in respect of the Dalco trading name. The fair value of these intangible assets of \u00a310,193,000 (2021:\u00a3Nil) has been aggregated as they are considered to be linked with their value, each dependent on the other and will be amortised over their useful economic lives of five to 10 years. As part of the transaction a deferred tax liability of \u00a32,933,000 has been recognised. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively. Fairfax Meadow Europe Limited The acquisition of Fairfax Meadow improves the access for the Group to the out-of-home channel, providing an opportunity to diversify into the food service sector and contribute to the Group\u2019s sustainable growth. Consideration for the acquisition of Fairfax Meadow totalled \u00a315,346,000 paid entirely in cash. This figure included \u00a38,504,000 of debt acquired as part of the acquisition of Fairfax Meadow Europe Limited that was immediately repaid as a result of the requirements of change of control clauses within related bank facility agreements. Goodwill has arisen and mainly relates to the strategic benefits for the Group of diversifying its product portfolio into the food service sector. The fair value of property, plant and equipment acquired was established following a review undertaken by qualified surveyors and reflects their existing use value. Customer relationship intangibles have been recognised and relate to the supply agreements and long-standing relationships that Fairfax Meadow has with its customers. Brand intangibles have been recognised in respect of the Fairfax Meadow trading name and other brands employed by the business. The fair value of these intangible assets of \u00a311,766,000 (\u00a312,519,000 recognised in FY 2021 accounts) have been aggregated as they are considered to be linked with their value, each dependent on the other and will be amortised over their useful economic lives of five to nine years. A corresponding increase in Goodwill has been recognised. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively 19 INVENTORIES Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Raw materials and consumables 162,216 136,926 Finished goods and goods for resale 44,513 19,591 206,729 156,517 The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a33,178,978,000 (2021: \u00a32,722,188,000). The Group charged \u00a31,012,000 in respect of inventory write-downs (2021: \u00a31,106,000). The amount charged has been included in cost of sales in the income statement. 20 TRADE AND OTHER RECEIVABLES Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade receivables 218,175 201,377 \u2013 \u2013 Less: provision for impairment of trade receivables (1,137) (699) \u2013 \u2013 Trade receivables \u2013 net 217,038 200,678 \u2013 \u2013 Amounts owed by Group undertakings \u2013 \u2013 5,875 2,874 Amounts owed by related parties (see note 31) 838 565 \u2013 \u2013 Other receivables 34,090 25,868 \u2013 \u2013 Prepayments 19,194 5,516 \u2013 \u2013 271,160 232,627 5,875 2,874 Less: Non-current other receivables \u2013 (2,239) \u2013 \u2013 271,160 230,388 5,875 2,874 Amounts owed by Group undertakings to the Company are unsecured, interest free and repayable on demand. The carrying amounts of trade and other receivables are denominated in the following currencies: Currency Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 UK Pound 94,093 66,066 5,875 2,874 Euro 54,327 51,597 \u2013 \u2013 Swedish Krona 17, 230 16,943 \u2013 \u2013 Danish Krone 33,646 25,204 \u2013 \u2013 Polish Zloty 4,397 4,313 \u2013 \u2013 Australian Dollar 50,035 49,092 \u2013 \u2013 New Zealand Dollar 12,317 19,412 \u2013 \u2013 US Dollar 4,602 \u2013 \u2013 \u2013 Chinese Renminbi 513 \u2013 \u2013 \u2013 271,160 232,627 5,875 2,874 The Group has performed an assessment of the expected credit losses across the portfolio of trade receivables and contract assets. In determining the expected credit loss, the Group has given due consideration to the historic credit losses arising in prior periods and of current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. To measure the expected credit loss, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected credit loss results in a provision being recognised of \u00a31,137,000 (2021: \u00a3699,000). Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. NOTES TO THE FINANCIAL STATEMENTS continued Movements on the provision for impairment of trade receivables are as follows: Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At the beginning of the period 699 369 Acquisition 328 \u2013 Provision for receivables impairment 467 401 Receivables impairment released (216) \u2013 Receivables written off during the period as uncollectable (143) (67) Exchange differences 2 (4) At the end of the period 1,137 699 21 CASH AND CASH EQUIVALENTS Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash at bank and on hand 87,224 140,170 186 151 22 OTHER FINANCIAL ASSET \u2013 RESTRICTED CASH On 6 January 2022 the Group acquired a 50% joint venture interest in Agito Group Pty. Prior to completion consideration for this investment was held in escrow by the Group\u2019s lawyers and was recognised in the 2021 accounts as restricted cash. Restricted cash as at 1 January 2023 was \u00a3Nil. 23 BORROWINGS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current Bank borrowings 28,279 224,732 Non-current Bank borrowings 270,510 \u2013 Total borrowings 298,789 224,732 Due to the frequent re-pricing dates of the Group\u2019s loans, the fair value of current and non-current borrowings is approximate to their carrying amount. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: Currency 2022 \u00a3\u2019000 2021 \u00a3\u2019000 UK Pound 79,878 65,198 Euro 88,432 18,277 Danish Kroner 837 1,118 Polish Zloty 9,666 5,384 Australian Dollar 93,162 106,903 New Zealand Dollar 26,814 27,852 298,789 224,732 Bank borrowings are repayable in quarterly instalments from 2022 \u2013 2027 with interest charged at SONIA (or equivalent benchmark rates) plus 1.95% - 2.10%. Bank borrowings are subject to joint and several guarantees from each active Group undertaking. The Group has undrawn committed loan facilities of \u00a3106m (2021: \u00a396.8m). The undiscounted contractual maturity profile of the Group\u2019s borrowings is described in note 3. Group net debt is analysed as per note 29 . 24 TRADE AND OTHER PAYABLES Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade payables 366,222 324,673 \u2013 \u2013 Amounts owed to related parties (see note 31) 314 136 \u2013 \u2013 Social security and other taxes 7,409 8,956 \u2013 \u2013 Accruals 52,258 53,450 \u2013 5 426,203 387,215 \u2013 5 The fair value of trade and other payables are the same as their carrying value. 25 DEFERRED INCOME TAX Group Accelerated capital allowances \u00a3\u2019000 Acquired intangible assets \u00a3\u2019000 IFRS 16 Leases \u00a3\u2019000 Other timing differences \u00a3\u2019000 Total \u00a3\u2019000 At 4 January 2021 3,304 (2,837) 2,575 793 3,835 Exchange differences (290) \u2013 \u2013 \u2013 (290) Acquisition (note 18) (Restated, note 2) (265) (3,001) \u2013 \u2013 (3,266 Income statement credit/(charge) (988) 465 2,731 \u2013 2,208 Adjustment in respect of employee share schemes \u2013 \u2013 \u2013 333 333 At 2 January 2022 1,761 (5,373) 5,306 1,126 2,820 Deferred tax on fair value uplift \u2013 (2,932) \u2013 \u2013 (2,932) Exchange differences (71) \u2013 216 40 185 Acquisition (note 18) 3,993 (8,925) \u2013 \u2013 (4,932) Income statement credit 587 1,309 1,323 551 3,770 Tax charged directly to equity \u2013 \u2013 \u2013 (1,031) (1,031) At 1 January 2023 6,270 (15,921) 6,845 686 (2,120) The following is the reconciliation of the deferred tax balances in the balance sheet: Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Deferred tax liabilities (15,921) (4,132) Deferred tax assets 13,801 6,952 (2,120) 2,820 Other timing differences principally relate to share-based payments. The deferred income tax liability above includes \u00a31,989,000 (2021: \u00a3281,000) which is estimated to reverse within 12 months. The deferred income tax asset above is not expected to reverse within 12 months. 26 ORDINARY SHARES Number of shares (thousands) Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Authorised, issued and fully paid ordinary shares of 10p each At 3 January 2022/4 January 2021 88,935 8,893 8,194 8,893 8,194 Issue of new shares relating to employee incentive schemes 498 50 26 50 26 Issue of new shares relating to Dalco acquisition \u2013 \u2013 15 \u2013 15 Issue of new shares relating to equity placing \u2013 \u2013 658 \u2013 658 At 1 January 2023/2 January 2022 89,433 8,943 8,893 8,943 8,893 All ordinary shares of 10p each have equal rights in respect of voting, receipt of dividends and repayment of capital. NOTES TO THE FINANCIAL STATEMENTS continued 27 SHARE-BASED PAYMENT
All-employee Sharesave scheme
These schemes are open to all eligible employees of the Group (including the Executive Directors) who make regular savings
over a three-year period. The exercise price of the granted options is equal to the market price of the shares on the date of the
grant. The options are exercisable starting three years from the grant date and must be exercised within six months thereafter.
No performance conditions are attached to the options granted under the scheme.
Long Term Incentive Plan (LTIP)
Under the Group\u2019s Long Term Incentive Plan nil cost share options are granted to Executive Directors and to selected senior
employees. The options are exercisable starting three years from the grant date subject to the Group achievement of performance
targets comprising minimum earnings per share (EPS), compound growth target and total shareholder return (TSR). Awards granted
during the period introduced three new ESG performance metrics.
Awards will vest on a sliding scale, with 10% vesting at threshold and 100% vesting at maximum, as follows:
Performance basis Threshold vesting Maximum vesting
EPS 5%-6% compound per year 12%\u201315% compound per year
TSR \u2013 performance against the constituents
of the FTSE 250 (excluding investment
trusts)
Median Upper quartile
ESG \u2013 Scope 1 and 2 energy 6.5% reduction over period 43.9% reduction over period
ESG \u2013 Recycled packaging 11.7% increase over period 28.3% increase over period
ESG \u2013 Food waste 15.0% reduction over period 30.0% reduction over period
The options have a contractual option term of 10 years. The Group has no legal or constructive obligation to repurchase or settle the
options in cash.
Movements in the number of share options outstanding and their related weighted exercise price are as follows:
Group
Sharesave Long-term incentive
Options
(\u2019000)
Exercise price
(pence)
Options
(\u2019000)
Exercise price
(pence)
At 4 January 2021 740 998.99 1,450 \u2013
Granted 226 1,200.00 370 \u2013
Exercised (263) 829.04 (212) \u2013
Lapsed (102) 1,121.39 (20) \u2013
At 2 January 2022 601 1,128.69 1,588 \u2013
Granted 231 1,204.00 366 \u2013
Exercised (117) 950.00 (219) \u2013
Lapsed (210) 1,198.80 (156) \u2013
At 1 January 2023 505 1,174.95 1,579 \u2013
27 SHARE-BASED PAYMENT continued Share options outstanding at the end of the period have the following expiry date and exercise prices: Number of options Group Expiry date Type of scheme Status Exercise price (pence) 2022 (\u2018000) 2021 (\u2018000) February 2023 Sharesave Exercisable 950.00 68 194 February 2024 Sharesave Not exercisable 1228.00 128 201 February 2025 Sharesave Not exercisable 1200.00 126 209 February 2026 Sharesave Not exercisable 1204.00 183 \u2013 April 2024 Long Term Incentive Plan Exercisable nil cost 2 2 April 2025 Long Term Incentive Plan Exercisable nil cost 55 60 April 2026 Long Term Incentive Plan Exercisable nil cost 63 66 April 2027 Long Term Incentive Plan Exercisable nil cost 55 92 May/July 2028 Long Term Incentive Plan Exercisable nil cost 129 246 May 2029 Long Term Incentive Plan Exercisable nil cost 217 399 Sep 2030 Long Term Incentive Plan Not exercisable nil cost 342 355 May 2031 Long Term Incentive Plan Not exercisable nil cost 356 367 May 2032 Long Term Incentive Plan Not exercisable nil cost 360 \u2013 Total 2,084 2,191 The fair value of options granted during 2022 determined using the Black-Scholes valuation model ranged from 1018p to 1108p per option. The significant inputs into the model were the exercise price shown above, volatility of 32-33% based on a comparison of similar listed companies, dividend yield of 2.14-2.44%, an expected option life of 3.0 years, and an annual risk-free interest rate of 0.11- 1.28%. See note 8 for the total expense recognised in the income statement for share options granted to Directors and employees. 28 CASH GENERATED FROM OPERATIONS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Profit before income tax 29,614 47,398 Finance costs \u2013 net 24,412 16,034 Operating profit 54,026 63,432 Adjustments for non-cash items: Share of post-tax profits of joint venture (1,235) (1,925) Depreciation of property, plant and equipment 46,985 44,186 Depreciation of leased assets 20,780 18,427 Impairment of property, plant and equipment \u2013 6,377 Disposal of leased assets destroyed by fire \u2013 2,239 Gain on early settlement of Belgium lease liabilities \u2013 (2,183) Amortisation of intangible assets 9,974 4,170 Gain on acquisition of Foods Connected Ltd (2022)/Dalco BV (2021) (2,701) (6,837) Loss/(gain) on disposal of non-current assets \u2013 195 Adjustment in respect of employee share schemes (655) 2,725 Changes in working capital: Inventories (23,741) (26,656) Trade and other receivables (14,443) (23,116) Trade and other payables 9,322 40,225 Cash generated from operations 98,312 121,259 The parent company has no operating cash flows. NOTES TO THE FINANCIAL STATEMENTS continued 29 ANALYSIS AND MOVEMENT IN NET DEBT
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
Group
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Cash and cash equivalents 87,224 140,170
Borrowings (including overdrafts) (298,789) (224,732)
Net bank debt (211,565) (84,562)
Lease liabilities (246,158) (243,396)
Net debt (457,723) (327,958)
Net debt reconciliation
Cash/other
financial
assets
\u00a3\u2019000
Bo rrow ing s
(including
overdrafts)
\u00a3\u2019000
Net
bank
debt
\u00a3\u2019000
Lease
liabilities
\u00a3\u2019000
Net
debt
\u00a3\u2019000
At 4 January 2021 123,816 (245,987) (122,171) (245,245) (367,416)
Cash flows 19,750 79,819 99,569 6,588 106,157
Lease additions \u2013 \u2013 \u2013 (5,549) (5,549)
Acquisition* \u2013 (10,328) (10,328) (12,397) (22,725)
Repaid on acquisition* 8,504 8,504 \u2013 8,504
New borrowings* \u2013 (65,237) (65,237) \u2013 (65,237)
Exchange adjustments (3,396) 8,497 5,101 10,652 15,753
Other changes \u2013 \u2013 \u2013 2,555 2,555
At 2 January 2022 140,170 (224,732) (84,562) (243,396) (327,958)
Cash flows (54,576) 228,565 173,989 15,631 189,620
Lease additions \u2013 \u2013 \u2013 (5,835) (5,835)
Acquisition \u2013 (56,938) (56,938) (3,214) (60,152)
Repaid on acquisition \u2013 56,938 56,938 \u2013 56,938
New borrowings \u2013 (295,790) (295,790) \u2013 (295,790)
Exchange adjustments 1,630 (6,832) (5,202) (9,306) (14,508)
Other changes \u2013 \u2013 \u2013 (38) (38)
At 1 January 2023 87,224 (298,789) (211,565) (246,158) (457,723)
* Restated (see note 2).
30 COMMITMENTS
Capital commitments
Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows:
Group Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Property, plant and equipment 20,309 12,268 \u2013 \u2013
31 RELATED PARTY TRANSACTIONS AND ULTIMATE CONTROLLING PARTY The Directors do not consider there to be one ultimate controlling party. The companies noted below are all deemed to be related parties by way of common Directors. Sales and purchases made on an arm\u2019s length basis on normal credit terms to related parties during the period were as follows: Group Sales 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sohi Meat Solutions Distribuicao de Carnes SA - fee for services 3,190 3,175 Sohi Meat Solutions Distribuicao de Carnes SA - recharge of joint venture costs 409 331 Dalco BV \u2013 438 Agito Holdings Limited 464 \u2013 Group Purchases 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Agito Holdings Limited 259 \u2013 Foods Connected Ltd \u2013 568 Amounts owing from related parties at the year end were as follows: Group Owed from related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Foods Connected Ltd \u2013 4 Agito Holdings Limited 464 \u2013 Sohi Meat Solutions Distribuicao de Carnes SA 374 561 838 565 Amounts owing to related parties at the period end were as follows: Group Owed to related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Foods Connected Ltd \u2013 127 Agito Holdings Limited 259 \u2013 Sohi Meat Solutions Distribuicao de Carnes SA 55 9 314 136 Transactions with Directors On 5 July 2022 the Group acquired a further 10% interest in its subsidiary Hilton Foods Solutions Limited from Group CEO Philip Heffer. The consideration for this acquisition was \u00a31,151,000 and takes the Group\u2019s interest in Hilton Foods Solutions Limited to 65%. See note 8 on directors emoluments. In the prior period the Group settled the deferred consideration liability recognised in respect of the acquisition of SV Cuisine Limited, making a payment of \u00a32.5m. The acquisition of SV Cuisine Limited was considered to be a related party transaction as prior to acquisition Philip Heffer, the Hilton Food Group Plc\u2019s CEO, Graham Heffer and Robert Heffer, both directors of the Group\u2019s subsidiary Hilton Food Solutions Limited, had each held a 30% shareholding in SV Cuisine Limited. 32 FINANCIAL INSTRUMENTS BY CATEGORY The accounting policies for financial instruments have been applied to the line items below: Group Assets 2022 Total \u00a3\u2019000 2021 Total \u00a3\u2019000 Trade and other receivables 251,966 227,111 251,966 227,111 NOTES TO THE FINANCIAL STATEMENTS continued Group
Liabilities
Financial
Liabilities at
Fair Value
\u00a3\u2019000
Financial
Liabilities at
Amortised
Cost
\u00a3\u2019000
2022
Total
\u00a3\u2019000
2021
Financial
Liabilities at
Amortised
Cost
\u00a3\u2019000
Trade and other payables \u2013 418,794 418,794 378,259
Financial liabilities at fair value through OCI 3,398 \u2013 3,398 \u2013
Borrowings \u2013 298,789 298,789 224,732
Lease liabilities \u2013 246,158 246,158 243,396
3,398 963,741 967,139 846,387
In addition to the above, amounts owed to the Company by Group undertakings of \u00a35,875,000 (2021: \u00a32,874,000) are classified
as \u2018financial assets at amortised cost\u2019.
33 ALTERNATIVE PERFORMANCE MEASURES
The Group\u2019s performance is assessed using a number of alternative performance measures (APMs).
The Group\u2019s alternative profitability measures are presented before exceptional items, amortisation of certain intangible assets and
depreciation of fair value adjustments made to property, plant and equipment acquired through business combinations and the
impact of IFRS 16 - Leases.
The measures are presented on this basis, as management uses these measures to assess business performance internally and
therefore believes they provide useful additional information about the Group\u2019s performance and aids a more effective comparison
of the Group\u2019s underlying trading performance from one period to the next.
Adjusted profitability measures are reconciled to unadjusted IFRS results on the face of the income statement below:
52 weeks ended
1 January 2023
Reported
\u00a3\u2019000
Add back:
IFRS 16
Depreciation
and interest
\u00a3\u2019000
Less: IAS
17 Lease
accounting
costs
\u00a3\u2019000
Reported
excluding
IFRS 16
\u00a3\u2019000
Exceptional
items
\u00a3\u2019000
Add back:
Amort & depn
of acquisition
fair value
adjustments
\u00a3\u2019000
Adjusted
\u00a3\u2019000
Operating profit -
excluding exceptional
items
65,922 20,780 (23,815) 62,887 \u2013 8,257 71,144
Exceptional items (11,896) \u2013 \u2013 (11,896) 11,896 \u2013 \u2013
Operating profit 54,026 20,780 (23,815) 50,991 11,896 8,257 71,144
Net finance costs (24,412) 8,758 \u2013 (15,654) \u2013 \u2013 (15,654)
Profit before income tax 29,614 29,538 (23,815) 35,337 11,896 8,257 55,490
Profit for the period 19,492 28,215 (23,815) 23,892 11,751 6,370 42,013
Less non-controlling
interest
(1,786) (3) \u2013 (1,789) \u2013 \u2013 (1,789)
Profit attributable to
members of the parent
17,706 28,212 (23,815) 22,103 11,751 6,370 40,224
Depreciation and
amortisation
77,769 (20,780) \u2013 56,989 \u2013 (8,257) 48,732
EBITDA 131,795 \u2013 (23,815) 107,980 11,896 \u2013 119,876
Earnings per share pence pence pence
Basic 19.8 24.8 45.1
Diluted 19.7 24.6 44.7
33 ALTERNATIVE PERFORMANCE MEASURES continued 52 weeks ended 2 January 2022 Reported \u00a3\u2019000 Add back: IFRS 16 Depreciation and interest \u00a3\u2019000 Less: IAS 17 Lease accounting costs \u00a3\u2019000 Reported excluding IFRS 16 \u00a3\u2019000 Exceptional items \u00a3\u2019000 Add back: Amort & depn of acquisition fair value adjustments \u00a3\u2019000 Adjusted \u00a3\u2019000 Operating profit \u2013 excluding exceptional items 70,482 18,214 (17,907) 70,789 \u2013 2,778 73,567 Exceptional items (7,050) 56 \u2013 (6,994) 6,994 \u2013 \u2013 Operating profit 63,432 18,270 (17,907) 63,795 6,994 2,778 73,567 Net finance costs (16,034) 8,498 \u2013 (7,536) 1,131 \u2013 (6,405) Profit before income tax 47,398 26,768 (17,907) 56,259 8,125 2,778 67,162 Profit for the period 39,282 24,037 (17,907) 45,412 5,009 2,250 52,671 Less non-controlling interest (2,139) (7) \u2013 (2,146) \u2013 \u2013 (2,146) Profit attributable to members of the parent 37,143 24,030 (17,907) 43,266 5,009 2,250 50,525 Depreciation and amortisation 75,596 (20,489) \u2013 55,107 (6,377) (2,778) 45,952 EBITDA 139,028 (2,219) (17,907) 118,902 617 \u2013 119,519 Earnings per share pence pence pence Basic 45.0 52.5 61.3 Diluted 44.5 51.8 60.5 The depreciation and amortisation figure includes \u00a3nil (2020: \u00a31,197,000) amortisation of contract assets charged to revenue and adds back a loss on disposal of \u00a3195,000 (2020: gain \u00a340,000). Segmental operating profit reconciles to adjusted segmental operating profit as follows: 52 weeks ended 1 January 2023 Reported \u00a3\u2019000 Add back: IFRS 16 Depreciation and interest \u00a3\u2019000 Less: IAS 17 Lease accounting costs \u00a3\u2019000 Reported excluding IFRS 16 \u00a3\u2019000 Exceptional items \u00a3\u2019000 Add back: Amort & depn of acquisition fair value adjustments \u00a3\u2019000 Adjusted \u00a3\u2019000 Europe 33,316 8,669 (9,584) 32,401 9,014 8,257 49,672 APAC 28,825 12,111 (14,231) 26,705 \u2013 \u2013 26,705 Central costs (8,115) \u2013 \u2013 (8,115) 2,882 \u2013 (5,233) Total 54,026 20,780 (23,815) 50,991 11,896 8,257 71,144 52 weeks ended 2 January 2022 Reported \u00a3\u2019000 Add back: IFRS 16 Depreciation and interest \u00a3\u2019000 Less: IAS 17 Lease accounting costs \u00a3\u2019000 Reported excluding IFRS 16 \u00a3\u2019000 Exceptional items \u00a3\u2019000 Add back: Amort & depn of acquisition fair value adjustments \u00a3\u2019000 Adjusted \u00a3\u2019000 Europe 52,307 6,393 (6,684) 52,016 6,994 2,778 61,788 APAC 21,716 11,877 (11,223) 22,370 \u2013 \u2013 22,370 Central costs (10,591) \u2013 \u2013 (10,591) \u2013 \u2013 (10,591 Total 63,432 18,270 (17,907) 63,795 6,994 2,778 73,567 NOTES TO THE FINANCIAL STATEMENTS continued",
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"value": "2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the periods presented, unless otherwise stated. Basis of preparation The consolidated and Company financial statements of Hilton Food Group plc have been prepared under the historical cost convention except for certain financial assets and liabilities measured at fair value and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The consolidated and company financial statements have been prepared on the going concern basis. The reasons why the Directors consider this basis to be appropriate are set out in the Performance and financial review on page 25. The financial statements are presented in Sterling and all values are rounded to the nearest thousand (\u00a3\u2019000) except when otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The financial information included in this preliminary announcement does not constitute statutory accounts of the Group for the years ended 1 January 2023 and 2 January 2022 but is derived from those accounts. Statutory accounts for 2021 have been delivered to the Registrar of Companies and those for 2022 will be delivered following the Company\u2019s Annual General Meeting. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. Basis of consolidation These consolidated financial statements comprise the financial statements of Hilton Food Group plc (\u2018the Company\u2019), its subsidiaries and its share of profit in joint ventures, together, (\u2018the Group\u2019) drawn up to 1 January 2023. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (i) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group 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 to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (see note 18). Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. (ii) Joint ventures Joint ventures are all entities over which the Group exercises joint control and has an interest in the net assets of that entity. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from joint ventures are recognised as a reduction in the carrying amount of the investment Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity -accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. Prior period adjustments Following discussions with the FRC in connection with their limited scope review of the 2021 Annual report, that was focused on disclosures relating to business combinations, prior period adjustments have been made to restate the Consolidated cash flow statement, Deferred tax disclosures (note 25) and the disclosures of the Analysis and movement in net debt (note 29). Presentation of cash outflow for the acquisition of subsidiary The 2021 Consolidated cash flow statement recognised a \u00a339,062,000 cash outflow within investing activities for the acquisition of subsidiary. This figure included: \u2013 \u00a38,504,000 of debt acquired as part of the acquisition of Fairfax Meadow Europe Limited (\u2018Fairfax Meadow\u2019) that was immediately repaid as a result of the requirements of change of control clauses within related bank facility agreements \u2013 \u00a31,825,000 of debt acquired as part of the Dalco acquisition \u2013 \u00a31,785,000 in respect of the fair value of shares transferred to the vendors as part of the consideration for the acquisition of Dalco. This amount was offset by a corresponding cash inflow recognised within the total \u00a377,123,000 cash inflow from the issue of ordinary shares included within financing activities (i) Acquisition of Fairfax Meadow The repayment of the loans acquired with Fairfax Meadow was triggered by pre-existing change of control clauses requiring the debt to be repaid and therefore, in accordance with IAS 7, the repayment of the acquired debt was classified within the cash outflow from the acquisition of a subsidiary. However, as the cash flows were not between the Group and the vendors of Fairfax Meadow the fair value of the acquired debt has been included within the fair value of assets and liabilities acquired rather than as part of the consideration. As a result of this classification the \u00a38,504,000 debt acquired and subsequently repaid should have been recognised as separate line items with the movements in net debt note. The movement in net debt detailed in note 29 for the 2021 financial period has therefore been restated to reflect this. (ii) Acquisition of Dalco The \u00a31,825,000 of debt acquired as part of the acquisition of Dalco was not repaid at the point of acquisition and the \u00a31,785,000 consideration paid in shares to the vendors was a non-cash item and therefore neither item should have been recognised as part of the cash outflow for the acquisition of a subsidiary. To correct this, the 2021 comparative cash flow statement has been restated as follows: \u2013 the cash outflow for the acquisition of subsidiary has been reduced by \u00a33,609,000 to \u00a335,453,000 with a corresponding \u00a33,609,000 reduction in the net cash outflow from investing activities to \u00a394,062,000. \u2013 Proceeds from borrowings reduced by \u00a31,825,000 to \u00a365,237,000. \u2013 Issue of ordinary shares reduced by \u00a31,785,000 to \u00a375,339,000. \u2013 With a corresponding overall reduction of \u00a33,609,000 in net cash generated from financing activities reduced to \u00a327,807,000. An adjustment has also been made to restate the movement in net debt for 2021 in note 29 to show \u00a31,825,000 of further debt acquired with a corresponding reduction to \u00a365,237,000 in the proceeds of new borrowings. Deferred tax The provisional fair value assessment of the assets and liabilities acquired through business combinations recognised in the 2021 Annual report included total deferred tax liabilities of \u00a33,266,000. In 2021\u2019s financial statement disclosures the total deferred tax amount recognised was included within the movement of deferred tax as a result of accelerated capital allowances. However, included within this total figure was \u00a33,001,000 recognised in respect of acquired brand and customer relationship intangible assets. The prior period deferred tax movements explained in note 25 have therefore been restated to correctly classify the movement that related to the valuation of acquired brand and customer relationship intangible assets. Depreciation Following a review of expense classification, the Group has reclassified depreciation relating to buildings, plant and machinery from administration expenses to cost of sales as these assets are directly involved in production. As a result, the Group has restated the comparative figures for this reclassification. The restatement has no impact on operating profit and results in cost of sales increasing by \u00a346,263,000 in the prior period with a corresponding reduction in gross profit. Other Administrative expenses have also therefore reduced by \u00a346,263,000. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued International Financial Reporting Standards (a) New standards, amendments and interpretations effective in 2022 The Group has applied the following amendments for the first time for their annual reporting period commencing 3 January 2022: \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16; \u2013 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2013 Annual Improvements to IFRS Standards 2018-2020; and \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (b) New standard, amendments and interpretations issued but not yet effective Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods an on foreseeable future transactions. Group leasing activities and accounting treatment The Group\u2019s leases relate to property leases for a number of food processing facilities, leases of plant and equipment and leases of motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognised 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 repayment of the lease 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 depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The depreciation is being charged to administration and cost of sales expenses in the Group\u2019s income statement. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2013 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2013 variable lease payments that are based on an index or a rate; \u2013 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; \u2013 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and, \u2013 only leases of a value above \u00a31,000 have been considered. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2013 the amount of the initial measurement of lease liability; \u2013 any lease payments made at or before the commencement date less any lease incentives received; and \u2013 any initial direct costs. Payments associated with short-term leases and leases of low-value assets are recognised 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 comprise IT equipment and small items of office equipment. Extension and termination options Extension and termination options are included in a number of property leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Revenue recognition The Group sources raw material food proteins often in conjunction with its customers. The raw materials are then processed, packed and delivered to customers. Revenue is recognised at a point in time when control of the products has transferred, that is when the products have been delivered to the customer\u2019s specified location or have been collected by the customer from the Group\u2019s facilities. At that point the customers have obtained all the benefits of the products and have full discretion over the channel and price to sell the products, and the Group has no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location or have been collected by the customer, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the Group has objective evidence that all criteria for acceptance have been satisfied. The products are sold with discounts and rebates which are based on contractual arrangements. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated discounts or rebate. Accumulated experience is used to estimate and provide for the discounts and rebates, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A receivable/payable is recognised for expected rebates and discounts are deducted from the amount receivable from the customer. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of operating segments, has been identified as the Group\u2019s Executive Directors. Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2013 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; \u2013 income and expenses for each income statement are translated at average exchange rates (unless this average 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 rate on the dates of the transactions); and \u2013 all resulting currency translation differences are recognised in other comprehensive income and disclosed as a separate component of equity in a foreign currency translation reserve. The profit and loss of designated cash flow hedges goes through other comprehensive income and cash flow hedging reserve. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred to the former owners of the acquired businesses and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. If control of a subsidiary is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Transactions with non-controlling interests that result in changes to the ownership interest of a subsidiary do not result in a fair value remeasurement but are instead accounted for as adjustments to equity attributed to the owners of the parent. Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment to their residual values over their estimated useful economic lives, as follows: Annual rate Buildings (including leasehold improvements) 4% - 14% Plant and machinery 14% - 33% Fixtures and fittings 14% - 33% Motor vehicles 25% Land is not depreciated. Assets in the course of construction are not depreciated until commissioned. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued The residual value and useful economic lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying value is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. These impairment losses are recognised in the income statement. Following the recognition of an impairment loss, the depreciation charge applicable to the asset is adjusted prospectively in order to systematically allocate the revised carrying amount, net of any residual value, over the remaining useful economic life. Intangible assets (a) Goodwill Goodwill on acquisitions of subsidiaries and purchase of non-controlling interests is included in \u2018intangible assets\u2019, tested annually for impairment and carried at cost less accumulated impairment losses. All business units acquired in the period are also tested for goodwill. Goodwill represents the excess of the cost of the acquisition or purchase over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or non-controlling interest at the date of acquisition (See note 15). (b) Other intangibles Other intangibles include acquired software licences, customer relationships and brands and are stated at cost or acquisition fair value less accumulated amortisation. Software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is charged on a straight-line basis over the assets\u2019 useful economic lives of 3 to 22 years. Investments Investments in subsidiary undertakings and joint ventures are carried at cost less provision for impairment. Impairment of non-financial assets Assets that have an indefinite useful economic life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Non-financial assets other than goodwill that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Financial assets a) Classification The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest. These items are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. Such assets include, \u2018trade and other receivables\u2019, \u2018cash and cash equivalents\u2019 and \u2018other financial assets\u2019 in the balance sheet. b) Recognition and measurement Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are recognised initially at the amount of consideration that is unconditional, unless they contain a significant financing component, in which case they are recognised at fair value. These assets are held with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. c) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all financial assets. Once the expected credit loss has been determined, this is deducted from the carrying value of the asset and recognised in the consolidated income statement. Derivative financial instruments and hedging activities The Group\u2019s policy is only to use forward currency exchange rate contracts for the purpose of mitigating commodity risk occurring in the normal course of business. At no time will the Group take positions in derivative instruments for the purpose of earning a stand-alone profit from such instruments. A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates each hedge as either: (a) fair value hedge or (b) cash flow hedge. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise. The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items. The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability. a) Fair value hedge The Group has entered into currency forwards that are fair value hedges for currency risk arising from its firm commitments for purchases and sales denominated in foreign currencies (\u201chedged item\u201d). The fair value changes on the hedged item resulting from currency risk are recognised in profit or loss. The fair value changes on the effective portion of currency forwards designated as fair value hedges are recognised in profit or loss within the same line item as the fair value changes from the hedged item. The fair value changes on the ineffective portion of currency forwards are recognised separately in profit or loss. b) Cash flow hedge Currency forwards The Group has entered into currency forwards that qualify as cash flow hedges against highly probable forecasted transactions in foreign currencies. The fair value changes on the effective portion of the currency forwards designated as cash flow hedges are recognised in the hedging reserve and transferred to either the cost of a hedged non-monetary asset upon acquisition or profit or loss when the hedged forecast transactions are recognised. The fair value changes on the ineffective portion are recognised immediately in profit or loss. When a forecasted transaction is no longer expected to occur, the gains and losses that were previously recognised in the hedging reserve are reclassified to profit or loss immediately. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is either determined on the first-in-first out basis or by the \u2018retail method\u2019 depending on the subsidiary. The \u2018retail method\u2019 computes cost on the basis of selling price less the appropriate trading margin. Cost comprises material costs, direct wages and other direct production costs together with a proportion of production overheads relevant to the stage of completion of work in progress and finished goods and excludes borrowing costs. Net realisable value represents the estimated selling price less costs to completion and appropriate selling and distribution costs. Provision is made, where necessary, for slow moving, obsolete and defective inventories. Trade and other receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 20. The Group applies the IFRS 9 simplified approach to measuring expected credit loss which uses a lifetime expected loss allowance for all trade receivables and contract assets. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Bank overdrafts are shown on the balance sheet within borrowings in current liabilities. Other financial assets \u2013 restricted cash Where cash is held for a specific purpose and is therefore not available for immediate or general business use it is recognised as restricted cash and classified as another financial asset. Share capital and reserves Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. The share premium and employee share schemes reserve represents the premium on new shares issued in connection with and the fair value of share options outstanding under the Group\u2019s share schemes respectively. The foreign currency translation reserve represents the cumulative currency differences arising on the translation of the Group\u2019s overseas subsidiaries. The merger and reverse acquisition reserves arose during 2007 following the restructuring of the Group. Trade and other payables Trade payables represent obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued Borrowings All borrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised 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. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs directly attributable to an acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge represents the expected tax payable or recoverable on the taxable profit for the period using tax laws enacted or substantively enacted at the balance sheet date. Deferred income tax is recognised, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Employment benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Pensions and other post-employment benefits The Group operates defined contribution schemes for certain employees in the UK, Ireland, the Netherlands, Belgium, Denmark, Australia and New Zealand. The Group contributes to a state administered money purchase scheme in Poland. The Group pays contributions to publicly or privately administered pension insurance plans and has no further payment obligations once the contributions have been made. The contributions are recognised as an employee benefit expense when they are due. In the Netherlands and Sweden the Group contributes to industry-wide pension schemes for its employees. Although having some defined benefit features, the Group\u2019s liability to these schemes is limited to the fixed contributions which are recognised as an expense when they are due. Accordingly, the Group has accounted for these schemes as defined contribution schemes . Share-based payments The Group operates a number of share-based compensation plans that have been accounted for as equity-settled schemes. The fair value of the employee services received in exchange for the grant of options is recognised as an expense with a corresponding adjustment to equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest based on non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. All adjustments to equity are recognised as a separate component of equity in an employee share scheme reserve. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium Dividend distribution Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the consolidated financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Exceptional Items Exceptional items are not defined under IFRS. However, the Group classifies Exceptional Items as those that are separately identifiable by virtue of their size, nature or expected frequency and that therefore warrant separate presentation. The Group has treated acquisition costs, including legal and professional fees and stamp duty costs, as exceptional due to the size and expected frequency of acquisitions. As detailed in note 9 during the period to 1 January 2023 the Group has recognised exceptional items in respect of the fire at its facility in Belgium, as a consequence of acquisition-related costs incurred in the period, business restructuring costs and in respect of a gain made on accounting for the acquisition of a 15% share of its Foods Connected Ltd joint venture. The income statement separately shows the impact of the exceptional items on reported operating profit with further reconciliations between statutory and adjusted measures used by the Group presented in note 33. Presentation of these exceptional items and the reconciliations between adjusted and statutory measures is not intended to be a substitute for or intended to promote the adjusted measures above statutory measures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-492": {
"value": "Basis of preparation The consolidated and Company financial statements of Hilton Food Group plc have been prepared under the historical cost convention except for certain financial assets and liabilities measured at fair value and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The consolidated and company financial statements have been prepared on the going concern basis. The reasons why the Directors consider this basis to be appropriate are set out in the Performance and financial review on page 25. The financial statements are presented in Sterling and all values are rounded to the nearest thousand (\u00a3\u2019000) except when otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The financial information included in this preliminary announcement does not constitute statutory accounts of the Group for the years ended 1 January 2023 and 2 January 2022 but is derived from those accounts. Statutory accounts for 2021 have been delivered to the Registrar of Companies and those for 2022 will be delivered following the Company\u2019s Annual General Meeting. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-493": {
"value": "Basis of consolidation These consolidated financial statements comprise the financial statements of Hilton Food Group plc (\u2018the Company\u2019), its subsidiaries and its share of profit in joint ventures, together, (\u2018the Group\u2019) drawn up to 1 January 2023. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (i) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group 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 to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (see note 18). Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. (ii) Joint ventures Joint ventures are all entities over which the Group exercises joint control and has an interest in the net assets of that entity. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from joint ventures are recognised as a reduction in the carrying amount of the investment . Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity -accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-494": {
"value": "Prior period adjustments Following discussions with the FRC in connection with their limited scope review of the 2021 Annual report, that was focused on disclosures relating to business combinations, prior period adjustments have been made to restate the Consolidated cash flow statement, Deferred tax disclosures (note 25) and the disclosures of the Analysis and movement in net debt (note 29). ",
"dimensions": {
"concept": "hiltonfoodgroupplc:DescriptionOfAccountingPolicyForPriorPeriodAdjustments",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-495": {
"value": "Presentation of cash outflow for the acquisition of subsidiary The 2021 Consolidated cash flow statement recognised a \u00a339,062,000 cash outflow within investing activities for the acquisition of subsidiary. This figure included: \u2013 \u00a38,504,000 of debt acquired as part of the acquisition of Fairfax Meadow Europe Limited (\u2018Fairfax Meadow\u2019) that was immediately repaid as a result of the requirements of change of control clauses within related bank facility agreements \u2013 \u00a31,825,000 of debt acquired as part of the Dalco acquisition \u2013 \u00a31,785,000 in respect of the fair value of shares transferred to the vendors as part of the consideration for the acquisition of Dalco. This amount was offset by a corresponding cash inflow recognised within the total \u00a377,123,000 cash inflow from the issue of ordinary shares included within financing activities (i) Acquisition of Fairfax Meadow The repayment of the loans acquired with Fairfax Meadow was triggered by pre-existing change of control clauses requiring the debt to be repaid and therefore, in accordance with IAS 7, the repayment of the acquired debt was classified within the cash outflow from the acquisition of a subsidiary. However, as the cash flows were not between the Group and the vendors of Fairfax Meadow the fair value of the acquired debt has been included within the fair value of assets and liabilities acquired rather than as part of the consideration. As a result of this classification the \u00a38,504,000 debt acquired and subsequently repaid should have been recognised as separate line items with the movements in net debt note. The movement in net debt detailed in note 29 for the 2021 financial period has therefore been restated to reflect this. (ii) Acquisition of Dalco The \u00a31,825,000 of debt acquired as part of the acquisition of Dalco was not repaid at the point of acquisition and the \u00a31,785,000 consideration paid in shares to the vendors was a non-cash item and therefore neither item should have been recognised as part of the cash outflow for the acquisition of a subsidiary. To correct this, the 2021 comparative cash flow statement has been restated as follows: \u2013 the cash outflow for the acquisition of subsidiary has been reduced by \u00a33,609,000 to \u00a335,453,000 with a corresponding \u00a33,609,000 reduction in the net cash outflow from investing activities to \u00a394,062,000. \u2013 Proceeds from borrowings reduced by \u00a31,825,000 to \u00a365,237,000. \u2013 Issue of ordinary shares reduced by \u00a31,785,000 to \u00a375,339,000. \u2013 With a corresponding overall reduction of \u00a33,609,000 in net cash generated from financing activities reduced to \u00a327,807,000. An adjustment has also been made to restate the movement in net debt for 2021 in note 29 to show \u00a31,825,000 of further debt acquired with a corresponding reduction to \u00a365,237,000 in the proceeds of new borrowings. ",
"dimensions": {
"concept": "hiltonfoodgroupplc:DescriptionOfAccountingPolicyForPresentationOfCashOutflowForTheAcquisitionOfSubsidiary",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-552": {
"value": "Deferred tax The provisional fair value assessment of the assets and liabilities acquired through business combinations recognised in the 2021 Annual report included total deferred tax liabilities of \u00a33,266,000. In 2021\u2019s financial statement disclosures the total deferred tax amount recognised was included within the movement of deferred tax as a result of accelerated capital allowances. However, included within this total figure was \u00a33,001,000 recognised in respect of acquired brand and customer relationship intangible assets. The prior period deferred tax movements explained in note 25 have therefore been restated to correctly classify the movement that related to the valuation of acquired brand and customer relationship intangible assets. Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge represents the expected tax payable or recoverable on the taxable profit for the period using tax laws enacted or substantively enacted at the balance sheet date. Deferred income tax is recognised, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-496": {
"value": "Depreciation Following a review of expense classification, the Group has reclassified depreciation relating to buildings, plant and machinery from administration expenses to cost of sales as these assets are directly involved in production. As a result, the Group has restated the comparative figures for this reclassification. The restatement has no impact on operating profit and results in cost of sales increasing by \u00a346,263,000 in the prior period with a corresponding reduction in gross profit. Other Administrative expenses have also therefore reduced by \u00a346,263,000. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-497": {
"value": "International Financial Reporting Standards (a) New standards, amendments and interpretations effective in 2022 The Group has applied the following amendments for the first time for their annual reporting period commencing 3 January 2022: \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16; \u2013 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2013 Annual Improvements to IFRS Standards 2018-2020; and \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (b) New standard, amendments and interpretations issued but not yet effective Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods an on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-498": {
"value": "Group leasing activities and accounting treatment The Group\u2019s leases relate to property leases for a number of food processing facilities, leases of plant and equipment and leases of motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognised 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 repayment of the lease 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 depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The depreciation is being charged to administration and cost of sales expenses in the Group\u2019s income statement. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2013 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2013 variable lease payments that are based on an index or a rate; \u2013 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; \u2013 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and, \u2013 only leases of a value above \u00a31,000 have been considered. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2013 the amount of the initial measurement of lease liability; \u2013 any lease payments made at or before the commencement date less any lease incentives received; and \u2013 any initial direct costs. Payments associated with short-term leases and leases of low-value assets are recognised 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 comprise IT equipment and small items of office equipment. ",
"dimensions": {
"concept": "hiltonfoodgroupplc:DescriptionOfAccountingPolicyForGroupLeasingActivitiesAndAccountingTreatment",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-499": {
"value": "Extension and termination options Extension and termination options are included in a number of property leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. ",
"dimensions": {
"concept": "hiltonfoodgroupplc:DescriptionOfAccountingPolicyForExtensionAndTerminationOptions",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-500": {
"value": "Revenue recognition The Group sources raw material food proteins often in conjunction with its customers. The raw materials are then processed, packed and delivered to customers. Revenue is recognised at a point in time when control of the products has transferred, that is when the products have been delivered to the customer\u2019s specified location or have been collected by the customer from the Group\u2019s facilities. At that point the customers have obtained all the benefits of the products and have full discretion over the channel and price to sell the products, and the Group has no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location or have been collected by the customer, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the Group has objective evidence that all criteria for acceptance have been satisfied. The products are sold with discounts and rebates which are based on contractual arrangements. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated discounts or rebate. Accumulated experience is used to estimate and provide for the discounts and rebates, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A receivable/payable is recognised for expected rebates and discounts are deducted from the amount receivable from the customer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-501": {
"value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of operating segments, has been identified as the Group\u2019s Executive Directors. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-554": {
"value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2013 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; \u2013 income and expenses for each income statement are translated at average exchange rates (unless this average 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 rate on the dates of the transactions); and \u2013 all resulting currency translation differences are recognised in other comprehensive income and disclosed as a separate component of equity in a foreign currency translation reserve. The profit and loss of designated cash flow hedges goes through other comprehensive income and cash flow hedging reserve. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-502": {
"value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2013 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; \u2013 income and expenses for each income statement are translated at average exchange rates (unless this average 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 rate on the dates of the transactions); and \u2013 all resulting currency translation differences are recognised in other comprehensive income and disclosed as a separate component of equity in a foreign currency translation reserve. The profit and loss of designated cash flow hedges goes through other comprehensive income and cash flow hedging reserve. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-553": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred to the former owners of the acquired businesses and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. If control of a subsidiary is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Transactions with non-controlling interests that result in changes to the ownership interest of a subsidiary do not result in a fair value remeasurement but are instead accounted for as adjustments to equity attributed to the owners of the parent. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-503": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred to the former owners of the acquired businesses and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. If control of a subsidiary is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Transactions with non-controlling interests that result in changes to the ownership interest of a subsidiary do not result in a fair value remeasurement but are instead accounted for as adjustments to equity attributed to the owners of the parent. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-504": {
"value": "Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment to their residual values over their estimated useful economic lives, as follows: Annual rate Buildings (including leasehold improvements) 4% - 14% Plant and machinery 14% - 33% Fixtures and fittings 14% - 33% Motor vehicles 25% Land is not depreciated. Assets in the course of construction are not depreciated until commissioned. The residual value and useful economic lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying value is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. These impairment losses are recognised in the income statement. Following the recognition of an impairment loss, the depreciation charge applicable to the asset is adjusted prospectively in order to systematically allocate the revised carrying amount, net of any residual value, over the remaining useful economic life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-505": {
"value": "Intangible assets (a) Goodwill Goodwill on acquisitions of subsidiaries and purchase of non-controlling interests is included in \u2018intangible assets\u2019, tested annually for impairment and carried at cost less accumulated impairment losses. All business units acquired in the period are also tested for goodwill. Goodwill represents the excess of the cost of the acquisition or purchase over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or non-controlling interest at the date of acquisition (See note 15). (b) Other intangibles Other intangibles include acquired software licences, customer relationships and brands and are stated at cost or acquisition fair value less accumulated amortisation. Software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is charged on a straight-line basis over the assets\u2019 useful economic lives of 3 to 22 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-556": {
"value": "(a) Goodwill Goodwill on acquisitions of subsidiaries and purchase of non-controlling interests is included in \u2018intangible assets\u2019, tested annually for impairment and carried at cost less accumulated impairment losses. All business units acquired in the period are also tested for goodwill. Goodwill represents the excess of the cost of the acquisition or purchase over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or non-controlling interest at the date of acquisition (See note 15). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-555": {
"value": "(b) Other intangibles Other intangibles include acquired software licences, customer relationships and brands and are stated at cost or acquisition fair value less accumulated amortisation. Software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Amortisation is charged on a straight-line basis over the assets\u2019 useful economic lives of 3 to 22 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-572": {
"value": "Investments Investments in subsidiary undertakings and joint ventures are carried at cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-557": {
"value": "Investments Investments in subsidiary undertakings and joint ventures are carried at cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-506": {
"value": "Investments Investments in subsidiary undertakings and joint ventures are carried at cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-507": {
"value": "Impairment of non-financial assets Assets that have an indefinite useful economic life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Non-financial assets other than goodwill that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-508": {
"value": "Financial assets a) Classification The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest. These items are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. Such assets include, \u2018trade and other receivables\u2019, \u2018cash and cash equivalents\u2019 and \u2018other financial assets\u2019 in the balance sheet. b) Recognition and measurement Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are recognised initially at the amount of consideration that is unconditional, unless they contain a significant financing component, in which case they are recognised at fair value. These assets are held with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. c) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all financial assets. Once the expected credit loss has been determined, this is deducted from the carrying value of the asset and recognised in the consolidated income statement. Derivative financial instruments and hedging activities The Group\u2019s policy is only to use forward currency exchange rate contracts for the purpose of mitigating commodity risk occurring in the normal course of business. At no time will the Group take positions in derivative instruments for the purpose of earning a stand-alone profit from such instruments. A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates each hedge as either: (a) fair value hedge or (b) cash flow hedge. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise. The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items. The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability. a) Fair value hedge The Group has entered into currency forwards that are fair value hedges for currency risk arising from its firm commitments for purchases and sales denominated in foreign currencies (\u201chedged item\u201d). The fair value changes on the hedged item resulting from currency risk are recognised in profit or loss. The fair value changes on the effective portion of currency forwards designated as fair value hedges are recognised in profit or loss within the same line item as the fair value changes from the hedged item. The fair value changes on the ineffective portion of currency forwards are recognised separately in profit or loss. b) Cash flow hedge Currency forwards The Group has entered into currency forwards that qualify as cash flow hedges against highly probable forecasted transactions in foreign currencies. The fair value changes on the effective portion of the currency forwards designated as cash flow hedges are recognised in the hedging reserve and transferred to either the cost of a hedged non-monetary asset upon acquisition or profit or loss when the hedged forecast transactions are recognised. The fair value changes on the ineffective portion are recognised immediately in profit or loss. When a forecasted transaction is no longer expected to occur, the gains and losses that were previously recognised in the hedging reserve are reclassified to profit or loss immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-558": {
"value": "Financial assets a) Classification The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest. These items are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. Such assets include, \u2018trade and other receivables\u2019, \u2018cash and cash equivalents\u2019 and \u2018other financial assets\u2019 in the balance sheet. b) Recognition and measurement Purchases and sales of financial assets are recognised on trade date being the date on which the Group commits to purchase or sell the asset. Financial assets are recognised initially at the amount of consideration that is unconditional, unless they contain a significant financing component, in which case they are recognised at fair value. These assets are held with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. c) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all financial assets. Once the expected credit loss has been determined, this is deducted from the carrying value of the asset and recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-573": {
"value": "c) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all financial assets. Once the expected credit loss has been determined, this is deducted from the carrying value of the asset and recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-574": {
"value": "Derivative financial instruments and hedging activities The Group\u2019s policy is only to use forward currency exchange rate contracts for the purpose of mitigating commodity risk occurring in the normal course of business. At no time will the Group take positions in derivative instruments for the purpose of earning a stand-alone profit from such instruments. A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates each hedge as either: (a) fair value hedge or (b) cash flow hedge. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise. The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items. The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-559": {
"value": "Derivative financial instruments and hedging activities The Group\u2019s policy is only to use forward currency exchange rate contracts for the purpose of mitigating commodity risk occurring in the normal course of business. At no time will the Group take positions in derivative instruments for the purpose of earning a stand-alone profit from such instruments. A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates each hedge as either: (a) fair value hedge or (b) cash flow hedge. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise. The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items. The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability. a) Fair value hedge The Group has entered into currency forwards that are fair value hedges for currency risk arising from its firm commitments for purchases and sales denominated in foreign currencies (\u201chedged item\u201d). The fair value changes on the hedged item resulting from currency risk are recognised in profit or loss. The fair value changes on the effective portion of currency forwards designated as fair value hedges are recognised in profit or loss within the same line item as the fair value changes from the hedged item. The fair value changes on the ineffective portion of currency forwards are recognised separately in profit or loss. b) Cash flow hedge Currency forwards The Group has entered into currency forwards that qualify as cash flow hedges against highly probable forecasted transactions in foreign currencies. The fair value changes on the effective portion of the currency forwards designated as cash flow hedges are recognised in the hedging reserve and transferred to either the cost of a hedged non-monetary asset upon acquisition or profit or loss when the hedged forecast transactions are recognised. The fair value changes on the ineffective portion are recognised immediately in profit or loss. When a forecasted transaction is no longer expected to occur, the gains and losses that were previously recognised in the hedging reserve are reclassified to profit or loss immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-575": {
"value": "a) Fair value hedge The Group has entered into currency forwards that are fair value hedges for currency risk arising from its firm commitments for purchases and sales denominated in foreign currencies (\u201chedged item\u201d). The fair value changes on the hedged item resulting from currency risk are recognised in profit or loss. The fair value changes on the effective portion of currency forwards designated as fair value hedges are recognised in profit or loss within the same line item as the fair value changes from the hedged item. The fair value changes on the ineffective portion of currency forwards are recognised separately in profit or loss. b) Cash flow hedge Currency forwards The Group has entered into currency forwards that qualify as cash flow hedges against highly probable forecasted transactions in foreign currencies. The fair value changes on the effective portion of the currency forwards designated as cash flow hedges are recognised in the hedging reserve and transferred to either the cost of a hedged non-monetary asset upon acquisition or profit or loss when the hedged forecast transactions are recognised. The fair value changes on the ineffective portion are recognised immediately in profit or loss. When a forecasted transaction is no longer expected to occur, the gains and losses that were previously recognised in the hedging reserve are reclassified to profit or loss immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-509": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is either determined on the first-in-first out basis or by the \u2018retail method\u2019 depending on the subsidiary. The \u2018retail method\u2019 computes cost on the basis of selling price less the appropriate trading margin. Cost comprises material costs, direct wages and other direct production costs together with a proportion of production overheads relevant to the stage of completion of work in progress and finished goods and excludes borrowing costs. Net realisable value represents the estimated selling price less costs to completion and appropriate selling and distribution costs. Provision is made, where necessary, for slow moving, obsolete and defective inventories. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-510": {
"value": "Trade and other receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 20. The Group applies the IFRS 9 simplified approach to measuring expected credit loss which uses a lifetime expected loss allowance for all trade receivables and contract assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-511": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Bank overdrafts are shown on the balance sheet within borrowings in current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-512": {
"value": "Other financial assets \u2013 restricted cash Where cash is held for a specific purpose and is therefore not available for immediate or general business use it is recognised as restricted cash and classified as another financial asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-513": {
"value": "Share capital and reserves Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. The share premium and employee share schemes reserve represents the premium on new shares issued in connection with and the fair value of share options outstanding under the Group\u2019s share schemes respectively. The foreign currency translation reserve represents the cumulative currency differences arising on the translation of the Group\u2019s overseas subsidiaries. The merger and reverse acquisition reserves arose during 2007 following the restructuring of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-514": {
"value": "Trade and other payables Trade payables represent obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-515": {
"value": "Borrowings All borrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised 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. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs directly attributable to an acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. All other borrowing costs are recognised in the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-516": {
"value": "Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge represents the expected tax payable or recoverable on the taxable profit for the period using tax laws enacted or substantively enacted at the balance sheet date. Deferred income tax is recognised, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-517": {
"value": "Employment benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Pensions and other post-employment benefits The Group operates defined contribution schemes for certain employees in the UK, Ireland, the Netherlands, Belgium, Denmark, Australia and New Zealand. The Group contributes to a state administered money purchase scheme in Poland. The Group pays contributions to publicly or privately administered pension insurance plans and has no further payment obligations once the contributions have been made. The contributions are recognised as an employee benefit expense when they are due. In the Netherlands and Sweden the Group contributes to industry-wide pension schemes for its employees. Although having some defined benefit features, the Group\u2019s liability to these schemes is limited to the fixed contributions which are recognised as an expense when they are due. Accordingly, the Group has accounted for these schemes as defined contribution schemes ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-518": {
"value": "Share-based payments The Group operates a number of share-based compensation plans that have been accounted for as equity-settled schemes. The fair value of the employee services received in exchange for the grant of options is recognised as an expense with a corresponding adjustment to equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest based on non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. All adjustments to equity are recognised as a separate component of equity in an employee share scheme reserve. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-519": {
"value": "Dividend distribution Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the consolidated financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-520": {
"value": "Exceptional Items Exceptional items are not defined under IFRS. However, the Group classifies Exceptional Items as those that are separately identifiable by virtue of their size, nature or expected frequency and that therefore warrant separate presentation. The Group has treated acquisition costs, including legal and professional fees and stamp duty costs, as exceptional due to the size and expected frequency of acquisitions. As detailed in note 9 during the period to 1 January 2023 the Group has recognised exceptional items in respect of the fire at its facility in Belgium, as a consequence of acquisition-related costs incurred in the period, business restructuring costs and in respect of a gain made on accounting for the acquisition of a 15% share of its Foods Connected Ltd joint venture. The income statement separately shows the impact of the exceptional items on reported operating profit with further reconciliations between statutory and adjusted measures used by the Group presented in note 33. Presentation of these exceptional items and the reconciliations between adjusted and statutory measures is not intended to be a substitute for or intended to promote the adjusted measures above statutory measures. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-521": {
"value": "3 FINANCIAL RISK MANAGEMENT Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk including price risk, foreign exchange risk and cash flow interest rate risk, credit risk and liquidity risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring the foregoing risks. (a) Market risk (i) Price risk The Group is not exposed to equity securities price risk as it holds no listed or other equity investments. The Group is exposed to commodity price risk which is significantly mitigated through its customer agreements which are on a cost plus or agreed packing rate basis. (ii) Foreign exchange risk The Group is exposed to foreign exchange risk in the normal course of business in its overseas operations, principally on transactions in Euros, Swedish Krona, Danish Krone, Polish Zloty, US Dollars, Australian Dollars and New Zealand Dollars although such risk is mitigated as natural hedges exist in each operation through matching local currency cash flows. The Group regularly monitors foreign exchange exposure and is exposed to foreign exchange risk where some of its sales and purchases are denominated in US Dollars. The policy is to hedge material foreign exchange risk associated with highly probable forecast transactions with its key US customers based on firm commitments and monetary items denominated in foreign currencies. (iii) Cash flow interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. (iv) Sensitivity analysis 2022 2021 Group Income statement \u00a3\u2019000 Equity \u00a3\u2019000 Income statement \u00a3\u2019000 Equity \u00a3\u2019000 Annual effect of a change in Group-wide interest rates by - 0.5% 1,495 1,495 885 885 Annual effect of a change in Group-wide interest rates by +0.5% (1,495) (1,495) (885) (885) Annual effect of a change in exchange rates to the GBP \u00a3 by +10% 2,639 23,434 3,913 14,715 Annual effect of a change in exchange rates to the GBP \u00a3 by -10% (2,159) (19,173) (3,202) (12,040) (b) Credit risk The Group is exposed to credit risk in respect of credit exposures to its retail customer partners and banking arrangements. The majority of the Group\u2019s customers are comprised of blue chip international supermarket retailers, and the Group has implemented policies that require appropriate credit checks on potential customers before sales are made and in relation to its banking partners. The Group\u2019s maximum exposure to credit risk is \u00a3252.0m (2021: \u00a3227.1m) as stated in note 32. 3 FINANCIAL RISK MANAGEMENT continued (c) Liquidity risk The Group monitors regular cash forecasts to ensure that it has sufficient cash to meet operational needs whilst maintaining sufficient headroom on its undrawn committed borrowing facilities and without breaching its banking covenants. The Group held significant cash and cash equivalents of \u00a387.2m (2021: \u00a3140.2m) and maintains a mix of long-term and short-term debt finance. The Group\u2019s financial liabilities measured as the contractual undiscounted cash flows mature as follows: 2022 2021 Borrowings \u00a3\u2019000 Leases \u00a3\u2019000 Trade and other payables \u00a3\u2019000 Borrowings \u00a3\u2019000 Leases \u00a3\u2019000 Trade and other payables \u00a3\u2019000 Less than one year 28,279 22,645 418,794 224,732 22,716 378,258 Between one and two years 27,188 22,793 \u2013 \u2013 20,873 \u2013 Between two and five years 54,375 63,656 \u2013 \u2013 58,137 \u2013 Over five years 188,947 220,081 \u2013 \u2013 233,673 \u2013 Capital risk management The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of a gearing ratio. This ratio is calculated as net bank debt as per note 29 divided by EBITDA as shown in note 33. Net bank debt is calculated as total borrowings (including \u2018current and non-current borrowings\u2019 as shown on the consolidated balance sheet) less cash and cash equivalents. EBITDA is calculated as operating profit less interest, tax, depreciation and amortisation, excluding the impact of IFRS 16. The gearing of the Group was 177% as at the period end (2021: 69.5%). Fair value estimation The carrying value of trade receivables (less impairment provisions) and trade payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The Directors consider that there is a single level of fair value measurement hierarchy for disclosure purposes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-560": {
"value": "(a) Market risk (i) Price risk The Group is not exposed to equity securities price risk as it holds no listed or other equity investments. The Group is exposed to commodity price risk which is significantly mitigated through its customer agreements which are on a cost plus or agreed packing rate basis. (ii) Foreign exchange risk The Group is exposed to foreign exchange risk in the normal course of business in its overseas operations, principally on transactions in Euros, Swedish Krona, Danish Krone, Polish Zloty, US Dollars, Australian Dollars and New Zealand Dollars although such risk is mitigated as natural hedges exist in each operation through matching local currency cash flows. The Group regularly monitors foreign exchange exposure and is exposed to foreign exchange risk where some of its sales and purchases are denominated in US Dollars. The policy is to hedge material foreign exchange risk associated with highly probable forecast transactions with its key US customers based on firm commitments and monetary items denominated in foreign currencies. (iii) Cash flow interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. (iv) Sensitivity analysis 2022 2021 Group Income statement \u00a3\u2019000 Equity \u00a3\u2019000 Income statement \u00a3\u2019000 Equity \u00a3\u2019000 Annual effect of a change in Group-wide interest rates by - 0.5% 1,495 1,495 885 885 Annual effect of a change in Group-wide interest rates by +0.5% (1,495) (1,495) (885) (885) Annual effect of a change in exchange rates to the GBP \u00a3 by +10% 2,639 23,434 3,913 14,715 Annual effect of a change in exchange rates to the GBP \u00a3 by -10% (2,159) (19,173) (3,202) (12,040) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-561": {
"value": "(b) Credit risk The Group is exposed to credit risk in respect of credit exposures to its retail customer partners and banking arrangements. The majority of the Group\u2019s customers are comprised of blue chip international supermarket retailers, and the Group has implemented policies that require appropriate credit checks on potential customers before sales are made and in relation to its banking partners. The Group\u2019s maximum exposure to credit risk is \u00a3252.0m (2021: \u00a3227.1m) as stated in note 32. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-562": {
"value": "(c) Liquidity risk The Group monitors regular cash forecasts to ensure that it has sufficient cash to meet operational needs whilst maintaining sufficient headroom on its undrawn committed borrowing facilities and without breaching its banking covenants. The Group held significant cash and cash equivalents of \u00a387.2m (2021: \u00a3140.2m) and maintains a mix of long-term and short-term debt finance. The Group\u2019s financial liabilities measured as the contractual undiscounted cash flows mature as follows: 2022 2021 Borrowings \u00a3\u2019000 Leases \u00a3\u2019000 Trade and other payables \u00a3\u2019000 Borrowings \u00a3\u2019000 Leases \u00a3\u2019000 Trade and other payables \u00a3\u2019000 Less than one year 28,279 22,645 418,794 224,732 22,716 378,258 Between one and two years 27,188 22,793 \u2013 \u2013 20,873 \u2013 Between two and five years 54,375 63,656 \u2013 \u2013 58,137 \u2013 Over five years 188,947 220,081 \u2013 \u2013 233,673 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-563": {
"value": "Capital risk management The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of a gearing ratio. This ratio is calculated as net bank debt as per note 29 divided by EBITDA as shown in note 33. Net bank debt is calculated as total borrowings (including \u2018current and non-current borrowings\u2019 as shown on the consolidated balance sheet) less cash and cash equivalents. EBITDA is calculated as operating profit less interest, tax, depreciation and amortisation, excluding the impact of IFRS 16. The gearing of the Group was 177% as at the period end (2021: 69.5%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-564": {
"value": "Fair value estimation The carrying value of trade receivables (less impairment provisions) and trade payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The Directors consider that there is a single level of fair value measurement hierarchy for disclosure purposes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-522": {
"value": "4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting judgements Leases In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of buildings and equipment, the following factors are normally the most relevant: \u2013 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \u2013 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \u2013 Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. Extension options in vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Long-term supply contracts On adoption of IFRS 16 the Group elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessments made applying IAS 17 and IFRIC 4 \u2018Determining whether an Arrangement contains a Lease\u2019. Some of Hilton\u2019s long-term supply contracts are on a cost plus basis. These cost plus arrangements typically contain benchmarking clauses which allow our customers to obtain competitive pricing or to source supply from a competitor. Additional product inputs and packaging are traded in active markets which are monitored by our customers and furthermore product selling prices are updated on a frequent basis thereby resulting in pricing that is, in substance, market price. On this basis the criteria in IFRIC 4 for determining whether these agreements contained a lease were not met. Under IFRS 16 the assessment of whether a contract is or contains a lease will be determined based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contracts conveys the right to control the use of an asset judgement is required in the assessment of a customer\u2019s right to: \u2013 obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use; and \u2013 direct the use of the identified asset. Although a number of the Group\u2019s supply contracts are fulfilled from dedicated manufacturing facilities, and therefore customers will obtain a significant proportion of the economic benefits from their use, the Group believes that future long-term supply contracts should not be assessed as containing leases as the Group considers it has the right to direct the use of the identified assets. In making this assessment, the Group has considered that the Group controls the raw materials including the timing and amount of purchases and has discretion as to how and when such materials are processed to fulfil customer orders. Therefore, the Group obtains the economic benefits from processing the inventory, has the right to direct the use of the identified assets and the customer rights are limited to placing orders. This consideration is particularly judgemental given orders are typically produced on a real-time basis. However, it is the Group\u2019s view that this real-time production is inherent in the context of producing perishable goods with a short shelf life and not indicative of the customer having the right to control the use of the facilities. Share-based payments The Group operates a Long Term Incentive Plan (LTIP) and an employee Sharesave scheme, both of which have been accounted for as equity-settled share-based payment schemes under IFRS 2. Upon exercise, awards under the LTIP scheme may be settled either through issuing new shares to participants, or by issuing shares that have been purchased in the market. Awards under the LTIP scheme first began to vest during the 2017 financial period and options exercised were settled either by providing plan participants with shares purchased in the market by the Group or the cash equivalent to the market value of the shares. Critical accounting estimates Goodwill impairment Goodwill is reviewed for impairment at least on an annual basis. Details of the tests and carrying value of the assets are shown in note 15. An impairment review requires an estimation of the recoverable amount of the cash generating units to which the goodwill is allocated using either value-in-use or fair value less costs of disposal calculations. Value-in-use calculations require assumptions to be made regarding the expected future cash flows from the cash generating unit and choice of a suitable discount rate in order to calculate the present value of those cash flows. Fair value less costs of disposal calculations can be based on transaction prices observed in the market for comparable assets or if these are not available using a discounted cash flow model, requiring assumptions in respect of cash flows and suitable after-tax discount rates to be made. If the actual cash flows are lower than estimated, future impairments may be necessary. Sensitivities are applied to the key assumptions used in the impairment assessment and as explained in note 15. The impact in running reasonable sensitivities did not result in a material impairment in any of the CGUs subject to impairment testing. Share-based payments Note 27 describes the key assumptions and valuation model inputs used in the determination of the fair values of awards made under the Group\u2019s share-based payment plans. In addition, estimates are made as to the number of awards that will ultimately vest based on the Group\u2019s projected future financial performance, in relation to the probability of meeting non-market-based performance conditions and the continuing participation of employees in the plans. If projected performance was to increase or decrease by 10% compared to expectations there would be no impact to the share-based change to the share-based payments. Business combinations For business combinations the assets acquired, liabilities assumed and consideration payable are all valued at fair value. This requires a number of estimates and judgements to be applied notably when assessing the fair value of acquired property, plant and equipment, identifiable intangible assets and acquired leased assets and liabilities. Note 18 describes the business combinations that took place in the period and the Group\u2019s approach to assessing fair values of acquired assets and liabilities. During 2022 and 2021 there were no other critical accounting estimates or judgements in relation to the application of the Group or Company\u2019s accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-523": {
"value": "5 SEGMENT INFORMATION Management have determined the operating segments based on the reports reviewed by the Executive Directors that are used to make strategic decisions. The Executive Directors have considered the business from both a geographic and product perspective. From a geographic perspective, the Executive Directors consider that the Group has ten operating segments: i) United Kingdom; ii) Netherlands; iii) Belgium; iv) Republic of Ireland; v) Sweden; vi) Denmark; vii) Central Europe including Poland, Czech Republic, Hungary, Slovakia, Latvia, Lithuania and Estonia; viii) Portugal; ix) APAC and x) Central costs. The United Kingdom, Netherlands, Belgium, Republic of Ireland, Sweden, Denmark, Central Europe and Portugal have been aggregated into one reportable segment \u2018Europe\u2019 as they have similar economic characteristics as identified in IFRS 8. APAC and Central costs comprise the other reportable segments. From a product perspective the Executive Directors consider that the Group has only one identifiable product, wholesaling of food protein products including meat, seafood and vegetarian. The Executive Directors consider that no further segmentation is appropriate, as all of the Group\u2019s operations are subject to similar risks and returns and exhibit similar long-term financial performance. 5 SEGMENT INFORMATION continued The segment information provided to the Executive Directors for the reportable segments is as follows: 2022 2021 Europe \u00a3\u2019000 APAC \u00a3\u2019000 Central costs \u00a3\u2019000 Total \u00a3\u2019000 Europe \u00a3\u2019000 APAC \u00a3\u2019000 Central costs \u00a3\u2019000 Total \u00a3\u2019000 Total revenue 2,348,355 1,592,946 \u2013 3,941,301 2,040,618 1,314,602 \u2013 3,355,220 Inter-co revenue (93,701) \u2013 \u2013 (93,701) (53,250) \u2013 \u2013 (53,250) Third party revenue 2,254,654 1,592,946 \u2013 3,847,600 1,987,368 1,314,602 \u2013 3,301,970 Adjusted operating profit/(loss) segment result (see note 33) 49,672 26,705 (5,233) 71,144 61,788 22,370 (10,591) 73,567 Amortisation of acquired intangibles (8,257) \u2013 \u2013 (8,257) (2,778) \u2013 \u2013 (2,778) Exceptional items (9,014) \u2013 (2,882) (11,896) (6,994) \u2013 \u2013 (6,994) Impact of IFRS 16 915 2,120 \u2013 3,035 291 (654) \u2013 (363) Operating profit/(loss) segment result 33,316 28,825 (8,115) 54,026 52,307 21,716 (10,591) 63,432 Finance income 356 \u2013 \u2013 356 10 \u2013 \u2013 10 Finance costs (8,094) (5,336) (11,338) (24,768) (2,881) (10,017) (3,146) (16,044) Income tax (expense)/credit (3,469) (7,505) 852 (10,122) (7,965) (1,761) 1,610 (8,116) Profit/(loss) for the period 22,109 15,984 (18,601) 19,492 41,471 9,938 (12,127) 39,282 Depreciation and amortisation 39,776 37,640 353 77,769 33,039 33,604 140 66,783 Additions to non-current assets 46,197 9,643 1,167 57,007 29,587 27,528 662 57,777 Segment assets 769,936 481,229 24,825 1,275,990 643,157 462,556 49,547 1,155,260 Current income tax assets 5,995 5,212 Deferred income tax assets 13,801 6,952 Total assets 1,295,786 1,167,424 Segment liabilities 386,903 466,492 121,153 974,548 346,403 419,611 89,329 855,343 Deferred income tax liabilities 15,921 4,132 Total liabilities 990,469 859,475 Sales between segments are carried out at arm\u2019s length. The Executive Directors assess the performance of each operating segment based on its operating profit before exceptional items and amortisation of acquired intangibles and also before the impact of IFRS 16 (see note 33). Operating profit is measured in a manner consistent with that in the income statement. The amounts provided to the Executive Directors with respect to total assets and liabilities are measured in a manner consistent with that of the financial statements. The assets are allocated based on the operations of the segment and their physical location. The liabilities are allocated based on the operations of the segment. The Group has five principal customers (comprising groups of entities known to be under common control): Tesco, Ahold Delhaize, Coop Danmark, ICA Gruppen and Woolworths. These customers are located in the United Kingdom, Netherlands, Belgium, Republic of Ireland, Sweden, Denmark and Central Europe including Poland, Czech Republic, Hungary, Slovakia, Latvia, Lithuania, Estonia and APAC. Analysis of revenues from external customers and non-current assets are as follows: Revenues from external customers Non-current assets excluding deferred tax assets 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Analysis by geographical area United Kingdom \u2013 country of domicile 1,184,006 1,122,047 257,481 196,857 Netherlands 446,387 298,535 56,671 34,857 Belgium 26,915 25,687 883 1,327 Sweden 237,438 220,065 9,119 12,814 Republic of Ireland 83,686 95,349 3,008 4,711 Denmark 131,845 116,156 16,468 16,046 Central Europe 142,905 109,529 23,717 22,297 APAC 1,594,418 1,314,602 343,530 338,136 3,847,600 3,301,970 710,877 627,045 Analysis by principal customer Customer 1 1,100,571 1,156,771 Customer 2 341,289 327,293 Customer 3 230,716 231,492 Customer 4 124,506 113,555 Customer 5 1,430,806 1,314,602 Other 619,712 158,257 3,847,600 3,301,970 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-524": {
"value": "6 AUDITORS\u2019 REMUNERATION Services provided by the Group\u2019s auditors and their associates During the period the Group (including its overseas subsidiaries) obtained the following services from the Group\u2019s auditors and their associates: Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the Group\u2019s auditors for the audit of the parent Group and consolidated financial statements 244 168 Fees payable to the Group\u2019s auditors and their associates for other services: \u2013 The audit of the Group's subsidiaries pursuant to legislation 801 544 \u2013 Other services pursuant to legislation 53 49 \u2013 All other services including regulatory acquisition work 25 25 Total fees payable to the Group\u2019s auditors and its associates 1,123 786 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-525": {
"value": "7 EXPENSES BY NATURE Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Changes in inventories of finished goods and goods for resale 3,620 3,503 Raw materials and consumables used 3,175,358 2,718,685 Employee benefit expense (note 8) 239,692 211,866 Depreciation and amortisation \u2013 owned assets 56,959 48,356 Depreciation and amortisation \u2013 leased assets 20,780 18,427 Repairs and maintenance expenditure on property, plant and equipment 30,861 24,101 Transportation expenses 42,254 24,721 Gain on impact of acquisition of Dalco BV (note 9) \u2013 (6,837) Gain on impact of acquisition of Foods Connected Ltd (note 9) (2,702) \u2013 Foreign exchange gain/(losses) (391) 1,180 Other expenses 228,378 196,461 Total cost of sales, distribution costs and administrative expenses 3,794,809 3,240,463 Cost of sales 3,464,837 2,982,155 Distribution costs 42,028 25,083 Administrative expenses 287,944 233,225 Total cost of sales, distribution costs and administrative expenses 3,794,809 3,240,463 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-526": {
"value": "8 EMPLOYEE BENEFIT EXPENSE Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs during the period Wages and salaries 211,054 182,736 Social security costs 17, 274 16,855 Share options granted to Directors and employees (655) 2,725 Pension costs -defined contribution plan 12,019 9,550 239,692 211,866 Group 2022 Number 2021 Number Average number of monthly persons employed (including Executive Directors) during the period by activity Production 5,137 4,755 Administration 1,551 1,270 6,688 6,025 Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Key management compensation (including Directors) Salaries and short-term employee benefits, including termination benefits 10,059 8,423 Post-employment benefits 94 314 Share-based payments 3,074 3,074 13,227 11,811 Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Directors\u2019 emoluments Aggregate emoluments 1,414 3,658 Group contribution to money purchase pension scheme 94 138 1,508 3,796 Further details of Directors\u2019 emoluments and share interests, including the highest paid Director, are given in the Directors\u2019 remuneration report. The Company has no employees and Directors do not receive emoluments from the Company. Employee expenses of the Company amounted to \u00a3nil (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-527": {
"value": "9 EXCEPTIONAL ITEMS Group Operating profit 2022 \u00a3\u2019000 Finance costs 2022 \u00a3\u2019000 Tax 2022 \u00a3\u2019000 Profit after tax 2022 \u00a3\u2019000 Fire in Belgium 9,500 \u2013 \u2013 9,500 Impact of acquisition of Foods Connected Ltd (2,701) \u2013 \u2013 (2,701) Acquisition related costs 1,204 \u2013 \u2013 1,204 Reorganisation costs 3,893 \u2013 (145) 3,748 Total exceptional costs 11,896 \u2013 (145) 11,751 Group Operating profit 2021 \u00a3\u2019000 Finance costs 2021 \u00a3\u2019000 Tax 2021 \u00a3\u2019000 Profit after tax 2021 \u00a3\u2019000 Fire in Belgium 11,661 \u2013 (2,901) 8,760 Impact of acquisition of Dalco (6,837) \u2013 \u2013 (6,837) Acquisition related costs 2,226 1,131 (215) 3,142 Total exceptional costs 7,050 1,131 (3,116) 5,065 Fire in Belgium In June 2021 the Group\u2019s facility in Belgium suffered an extensive fire. The Group continues to work closely with its insurers to progress related insurance claims. The results for the period to 1 January 2023 do not include potential income that may be received in respect of these claims with the insurance proceeds therefore considered to be contingent assets; at this stage in the claims process the value of the contingent asset has yet to be determined. Legal claims have been made against the Group in connection with the fire, however at this stage the Group considers the likelihood of incurring financial liabilities as a result of them is remote. Exceptional costs totalling \u00a39,500,000 have been recognised in the period relating to additional costs incurred in continuing to operate in Belgium including the ongoing insurance and legal claim. In the prior period an exceptional impairment totalling \u00a311,661,000 was recognised in respect of assets that were destroyed by the fire, alongside additional costs incurred in continuing to operate in Belgium including insurance and legal claims. Acquisition of Foods Connected Ltd On 7 July 2022 the Group acquired a further 15% interest in Foods Connected Ltd, taking its total holding to 65% (see note 18) and the financial position and performance of the business was fully consolidated from this date. The Group\u2019s existing joint venture interest was effectively disposed of at this date with an exceptional gain of \u00a32,701,000, being the difference between the carrying value and fair value of the joint venture interest, recognised. In 2021 the Group acquired the remaining 50% interest in Dalco Food BV (see note 18) and the financial position and performance of the business was fully consolidated from this date. The Group\u2019s joint venture interest was effectively disposed of at this date with an exceptional gain of \u00a36,837,000, being the difference between the carrying value and fair value of the joint venture interest, recognised. Reorganisation costs During the period exceptional reorganisation costs of \u00a33,893,000 have been recognised by the Group. These costs resulted from on-going efficiency and restructuring programmes resulting in redundancies at a number of facilities operated by the Group. An exceptional tax credit of \u00a3145,000 has been recognised in respect of these costs. Acquisition costs During the period the Group has recognised exceptional acquisition costs relating primarily to the acquisition of Foppen in respect of legal and professional fees and other related costs of \u00a31,204,000. In 2021 the business recognised \u00a32,226,000 of exceptional acquisition costs in respect of legal and professional fees and \u00a31,131,000 of exceptional finance costs related to the agreement of short- term acquisition bridge finance. ",
"dimensions": {
"concept": "hiltonfoodgroupplc:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-528": {
"value": "10 FINANCE INCOME AND COSTS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income Other interest income 356 10 Finance income 356 10 Finance costs Bank borrowings (12,241) (5,132) Interest on lease liabilities (8,758) (8,536) Exceptional finance costs (note 9) \u2013 (1,131) Other interest expense (3,769) (1,245) Finance costs (24,768) (16,044) Finance costs \u2013 net (24,412) (16,034) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-576": {
"value": "10 FINANCE INCOME AND COSTS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income Other interest income 356 10 Finance income 356 10 Finance costs Bank borrowings (12,241) (5,132) Interest on lease liabilities (8,758) (8,536) Exceptional finance costs (note 9) \u2013 (1,131) Other interest expense (3,769) (1,245) Finance costs (24,768) (16,044) Finance costs \u2013 net (24,412) (16,034) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-565": {
"value": "10 FINANCE INCOME AND COSTS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income Other interest income 356 10 Finance income 356 10 Finance costs Bank borrowings (12,241) (5,132) Interest on lease liabilities (8,758) (8,536) Exceptional finance costs (note 9) \u2013 (1,131) Other interest expense (3,769) (1,245) Finance costs (24,768) (16,044) Finance costs \u2013 net (24,412) (16,034) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-529": {
"value": "11 INCOME TAX EXPENSE Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current income tax Current tax on profits for the period 13,697 12,646 Adjustments to tax in respect of previous periods 195 (2,322) Total current tax 13,892 10,324 Deferred income tax Origination and reversal of temporary differences (3,753) (3,342) Adjustments to tax in respect of previous periods (17) 1,134 Total deferred tax (3,770) (2,208) Income tax expense 10,122 8,116 Deferred tax charged directly to equity during the period in respect of employee share schemes amounted to \u00a31,031,409 (2021: charge \u00a3333,000). Factors affecting future tax charges The Group operates in numerous tax jurisdictions around the world and is subject to factors that may affect future tax charges including transfer pricing, tax rate changes and tax legislation changes. The UK government made a number of budget announcements on 3 March 2021. These include confirming that the rate of corporation tax will increase to 25% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. The tax on the Group\u2019s profit before income tax differs (2021: differs) from the theoretical amount that would arise using the standard rate of UK corporation tax of 19% (2021: 19%) applied to profits of the consolidated entities as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Profit before income tax 29,614 47,398 Tax calculated at the standard rate of UK corporation tax 19% (2021: 19%) 5,627 9,006 Effects of: Expense/(income) not deductible for tax purposes 1,074 (15) Joint venture received net of tax (238) (471) Adjustments to tax in respect of previous periods 178 (1,188) Profits taxed at rates other than 19% (2021: 19%) 5,867 2,746 Impact of change in tax rates (398) (633) Non-taxable gain on acquisition of JV (513) (1,299) Unrelieved losses carried forward (444) \u2013 Deferred tax recognised in reserves (1,031) \u2013 Other \u2013 (30) Income tax expense 10,122 8,116 Adjustments to tax in respect of prior periods have resulted from changes in assumptions in respect of deductible expenses and the application of capital allowances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-530": {
"value": "12 EARNINGS PER SHARE Basic earnings per share are calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Group has share options for which a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Group\u2019s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. Group Basic 2022 Diluted Basic 2021 Diluted Profit attributable to owners of the parent (\u00a3'000) 17,706 17,706 37,143 37,143 Weighted average number of ordinary shares in issue (thousands) 89,234 89,234 82,456 82,456 Adjustment for share options (thousands) \u2013 690 \u2013 1,098 Adjusted weighted average number of ordinary shares (thousands) 89,234 89,924 82,456 83,554 Basic and diluted earnings per share (pence) 19.8 19.7 45.0 44.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-531": {
"value": "13 DIVIDENDS Group and Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Final dividend in respect of 2021 paid 21.5p per ordinary share (2020: 19.0p) 19,143 15,561 Interim dividend in respect of 2022 paid 7.1p per ordinary share (2021: 8.2p) 6,349 6,740 Total dividends paid 25,492 22,301 The Directors propose a final dividend of 22.6p (2021: 21.5p) per share payable on 30 June 2023 to shareholders who are on the register at 2 June 2023. This dividend totalling \u00a320.2m (2021: \u00a319.1m) has not been recognised as a liability in these consolidated financial statements. Dividends paid to non-controlling interests in the period totalled \u00a31,264,000 (2021: \u00a31,783,000)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-532": {
"value": "14 PROPERTY, PLANT AND EQUIPMENT Group Land and buildings (including leasehold improvements) \u00a3\u2019000 Plant and machinery \u00a3\u2019000 Fixtures and fittings \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Cost At 4 January 2021 97,523 443,243 20,498 172 561,436 Exchange adjustments (3,248) (19,497) (1,136) (8) (23,889) Acquisition (note 18) 2,315 7,843 548 123 10,829 Additions 15,125 37,487 3,606 33 56,251 Exceptional impairment (note 9) \u2013 (7,049) \u2013 \u2013 (7,049) Transfer 430 (769) (4,165) 3 (4,501) Disposals (469) (260) (735) (15) (1,479) At 2 January 2022 111,676 460,998 18,616 308 591,598 Accumulated depreciation At 4 January 2021 30,350 224,905 15,333 2 270,590 Exchange adjustments (924) (10,560) (781) (7) (12,272) Charge for the period 4,440 37, 384 2,297 65 44,186 Exceptional impairment (note 9) \u2013 (672) \u2013 \u2013 (672) Transfer \u2013 \u2013 (553) \u2013 (553) Disposals (87) (192) (878) (12) (1,169) At 2 January 2022 33,779 250,865 15,418 48 300,110 Net book amount At 4 January 2021 67,173 218,338 5,165 170 290,846 At 2 January 2022 77,897 210,133 3,198 260 291,488 Cost At 3 January 2022 111,676 460,998 18,616 308 591,598 Exchange adjustments 3,313 15,110 654 25 19,102 Acquisition (note 18) 6,040 11,443 1,263 81 18,827 Additions 6,484 44,946 3,591 119 55,140 Transfer \u2013 496 100 \u2013 596 Disposals (7) (1,171) (47) \u2013 (1,225) At 1 January 2023 127, 506 531,822 24,177 533 684,038 Accumulated depreciation At 3 January 2022 33,779 250,865 15,418 48 300,110 Exchange adjustments 1,122 7,960 406 17 9,505 Charge for the period 7,623 36,529 2,712 121 46,985 Transfer \u2013 496 100 \u2013 596 Disposals (7) (717) (45) \u2013 (769) At 1 January 2023 42,517 295,133 18,591 186 356,427 Net book amount At 1 January 2023 84,989 236,689 5,586 347 327,611 The cost and net book amount of property plant and equipment in the course of its construction included above comprise plant and machinery \u00a326,877,000 (2021: \u00a313,025,000). Additions to property, plant and equipment include capitalised interest costs of \u00a3Nil (2021: \u00a3725,000) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-577": {
"value": "15 INTANGIBLE ASSETS Group Computer software \u00a3\u2019000 Brand and customer relationships \u00a3\u2019000 Goodwill \u00a3\u2019000 Total \u00a3\u2019000 Cost At 4 January 2021 10,980 22,560 47,582 81,122 Exchange adjustments (411) \u2013 \u2013 (411) Acquisition (note 18) 158 12,519 21,900 34,577 Additions 1,526 \u2013 \u2013 1,526 Transfer 4,501 \u2013 \u2013 4,501 Disposals (3) \u2013 \u2013 (3) At 2 January 2022 16,751 35,079 69,482 121,312 Accumulated amortisation At 4 January 2021 3,420 7,631 \u2013 11,051 Exchange adjustments (235) \u2013 \u2013 (235) Charge for the period 1,468 2,702 \u2013 4,170 Transfer 553 \u2013 \u2013 553 Disposals (2) \u2013 \u2013 (2) At 2 January 2022 5,204 10,333 \u2013 15,537 Net book amount At 4 January 2021 7,560 14,929 47,582 70,071 At 2 January 2022 11,547 24,746 69,482 105,775 Cost At 3 January 2022 16,751 35,079 69,482 121,312 Exchange adjustments 19 \u2013 \u2013 19 Acquisition (note 18) 2,849 37,452 21,105 61,406 Impact of finalising fair value of prior year acquisitions (note 18) \u2013 9,440 (8,053) 1,387 Additions 1,867 \u2013 \u2013 1,867 Transfer (596) \u2013 \u2013 (596) At 1 January 2023 20,890 81,971 82,534 185,395 Accumulated amortisation At 3 January 2022 5,204 10,333 \u2013 15,537 Charge for the period 2,019 7,955 \u2013 9,974 Transfer (596) \u2013 \u2013 (596) At 1 January 2023 6,627 18,288 \u2013 24,915 Net book amount At 1 January 2023 14,263 63,683 82,534 160,480 Amortisation charges are included within administrative expenses in the income statement. Goodwill impairment testing Goodwill includes Seachill UK Limited \u00a344,000,000 (purchased 2017), SV Cuisine Limited \u00a32,789,000 (purchased 2021), Dalco \u00a310,168,000 (purchased in 2021), Fairfax Meadow Europe Limited \u00a33,685,000 (purchased in 2021), Dutch Seafood Company BV (Foppen) \u00a317,805,000 (purchased in 2022) and Foods Connected Ltd \u00a33,300,000 (controlling interest purchased in 2022). Each business is considered to be a separate cash generating unit. The recoverable amount of the cash generating units was based on a value-in-use basis using a discounted cash flow model. For each cash generating unit the recoverable amounts calculated exceeded their carrying value. The key assumptions used in the calculations are projected EBITDA, projected profit after tax, the pre-tax and post-tax discount rates and the growth rates used to extrapolate cash flows beyond the projected period. EBITDA and profit after tax are based on one-year budgets approved by the Board and longer-term, three-year, projections based on past experience adjusted to take account of the impact of expected changes to sales prices, volumes, business mix and margin. Cash flows are discounted at a pre-tax discount rate of 9.6%-10% (2021: 10%) based on the country and cash generating unit with a growth rate of 2% (2021: 2%) used to extrapolate cash flows. Discount rates and growth rates are calculated with reference to external benchmarks and where relevant past experience. 15 INTANGIBLE ASSETS continued Sensitivity to changes in assumptions The calculation is most sensitive to changes in the assumptions used for projected cash flow, the pre-tax discount rate and the growth rate. Management considers that reasonably possible changes in assumptions would be an increase in discount rate of 0.5%, a reduction in growth rate of 0.5% percentage point or a 5% reduction in budgeted cash flow. The impact in running reasonable sensitivities did not result in a material impairment in any of the CGUs subject to impairment testing. No indicators of impairment were identified in respect of other, amortised, intangible assets and therefore no impairment review has been undertaken. Goodwill acquired in the period Goodwill and other intangible assets totalling \u00a321,105,000 has been provisionally recognised following the acquisitions of Foods Connected Ltd and final numbers for Foppen Group with each forming separate cash generating units in the period (see note 18). The individual cash generating units have been tested for impairment in the 2022 financial period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-566": {
"value": "15 INTANGIBLE ASSETS Group Computer software \u00a3\u2019000 Brand and customer relationships \u00a3\u2019000 Goodwill \u00a3\u2019000 Total \u00a3\u2019000 Cost At 4 January 2021 10,980 22,560 47,582 81,122 Exchange adjustments (411) \u2013 \u2013 (411) Acquisition (note 18) 158 12,519 21,900 34,577 Additions 1,526 \u2013 \u2013 1,526 Transfer 4,501 \u2013 \u2013 4,501 Disposals (3) \u2013 \u2013 (3) At 2 January 2022 16,751 35,079 69,482 121,312 Accumulated amortisation At 4 January 2021 3,420 7,631 \u2013 11,051 Exchange adjustments (235) \u2013 \u2013 (235) Charge for the period 1,468 2,702 \u2013 4,170 Transfer 553 \u2013 \u2013 553 Disposals (2) \u2013 \u2013 (2) At 2 January 2022 5,204 10,333 \u2013 15,537 Net book amount At 4 January 2021 7,560 14,929 47,582 70,071 At 2 January 2022 11,547 24,746 69,482 105,775 Cost At 3 January 2022 16,751 35,079 69,482 121,312 Exchange adjustments 19 \u2013 \u2013 19 Acquisition (note 18) 2,849 37,452 21,105 61,406 Impact of finalising fair value of prior year acquisitions (note 18) \u2013 9,440 (8,053) 1,387 Additions 1,867 \u2013 \u2013 1,867 Transfer (596) \u2013 \u2013 (596) At 1 January 2023 20,890 81,971 82,534 185,395 Accumulated amortisation At 3 January 2022 5,204 10,333 \u2013 15,537 Charge for the period 2,019 7,955 \u2013 9,974 Transfer (596) \u2013 \u2013 (596) At 1 January 2023 6,627 18,288 \u2013 24,915 Net book amount At 1 January 2023 14,263 63,683 82,534 160,480 Amortisation charges are included within administrative expenses in the income statement. Goodwill impairment testing Goodwill includes Seachill UK Limited \u00a344,000,000 (purchased 2017), SV Cuisine Limited \u00a32,789,000 (purchased 2021), Dalco \u00a310,168,000 (purchased in 2021), Fairfax Meadow Europe Limited \u00a33,685,000 (purchased in 2021), Dutch Seafood Company BV (Foppen) \u00a317,805,000 (purchased in 2022) and Foods Connected Ltd \u00a33,300,000 (controlling interest purchased in 2022). Each business is considered to be a separate cash generating unit. The recoverable amount of the cash generating units was based on a value-in-use basis using a discounted cash flow model. For each cash generating unit the recoverable amounts calculated exceeded their carrying value. The key assumptions used in the calculations are projected EBITDA, projected profit after tax, the pre-tax and post-tax discount rates and the growth rates used to extrapolate cash flows beyond the projected period. EBITDA and profit after tax are based on one-year budgets approved by the Board and longer-term, three-year, projections based on past experience adjusted to take account of the impact of expected changes to sales prices, volumes, business mix and margin. Cash flows are discounted at a pre-tax discount rate of 9.6%-10% (2021: 10%) based on the country and cash generating unit with a growth rate of 2% (2021: 2%) used to extrapolate cash flows. Discount rates and growth rates are calculated with reference to external benchmarks and where relevant past experience. 15 INTANGIBLE ASSETS continued Sensitivity to changes in assumptions The calculation is most sensitive to changes in the assumptions used for projected cash flow, the pre-tax discount rate and the growth rate. Management considers that reasonably possible changes in assumptions would be an increase in discount rate of 0.5%, a reduction in growth rate of 0.5% percentage point or a 5% reduction in budgeted cash flow. The impact in running reasonable sensitivities did not result in a material impairment in any of the CGUs subject to impairment testing. No indicators of impairment were identified in respect of other, amortised, intangible assets and therefore no impairment review has been undertaken. Goodwill acquired in the period Goodwill and other intangible assets totalling \u00a321,105,000 has been provisionally recognised following the acquisitions of Foods Connected Ltd and final numbers for Foppen Group with each forming separate cash generating units in the period (see note 18). The individual cash generating units have been tested for impairment in the 2022 financial period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-533": {
"value": "15 INTANGIBLE ASSETS Group Computer software \u00a3\u2019000 Brand and customer relationships \u00a3\u2019000 Goodwill \u00a3\u2019000 Total \u00a3\u2019000 Cost At 4 January 2021 10,980 22,560 47,582 81,122 Exchange adjustments (411) \u2013 \u2013 (411) Acquisition (note 18) 158 12,519 21,900 34,577 Additions 1,526 \u2013 \u2013 1,526 Transfer 4,501 \u2013 \u2013 4,501 Disposals (3) \u2013 \u2013 (3) At 2 January 2022 16,751 35,079 69,482 121,312 Accumulated amortisation At 4 January 2021 3,420 7,631 \u2013 11,051 Exchange adjustments (235) \u2013 \u2013 (235) Charge for the period 1,468 2,702 \u2013 4,170 Transfer 553 \u2013 \u2013 553 Disposals (2) \u2013 \u2013 (2) At 2 January 2022 5,204 10,333 \u2013 15,537 Net book amount At 4 January 2021 7,560 14,929 47,582 70,071 At 2 January 2022 11,547 24,746 69,482 105,775 Cost At 3 January 2022 16,751 35,079 69,482 121,312 Exchange adjustments 19 \u2013 \u2013 19 Acquisition (note 18) 2,849 37,452 21,105 61,406 Impact of finalising fair value of prior year acquisitions (note 18) \u2013 9,440 (8,053) 1,387 Additions 1,867 \u2013 \u2013 1,867 Transfer (596) \u2013 \u2013 (596) At 1 January 2023 20,890 81,971 82,534 185,395 Accumulated amortisation At 3 January 2022 5,204 10,333 \u2013 15,537 Charge for the period 2,019 7,955 \u2013 9,974 Transfer (596) \u2013 \u2013 (596) At 1 January 2023 6,627 18,288 \u2013 24,915 Net book amount At 1 January 2023 14,263 63,683 82,534 160,480 Amortisation charges are included within administrative expenses in the income statement. Goodwill impairment testing Goodwill includes Seachill UK Limited \u00a344,000,000 (purchased 2017), SV Cuisine Limited \u00a32,789,000 (purchased 2021), Dalco \u00a310,168,000 (purchased in 2021), Fairfax Meadow Europe Limited \u00a33,685,000 (purchased in 2021), Dutch Seafood Company BV (Foppen) \u00a317,805,000 (purchased in 2022) and Foods Connected Ltd \u00a33,300,000 (controlling interest purchased in 2022). Each business is considered to be a separate cash generating unit. The recoverable amount of the cash generating units was based on a value-in-use basis using a discounted cash flow model. For each cash generating unit the recoverable amounts calculated exceeded their carrying value. The key assumptions used in the calculations are projected EBITDA, projected profit after tax, the pre-tax and post-tax discount rates and the growth rates used to extrapolate cash flows beyond the projected period. EBITDA and profit after tax are based on one-year budgets approved by the Board and longer-term, three-year, projections based on past experience adjusted to take account of the impact of expected changes to sales prices, volumes, business mix and margin. Cash flows are discounted at a pre-tax discount rate of 9.6%-10% (2021: 10%) based on the country and cash generating unit with a growth rate of 2% (2021: 2%) used to extrapolate cash flows. Discount rates and growth rates are calculated with reference to external benchmarks and where relevant past experience. 15 INTANGIBLE ASSETS continued Sensitivity to changes in assumptions The calculation is most sensitive to changes in the assumptions used for projected cash flow, the pre-tax discount rate and the growth rate. Management considers that reasonably possible changes in assumptions would be an increase in discount rate of 0.5%, a reduction in growth rate of 0.5% percentage point or a 5% reduction in budgeted cash flow. The impact in running reasonable sensitivities did not result in a material impairment in any of the CGUs subject to impairment testing. No indicators of impairment were identified in respect of other, amortised, intangible assets and therefore no impairment review has been undertaken. Goodwill acquired in the period Goodwill and other intangible assets totalling \u00a321,105,000 has been provisionally recognised following the acquisitions of Foods Connected Ltd and final numbers for Foppen Group with each forming separate cash generating units in the period (see note 18). The individual cash generating units have been tested for impairment in the 2022 financial period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-534": {
"value": "16 LEASES (i) Amounts recognised in the balance sheet The balance sheet includes the following amounts relating to leases: Lease: right of use assets Group Land and Buildings \u00a3\u2019000 Equipment \u00a3\u2019000 Vehicles \u00a3\u2019000 Total \u00a3\u2019000 Opening net book amount as at 4 January 2021 231,420 1,106 2,609 235,135 Exchange adjustments (9,945) (147) (108) (10,200) Additions 2,739 2,418 420 5,577 Acquisition (note 18) 6,066 5,139 1,289 12,494 Remeasurements, reclassification and scope changes \u2013 (336) \u2013 (336) Depreciation (16,339) (927) (1,161) (18,427) Disposal of leased assets destroyed by fire (note 9) (2,168) (19) (52) (2,239) Closing net book amount at 2 January 2022 211,773 7,234 2,997 222,004 Exchange adjustments 5,946 230 80 6,256 Additions 2,462 2,272 1,101 5,835 Acquisition (note 18) 3,106 \u2013 108 3,214 Remeasurements, reclassification and scope changes 120 \u2013 (71) 49 Depreciation (17,105) (1,945) (1,730) (20,780) Closing net book amount at 1 January 2023 206,302 7,791 2,485 216,578 Lease liabilities Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current 16,006 14,419 Non-current 230,152 228,977 246,158 243,396 Maturity analysis - contractual undiscounted cash flows Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than one year 22,645 22,716 One to five years 86,449 79,010 More than five years 220,081 233,673 Total lease liabilities 329,175 335,399 ii) Amounts recognised in the consolidated income statement The income statement shows the following amounts related to leases: Depreciation charge on right-of-use assets Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Buildings 17,105 16,339 Plant and equipment 1,945 927 Vehicles 1,730 1,161 20,780 18,427 Interest expenses (included in finance costs) 8,758 8,536 Expenses relating to short-term leases (included in costs of goods sold and administrative expenses) 748 136 Expenses relating to leases of low-value assets that have not been shown above as short-term (included in costs of goods sold and administrative expenses) \u2013 3 The total cash outflow for leases in 2022 was \u00a324,387,000 (2021: \u00a317,307,000). Variable lease payments Leases with liabilities recognised of \u00a39,476,000 (2021: \u00a39,824,000), accounting for 3.8% (2021: 4.0%) of total lease liabilities, are subject to five-yearly RPI-linked rent reviews. These rent reviews are subject to a minimum collar, the impact of which is included in the calculation of lease liabilities and a maximum cap. If the impact of these variable lease payments had been recognised, applying index levels as at 1 January 2023, lease liabilities would have increased by 2022: \u00a34,536,000 (2021: \u00a31,895,000). In addition, leases with liabilities recognised totalling \u00a35,021,000 (2021: \u00a36,408,000), accounting for 2.0% (2021: 2.6%) of total lease liabilities, are subject to annual CPI-linked rent increases. If the impact of these variable lease payments had been recognised, applying index levels as at 1 January 2023, lease liabilities would have increased by \u00a31,054,000 (2021: \u00a3278,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-535": {
"value": "17 INVESTMENTS The Group uses the equity method of accounting for its interest in joint ventures and associates. The aggregate movement in the Group\u2019s investments in joint ventures and associates is as follows: Group 2022 Joint ventures \u00a3\u2019000 2022 Associates \u00a3\u2019000 2022 Total \u00a3\u2019000 2021 Joint ventures \u00a3\u2019000 At the beginning of the period 5,539 \u2013 5,539 12,622 Acquisitions 1,139 1,765 2,904 \u2013 Profit for the period 1,235 \u2013 1,235 1,925 Disposal of investment (2,925) \u2013 (2,925) (6,551) Dividends received (672) \u2013 (672) (2,273) Effect of movements in foreign exchange 127 \u2013 127 (184) At the end of the period 4,443 1,765 6,208 5,539 17 INVESTMENTS continued
Where relevant, management accounts for the joint venture have been used to include the results up to 1 January 2023.
The Group\u2019s share of the net assets, income and expenses of the joint venture and associates are detailed below:
Set out below are the joint ventures and associates of the Group as at 1 January 2023. Unless otherwise stated there has been no
change to the holding.
Joint venture Registered address Country Share class
(%) Proportion of ordinary
shares held by
Parent Group
Sohi Meat Solutions \u2013
Distribuicao de Carnes SA
Zona Industrial de Santarem - Quinta de
Mocho District, Santarem, 2005 002 Varzea
Portugal
\u20ac5 Ordinary \u2013 50
Agito Global, Unipessoal LDA
n\u00ba 249 - 1\u00ba, Avenida da Liberdade, Lisboa
Concelho, Santo Ant\u00f3nio, Lisboa, 1250 143
LISBOA
\u20ac1 Ordinary \u2013 50
Agito Group Pty Limited
C/O PwC, Level 15, 125 St Georges Terrace,
Perth, Western Australia, 6000
Australia
AUD 1
Ordinary
\u2013 50
Agito Global Limited
5th Floor, Beaux Lane House, Mercer Street
Lower, Dublin 2, Dublin, D02 DH60
Ireland \u20ac1 Ordinary \u2013 50
Agito Holdings Limited
2-8 Interchange Latham Road, Huntingdon
PE29 6YE
UK
\u00a31 Ordinary \u2013
50
(2021:100)
Agito Global Limited
First Floor Offices, Unit 6b, Vantage Park,
Huntingdon, Cambridgeshire, PE29 6SR
\u00a31 Ordinary \u2013 50
Associates Registered address Country Share class Parent Group
Cellular Agriculture Limited
Felin Y Glyn, Pontnewydd, Llanelli, SA15 5TL
UK
\u00a30.000002
Series A-1
Ordinary
\u2013 17.45
A Turner and Sons Sausage
Limited
205 North Lane, Aldershot, Hants, GU12 4SY \u00a31 Ordinary \u2013 16.25
As noted below, during the period the Group acquired an additional 15% interest in Foods Connected Ltd taking its interest to 65%.
In addition the Group acquired a 17.45% interest in Cellular Agriculture Ltd for consideration of \u00a31,715,000 and a 16.25% interest in
A Turner and Sons Sausage Limited for consideration of \u00a350,000.
The tables below provide summarised financial information for those joint ventures that are material to the Group. The information
disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Group\u2019s share of
those amounts.
Sohi Meat Solutions
Summarised balance sheet
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Current assets
Cash and cash equivalents 320 301
Other current assets 44,850 35,675
Total current assets 45,170 35,976
Non-current assets 20,700 19,023
Total current liabilities (54,504) (42,377)
Total non-current liabilities (5,987) (6,920)
Net assets 5,379 5,702
Reconciliation to carrying amounts
Opening net assets 5,702 5,678
Profit for the period 1,224 1,086
Dividends paid (1,344) (956)
Exchange adjustments (203) (106)
Closing net assets 5,379 5,702
Group\u2019s share \u2013 % 50% 50%
Group\u2019s share \u2013 \u00a3k 2,690 2,851
Summarised statement of comprehensive income 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Revenue 306,007 254,949 Depreciation and amortisation (4,338) (4,020) Net finance costs (709) (634) Income tax expense (275) (417) Profit for the period 1,224 1,086 Dividends received from joint venture entity 672 478 On 7 July 2022 the Group acquired an additional 15% interest in Foods Connected Ltd taking its shareholding to 65% (see note 18) and the financial position and performance of the business was fully consolidated from this date. The Group\u2019s joint venture interest was effectively disposed of at this date with an exceptional gain of \u00a32,701,000, being the difference between the carrying value and fair value of the joint venture interest, recognised. The Group also has an interest in one other individually immaterial joint venture. Individually immaterial joint ventures: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Aggregate carrying amount of individually immaterial joint venture 1,549 2,688 Aggregate Group share of profit for the year 409 391 Non-controlling interests Set out below is summarised financial information for Hilton Foods Holland BV, the only Group subsidiary with a non-controlling interest that is considered to be material to the Group. The amounts disclosed are before inter-company eliminations. Hilton Foods Holland BV Summarised balance sheet 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current assets 79,441 70,246 Current liabilities (55,132) (49,314) Current net assets 24,309 20,932 Non-current assets 4,668 5,310 Non-current liabilities (361) (274) Non-current net assets 4,307 5,036 Net assets 28,616 25,968 Accumulated non-controlling interests 5,722 5,194 Summarised statement of comprehensive income Revenue 329,934 288,347 Profit for the period 7,083 7, 301 Other comprehensive (expense)/income 1,519 (1,806) Total comprehensive income 8,602 5,495 Profit allocated to non-controlling interests 1,417 1,460 Dividends paid to non-controlling interests 1,193 1,175 Summarised cash flows Cash flows from operating activities 385 9,065 Cash flows from investing activities (1,538) (5,646) Cash flows from financing activities (5,965) (5,919) Impact of foreign exchange 1,096 (1,443) Net decrease in cash and cash equivalents (6,022) (3,943) 17 INVESTMENTS continued
Investments in subsidiaries
Investments in subsidiary undertakings are recorded at cost, which is the fair value of consideration paid.
Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
At the beginning of the period 247,785 157,221
Additions \u2013 90,564
At 2 January 2022 and 1 January 2023 247,785 247,785
During the prior period the Company invested \u00a390,564,000 in its subsidiary Hilton Foods Limited undertaking a swap of intercompany
debt for equity.
The subsidiary undertakings of the Group are as follows for 2 January 2022 and 1 January 2023 unless otherwise stated:
(%) Proportion of shares
held by
Subsidiary undertakings Registered address Country Share class Parent Group
Hilton Foods Asia Pacific Limited
2-8 Interchange Latham Road,
Huntingdon PE29 6YE
UK
\u00a31 Ordinary \u2013 100
Hilton Food Solutions Limited \u00a31 Ordinary \u2013
65
(2021:55)
Seachill UK Limited trading as
Hilton Seafood UK
\u00a31 Ordinary \u2013 100
Coldwater Seafood UK Limited \u00a31 Ordinary \u2013 100
Icelandic UK Limited \u00a31 Ordinary \u2013 100
Seachill Limited \u00a31 Ordinary \u2013 100
Fairfax Meadow Europe Limited \u00a31 Ordinary \u2013 100
Fairfax London Limited \u00a31 Ordinary \u2013 100
SV Cuisine Limited
\u00a31 Ordinary \u2013 100
\u00a31
Preference
\u2013 100
Foods Connected Limited
City Factory, 100 Patrick Street,
Lower Ground Floor, Londonderry,
BT48 7EL, Northern Ireland
\u00a30.01
Ordinary
\u2013
65
(2021:50)
Hilton Foods Limited Carson McDowell LLP, Murray House,
Murray Street, Belfast, BT1 6DN,
Northern Ireland
\u00a31 Ordinary 100 100
Hilton Foods UK Limited \u00a31 Ordinary \u2013 100
Hilton Meats Holland Limited
St George\u2019s Building, 3rd Floor,
37-41 High Street, Belfast, BT1 2AB,
Northern Ireland
\u00a31 Ordinary \u2013 80
Hilton Food Group (Europe) Limited \u00a31 Ordinary \u2013 100
Hilton Food.com Limited \u00a31 Ordinary \u2013 100
Hilton Foods Holland BV
Grote Tocht 31, 1507 CG Zaandam
Netherlands
\u20ac1,000
Ordinary
\u2013 80
Hilton Food Solutions Holland BV \u20ac1 Ordinary \u2013
65
(2021:55)
Dutch Seafood Company BV
82, Fahrenheitstraat, Harderwijk,
3846 CC
\u20ac0.01
Ordinary
\u2013 100
Paling En Zalmfileerderij J. Foppen
Jzn. BV
\u20ac45
Ordinary
\u2013 100
Foppen Eel & Salmon BV
24-26, Daltonstraat, Harderwijk,
3846 BX
\u20ac10 Ordinary \u2013 100
Foppen Groep BV
\u20ac450
Ordinary
\u2013 100
Dalco Food BV Sweelinckstraat 8, 5344 AE Oss
\u20ac45.38
Ordinary
\u2013 100
Hilton Foods (Ireland) Limited
Termonfeckin Road, Drogheda,
Co Louth
Ireland \u20ac1 Ordinary \u2013 100
Hilton Foods Sverige AB
(formerly HFG Sverige AB)
Saltangsvagen 53, 721 32 Vasteras Sweden
SEK 2,500
Ordinary
\u2013 100
Hilton Foods Danmark A/S Brunagervej 2, Kolt, 8361 Hasselager Denmark
DKK 100
Ordinary
\u2013 100
Hilton Foods Ltd Sp z o.o. Ul Strefowa 31, 43-100 Tychy Poland
PLN 500
Ordinary
\u2013 100
Hilton Foods Belgium BV
Guldensporenpark 120, Stratenplan,
9820 Merelbeke
Belgium \u20ac1 Ordinary \u2013 100
(%) Proportion of shares held by Subsidiary undertakings Registered address Country Share class Parent Group Hilton Foods Australia Pty Limited 267 Dohertys Road, Truganina, VIC 3029 Australia AUD 1 Ordinary \u2013 100 Foods Connected Australia Pty Limited Moore Stephens, 62-64, Burwood Road, Burwood, NSW, 2134 AUD 1 Ordinary \u2013 65 Hilton Foods New Zealand Limited 11 Puaki Drive, Wiri, Auckland 2104 New Zealand NZD 1 Ordinary \u2013 100 Foppen USA Inc 4th Floor, 374, Milburn Ave, Milburn, New Jersey, 07041 USA $1 Ordinary \u2013 100 Foods Connected America Inc. National Registered Agents, Inc., 1209, Orange Street, Wilmington, New Castle County, Delaware, 19081 $0.001 Ordinary \u2013 65 Hong Kong Fu-Peng Co Limited Room 1001, 10/F Boss Commercial Centre, 28, Ferry Street, Kowloon, Hong Kong China HKD 1 Ordinary \u2013 100 Shanghai Fu Peng Food Trading Co Limited Room 710, Tower A, Building 2, 555, Lansong Road, Pudong New Area, Shanghai CNY 1 Ordinary \u2013 100 Foppen Seafood Canada Inc Suite 1000, Brunswick House, 44, Chipman Hill, Saint John, New Brunswick, E2L 2A9 Canada CAD 10 Ordinary \u2013 100 Olympic Eel & Salmon Industry SA Industrial Area of Preveza, Preveza, 481 00 Greece \u20ac30 Ordinary \u2013 100 All subsidiary undertakings are included in the consolidation. The Company\u2019s voting rights in its subsidiary undertakings are the same as its effective interest in its subsidiary undertakings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-567": {
"value": "The Group uses the equity method of accounting for its interest in joint ventures and associates. The aggregate movement in the Group\u2019s investments in joint ventures and associates is as follows: Group 2022 Joint ventures \u00a3\u2019000 2022 Associates \u00a3\u2019000 2022 Total \u00a3\u2019000 2021 Joint ventures \u00a3\u2019000 At the beginning of the period 5,539 \u2013 5,539 12,622 Acquisitions 1,139 1,765 2,904 \u2013 Profit for the period 1,235 \u2013 1,235 1,925 Disposal of investment (2,925) \u2013 (2,925) (6,551) Dividends received (672) \u2013 (672) (2,273) Effect of movements in foreign exchange 127 \u2013 127 (184) At the end of the period 4,443 1,765 6,208 5,539 17 INVESTMENTS continued Where relevant, management accounts for the joint venture have been used to include the results up to 1 January 2023. The Group\u2019s share of the net assets, income and expenses of the joint venture and associates are detailed below: Set out below are the joint ventures and associates of the Group as at 1 January 2023. Unless otherwise stated there has been no change to the holding. Joint venture Registered address Country Share class (%) Proportion of ordinary shares held by Parent Group Sohi Meat Solutions \u2013 Distribuicao de Carnes SA Zona Industrial de Santarem - Quinta de Mocho District, Santarem, 2005 002 Varzea Portugal \u20ac5 Ordinary \u2013 50 Agito Global, Unipessoal LDA n\u00ba 249 - 1\u00ba, Avenida da Liberdade, Lisboa Concelho, Santo Ant\u00f3nio, Lisboa, 1250 143 LISBOA \u20ac1 Ordinary \u2013 50 Agito Group Pty Limited C/O PwC, Level 15, 125 St Georges Terrace, Perth, Western Australia, 6000 Australia AUD 1 Ordinary \u2013 50 Agito Global Limited 5th Floor, Beaux Lane House, Mercer Street Lower, Dublin 2, Dublin, D02 DH60 Ireland \u20ac1 Ordinary \u2013 50 Agito Holdings Limited 2-8 Interchange Latham Road, Huntingdon PE29 6YE UK \u00a31 Ordinary \u2013 50 (2021:100) Agito Global Limited First Floor Offices, Unit 6b, Vantage Park, Huntingdon, Cambridgeshire, PE29 6SR \u00a31 Ordinary \u2013 50 Associates Registered address Country Share class Parent Group Cellular Agriculture Limited Felin Y Glyn, Pontnewydd, Llanelli, SA15 5TL UK \u00a30.000002 Series A-1 Ordinary \u2013 17.45 A Turner and Sons Sausage Limited 205 North Lane, Aldershot, Hants, GU12 4SY \u00a31 Ordinary \u2013 16.25 As noted below, during the period the Group acquired an additional 15% interest in Foods Connected Ltd taking its interest to 65%. In addition the Group acquired a 17.45% interest in Cellular Agriculture Ltd for consideration of \u00a31,715,000 and a 16.25% interest in A Turner and Sons Sausage Limited for consideration of \u00a350,000. The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Group\u2019s share of those amounts. Sohi Meat Solutions Summarised balance sheet 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current assets Cash and cash equivalents 320 301 Other current assets 44,850 35,675 Total current assets 45,170 35,976 Non-current assets 20,700 19,023 Total current liabilities (54,504) (42,377) Total non-current liabilities (5,987) (6,920) Net assets 5,379 5,702 Reconciliation to carrying amounts Opening net assets 5,702 5,678 Profit for the period 1,224 1,086 Dividends paid (1,344) (956) Exchange adjustments (203) (106) Closing net assets 5,379 5,702 Group\u2019s share \u2013 % 50% 50% Group\u2019s share \u2013 \u00a3k 2,690 2,851 Summarised statement of comprehensive income 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Revenue 306,007 254,949 Depreciation and amortisation (4,338) (4,020) Net finance costs (709) (634) Income tax expense (275) (417) Profit for the period 1,224 1,086 Dividends received from joint venture entity 672 478 On 7 July 2022 the Group acquired an additional 15% interest in Foods Connected Ltd taking its shareholding to 65% (see note 18) and the financial position and performance of the business was fully consolidated from this date. The Group\u2019s joint venture interest was effectively disposed of at this date with an exceptional gain of \u00a32,701,000, being the difference between the carrying value and fair value of the joint venture interest, recognised. The Group also has an interest in one other individually immaterial joint venture. Individually immaterial joint ventures: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Aggregate carrying amount of individually immaterial joint venture 1,549 2,688 Aggregate Group share of profit for the year 409 391 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-568": {
"value": "Non-controlling interests Set out below is summarised financial information for Hilton Foods Holland BV, the only Group subsidiary with a non-controlling interest that is considered to be material to the Group. The amounts disclosed are before inter-company eliminations. Hilton Foods Holland BV Summarised balance sheet 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current assets 79,441 70,246 Current liabilities (55,132) (49,314) Current net assets 24,309 20,932 Non-current assets 4,668 5,310 Non-current liabilities (361) (274) Non-current net assets 4,307 5,036 Net assets 28,616 25,968 Accumulated non-controlling interests 5,722 5,194 Summarised statement of comprehensive income Revenue 329,934 288,347 Profit for the period 7,083 7, 301 Other comprehensive (expense)/income 1,519 (1,806) Total comprehensive income 8,602 5,495 Profit allocated to non-controlling interests 1,417 1,460 Dividends paid to non-controlling interests 1,193 1,175 Summarised cash flows Cash flows from operating activities 385 9,065 Cash flows from investing activities (1,538) (5,646) Cash flows from financing activities (5,965) (5,919) Impact of foreign exchange 1,096 (1,443) Net decrease in cash and cash equivalents (6,022) (3,943) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-569": {
"value": "Investments in subsidiaries Investments in subsidiary undertakings are recorded at cost, which is the fair value of consideration paid. Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At the beginning of the period 247,785 157,221 Additions \u2013 90,564 At 2 January 2022 and 1 January 2023 247,785 247,785 During the prior period the Company invested \u00a390,564,000 in its subsidiary Hilton Foods Limited undertaking a swap of intercompany debt for equity. The subsidiary undertakings of the Group are as follows for 2 January 2022 and 1 January 2023 unless otherwise stated: (%) Proportion of shares held by Subsidiary undertakings Registered address Country Share class Parent Group Hilton Foods Asia Pacific Limited 2-8 Interchange Latham Road, Huntingdon PE29 6YE UK \u00a31 Ordinary \u2013 100 Hilton Food Solutions Limited \u00a31 Ordinary \u2013 65 (2021:55) Seachill UK Limited trading as Hilton Seafood UK \u00a31 Ordinary \u2013 100 Coldwater Seafood UK Limited \u00a31 Ordinary \u2013 100 Icelandic UK Limited \u00a31 Ordinary \u2013 100 Seachill Limited \u00a31 Ordinary \u2013 100 Fairfax Meadow Europe Limited \u00a31 Ordinary \u2013 100 Fairfax London Limited \u00a31 Ordinary \u2013 100 SV Cuisine Limited \u00a31 Ordinary \u2013 100 \u00a31 Preference \u2013 100 Foods Connected Limited City Factory, 100 Patrick Street, Lower Ground Floor, Londonderry, BT48 7EL, Northern Ireland \u00a30.01 Ordinary \u2013 65 (2021:50) Hilton Foods Limited Carson McDowell LLP, Murray House, Murray Street, Belfast, BT1 6DN, Northern Ireland \u00a31 Ordinary 100 100 Hilton Foods UK Limited \u00a31 Ordinary \u2013 100 Hilton Meats Holland Limited St George\u2019s Building, 3rd Floor, 37-41 High Street, Belfast, BT1 2AB, Northern Ireland \u00a31 Ordinary \u2013 80 Hilton Food Group (Europe) Limited \u00a31 Ordinary \u2013 100 Hilton Food.com Limited \u00a31 Ordinary \u2013 100 Hilton Foods Holland BV Grote Tocht 31, 1507 CG Zaandam Netherlands \u20ac1,000 Ordinary \u2013 80 Hilton Food Solutions Holland BV \u20ac1 Ordinary \u2013 65 (2021:55) Dutch Seafood Company BV 82, Fahrenheitstraat, Harderwijk, 3846 CC \u20ac0.01 Ordinary \u2013 100 Paling En Zalmfileerderij J. Foppen Jzn. BV \u20ac45 Ordinary \u2013 100 Foppen Eel & Salmon BV 24-26, Daltonstraat, Harderwijk, 3846 BX \u20ac10 Ordinary \u2013 100 Foppen Groep BV \u20ac450 Ordinary \u2013 100 Dalco Food BV Sweelinckstraat 8, 5344 AE Oss \u20ac45.38 Ordinary \u2013 100 Hilton Foods (Ireland) Limited Termonfeckin Road, Drogheda, Co Louth Ireland \u20ac1 Ordinary \u2013 100 Hilton Foods Sverige AB (formerly HFG Sverige AB) Saltangsvagen 53, 721 32 Vasteras Sweden SEK 2,500 Ordinary \u2013 100 Hilton Foods Danmark A/S Brunagervej 2, Kolt, 8361 Hasselager Denmark DKK 100 Ordinary \u2013 100 Hilton Foods Ltd Sp z o.o. Ul Strefowa 31, 43-100 Tychy Poland PLN 500 Ordinary \u2013 100 Hilton Foods Belgium BV Guldensporenpark 120, Stratenplan, 9820 Merelbeke Belgium \u20ac1 Ordinary \u2013 100 (%) Proportion of shares held by Subsidiary undertakings Registered address Country Share class Parent Group Hilton Foods Australia Pty Limited 267 Dohertys Road, Truganina, VIC 3029 Australia AUD 1 Ordinary \u2013 100 Foods Connected Australia Pty Limited Moore Stephens, 62-64, Burwood Road, Burwood, NSW, 2134 AUD 1 Ordinary \u2013 65 Hilton Foods New Zealand Limited 11 Puaki Drive, Wiri, Auckland 2104 New Zealand NZD 1 Ordinary \u2013 100 Foppen USA Inc 4th Floor, 374, Milburn Ave, Milburn, New Jersey, 07041 USA $1 Ordinary \u2013 100 Foods Connected America Inc. National Registered Agents, Inc., 1209, Orange Street, Wilmington, New Castle County, Delaware, 19081 $0.001 Ordinary \u2013 65 Hong Kong Fu-Peng Co Limited Room 1001, 10/F Boss Commercial Centre, 28, Ferry Street, Kowloon, Hong Kong China HKD 1 Ordinary \u2013 100 Shanghai Fu Peng Food Trading Co Limited Room 710, Tower A, Building 2, 555, Lansong Road, Pudong New Area, Shanghai CNY 1 Ordinary \u2013 100 Foppen Seafood Canada Inc Suite 1000, Brunswick House, 44, Chipman Hill, Saint John, New Brunswick, E2L 2A9 Canada CAD 10 Ordinary \u2013 100 Olympic Eel & Salmon Industry SA Industrial Area of Preveza, Preveza, 481 00 Greece \u20ac30 Ordinary \u2013 100 All subsidiary undertakings are included in the consolidation. The Company\u2019s voting rights in its subsidiary undertakings are the same as its effective interest in its subsidiary undertakings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-536": {
"value": "18 BUSINESS COMBINATIONS On 16 March 2022 the Group acquired 100% of the share capital of Dutch Seafood Company BV (Foppen Group BV), a leading international producer of speciality smoked salmon products. On 7 July 2022 the Group completed the purchase of an additional 15% of Foods Connected Ltd, taking its interest from 50% to 65%. Foods Connected Ltd provides software solutions for supply chain, procurement, food safety, quality and CSR. 2022 Group Dutch Seafood Company BV (Foppen) \u00a3\u2019000 Foods Connected Ltd \u00a3\u2019000 Property, plant and equipment 16,792 71 Intangibles-Technology \u2013 2,849 Brand and customer relationship intangibles 30,488 6,964 Lease: Right-of-use asset 3,214 \u2013 Inventories 22,580 \u2013 Trade and other receivables 13,556 1,231 Cash and cash equivalents \u2013 230 Trade and other payables (13,334) (1,509) Borrowings (56,938) \u2013 Lease liabilities (3,214) \u2013 Deferred tax (3,050) (1,882) Derivative financial instruments (2,785) \u2013 Goodwill 17,805 3,300 Fair value of assets acquired 25,114 11,254 Consideration Paid on completion 25,114 \u2013 Issue of shares \u2013 1,688 Non-controlling interest \u2013 3,939 Deemed fair value of existing 50% interest \u2013 5,627 25,114 11,254 18 BUSINESS COMBINATIONS continued Dutch Seafood Company BV (Foppen) The acquisition of Foppen improves the access for the Group to the specialised smoked salmon market, with a presence in the USA, Canada, Netherlands and Greece. The additional markets provide an opportunity for the Group to diversify its geographic presence whilst leveraging best practices and cost savings with the existing UK Seafood business. Consideration for the acquisition of Foppen totalled \u00a325,114,000 paid entirely in cash. Customer relationship intangibles have been recognised and relate to the supply agreements and long-standing relationships that Foppen has with its customers. Brand intangibles have been recognised in respect of the Foppen trading name and other brands employed by the business. The fair value of these intangible assets of \u00a330,488,000 has been aggregated as they are considered to be linked with their value each dependent on the other and will be amortised over their useful economic lives of five to 10 years. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively. Goodwill of \u00a317,805,000 has been recognised and mainly relates to the strategic benefits for the Group of diversifying its product and geographic portfolio. In the period the Group has recognised exceptional acquisition-related costs of \u00a31,204,000 in respect of legal and professional and other related activities associated with acquisition activity. The consolidated cash flow statement recognises a \u00a382,052,000 for cash outflow within investing activities for the acquisition of subsidiary. This figure comprises \u00a356,938,000 of debt repaid immediately on completion of the acquisition as a result of the requirements of change of control clauses within related bank facility agreements and the \u00a325,114,000 cash consideration paid to the vendors. The acquired business contributed revenues of \u00a386,073,000 and operating profit of \u00a34,300,000 to the Group for the period from 16 March to 1 January 2023. Foods Connected Ltd Consideration for the acquisition of the 15% interest in Foods Connected Ltd totalled \u00a31,688,000 comprised of 170,305 Hilton Food Group plc shares at Market Value taking the holding of Foods Connected to 65%. The acquisition of Foods Connected provides an opportunity to deliver growth through new customer agreements with retailers and manufacturers across Europe and Australia and provides the Group control over the business. As a result of the acquisition, and to allow full consolidation of Foods Connected Ltd as a subsidiary, the Group has recognised an exceptional gain of \u00a32,701,000, being the difference between the carrying value of its joint venture interest at the date of acquisition and its fair value. The fair value of the technology acquired was established following a review undertaken by qualified personnel and reflects their existing use value. The value of intangible assets technology used in the company\u2019s operations have been reviewed and valued at \u00a32,849,000. The value of customer relationships have also been assessed with the support of competent professionals. Customer relationships have been assessed to have a fair value of \u00a36,964,000 and a useful economic life of 22 years. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively. Goodwill of \u00a33,300,000 has provisionally been recognised in 2022. Residual goodwill relates to the strategic benefits for the Group of diversifying its business and the know-how of Foods Connected Ltd\u2019s employees. The value of other assets and liabilities reflect the amounts expected to be realised or paid, respectively. The acquired business contributed revenues of \u00a32,876,000 and operating profit of \u00a3262,000 to the Group for the period from 7 July to 1 January 2023. 2021 Group Dalco Food BV \u00a3\u2019000 Fairfax Meadow Europe Limited \u00a3\u2019000 Property, plant and equipment 6,047 6,782 Brand and customer relationship intangibles 10,193 11,766 Lease: Right-of-use asset 5,303 7,191 Inventories 8,142 7,982 Trade and other receivables 5,992 13,343 Trade and other payables (8,767) (16,782) Borrowings (1,825) (8,504) Lease liabilities (5,303) (7,094) Deferred tax (3,175) (3,023) Goodwill 10,168 3,685 Fair value of assets acquired 26,775 15,346 2021 Group Dalco Food BV \u00a3\u2019000 Fairfax Meadow Europe Limited \u00a3\u2019000 Consideration Paid on completion 13,388 15,346 Deemed fair value of existing 50% interest 13,387 \u2013 26,775 15,346 During 2021 the Group completed the purchase of the remaining 50% of Dalco Food BV (Dalco), taking its interest from 50% to 100%. Dalco is a leading producer of vegetarian and vegan proteins, supplying retail and food service customers from its facilities in the Netherlands. The Group also acquired 100% of the share capital of Fairfax Meadow Europe Limited (Fairfax Meadow), a leading meat supplier to the UK food service sector. Due to the timing of completion of the acquisition and the timing of other acquisition activity undertaken by the Group in 2021, the assessment of the fair values of assets and liabilities acquired was ongoing when the Group reported its 2021 annual results and were therefore provisional. Dalco Food BV The acquisition of the remaining 50% of Dalco allowed the Group to take full control of the business, enabling it to diversify further and strengthen its protein offering in the fast-growing vegan and vegetarian market. Consideration for the acquisition of the 50% interest in Dalco totalled \u00a313,388,000 and comprised cash of \u00a311,603,000, and Hilton Food Group plc shares with a market value at the date of issue of \u00a31,785,000. Updated fair values are presented above and have now been finalised. Goodwill of \u00a310,168,000 has been recognised in 2022 compared to \u00a318,967,000 recognised in 2021 and relates to the strategic benefits for the Group of diversifying its product portfolio into the vegan and vegetarian protein market. The adjustment in Goodwill has gone to recognising Customer and Brand relationship, uplifting the fair value of fixed assets and recognising a deferred tax liability. The fair value of property, plant and equipment acquired was established following a review undertaken by qualified surveyors and reflects their existing use value uplifting their fair value by \u00a31,540,000 an increase of \u00a31,654,000 compared to the amount reported in 2021. Customer relationship intangibles have been recognised and relate to the supply agreements and long-standing relationships that Dalco has with its customers. Brand intangibles have been recognised in respect of the Dalco trading name. The fair value of these intangible assets of \u00a310,193,000 (2021:\u00a3Nil) has been aggregated as they are considered to be linked with their value, each dependent on the other and will be amortised over their useful economic lives of five to 10 years. As part of the transaction a deferred tax liability of \u00a32,933,000 has been recognised. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively. Fairfax Meadow Europe Limited The acquisition of Fairfax Meadow improves the access for the Group to the out-of-home channel, providing an opportunity to diversify into the food service sector and contribute to the Group\u2019s sustainable growth. Consideration for the acquisition of Fairfax Meadow totalled \u00a315,346,000 paid entirely in cash. This figure included \u00a38,504,000 of debt acquired as part of the acquisition of Fairfax Meadow Europe Limited that was immediately repaid as a result of the requirements of change of control clauses within related bank facility agreements. Goodwill has arisen and mainly relates to the strategic benefits for the Group of diversifying its product portfolio into the food service sector. The fair value of property, plant and equipment acquired was established following a review undertaken by qualified surveyors and reflects their existing use value. Customer relationship intangibles have been recognised and relate to the supply agreements and long-standing relationships that Fairfax Meadow has with its customers. Brand intangibles have been recognised in respect of the Fairfax Meadow trading name and other brands employed by the business. The fair value of these intangible assets of \u00a311,766,000 (\u00a312,519,000 recognised in FY 2021 accounts) have been aggregated as they are considered to be linked with their value, each dependent on the other and will be amortised over their useful economic lives of five to nine years. A corresponding increase in Goodwill has been recognised. The value of other assets and liabilities reflect the amounts expected to be realised or paid respectively .",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-537": {
"value": "19 INVENTORIES Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Raw materials and consumables 162,216 136,926 Finished goods and goods for resale 44,513 19,591 206,729 156,517 The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a33,178,978,000 (2021: \u00a32,722,188,000). The Group charged \u00a31,012,000 in respect of inventory write-downs (2021: \u00a31,106,000). The amount charged has been included in cost of sales in the income statement. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-538": {
"value": "20 TRADE AND OTHER RECEIVABLES Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade receivables 218,175 201,377 \u2013 \u2013 Less: provision for impairment of trade receivables (1,137) (699) \u2013 \u2013 Trade receivables \u2013 net 217,038 200,678 \u2013 \u2013 Amounts owed by Group undertakings \u2013 \u2013 5,875 2,874 Amounts owed by related parties (see note 31) 838 565 \u2013 \u2013 Other receivables 34,090 25,868 \u2013 \u2013 Prepayments 19,194 5,516 \u2013 \u2013 271,160 232,627 5,875 2,874 Less: Non-current other receivables \u2013 (2,239) \u2013 \u2013 271,160 230,388 5,875 2,874 Amounts owed by Group undertakings to the Company are unsecured, interest free and repayable on demand. The carrying amounts of trade and other receivables are denominated in the following currencies: Currency Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 UK Pound 94,093 66,066 5,875 2,874 Euro 54,327 51,597 \u2013 \u2013 Swedish Krona 17, 230 16,943 \u2013 \u2013 Danish Krone 33,646 25,204 \u2013 \u2013 Polish Zloty 4,397 4,313 \u2013 \u2013 Australian Dollar 50,035 49,092 \u2013 \u2013 New Zealand Dollar 12,317 19,412 \u2013 \u2013 US Dollar 4,602 \u2013 \u2013 \u2013 Chinese Renminbi 513 \u2013 \u2013 \u2013 271,160 232,627 5,875 2,874 The Group has performed an assessment of the expected credit losses across the portfolio of trade receivables and contract assets. In determining the expected credit loss, the Group has given due consideration to the historic credit losses arising in prior periods and of current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. To measure the expected credit loss, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected credit loss results in a provision being recognised of \u00a31,137,000 (2021: \u00a3699,000). Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Movements on the provision for impairment of trade receivables are as follows: Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At the beginning of the period 699 369 Acquisition 328 \u2013 Provision for receivables impairment 467 401 Receivables impairment released (216) \u2013 Receivables written off during the period as uncollectable (143) (67) Exchange differences 2 (4) At the end of the period 1,137 699 ",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-539": {
"value": "21 CASH AND CASH EQUIVALENTS Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash at bank and on hand 87,224 140,170 186 151 ",
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"language": "en",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-540": {
"value": "22 OTHER FINANCIAL ASSET \u2013 RESTRICTED CASH On 6 January 2022 the Group acquired a 50% joint venture interest in Agito Group Pty. Prior to completion consideration for this investment was held in escrow by the Group\u2019s lawyers and was recognised in the 2021 accounts as restricted cash. Restricted cash as at 1 January 2023 was \u00a3Nil. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-541": {
"value": "23 BORROWINGS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current Bank borrowings 28,279 224,732 Non-current Bank borrowings 270,510 \u2013 Total borrowings 298,789 224,732 Due to the frequent re-pricing dates of the Group\u2019s loans, the fair value of current and non-current borrowings is approximate to their carrying amount. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: Currency 2022 \u00a3\u2019000 2021 \u00a3\u2019000 UK Pound 79,878 65,198 Euro 88,432 18,277 Danish Kroner 837 1,118 Polish Zloty 9,666 5,384 Australian Dollar 93,162 106,903 New Zealand Dollar 26,814 27,852 298,789 224,732 Bank borrowings are repayable in quarterly instalments from 2022 \u2013 2027 with interest charged at SONIA (or equivalent benchmark rates) plus 1.95% - 2.10%. Bank borrowings are subject to joint and several guarantees from each active Group undertaking. The Group has undrawn committed loan facilities of \u00a3106m (2021: \u00a396.8m). The undiscounted contractual maturity profile of the Group\u2019s borrowings is described in note 3. Group net debt is analysed as per note 29 ",
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"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-542": {
"value": "24 TRADE AND OTHER PAYABLES Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade payables 366,222 324,673 \u2013 \u2013 Amounts owed to related parties (see note 31) 314 136 \u2013 \u2013 Social security and other taxes 7,409 8,956 \u2013 \u2013 Accruals 52,258 53,450 \u2013 5 426,203 387,215 \u2013 5 The fair value of trade and other payables are the same as their carrying value. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-543": {
"value": "25 DEFERRED INCOME TAX Group Accelerated capital allowances \u00a3\u2019000 Acquired intangible assets \u00a3\u2019000 IFRS 16 Leases \u00a3\u2019000 Other timing differences \u00a3\u2019000 Total \u00a3\u2019000 At 4 January 2021 3,304 (2,837) 2,575 793 3,835 Exchange differences (290) \u2013 \u2013 \u2013 (290) Acquisition (note 18) (Restated, note 2) (265) (3,001) \u2013 \u2013 (3,266 ) Income statement credit/(charge) (988) 465 2,731 \u2013 2,208 Adjustment in respect of employee share schemes \u2013 \u2013 \u2013 333 333 At 2 January 2022 1,761 (5,373) 5,306 1,126 2,820 Deferred tax on fair value uplift \u2013 (2,932) \u2013 \u2013 (2,932) Exchange differences (71) \u2013 216 40 185 Acquisition (note 18) 3,993 (8,925) \u2013 \u2013 (4,932) Income statement credit 587 1,309 1,323 551 3,770 Tax charged directly to equity \u2013 \u2013 \u2013 (1,031) (1,031) At 1 January 2023 6,270 (15,921) 6,845 686 (2,120) The following is the reconciliation of the deferred tax balances in the balance sheet: Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Deferred tax liabilities (15,921) (4,132) Deferred tax assets 13,801 6,952 (2,120) 2,820 Other timing differences principally relate to share-based payments. The deferred income tax liability above includes \u00a31,989,000 (2021: \u00a3281,000) which is estimated to reverse within 12 months. The deferred income tax asset above is not expected to reverse within 12 months. ",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-544": {
"value": "26 ORDINARY SHARES Number of shares (thousands) Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Authorised, issued and fully paid ordinary shares of 10p each At 3 January 2022/4 January 2021 88,935 8,893 8,194 8,893 8,194 Issue of new shares relating to employee incentive schemes 498 50 26 50 26 Issue of new shares relating to Dalco acquisition \u2013 \u2013 15 \u2013 15 Issue of new shares relating to equity placing \u2013 \u2013 658 \u2013 658 At 1 January 2023/2 January 2022 89,433 8,943 8,893 8,943 8,893 All ordinary shares of 10p each have equal rights in respect of voting, receipt of dividends and repayment of capital. ",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-545": {
"value": "27 SHARE-BASED PAYMENT All-employee Sharesave scheme These schemes are open to all eligible employees of the Group (including the Executive Directors) who make regular savings over a three-year period. The exercise price of the granted options is equal to the market price of the shares on the date of the grant. The options are exercisable starting three years from the grant date and must be exercised within six months thereafter. No performance conditions are attached to the options granted under the scheme. Long Term Incentive Plan (LTIP) Under the Group\u2019s Long Term Incentive Plan nil cost share options are granted to Executive Directors and to selected senior employees. The options are exercisable starting three years from the grant date subject to the Group achievement of performance targets comprising minimum earnings per share (EPS), compound growth target and total shareholder return (TSR). Awards granted during the period introduced three new ESG performance metrics. Awards will vest on a sliding scale, with 10% vesting at threshold and 100% vesting at maximum, as follows: Performance basis Threshold vesting Maximum vesting EPS 5%-6% compound per year 12%\u201315% compound per year TSR \u2013 performance against the constituents of the FTSE 250 (excluding investment trusts) Median Upper quartile ESG \u2013 Scope 1 and 2 energy 6.5% reduction over period 43.9% reduction over period ESG \u2013 Recycled packaging 11.7% increase over period 28.3% increase over period ESG \u2013 Food waste 15.0% reduction over period 30.0% reduction over period The options have a contractual option term of 10 years. The Group has no legal or constructive obligation to repurchase or settle the options in cash. Movements in the number of share options outstanding and their related weighted exercise price are as follows: Group Sharesave Long-term incentive Options (\u2019000) Exercise price (pence) Options (\u2019000) Exercise price (pence) At 4 January 2021 740 998.99 1,450 \u2013 Granted 226 1,200.00 370 \u2013 Exercised (263) 829.04 (212) \u2013 Lapsed (102) 1,121.39 (20) \u2013 At 2 January 2022 601 1,128.69 1,588 \u2013 Granted 231 1,204.00 366 \u2013 Exercised (117) 950.00 (219) \u2013 Lapsed (210) 1,198.80 (156) \u2013 At 1 January 2023 505 1,174.95 1,579 27 SHARE-BASED PAYMENT continued Share options outstanding at the end of the period have the following expiry date and exercise prices: Number of options Group Expiry date Type of scheme Status Exercise price (pence) 2022 (\u2018000) 2021 (\u2018000) February 2023 Sharesave Exercisable 950.00 68 194 February 2024 Sharesave Not exercisable 1228.00 128 201 February 2025 Sharesave Not exercisable 1200.00 126 209 February 2026 Sharesave Not exercisable 1204.00 183 \u2013 April 2024 Long Term Incentive Plan Exercisable nil cost 2 2 April 2025 Long Term Incentive Plan Exercisable nil cost 55 60 April 2026 Long Term Incentive Plan Exercisable nil cost 63 66 April 2027 Long Term Incentive Plan Exercisable nil cost 55 92 May/July 2028 Long Term Incentive Plan Exercisable nil cost 129 246 May 2029 Long Term Incentive Plan Exercisable nil cost 217 399 Sep 2030 Long Term Incentive Plan Not exercisable nil cost 342 355 May 2031 Long Term Incentive Plan Not exercisable nil cost 356 367 May 2032 Long Term Incentive Plan Not exercisable nil cost 360 \u2013 Total 2,084 2,191 The fair value of options granted during 2022 determined using the Black-Scholes valuation model ranged from 1018p to 1108p per option. The significant inputs into the model were the exercise price shown above, volatility of 32-33% based on a comparison of similar listed companies, dividend yield of 2.14-2.44%, an expected option life of 3.0 years, and an annual risk-free interest rate of 0.11- 1.28%. See note 8 for the total expense recognised in the income statement for share options granted to Directors and employees. ",
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"fact-546": {
"value": "28 CASH GENERATED FROM OPERATIONS Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Profit before income tax 29,614 47,398 Finance costs \u2013 net 24,412 16,034 Operating profit 54,026 63,432 Adjustments for non-cash items: Share of post-tax profits of joint venture (1,235) (1,925) Depreciation of property, plant and equipment 46,985 44,186 Depreciation of leased assets 20,780 18,427 Impairment of property, plant and equipment \u2013 6,377 Disposal of leased assets destroyed by fire \u2013 2,239 Gain on early settlement of Belgium lease liabilities \u2013 (2,183) Amortisation of intangible assets 9,974 4,170 Gain on acquisition of Foods Connected Ltd (2022)/Dalco BV (2021) (2,701) (6,837) Loss/(gain) on disposal of non-current assets \u2013 195 Adjustment in respect of employee share schemes (655) 2,725 Changes in working capital: Inventories (23,741) (26,656) Trade and other receivables (14,443) (23,116) Trade and other payables 9,322 40,225 Cash generated from operations 98,312 121,259 The parent company has no operating cash flows. ",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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"fact-547": {
"value": "29 ANALYSIS AND MOVEMENT IN NET DEBT This section sets out an analysis of net debt and the movements in net debt for each of the periods presented. Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 87,224 140,170 Borrowings (including overdrafts) (298,789) (224,732) Net bank debt (211,565) (84,562) Lease liabilities (246,158) (243,396) Net debt (457,723) (327,958) Net debt reconciliation Cash/other financial assets \u00a3\u2019000 Bo rrow ing s (including overdrafts) \u00a3\u2019000 Net bank debt \u00a3\u2019000 Lease liabilities \u00a3\u2019000 Net debt \u00a3\u2019000 At 4 January 2021 123,816 (245,987) (122,171) (245,245) (367,416) Cash flows 19,750 79,819 99,569 6,588 106,157 Lease additions \u2013 \u2013 \u2013 (5,549) (5,549) Acquisition* \u2013 (10,328) (10,328) (12,397) (22,725) Repaid on acquisition* 8,504 8,504 \u2013 8,504 New borrowings* \u2013 (65,237) (65,237) \u2013 (65,237) Exchange adjustments (3,396) 8,497 5,101 10,652 15,753 Other changes \u2013 \u2013 \u2013 2,555 2,555 At 2 January 2022 140,170 (224,732) (84,562) (243,396) (327,958) Cash flows (54,576) 228,565 173,989 15,631 189,620 Lease additions \u2013 \u2013 \u2013 (5,835) (5,835) Acquisition \u2013 (56,938) (56,938) (3,214) (60,152) Repaid on acquisition \u2013 56,938 56,938 \u2013 56,938 New borrowings \u2013 (295,790) (295,790) \u2013 (295,790) Exchange adjustments 1,630 (6,832) (5,202) (9,306) (14,508) Other changes \u2013 \u2013 \u2013 (38) (38) At 1 January 2023 87,224 (298,789) (211,565) (246,158) (457,723) * Restate",
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"fact-570": {
"value": "d (see note 2). 30 COMMITMENTS Capital commitments Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Property, plant and equipment 20,309 12,268 \u2013 \u2013 ",
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"fact-548": {
"value": "d (see note 2). 30 COMMITMENTS Capital commitments Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Property, plant and equipment 20,309 12,268 \u2013 \u2013 ",
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
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},
"fact-549": {
"value": "31 RELATED PARTY TRANSACTIONS AND ULTIMATE CONTROLLING PARTY The Directors do not consider there to be one ultimate controlling party. The companies noted below are all deemed to be related parties by way of common Directors. Sales and purchases made on an arm\u2019s length basis on normal credit terms to related parties during the period were as follows: Group Sales 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sohi Meat Solutions Distribuicao de Carnes SA - fee for services 3,190 3,175 Sohi Meat Solutions Distribuicao de Carnes SA - recharge of joint venture costs 409 331 Dalco BV \u2013 438 Agito Holdings Limited 464 \u2013 Group Purchases 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Agito Holdings Limited 259 \u2013 Foods Connected Ltd \u2013 568 Amounts owing from related parties at the year end were as follows: Group Owed from related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Foods Connected Ltd \u2013 4 Agito Holdings Limited 464 \u2013 Sohi Meat Solutions Distribuicao de Carnes SA 374 561 838 565 Amounts owing to related parties at the period end were as follows: Group Owed to related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Foods Connected Ltd \u2013 127 Agito Holdings Limited 259 \u2013 Sohi Meat Solutions Distribuicao de Carnes SA 55 9 314 136 Transactions with Directors On 5 July 2022 the Group acquired a further 10% interest in its subsidiary Hilton Foods Solutions Limited from Group CEO Philip Heffer. The consideration for this acquisition was \u00a31,151,000 and takes the Group\u2019s interest in Hilton Foods Solutions Limited to 65%. See note 8 on directors emoluments. In the prior period the Group settled the deferred consideration liability recognised in respect of the acquisition of SV Cuisine Limited, making a payment of \u00a32.5m. The acquisition of SV Cuisine Limited was considered to be a related party transaction as prior to acquisition Philip Heffer, the Hilton Food Group Plc\u2019s CEO, Graham Heffer and Robert Heffer, both directors of the Group\u2019s subsidiary Hilton Food Solutions Limited, had each held a 30% shareholding in SV Cuisine Limited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-571": {
"value": "31 RELATED PARTY TRANSACTIONS AND ULTIMATE CONTROLLING PARTY The Directors do not consider there to be one ultimate controlling party. The companies noted below are all deemed to be related parties by way of common Directors. Sales and purchases made on an arm\u2019s length basis on normal credit terms to related parties during the period were as follows: Group Sales 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sohi Meat Solutions Distribuicao de Carnes SA - fee for services 3,190 3,175 Sohi Meat Solutions Distribuicao de Carnes SA - recharge of joint venture costs 409 331 Dalco BV \u2013 438 Agito Holdings Limited 464 \u2013 Group Purchases 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Agito Holdings Limited 259 \u2013 Foods Connected Ltd \u2013 568 Amounts owing from related parties at the year end were as follows: Group Owed from related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Foods Connected Ltd \u2013 4 Agito Holdings Limited 464 \u2013 Sohi Meat Solutions Distribuicao de Carnes SA 374 561 838 565 Amounts owing to related parties at the period end were as follows: Group Owed to related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Foods Connected Ltd \u2013 127 Agito Holdings Limited 259 \u2013 Sohi Meat Solutions Distribuicao de Carnes SA 55 9 314 136 Transactions with Directors On 5 July 2022 the Group acquired a further 10% interest in its subsidiary Hilton Foods Solutions Limited from Group CEO Philip Heffer. The consideration for this acquisition was \u00a31,151,000 and takes the Group\u2019s interest in Hilton Foods Solutions Limited to 65%. See note 8 on directors emoluments. In the prior period the Group settled the deferred consideration liability recognised in respect of the acquisition of SV Cuisine Limited, making a payment of \u00a32.5m. The acquisition of SV Cuisine Limited was considered to be a related party transaction as prior to acquisition Philip Heffer, the Hilton Food Group Plc\u2019s CEO, Graham Heffer and Robert Heffer, both directors of the Group\u2019s subsidiary Hilton Food Solutions Limited, had each held a 30% shareholding in SV Cuisine Limited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-550": {
"value": "32 FINANCIAL INSTRUMENTS BY CATEGORY The accounting policies for financial instruments have been applied to the line items below: Group Assets 2022 Total \u00a3\u2019000 2021 Total \u00a3\u2019000 Trade and other receivables 251,966 227,111 251,966 227,111 Group Liabilities Financial Liabilities at Fair Value \u00a3\u2019000 Financial Liabilities at Amortised Cost \u00a3\u2019000 2022 Total \u00a3\u2019000 2021 Financial Liabilities at Amortised Cost \u00a3\u2019000 Trade and other payables \u2013 418,794 418,794 378,259 Financial liabilities at fair value through OCI 3,398 \u2013 3,398 \u2013 Borrowings \u2013 298,789 298,789 224,732 Lease liabilities \u2013 246,158 246,158 243,396 3,398 963,741 967,139 846,387 In addition to the above, amounts owed to the Company by Group undertakings of \u00a35,875,000 (2021: \u00a32,874,000) are classified as \u2018financial assets at amortised cost\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"fact-551": {
"value": "33 ALTERNATIVE PERFORMANCE MEASURES The Group\u2019s performance is assessed using a number of alternative performance measures (APMs). The Group\u2019s alternative profitability measures are presented before exceptional items, amortisation of certain intangible assets and depreciation of fair value adjustments made to property, plant and equipment acquired through business combinations and the impact of IFRS 16 - Leases. The measures are presented on this basis, as management uses these measures to assess business performance internally and therefore believes they provide useful additional information about the Group\u2019s performance and aids a more effective comparison of the Group\u2019s underlying trading performance from one period to the next. Adjusted profitability measures are reconciled to unadjusted IFRS results on the face of the income statement below: 52 weeks ended 1 January 2023 Reported \u00a3\u2019000 Add back: IFRS 16 Depreciation and interest \u00a3\u2019000 Less: IAS 17 Lease accounting costs \u00a3\u2019000 Reported excluding IFRS 16 \u00a3\u2019000 Exceptional items \u00a3\u2019000 Add back: Amort & depn of acquisition fair value adjustments \u00a3\u2019000 Adjusted \u00a3\u2019000 Operating profit - excluding exceptional items 65,922 20,780 (23,815) 62,887 \u2013 8,257 71,144 Exceptional items (11,896) \u2013 \u2013 (11,896) 11,896 \u2013 \u2013 Operating profit 54,026 20,780 (23,815) 50,991 11,896 8,257 71,144 Net finance costs (24,412) 8,758 \u2013 (15,654) \u2013 \u2013 (15,654) Profit before income tax 29,614 29,538 (23,815) 35,337 11,896 8,257 55,490 Profit for the period 19,492 28,215 (23,815) 23,892 11,751 6,370 42,013 Less non-controlling interest (1,786) (3) \u2013 (1,789) \u2013 \u2013 (1,789) Profit attributable to members of the parent 17,706 28,212 (23,815) 22,103 11,751 6,370 40,224 Depreciation and amortisation 77,769 (20,780) \u2013 56,989 \u2013 (8,257) 48,732 EBITDA 131,795 \u2013 (23,815) 107,980 11,896 \u2013 119,876 Earnings per share pence pence pence Basic 19.8 24.8 45.1 Diluted 19.7 24.6 44.7 33 ALTERNATIVE PERFORMANCE MEASURES continued
52 weeks ended
2 January 2022
Reported
\u00a3\u2019000
Add back:
IFRS 16
Depreciation
and interest
\u00a3\u2019000
Less: IAS
17 Lease
accounting
costs
\u00a3\u2019000
Reported
excluding
IFRS 16
\u00a3\u2019000
Exceptional
items
\u00a3\u2019000
Add back:
Amort & depn
of acquisition
fair value
adjustments
\u00a3\u2019000
Adjusted
\u00a3\u2019000
Operating profit \u2013
excluding exceptional
items
70,482 18,214 (17,907) 70,789 \u2013 2,778 73,567
Exceptional items (7,050) 56 \u2013 (6,994) 6,994 \u2013 \u2013
Operating profit 63,432 18,270 (17,907) 63,795 6,994 2,778 73,567
Net finance costs (16,034) 8,498 \u2013 (7,536) 1,131 \u2013 (6,405)
Profit before income tax 47,398 26,768 (17,907) 56,259 8,125 2,778 67,162
Profit for the period 39,282 24,037 (17,907) 45,412 5,009 2,250 52,671
Less non-controlling
interest
(2,139) (7) \u2013 (2,146) \u2013 \u2013 (2,146)
Profit attributable to
members of the parent
37,143 24,030 (17,907) 43,266 5,009 2,250 50,525
Depreciation and
amortisation
75,596 (20,489) \u2013 55,107 (6,377) (2,778) 45,952
EBITDA 139,028 (2,219) (17,907) 118,902 617 \u2013 119,519
Earnings per share pence pence pence
Basic 45.0 52.5 61.3
Diluted 44.5 51.8 60.5
The depreciation and amortisation figure includes \u00a3nil (2020: \u00a31,197,000) amortisation of contract assets charged to revenue and adds
back a loss on disposal of \u00a3195,000 (2020: gain \u00a340,000).
Segmental operating profit reconciles to adjusted segmental operating profit as follows:
52 weeks ended
1 January 2023
Reported
\u00a3\u2019000
Add back:
IFRS 16
Depreciation
and interest
\u00a3\u2019000
Less: IAS
17 Lease
accounting
costs
\u00a3\u2019000
Reported
excluding
IFRS 16
\u00a3\u2019000
Exceptional
items
\u00a3\u2019000
Add back:
Amort & depn
of acquisition
fair value
adjustments
\u00a3\u2019000
Adjusted
\u00a3\u2019000
Europe 33,316 8,669 (9,584) 32,401 9,014 8,257 49,672
APAC 28,825 12,111 (14,231) 26,705 \u2013 \u2013 26,705
Central costs (8,115) \u2013 \u2013 (8,115) 2,882 \u2013 (5,233)
Total 54,026 20,780 (23,815) 50,991 11,896 8,257 71,144
52 weeks ended
2 January 2022
Reported
\u00a3\u2019000
Add back:
IFRS 16
Depreciation
and interest
\u00a3\u2019000
Less: IAS
17 Lease
accounting
costs
\u00a3\u2019000
Reported
excluding
IFRS 16
\u00a3\u2019000
Exceptional
items
\u00a3\u2019000
Add back:
Amort & depn
of acquisition
fair value
adjustments
\u00a3\u2019000
Adjusted
\u00a3\u2019000
Europe 52,307 6,393 (6,684) 52,016 6,994 2,778 61,788
APAC 21,716 11,877 (11,223) 22,370 \u2013 \u2013 22,370
Central costs (10,591) \u2013 \u2013 (10,591) \u2013 \u2013 (10,591 )
Total 63,432 18,270 (17,907) 63,795 6,994 2,778 73,567
",
"dimensions": {
"concept": "hiltonfoodgroupplc:DisclosureOfAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:213800JY7VJFS2OOX355",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
}
}
}