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"2023-09-17T00:00:00/2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-696": { "value": "-1057000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-697": { "value": "-13000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-698": { "value": "-1070000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "fact-699": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-700": { "value": "177000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "abfplc:OtherReservesFromCancelledSharePremiumAndCapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-701": { "value": "-383000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-702": { "value": "-45000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-703": { "value": "11395000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-704": { "value": "11186000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-705": { "value": "92000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-706": { "value": "11278000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "fact-709": { "value": "Associated British Foods plc is domiciled in the United Kingdom. The Company\u2019s consolidated financial statements for the 52 weeks ended 14 September 2024 comprise those of the Company, its subsidiaries and its interest in joint ventures and associates. The directors authorised the consolidated financial statements for issue on 5 November 2024. The directors prepared and approved the consolidated financial statements in accordance with UK-adopted IAS (\u2018Adopted IFRS\u2019). The Company has elected to prepare the parent company financial statements under FRS 101. These are presented on pages 211 to 217. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-708": { "value": "Associated British Foods plc is domiciled in the United Kingdom. The Company\u2019s consolidated financial statements for the 52 weeks ended 14 September 2024 comprise those of the Company, its subsidiaries and its interest in joint ventures and associates. The directors authorised the consolidated financial statements for issue on 5 November 2024. The directors prepared and approved the consolidated financial statements in accordance with UK-adopted IAS (\u2018Adopted IFRS\u2019). The Company has elected to prepare the parent company financial statements under FRS 101. These are presented on pages 211 to 217. Basis of preparation The Company presents its consolidated financial statements in sterling, rounded to the nearest million, prepared on the historical cost basis except that current biological assets and certain financial instruments are stated at fair value, and assets classified as held for sale are stated at the lower of carrying amount and fair value less costs to sell. The preparation of financial statements under Adopted IFRS requires management to make judgements, estimates and assumptions about the reported amounts of assets and liabilities income and expenses and the disclosure of contingent assets and liabilities. The estimates and associated assumptions are based on experience. Actual results may differ from these estimates. Judgements made by management in the application of Adopted IFRS that have a significant effect on the financial statements, and estimates with a significant risk of material adjustment next year, are discussed in Accounting estimates and judgements detailed on page 154. The estimates and underlying assumptions are reviewed regularly. Revisions to accounting estimates are recognised prospectively from when the estimates are revised. The accounting policies set out below apply to all periods presented, except where stated otherwise. Details of accounting standards which came into force in the year are set out at the end of this note. The Group\u2019s consolidated financial statements are prepared to the Saturday nearest to 15 September. Accordingly, they have been prepared for the 52 weeks ended 14 September 2024 (2023 \u2013 52 weeks ended 16 September 2023). To avoid delay in the preparation of the consolidated financial statements, the results of certain subsidiaries, joint ventures and associates are included to 31 August each year. Adjustments have been made where appropriate for significant transactions or events occurring between 31 August and 14 September. The Group\u2019s business activities, together with factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1 to 87. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial review on pages 44 to 47. In addition, the principal risks and uncertainties on pages 78 to 86 and note 26 on pages 183 to 194 provide details of the Group\u2019s policy on managing its financial and commodity risks. Material accounting policies for the 52 weeks ended 14 September 2024 Going concern After making enquiries, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the consolidated financial statements. The forecast for the going concern assessment period to 28 February 2026 has been updated for the business\u2019s latest trading in October and is the best estimate of cash flow in the period. The Board\u2019s treasury policies are in place to maintain a strong capital base and manage the Group\u2019s balance sheet and liquidity to ensure long-term financial stability. These policies are the basis for investor, creditor and market confidence and enable the successful development of the business. The financial leverage policy requires that, in the ordinary course of business, the Board prefers to see the Group\u2019s ratio of total net debt including lease liabilities to adjusted EBITDA to be well under 1.5x. At the end of this financial year, the financial leverage ratio was 0.7x. At the end of the financial year, the Group had total cash, cash equivalents and current asset investments of \u00a31.7bn and an undrawn committed Revolving Credit Facility of \u00a31.5bn. The Revolving Credit Facility is free of performance covenants and matures in 2029, after a further one year extension was made in April 2024. The $100m of outstanding private placement notes were repaid on 2 April 2024, after which point Group funding is not subject to financial performance covenants. In reviewing the cash flow forecast for the period, the directors reviewed the trading for both Primark and the food businesses in light of the experience gained from events of the last three years of trading and emerging trading patterns. The directors have a thorough understanding of the risks, sensitivities and judgements included in these elements of the cash flow forecast and have a high degree of confidence in these cash flows. As a downside scenario, the directors considered the adverse scenario in which inflationary costs are not fully recovered, high levels of volatility in key commodities prices without price adjustments, adverse movement to the cash conversion cycle within the Group and server IT outages leading to extended periods of non-operation. This downside scenario was modelled without taking any mitigating actions within their control. Under this downside scenario the Group forecasts liquidity throughout the period. In addition, the directors also considered the circumstances which would be needed to exhaust the Group\u2019s total liquidity over the assessment period \u2013 a reverse stress test. This indicates that, on top of the downside scenario outlined above, annual profit before tax would need to decline by 17% without any price increases or other mitigating actions being taken before total liquidity is exhausted. The likelihood of these circumstances is considered remote for two reasons. Firstly, over such a period, management could take substantial mitigating actions, such as reviewing pricing, taking cost-cutting measures and reducing capital investment. Secondly, the Group has significant business and asset diversification and would be able to, if it were necessary, dispose of assets and/or businesses to raise considerable levels of funds. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the TCFD disclosures set out on pages 66 to 77 and the Group\u2019s sustainability targets. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 28 February 2026 nor the viability of the Group over the next three years. Management has considered the impact of climate change on a number of key estimates within the financial statements, including the estimates of future cash flows used in impairment assessments of the carrying value of goodwill and other non-current assets. The assessment with respect to the impact of climate change will be kept under review by management, as the future impacts depend on factors outside of the Group\u2019s control, which are not all currently known. Basis of consolidation These consolidated financial statements include the results of the Company and its subsidiaries from the date that control commences to the date that control ceases. They also include the Group\u2019s share of the after-tax results, other comprehensive income and net assets of its joint ventures and associates on an equity-accounted basis from the point at which joint control or significant influence respectively commences, to the date that it ceases. Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to direct the activities of an entity so as to affect significantly the returns of that entity. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for within equity. All the Group\u2019s joint arrangements are joint ventures, which are entities over whose activities the Group has joint control, typically established by contractual agreement and requiring the venturers\u2019 unanimous consent for strategic, financial and operating decisions. Associates are those entities in which the Group has significant influence, being the power to participate in the financial and operating policy decisions of the entity, but which does not amount to control or joint control. Where the Group\u2019s share of losses exceeds its interest in a joint venture or associate, the carrying amount is reduced to zero and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Control, joint control and significant influence are generally assessed by reference to equity shareholdings and voting rights. Business acquisitions On acquisition of a business, the Group attributes fair values to the identifiable assets, liabilities and contingent liabilities acquired, reflecting conditions at the date of acquisition. These include aligning accounting policies with those of the Group. The Group finalises provisional fair values within 12 months of the date of acquisition and, where significant, reflects them by restatement of the comparative period in which the acquisition occurred. The Group measures non-controlling interests at the proportionate share of the net identifiable assets acquired. The Group remeasures existing equity interests in the acquiree to fair value at the date of acquisition, with any resulting gain or loss taken to the income statement. Goodwill arising on acquisition of a business is the excess of the remeasured carrying amount of any existing equity interest plus the fair value of consideration payable for the additional stake over the fair value of the share of net identifiable assets and liabilities acquired (including separately identified intangible assets), net of non-controlling interests. Total consideration does not include transaction costs, which the Group expenses as incurred. The Group measures contingent consideration at fair value at the date of acquisition, classified as a liability or equity (usually as a liability). Other than for the finalisation of provisional fair values, the Group accounts for changes in contingent consideration classified as a liability in the income statement. Revenue Revenue represents the value of sales made to customers after deduction of discounts, sales taxes and a provision for returns. Discounts include sales rebates, price discounts, customer incentives, some promotional activities and similar items. Revenue does not include sales between group companies. The Group recognises revenue when performance obligations are satisfied, goods are delivered to customers and control of goods is transferred to the buyer. In the food businesses, the Group generally recognises revenue from the sale of goods on dispatch or delivery to customers, dependent on shipping terms, and provides for discounts and returns as a reduction to revenue when sales are recorded, based on management\u2019s best estimate of the amount required to meet claims by customers, taking into account contractual and legal obligations, historical trends and past experience. In the Retail business, the Group generally recognises revenue from the sale of goods when a customer purchases goods and provides for returns as a reduction to revenue when sales are recorded, based on management\u2019s best estimate of the amount required to meet claims by customers, taking into account historical trends and past experience. Borrowing costs The Group accounts for borrowing costs using the effective interest method. The Group capitalises borrowing costs directly attributable to the acquisition, construction or production of qualifying items of property, plant and equipment as part of their cost. Foreign currencies Individual group companies record transactions in foreign currencies at the exchange rate at the date of the transaction, and translate monetary assets and liabilities in foreign currencies at the exchange rate at the balance sheet date, with any resulting differences taken to the income statement, unless designated in a hedging relationship, in which case hedge accounting applies. On consolidation, the Group translates the assets and liabilities of operations denominated in foreign currencies into sterling at the exchange rate at the balance sheet date and the income statements of those operations into sterling at average exchange rates. The Group records differences arising from the retranslation of opening net assets of group companies, together with differences arising from the restatement of the net results of group companies from average exchange rates to those at the balance sheet date, in the translation reserve in equity. Pensions and other post-employment benefits The Group\u2019s pension and other post-employment benefit arrangements comprise defined benefit plans, defined contribution plans and other unfunded post-employment plans. For defined benefit plans, the income statement charge comprises the cost of benefits earned by members and benefit improvements granted to members during the year, as well as net interest income/expense calculated by applying the liability discount rate to the opening net pension asset or liability. The Group records the difference between the market value of scheme assets and the present value of scheme liabilities on a scheme-by-scheme basis as net pension assets (to the extent recoverable) or liabilities. The Group recognises remeasurements and movements in irrecoverable surpluses in other comprehensive income. The Group charges contributions payable in respect of defined contribution plans to operating profit as incurred. The Group accounts for other unfunded post-employment plans in the same way as defined benefit plans. Share-based payments The Group recognises the fair value of share awards at grant date as an employee expense with a corresponding increase in equity, spread over the period during which employees become unconditionally entitled to the shares. The Group adjusts the amount recognised to reflect expected and actual levels of vesting except where the failure to vest is as a result of not meeting a market condition. Income tax Income tax on profit or loss comprises current and deferred tax. The Group recognises income tax in the income statement except to the extent that it relates to items taken directly to equity. Current tax is the tax expected to be payable on taxable income, using tax rates enacted or substantively enacted, together with any adjustment to tax payable in respect of prior periods. The Group provides for deferred tax using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The Group does not provide for the following temporary differences: initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The Group bases the amount of deferred tax provided on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. The Group recognises deferred tax assets only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Group offsets deferred tax assets and liabilities if, and only if, it has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. As required by IAS 12, the Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group recognises income tax arising from dividend distributions at the same time as the liability to pay the related dividend. Financial assets and liabilities The Group recognises financial assets and liabilities when it becomes a party to the contractual provision of the relevant financial instrument. Trade and other receivables The Group records trade and other receivables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value less an expected credit loss provision, which is recognised based on management\u2019s expectation of losses without regard to whether or not a specific impairment trigger has occurred. Other non-current receivables Other non-current receivables comprise minority shareholdings in private companies. The Group records minority shareholdings in private companies initially at fair value, including directly attributable transaction costs, and subsequently at fair value through other comprehensive income. On disposal of a minority shareholding, the cumulative gain or loss previously recognised in other comprehensive income is included directly in retained earnings, without recycling it to the income statement. Bank and other borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Trade payables The Group records trade payables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value. Cash, cash equivalents and current asset investments Cash and cash equivalents comprise bank and cash balances, deposits and short-term investments with original maturities of three months or less. Current asset investments comprise bank deposits and short-term investments with maturities of between three and six months. For the purposes of the cash flow statement, the Group includes bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management as a component of cash and cash equivalents. Derivative financial instruments and hedging The Group primarily uses derivatives to manage economic exposure to financial and commodity risks. The principal instruments used are foreign exchange, interest rate and commodity contracts, futures, swaps and options. The Group does not use derivatives for speculative purposes. The Group recognises derivatives at fair value based on market prices or rates, or calculated using discounted cash flow or option pricing models. The Group recognises changes in the fair value of derivatives in the income statement unless the derivative is designated in a hedging relationship, when recognition of the change in fair value depends on the nature of the item being hedged. The purpose of hedge accounting is to mitigate the impact on the Group of changes in foreign exchange or interest rates and commodity prices. At the inception of each hedging relationship, the Group documents the hedging instrument, the hedged item, the risk management objectives and strategy for undertaking the hedge, and assesses hedge effectiveness. During the life of each hedging relationship, the Group performs testing to demonstrate that the hedge remains effective. For derivatives hedging future cash flows, the Group recognises the change in fair value through other comprehensive income in either the cost of hedging reserve (for the element of the change in fair value relating to the currency spread) or in the hedging reserve (for the remaining change in fair value). Any ineffective portion is recognised immediately in the income statement. When the future cash flow results in the recognition of a non- financial asset or liability, then at the time that asset or liability is recognised, the Group includes the associated gains and losses previously recognised in the hedging reserve in the initial measurement of that asset or liability. When the future cash flow does not result in the recognition of a non-financial asset or liability, the Group includes the associated gains and losses previously recognised in the hedging reserve in the income statement in the same period in which the hedged item affects profit or loss. Hedges of the Group\u2019s net investment in foreign operations principally comprise borrowings in the currency of the investment\u2019s net assets. For derivative or non-derivative financial instruments used as hedges of the Group\u2019s net investment in foreign operations, the Group recognises the change in fair value through other comprehensive income in the net investment hedging reserve. Any ineffective portion is recognised immediately in the income statement. The Group discontinues hedge accounting when a hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, the Group retains the cumulative associated gain or loss recognised in the hedging reserve until the forecast transaction occurs. Gains or losses on hedging instruments relating to an underlying exposure that no longer exists are taken to the income statement. The Group economically hedges foreign currency exposure on recognised monetary assets and liabilities but does not normally seek hedge accounting. The Group records any derivatives held to hedge this exposure at fair value through profit and loss. Intangible assets other than goodwill Non-operating intangible assets are generally intangible assets that arise on business combinations and typically include technology, brands, customer relationships and grower agreements. The Group acquires operating intangible assets in the ordinary course of business, typically including computer software, land use rights and emissions trading licences. The Group records intangible assets other than goodwill at cost less accumulated amortisation and impairment charges. Amortisation is charged to the income statement on a straight- line basis over the estimated useful lives of intangible assets from the date they are available for use. Estimated useful lives are generally deemed to be no longer than: \u2022 Technology and brands \u2013 up to 15 years \u2022 Customer relationships \u2013 up to 10 years \u2022 Grower agreements \u2013 up to 10 years \u2022 Operating intangibles \u2013 up to 10 years Goodwill Goodwill is defined under \u2018Business acquisitions\u2019 on page 149. Certain commercial assets associated with the acquisition of a business are not capable of being recognised in the acquisition balance sheet. In such circumstances, goodwill is recognised, which may include, but is not necessarily limited to, workforce assets and the benefits of expected future synergies. Goodwill is subject to an annual impairment review. Research and development The Group expenses research and development expenditure as incurred, unless development expenditure relates to products or processes which are technically and commercially feasible, in which case it is capitalised. The Group records capitalised development expenditure at cost less accumulated amortisation and impairment charges. Impairment The Group reviews the carrying amount of intangible assets and property, plant and equipment at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the Group estimates the asset\u2019s recoverable amount. For goodwill and intangibles without a finite life, the Group does this at least annually. The Group recognises an impairment charge in the income statement whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. The Group allocates impairment charges recognised in respect of CGUs first to reduce the carrying amount of any goodwill relating to that CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Calculation of recoverable amount The recoverable amount of assets is the greater of fair value less costs to sell and value in use. In assessing value in use, the Group discounts estimated future cash flows to present value using a pre-tax discount rate reflective of current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the Group determines recoverable amount for the CGU to which the asset belongs. Reversals of impairment The Group does not subsequently reverse impairments of goodwill. For other assets, the Group may reverse an impairment charge if there has been a change in the estimates used to determine the recoverable amount, but only to the extent that the new carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment charge had previously been recognised. Property, plant and equipment The Group records property, plant and equipment at cost less accumulated depreciation and impairment charges. The Group charges depreciation to the income statement on a straight-line basis over the estimated useful economic life of each item sufficient to reduce it to its estimated residual value. Land is not depreciated. Estimated useful economic lives are generally deemed to be no longer than:
Freehold buildings
up to 66 years
Plant and equipment, fixtures and fittings
\u2022 sugar factories, yeast plants,
mills and bakeries
up to 20 years
\u2022 other operations
up to 12 years
Vehicles
up to 10 years
Sugar cane roots
up to 10 years
Investment properties The Group records investment properties at cost less accumulated depreciation and impairment charges. The Group charges depreciation to the income statement on a straight-line basis over the estimated useful economic life of each property sufficient to reduce it to its estimated residual value. Land is not depreciated. Estimated useful economic lives are generally deemed to be no longer than:
Freehold buildings
up to 66 years
Leasehold buildings
term of lease
The book value of investment properties was not previously material and was included in property, plant and equipment and right-of-use assets. This book value is now more significant and the Group has decided to disclose investment properties separately on the face of the balance sheet.
For ease of comparison, the comparative balance sheet has
been re-presented. There is no change to any balance sheet
sub-total, net assets, profit, earnings or cash flows and therefore
no opening balance sheet has been disclosed. The reclassification
for the 2023 opening position was \u00a3120m and for the 2023
balance sheet was \u00a3107m.
Leases
A lease is an agreement whereby the lessor conveys to the
lessee, in return for a payment or a series of payments, the right
to use a specific asset for an agreed period.
Where the Group is a lessee, the following accounting
policy is applied.
Right-of-use assets
The Group records right-of-use assets at cost at the
commencement date of the lease, which is the date the underlying
asset is available for use, less any accumulated depreciation and
impairment losses, and adjusted for subsequent remeasurement
of lease liabilities.
Cost includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before
the commencement date, less any lease incentives received.
The Group charges depreciation to the income statement on
a straight-line basis over the shorter of the estimated useful life
and the lease term.
Lease liabilities
The Group records lease liabilities at the commencement date
of the lease at the present value of lease payments to be made
over the lease term, discounted using the incremental borrowing
rate at the commencement date of the lease if the interest rate
implicit in the lease is not readily determinable.
Lease payments include fixed payments, including in-substance
fixed payments, and variable lease payments that depend on
an index or a rate, less any lease incentives receivable.
Variable lease payments that do not depend on an index or a rate
are recognised as an expense in the period in which the event
or condition that triggers the payment occurs.
The Group subsequently measures lease liabilities at amortised
cost using the effective interest rate method. The Group records
the accretion and settlement of interest through accruals and
reduces the carrying amount of lease liabilities for the capital
element of lease payments made.
The carrying amount of lease liabilities is remeasured when there
is a change in future lease payments due to a change in the
lease term, a change in the in-substance fixed lease payments
or a change in the assessment of whether to purchase the
underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption
to leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option.
It also applies the low-value asset recognition exemption to
groups of underlying leases considered uniformly low-value.
The Group expenses lease payments on short-term leases and
leases of low-value assets in the income statement as incurred.
Lessor accounting The Group classifies subleases based on the right-of-use asset of the head lease. A portion of the right-of-use asset is derecognised based on the ratio of sublease income to head lease payments. Finance lease receivables are recorded at the net investment, with any difference recognised in the income statement. Finance income is recognised over the lease term, while operating lease income is recognised on a straight-line basis. Current biological assets The Group records current biological assets at fair value less costs to sell. The basis of valuation for growing cane is estimated sucrose content valued at estimated sucrose price for the following season, less estimated costs for harvesting and transport. When harvested, the Group transfers growing cane to inventory at fair value less costs to sell. Inventories The Group records food inventories at the lower of cost and net realisable value. Cost includes raw materials, direct labour and expenses and an appropriate proportion of production and other overheads, calculated on a first-in first-out basis. The Group records retail inventories at the lower of cost and net realisable value using the retail method, calculated on the basis of selling price less appropriate trading margin. All retail inventories are finished goods. On acquisition of a business, the Group records inventories at fair value. Subsequently, the Group charges the book value of the inventories to adjusted operating profit as they are sold or used. Any significant fair value uplift is charged below adjusted operating profit as the inventories are sold or used. Grants The Group recognises grants only when there is reasonable assurance that the Group will comply with the conditions attached and that the grants will be received. Grants receivable as compensation for expenses already incurred are recognised in profit or loss in the period in which they become receivable. Hyperinflation The Argentinian economy was designated hyperinflationary from 1 July 2018. The Turkish economy was designated hyperinflationary from 1 July 2022. The Group has applied IAS 29 Financial Reporting in Hyperinflationary Economies to its Argentinian operations from the beginning of the 2019 financial year and to its Turkish operations from the beginning of the 2022 financial year. IAS 29 requires that hyperinflationary adjustments are reflected from the start of the reporting period in which it is applied. The adjustments required by IAS 29 are set out below: \u2022 adjustment of historical cost non-monetary assets and liabilities from their date of initial recognition to the balance sheet date to reflect the changes in purchasing power of the currency caused by inflation, according to the official indices for Argentina published by the Federaci\u00f3n Argentina de Consejos Profesionales de Ciencias Econ\u00f3micas (\u2018FACPCE\u2019) and for Turkey published by Turkish Statistical Institute (\u2018TUIK\u2019); \u2022 adjustment of the components of the income statement and cash flow statement for the inflation index since their generation, with a balancing entry in the income statement and a reconciling item in the cash flow statement, respectively; \u2022 adjustment of the income statement to reflect the impact of inflation on holding monetary assets and liabilities in local currency; \u2022 the financial statements of the Group\u2019s Argentinian and Turkish operations have been translated into sterling at the closing exchange rate at 14 September 2024 (ARS 1261.46: \u00a31; TRL 44.63:\u00a31); and \u2022 the cumulative impact corresponding to previous years has been reflected in other comprehensive income in the year. In Argentina, the FACPCE index was 2044.2832 at 31 August 2023 and 6883.4412 at 31 August 2024. The inflation index for the year is therefore 3.367. In Turkey, the TUIK index was 58.94 at 31 August 2023 and 51.97 at 31 August 2024. The inflation index for the year is therefore 0.882. The Venezuelan economy has been designated hyperinflationary for a number of years, but the impact on the Group\u2019s results remains immaterial. New accounting standards The Group adopted the following accounting standards and amendments during the year with no significant impact: \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) \u2022 Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 IFRS 17 Insurance Contracts, Amendments to IFRS 17, Initial Adoption of IFRS 17 and IFRS 9 \u2013 Comparative Information The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective. Where already endorsed by the UKEB, these changes will be adopted on the effective dates noted. Where not yet endorsed by the UKEB, the adoption date is less certain: \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), effective 2025 financial year \u2022 Amendments to IAS 1 Presentation of Financial Statements, effective 2025 financial year \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1), effective 2025 financial year \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7), effective 2025 financial year \u2022 Lack of Exchangeability (Amendments to IAS 21), effective 2026 financial year \u2022 IFRS 18 Presentation and Disclosures in Financial Statements, effective 2028 financial year (not yet endorsed by UKEB) \u2022 Amendments to the Classification and Measurement of Financial Instruments effective 2027 financial year (not yet endorsed by UKEB).", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-2": { "value": "Associated British Foods plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-707": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-4": { "value": "The directors authorised the consolidated financial statements for issue on 5 November 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-763": { "value": "The directors prepared and approved the consolidated financial statements in accordance with UK-adopted IAS (\u2018Adopted IFRS\u2019). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-710": { "value": "Basis of preparation The Company presents its consolidated financial statements in sterling, rounded to the nearest million, prepared on the historical cost basis except that current biological assets and certain financial instruments are stated at fair value, and assets classified as held for sale are stated at the lower of carrying amount and fair value less costs to sell. The preparation of financial statements under Adopted IFRS requires management to make judgements, estimates and assumptions about the reported amounts of assets and liabilities , income and expenses and the disclosure of contingent assets and liabilities. The estimates and associated assumptions are based on experience. Actual results may differ from these estimates. Judgements made by management in the application of Adopted IFRS that have a significant effect on the financial statements, and estimates with a significant risk of material adjustment next year, are discussed in Accounting estimates and judgements detailed on page 154. The estimates and underlying assumptions are reviewed regularly. Revisions to accounting estimates are recognised prospectively from when the estimates are revised. The accounting policies set out below apply to all periods presented, except where stated otherwise. Details of accounting standards which came into force in the year are set out at the end of this note. The Group\u2019s consolidated financial statements are prepared to the Saturday nearest to 15 September. Accordingly, they have been prepared for the 52 weeks ended 14 September 2024 (2023 \u2013 52 weeks ended 16 September 2023). To avoid delay in the preparation of the consolidated financial statements, the results of certain subsidiaries, joint ventures and associates are included to 31 August each year. Adjustments have been made where appropriate for significant transactions or events occurring between 31 August and 14 September. The Group\u2019s business activities, together with factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1 to 87. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial review on pages 44 to 47. In addition, the principal risks and uncertainties on pages 78 to 86 and note 26 on pages 183 to 194 provide details of the Group\u2019s policy on managing its financial and commodity risks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-711": { "value": "Going concern After making enquiries, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the consolidated financial statements. The forecast for the going concern assessment period to 28 February 2026 has been updated for the business\u2019s latest trading in October and is the best estimate of cash flow in the period. The Board\u2019s treasury policies are in place to maintain a strong capital base and manage the Group\u2019s balance sheet and liquidity to ensure long-term financial stability. These policies are the basis for investor, creditor and market confidence and enable the successful development of the business. The financial leverage policy requires that, in the ordinary course of business, the Board prefers to see the Group\u2019s ratio of total net debt including lease liabilities to adjusted EBITDA to be well under 1.5x. At the end of this financial year, the financial leverage ratio was 0.7x. At the end of the financial year, the Group had total cash, cash equivalents and current asset investments of \u00a31.7bn and an undrawn committed Revolving Credit Facility of \u00a31.5bn. The Revolving Credit Facility is free of performance covenants and matures in 2029, after a further one year extension was made in April 2024. The $100m of outstanding private placement notes were repaid on 2 April 2024, after which point Group funding is not subject to financial performance covenants. In reviewing the cash flow forecast for the period, the directors reviewed the trading for both Primark and the food businesses in light of the experience gained from events of the last three years of trading and emerging trading patterns. The directors have a thorough understanding of the risks, sensitivities and judgements included in these elements of the cash flow forecast and have a high degree of confidence in these cash flows. As a downside scenario, the directors considered the adverse scenario in which inflationary costs are not fully recovered, high levels of volatility in key commodities prices without price adjustments, adverse movement to the cash conversion cycle within the Group and server IT outages leading to extended periods of non-operation. This downside scenario was modelled without taking any mitigating actions within their control. Under this downside scenario the Group forecasts liquidity throughout the period. In addition, the directors also considered the circumstances which would be needed to exhaust the Group\u2019s total liquidity over the assessment period \u2013 a reverse stress test. This indicates that, on top of the downside scenario outlined above, annual profit before tax would need to decline by 17% without any price increases or other mitigating actions being taken before total liquidity is exhausted. The likelihood of these circumstances is considered remote for two reasons. Firstly, over such a period, management could take substantial mitigating actions, such as reviewing pricing, taking cost-cutting measures and reducing capital investment. Secondly, the Group has significant business and asset diversification and would be able to, if it were necessary, dispose of assets and/or businesses to raise considerable levels of funds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-716": { "value": "
Climate change
In preparing the consolidated financial statements, management
has considered the impact of climate change, particularly in the
context of the TCFD disclosures set out on pages 66 to 77 and
the Group\u2019s sustainability targets. These considerations did not
have a material impact on the financial reporting judgements and
estimates, consistent with the assessment that climate change
is not expected to have a significant impact on the Group\u2019s going
concern assessment to 28 February 2026 nor the viability of the
Group over the next three years.
Management has considered the impact of climate change
on a number of key estimates within the financial statements,
including the estimates of future cash flows used in impairment
assessments of the carrying value of goodwill and other
non-current assets. The assessment with respect to the impact
of climate change will be kept under review by management,
as the future impacts depend on factors outside of the Group\u2019s
control, which are not all currently known.
", "dimensions": { "concept": "abfplc:DisclosureOfClimateChange", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-712": { "value": "
Basis of consolidation
These consolidated financial statements include the results
of the Company and its subsidiaries from the date that control
commences to the date that control ceases.
They also include the Group\u2019s share of the after-tax results, other
comprehensive income and net assets of its joint ventures and
associates on an equity-accounted basis from the point at which
joint control or significant influence respectively commences,
to the date that it ceases.
Subsidiaries are entities controlled by the Company. Control
exists when the Company has the power, directly or indirectly,
to direct the activities of an entity so as to affect significantly
the returns of that entity.
Changes in the Group\u2019s ownership interest in a subsidiary that
do not result in a loss of control are accounted for within equity.
All the Group\u2019s joint arrangements are joint ventures, which
are entities over whose activities the Group has joint control,
typically established by contractual agreement and requiring
the venturers\u2019 unanimous consent for strategic, financial and
operating decisions.
Associates are those entities in which the Group has significant
influence, being the power to participate in the financial and
operating policy decisions of the entity, but which does not
amount to control or joint control.
Where the Group\u2019s share of losses exceeds its interest in a joint
venture or associate, the carrying amount is reduced to zero and
recognition of further losses is discontinued except to the extent
that the Group has incurred legal or constructive obligations
or made payments on behalf of an investee.
Control, joint control and significant influence are generally
assessed by reference to equity shareholdings and voting rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-713": { "value": "
Business acquisitions
On acquisition of a business, the Group attributes fair values
to the identifiable assets, liabilities and contingent liabilities
acquired, reflecting conditions at the date of acquisition. These
include aligning accounting policies with those of the Group.
The Group finalises provisional fair values within 12 months
of the date of acquisition and, where significant, reflects them
by restatement of the comparative period in which the
acquisition occurred.
The Group measures non-controlling interests at the
proportionate share of the net identifiable assets acquired.
The Group remeasures existing equity interests in the acquiree
to fair value at the date of acquisition, with any resulting gain
or loss taken to the income statement.
Goodwill arising on acquisition of a business is the excess of the
remeasured carrying amount of any existing equity interest plus
the fair value of consideration payable for the additional stake over
the fair value of the share of net identifiable assets and liabilities
acquired (including separately identified intangible assets), net
of non-controlling interests. Total consideration does not include
transaction costs, which the Group expenses as incurred.
The Group measures contingent consideration at fair value at
the date of acquisition, classified as a liability or equity (usually
as a liability).
Other than for the finalisation of provisional fair values, the Group
accounts for changes in contingent consideration classified as
a liability in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-714": { "value": "
Revenue
Revenue represents the value of sales made to customers after
deduction of discounts, sales taxes and a provision for returns.
Discounts include sales rebates, price discounts, customer
incentives, some promotional activities and similar items.
Revenue does not include sales between group companies.
The Group recognises revenue when performance obligations
are satisfied, goods are delivered to customers and control
of goods is transferred to the buyer.
In the food businesses, the Group generally recognises revenue
from the sale of goods on dispatch or delivery to customers,
dependent on shipping terms, and provides for discounts and
returns as a reduction to revenue when sales are recorded,
based on management\u2019s best estimate of the amount required
to meet claims by customers, taking into account contractual
and legal obligations, historical trends and past experience.
In the Retail business, the Group generally recognises revenue
from the sale of goods when a customer purchases goods and
provides for returns as a reduction to revenue when sales are
recorded, based on management\u2019s best estimate of the amount
required to meet claims by customers, taking into account
historical trends and past experience.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-715": { "value": "
Borrowing costs
The Group accounts for borrowing costs using the effective interest
method. The Group capitalises borrowing costs directly attributable
to the acquisition, construction or production of qualifying items
of property, plant and equipment as part of their cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-717": { "value": "Foreign currencies Individual group companies record transactions in foreign currencies at the exchange rate at the date of the transaction, and translate monetary assets and liabilities in foreign currencies at the exchange rate at the balance sheet date, with any resulting differences taken to the income statement, unless designated in a hedging relationship, in which case hedge accounting applies.
On consolidation, the Group translates the assets and liabilities
of operations denominated in foreign currencies into sterling
at the exchange rate at the balance sheet date and the income
statements of those operations into sterling at average
exchange rates.
The Group records differences arising from the retranslation
of opening net assets of group companies, together with
differences arising from the restatement of the net results
of group companies from average exchange rates to those
at the balance sheet date, in the translation reserve in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-718": { "value": "
Pensions and other post-employment benefits
The Group\u2019s pension and other post-employment benefit
arrangements comprise defined benefit plans, defined
contribution plans and other unfunded post-employment plans.
For defined benefit plans, the income statement charge
comprises the cost of benefits earned by members and benefit
improvements granted to members during the year, as well as
net interest income/expense calculated by applying the liability
discount rate to the opening net pension asset or liability.
The Group records the difference between the market value
of scheme assets and the present value of scheme liabilities
on a scheme-by-scheme basis as net pension assets
(to the extent recoverable) or liabilities.
The Group recognises remeasurements and movements
in irrecoverable surpluses in other comprehensive income.
The Group charges contributions payable in respect of defined
contribution plans to operating profit as incurred.
The Group accounts for other unfunded post-employment plans
in the same way as defined benefit plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-719": { "value": "
Share-based payments
The Group recognises the fair value of share awards at grant
date as an employee expense with a corresponding increase in
equity, spread over the period during which employees become
unconditionally entitled to the shares.
The Group adjusts the amount recognised to reflect expected
and actual levels of vesting except where the failure to vest
is as a result of not meeting a market condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-720": { "value": "
Income tax
Income tax on profit or loss comprises current and deferred tax.
The Group recognises income tax in the income statement except
to the extent that it relates to items taken directly to equity.
Current tax is the tax expected to be payable on taxable income,
using tax rates enacted or substantively enacted, together with
any adjustment to tax payable in respect of prior periods.
The Group provides for deferred tax using the balance sheet
liability method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for tax purposes.
The Group does not provide for the following temporary
differences: initial recognition of goodwill or an asset or liability in
a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor
taxable profit or loss and does not give rise to equal taxable and
deductible temporary differences; and differences relating to
investments in subsidiaries to the extent that they will probably
not reverse in the foreseeable future.
The Group bases the amount of deferred tax provided on the
expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted
or substantively enacted at the balance sheet date.
The Group recognises deferred tax assets only to the extent that
it is probable that future taxable profits will be available against
which the asset can be utilised.
The Group offsets deferred tax assets and liabilities if, and only
if, it has a legally enforceable right to set off current tax assets
and liabilities and the deferred tax assets and liabilities relate
to income taxes levied by the same taxation authority on either
the same taxable entity or different taxable entities which intend
either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously,
in each future period in which significant amounts of deferred tax
liabilities or assets are expected to be settled or recovered.
As required by IAS 12, the Group has applied the exception to
recognising and disclosing information about deferred tax assets
and liabilities related to Pillar Two income taxes.
The Group recognises income tax arising from dividend
distributions at the same time as the liability to pay the
related dividend.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-764": { "value": "Income tax Income tax on profit or loss comprises current and deferred tax. The Group recognises income tax in the income statement except to the extent that it relates to items taken directly to equity. Current tax is the tax expected to be payable on taxable income, using tax rates enacted or substantively enacted, together with any adjustment to tax payable in respect of prior periods. The Group provides for deferred tax using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The Group does not provide for the following temporary differences: initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The Group bases the amount of deferred tax provided on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. The Group recognises deferred tax assets only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Group offsets deferred tax assets and liabilities if, and only if, it has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. As required by IAS 12, the Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group recognises income tax arising from dividend distributions at the same time as the liability to pay the related dividend. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-813": { "value": "Financial assets and liabilities The Group recognises financial assets and liabilities when it becomes a party to the contractual provision of the relevant financial instrument. Trade and other receivables The Group records trade and other receivables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value less an expected credit loss provision, which is recognised based on management\u2019s expectation of losses without regard to whether or not a specific impairment trigger has occurred. Other non-current receivables Other non-current receivables comprise minority shareholdings in private companies. The Group records minority shareholdings in private companies initially at fair value, including directly attributable transaction costs, and subsequently at fair value through other comprehensive income. On disposal of a minority shareholding, the cumulative gain or loss previously recognised in other comprehensive income is included directly in retained earnings, without recycling it to the income statement. Bank and other borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Trade payables The Group records trade payables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value. Derivative financial instruments and hedging The Group primarily uses derivatives to manage economic exposure to financial and commodity risks. The principal instruments used are foreign exchange, interest rate and commodity contracts, futures, swaps and options. The Group does not use derivatives for speculative purposes. The Group recognises derivatives at fair value based on market prices or rates, or calculated using discounted cash flow or option pricing models. The Group recognises changes in the fair value of derivatives in the income statement unless the derivative is designated in a hedging relationship, when recognition of the change in fair value depends on the nature of the item being hedged. The purpose of hedge accounting is to mitigate the impact on the Group of changes in foreign exchange or interest rates and commodity prices. At the inception of each hedging relationship, the Group documents the hedging instrument, the hedged item, the risk management objectives and strategy for undertaking the hedge, and assesses hedge effectiveness. During the life of each hedging relationship, the Group performs testing to demonstrate that the hedge remains effective. For derivatives hedging future cash flows, the Group recognises the change in fair value through other comprehensive income in either the cost of hedging reserve (for the element of the change in fair value relating to the currency spread) or in the hedging reserve (for the remaining change in fair value). Any ineffective portion is recognised immediately in the income statement. When the future cash flow results in the recognition of a non- financial asset or liability, then at the time that asset or liability is recognised, the Group includes the associated gains and losses previously recognised in the hedging reserve in the initial measurement of that asset or liability. When the future cash flow does not result in the recognition of a non-financial asset or liability, the Group includes the associated gains and losses previously recognised in the hedging reserve in the income statement in the same period in which the hedged item affects profit or loss. Hedges of the Group\u2019s net investment in foreign operations principally comprise borrowings in the currency of the investment\u2019s net assets. For derivative or non-derivative financial instruments used as hedges of the Group\u2019s net investment in foreign operations, the Group recognises the change in fair value through other comprehensive income in the net investment hedging reserve. Any ineffective portion is recognised immediately in the income statement. The Group discontinues hedge accounting when a hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, the Group retains the cumulative associated gain or loss recognised in the hedging reserve until the forecast transaction occurs. Gains or losses on hedging instruments relating to an underlying exposure that no longer exists are taken to the income statement. The Group economically hedges foreign currency exposure on recognised monetary assets and liabilities but does not normally seek hedge accounting. The Group records any derivatives held to hedge this exposure at fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-765": { "value": "Financial assets and liabilities The Group recognises financial assets and liabilities when it becomes a party to the contractual provision of the relevant financial instrument. Trade and other receivables The Group records trade and other receivables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value less an expected credit loss provision, which is recognised based on management\u2019s expectation of losses without regard to whether or not a specific impairment trigger has occurred. Other non-current receivables Other non-current receivables comprise minority shareholdings in private companies. The Group records minority shareholdings in private companies initially at fair value, including directly attributable transaction costs, and subsequently at fair value through other comprehensive income. On disposal of a minority shareholding, the cumulative gain or loss previously recognised in other comprehensive income is included directly in retained earnings, without recycling it to the income statement. Bank and other borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Trade payables The Group records trade payables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-721": { "value": "Financial assets and liabilities The Group recognises financial assets and liabilities when it becomes a party to the contractual provision of the relevant financial instrument. Trade and other receivables The Group records trade and other receivables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value less an expected credit loss provision, which is recognised based on management\u2019s expectation of losses without regard to whether or not a specific impairment trigger has occurred. Other non-current receivables Other non-current receivables comprise minority shareholdings in private companies. The Group records minority shareholdings in private companies initially at fair value, including directly attributable transaction costs, and subsequently at fair value through other comprehensive income. On disposal of a minority shareholding, the cumulative gain or loss previously recognised in other comprehensive income is included directly in retained earnings, without recycling it to the income statement. Bank and other borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Trade payables The Group records trade payables initially at fair value and subsequently at amortised cost. This generally results in recognition at nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-796": { "value": "
Trade and other receivables
The Group records trade and other receivables initially at fair
value and subsequently at amortised cost. This generally results
in recognition at nominal value less an expected credit loss
provision, which is recognised based on management\u2019s
expectation of losses without regard to whether or not a specific
impairment trigger has occurred.
Other non-current receivables
Other non-current receivables comprise minority shareholdings
in private companies.
The Group records minority shareholdings in private companies
initially at fair value, including directly attributable transaction
costs, and subsequently at fair value through other
comprehensive income.
On disposal of a minority shareholding, the cumulative gain
or loss previously recognised in other comprehensive income
is included directly in retained earnings, without recycling
it to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-797": { "value": "
Bank and other borrowings
The Group records bank and other borrowings initially at fair
value, which equals the proceeds received, net of direct issue
costs, and subsequently at amortised cost. The Group accounts
for finance charges, including premiums payable on settlement
or redemption and direct issue costs, using the effective interest
rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-798": { "value": "
Trade payables
The Group records trade payables initially at fair value
and subsequently at amortised cost. This generally results
in recognition at nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-722": { "value": "
Cash, cash equivalents and current asset
investments
Cash and cash equivalents comprise bank and cash balances,
deposits and short-term investments with original maturities
of three months or less.
Current asset investments comprise bank deposits and
short-term investments with maturities of between three
and six months.
For the purposes of the cash flow statement, the Group includes
bank overdrafts that are repayable on demand and form an
integral part of the Group\u2019s cash management as a component
of cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-726": { "value": "
Derivative financial instruments and hedging
The Group primarily uses derivatives to manage economic
exposure to financial and commodity risks. The principal
instruments used are foreign exchange, interest rate and
commodity contracts, futures, swaps and options. The Group
does not use derivatives for speculative purposes.
The Group recognises derivatives at fair value based on market
prices or rates, or calculated using discounted cash flow
or option pricing models.
The Group recognises changes in the fair value of derivatives
in the income statement unless the derivative is designated
in a hedging relationship, when recognition of the change in fair
value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact on
the Group of changes in foreign exchange or interest rates and
commodity prices.
At the inception of each hedging relationship, the Group
documents the hedging instrument, the hedged item, the risk
management objectives and strategy for undertaking the hedge,
and assesses hedge effectiveness.
During the life of each hedging relationship, the Group performs
testing to demonstrate that the hedge remains effective.
For derivatives hedging future cash flows, the Group recognises
the change in fair value through other comprehensive income in
either the cost of hedging reserve (for the element of the change
in fair value relating to the currency spread) or in the hedging
reserve (for the remaining change in fair value). Any ineffective
portion is recognised immediately in the income statement.
When the future cash flow results in the recognition of a non-
financial asset or liability, then at the time that asset or liability is
recognised, the Group includes the associated gains and losses
previously recognised in the hedging reserve in the initial
measurement of that asset or liability.
When the future cash flow does not result in the recognition
of a non-financial asset or liability, the Group includes the
associated gains and losses previously recognised in the hedging
reserve in the income statement in the same period in which
the hedged item affects profit or loss.
Hedges of the Group\u2019s net investment in foreign operations
principally comprise borrowings in the currency of the
investment\u2019s net assets.
For derivative or non-derivative financial instruments used as
hedges of the Group\u2019s net investment in foreign operations,
the Group recognises the change in fair value through other
comprehensive income in the net investment hedging reserve.
Any ineffective portion is recognised immediately in the
income statement.
The Group discontinues hedge accounting when a hedging
instrument expires or is sold, terminated, exercised, or no longer
qualifies for hedge accounting. At that time, the Group retains
the cumulative associated gain or loss recognised in the hedging
reserve until the forecast transaction occurs. Gains or losses
on hedging instruments relating to an underlying exposure that
no longer exists are taken to the income statement.
The Group economically hedges foreign currency exposure on
recognised monetary assets and liabilities but does not normally
seek hedge accounting. The Group records any derivatives held
to hedge this exposure at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-800": { "value": "Derivative financial instruments and hedging The Group primarily uses derivatives to manage economic exposure to financial and commodity risks. The principal instruments used are foreign exchange, interest rate and commodity contracts, futures, swaps and options. The Group does not use derivatives for speculative purposes. The Group recognises derivatives at fair value based on market prices or rates, or calculated using discounted cash flow or option pricing models. The Group recognises changes in the fair value of derivatives in the income statement unless the derivative is designated in a hedging relationship, when recognition of the change in fair value depends on the nature of the item being hedged. The purpose of hedge accounting is to mitigate the impact on the Group of changes in foreign exchange or interest rates and commodity prices. At the inception of each hedging relationship, the Group documents the hedging instrument, the hedged item, the risk management objectives and strategy for undertaking the hedge, and assesses hedge effectiveness. During the life of each hedging relationship, the Group performs testing to demonstrate that the hedge remains effective. For derivatives hedging future cash flows, the Group recognises the change in fair value through other comprehensive income in either the cost of hedging reserve (for the element of the change in fair value relating to the currency spread) or in the hedging reserve (for the remaining change in fair value). Any ineffective portion is recognised immediately in the income statement. When the future cash flow results in the recognition of a non- financial asset or liability, then at the time that asset or liability is recognised, the Group includes the associated gains and losses previously recognised in the hedging reserve in the initial measurement of that asset or liability. When the future cash flow does not result in the recognition of a non-financial asset or liability, the Group includes the associated gains and losses previously recognised in the hedging reserve in the income statement in the same period in which the hedged item affects profit or loss. Hedges of the Group\u2019s net investment in foreign operations principally comprise borrowings in the currency of the investment\u2019s net assets. For derivative or non-derivative financial instruments used as hedges of the Group\u2019s net investment in foreign operations, the Group recognises the change in fair value through other comprehensive income in the net investment hedging reserve. Any ineffective portion is recognised immediately in the income statement. The Group discontinues hedge accounting when a hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, the Group retains the cumulative associated gain or loss recognised in the hedging reserve until the forecast transaction occurs. Gains or losses on hedging instruments relating to an underlying exposure that no longer exists are taken to the income statement. The Group economically hedges foreign currency exposure on recognised monetary assets and liabilities but does not normally seek hedge accounting. The Group records any derivatives held to hedge this exposure at fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-768": { "value": "Derivative financial instruments and hedging The Group primarily uses derivatives to manage economic exposure to financial and commodity risks. The principal instruments used are foreign exchange, interest rate and commodity contracts, futures, swaps and options. The Group does not use derivatives for speculative purposes. The Group recognises derivatives at fair value based on market prices or rates, or calculated using discounted cash flow or option pricing models. The Group recognises changes in the fair value of derivatives in the income statement unless the derivative is designated in a hedging relationship, when recognition of the change in fair value depends on the nature of the item being hedged. The purpose of hedge accounting is to mitigate the impact on the Group of changes in foreign exchange or interest rates and commodity prices. At the inception of each hedging relationship, the Group documents the hedging instrument, the hedged item, the risk management objectives and strategy for undertaking the hedge, and assesses hedge effectiveness. During the life of each hedging relationship, the Group performs testing to demonstrate that the hedge remains effective. For derivatives hedging future cash flows, the Group recognises the change in fair value through other comprehensive income in either the cost of hedging reserve (for the element of the change in fair value relating to the currency spread) or in the hedging reserve (for the remaining change in fair value). Any ineffective portion is recognised immediately in the income statement. When the future cash flow results in the recognition of a non- financial asset or liability, then at the time that asset or liability is recognised, the Group includes the associated gains and losses previously recognised in the hedging reserve in the initial measurement of that asset or liability. When the future cash flow does not result in the recognition of a non-financial asset or liability, the Group includes the associated gains and losses previously recognised in the hedging reserve in the income statement in the same period in which the hedged item affects profit or loss. Hedges of the Group\u2019s net investment in foreign operations principally comprise borrowings in the currency of the investment\u2019s net assets. For derivative or non-derivative financial instruments used as hedges of the Group\u2019s net investment in foreign operations, the Group recognises the change in fair value through other comprehensive income in the net investment hedging reserve. Any ineffective portion is recognised immediately in the income statement. The Group discontinues hedge accounting when a hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, the Group retains the cumulative associated gain or loss recognised in the hedging reserve until the forecast transaction occurs. Gains or losses on hedging instruments relating to an underlying exposure that no longer exists are taken to the income statement. The Group economically hedges foreign currency exposure on recognised monetary assets and liabilities but does not normally seek hedge accounting. The Group records any derivatives held to hedge this exposure at fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-723": { "value": "
Intangible assets other than goodwill
Non-operating intangible assets are generally intangible assets
that arise on business combinations and typically include
technology, brands, customer relationships and grower
agreements. The Group acquires operating intangible assets
in the ordinary course of business, typically including computer
software, land use rights and emissions trading licences.
The Group records intangible assets other than goodwill at cost
less accumulated amortisation and impairment charges.
Amortisation is charged to the income statement on a straight-
line basis over the estimated useful lives of intangible assets
from the date they are available for use. Estimated useful lives
are generally deemed to be no longer than:
\u2022 Technology and brands \u2013 up to 15 years
\u2022 Customer relationships \u2013 up to 10 years
\u2022 Grower agreements \u2013 up to 10 years
\u2022 Operating intangibles \u2013 up to 10 years
Goodwill
Goodwill is defined under \u2018Business acquisitions\u2019 on page 149.
Certain commercial assets associated with the acquisition of
a business are not capable of being recognised in the acquisition
balance sheet. In such circumstances, goodwill is recognised,
which may include, but is not necessarily limited to, workforce
assets and the benefits of expected future synergies.
Goodwill is subject to an annual impairment review.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-766": { "value": "Intangible assets other than goodwill Non-operating intangible assets are generally intangible assets that arise on business combinations and typically include technology, brands, customer relationships and grower agreements. The Group acquires operating intangible assets in the ordinary course of business, typically including computer software, land use rights and emissions trading licences. The Group records intangible assets other than goodwill at cost less accumulated amortisation and impairment charges. Amortisation is charged to the income statement on a straight- line basis over the estimated useful lives of intangible assets from the date they are available for use. Estimated useful lives are generally deemed to be no longer than: \u2022 Technology and brands \u2013 up to 15 years \u2022 Customer relationships \u2013 up to 10 years \u2022 Grower agreements \u2013 up to 10 years \u2022 Operating intangibles \u2013 up to 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-799": { "value": "Goodwill Goodwill is defined under \u2018Business acquisitions\u2019 on page 149. Certain commercial assets associated with the acquisition of a business are not capable of being recognised in the acquisition balance sheet. In such circumstances, goodwill is recognised, which may include, but is not necessarily limited to, workforce assets and the benefits of expected future synergies. Goodwill is subject to an annual impairment review. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-767": { "value": "Goodwill Goodwill is defined under \u2018Business acquisitions\u2019 on page 149. Certain commercial assets associated with the acquisition of a business are not capable of being recognised in the acquisition balance sheet. In such circumstances, goodwill is recognised, which may include, but is not necessarily limited to, workforce assets and the benefits of expected future synergies. Goodwill is subject to an annual impairment review. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-724": { "value": "
Research and development
The Group expenses research and development expenditure
as incurred, unless development expenditure relates to products
or processes which are technically and commercially feasible,
in which case it is capitalised. The Group records capitalised
development expenditure at cost less accumulated amortisation
and impairment charges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-725": { "value": "
Impairment
The Group reviews the carrying amount of intangible assets
and property, plant and equipment at each balance sheet date
to determine whether there is any indication of impairment.
If any such indication exists, the Group estimates the asset\u2019s
recoverable amount. For goodwill and intangibles without a finite
life, the Group does this at least annually.
The Group recognises an impairment charge in the income
statement whenever the carrying amount of an asset or its CGU
exceeds its recoverable amount.
The Group allocates impairment charges recognised in respect
of CGUs first to reduce the carrying amount of any goodwill
relating to that CGU and then to reduce the carrying amount
of the other assets in the CGU on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of assets is the greater of fair value
less costs to sell and value in use. In assessing value in use,
the Group discounts estimated future cash flows to present
value using a pre-tax discount rate reflective of current market
assessments of the time value of money and the risks
specific to the asset.
For an asset that does not generate largely independent cash
inflows, the Group determines recoverable amount for the
CGU to which the asset belongs.
Reversals of impairment
The Group does not subsequently reverse impairments
of goodwill. For other assets, the Group may reverse an
impairment charge if there has been a change in the estimates
used to determine the recoverable amount, but only to
the extent that the new carrying amount does not exceed
the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment charge
had previously been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-727": { "value": "
Property, plant and equipment
The Group records property, plant and equipment at cost less
accumulated depreciation and impairment charges.
The Group charges depreciation to the income statement on
a straight-line basis over the estimated useful economic life of
each item sufficient to reduce it to its estimated residual value.
Land is not depreciated. Estimated useful economic lives are
generally deemed to be no longer than:
Freehold buildings
up to 66 years
Plant and equipment, fixtures and fittings
\u2022 sugar factories, yeast plants,
mills and bakeries
up to 20 years
\u2022 other operations
up to 12 years
Vehicles
up to 10 years
Sugar cane roots
up to 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-769": { "value": "Property, plant and equipment The Group records property, plant and equipment at cost less accumulated depreciation and impairment charges. The Group charges depreciation to the income statement on a straight-line basis over the estimated useful economic life of each item sufficient to reduce it to its estimated residual value. Land is not depreciated. Estimated useful economic lives are generally deemed to be no longer than:
Freehold buildings
up to 66 years
Plant and equipment, fixtures and fittings
\u2022 sugar factories, yeast plants,
mills and bakeries
up to 20 years
\u2022 other operations
up to 12 years
Vehicles
up to 10 years
Sugar cane roots
up to 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-728": { "value": "Investment properties The Group records investment properties at cost less accumulated depreciation and impairment charges. The Group charges depreciation to the income statement on a straight-line basis over the estimated useful economic life of each property sufficient to reduce it to its estimated residual value. Land is not depreciated. Estimated useful economic lives are generally deemed to be no longer than:
Freehold buildings
up to 66 years
Leasehold buildings
term of lease
The book value of investment properties was not previously material and was included in property, plant and equipment and right-of-use assets. This book value is now more significant and the Group has decided to disclose investment properties separately on the face of the balance sheet. For ease of comparison, the comparative balance sheet has been re-presented. There is no change to any balance sheet sub-total, net assets, profit, earnings or cash flows and therefore no opening balance sheet has been disclosed. The reclassification for the 2023 opening position was \u00a3120m and for the 2023 balance sheet was \u00a3107m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-729": { "value": "Leases A lease is an agreement whereby the lessor conveys to the lessee, in return for a payment or a series of payments, the right to use a specific asset for an agreed period. Where the Group is a lessee, the following accounting policy is applied. Right-of-use assets The Group records right-of-use assets at cost at the commencement date of the lease, which is the date the underlying asset is available for use, less any accumulated depreciation and impairment losses, and adjusted for subsequent remeasurement of lease liabilities. Cost includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less any lease incentives received. The Group charges depreciation to the income statement on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities The Group records lease liabilities at the commencement date of the lease at the present value of lease payments to be made over the lease term, discounted using the incremental borrowing rate at the commencement date of the lease if the interest rate implicit in the lease is not readily determinable. Lease payments include fixed payments, including in-substance fixed payments, and variable lease payments that depend on an index or a rate, less any lease incentives receivable. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. The Group subsequently measures lease liabilities at amortised cost using the effective interest rate method. The Group records the accretion and settlement of interest through accruals and reduces the carrying amount of lease liabilities for the capital element of lease payments made. The carrying amount of lease liabilities is remeasured when there is a change in future lease payments due to a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of whether to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the low-value asset recognition exemption to groups of underlying leases considered uniformly low-value. The Group expenses lease payments on short-term leases and leases of low-value assets in the income statement as incurred.
Lessor accounting
The Group classifies subleases based on the right-of-use
asset of the head lease. A portion of the right-of-use asset is
derecognised based on the ratio of sublease income to head
lease payments. Finance lease receivables are recorded at the
net investment, with any difference recognised in the income
statement. Finance income is recognised over the lease term,
while operating lease income is recognised on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-730": { "value": "
Current biological assets
The Group records current biological assets at fair value less
costs to sell.
The basis of valuation for growing cane is estimated sucrose
content valued at estimated sucrose price for the following
season, less estimated costs for harvesting and transport.
When harvested, the Group transfers growing cane to inventory
at fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-731": { "value": "
Inventories
The Group records food inventories at the lower of cost and net
realisable value. Cost includes raw materials, direct labour and
expenses and an appropriate proportion of production and other
overheads, calculated on a first-in first-out basis.
The Group records retail inventories at the lower of cost and net
realisable value using the retail method, calculated on the basis
of selling price less appropriate trading margin. All retail
inventories are finished goods.
On acquisition of a business, the Group records inventories at
fair value. Subsequently, the Group charges the book value of
the inventories to adjusted operating profit as they are sold or
used. Any significant fair value uplift is charged below adjusted
operating profit as the inventories are sold or used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-732": { "value": "
Grants
The Group recognises grants only when there is reasonable
assurance that the Group will comply with the conditions
attached and that the grants will be received. Grants receivable
as compensation for expenses already incurred are recognised
in profit or loss in the period in which they become receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-734": { "value": "Hyperinflation The Argentinian economy was designated hyperinflationary from 1 July 2018. The Turkish economy was designated hyperinflationary from 1 July 2022. The Group has applied IAS 29 Financial Reporting in Hyperinflationary Economies to its Argentinian operations from the beginning of the 2019 financial year and to its Turkish operations from the beginning of the 2022 financial year. IAS 29 requires that hyperinflationary adjustments are reflected from the start of the reporting period in which it is applied. The adjustments required by IAS 29 are set out below: \u2022 adjustment of historical cost non-monetary assets and liabilities from their date of initial recognition to the balance sheet date to reflect the changes in purchasing power of the currency caused by inflation, according to the official indices for Argentina published by the Federaci\u00f3n Argentina de Consejos Profesionales de Ciencias Econ\u00f3micas (\u2018FACPCE\u2019) and for Turkey published by Turkish Statistical Institute (\u2018TUIK\u2019); \u2022 adjustment of the components of the income statement and cash flow statement for the inflation index since their generation, with a balancing entry in the income statement and a reconciling item in the cash flow statement, respectively; \u2022 adjustment of the income statement to reflect the impact of inflation on holding monetary assets and liabilities in local currency; \u2022 the financial statements of the Group\u2019s Argentinian and Turkish operations have been translated into sterling at the closing exchange rate at 14 September 2024 (ARS 1261.46: \u00a31; TRL 44.63:\u00a31); and \u2022 the cumulative impact corresponding to previous years has been reflected in other comprehensive income in the year. In Argentina, the FACPCE index was 2044.2832 at 31 August 2023 and 6883.4412 at 31 August 2024. The inflation index for the year is therefore 3.367. In Turkey, the TUIK index was 58.94 at 31 August 2023 and 51.97 at 31 August 2024. The inflation index for the year is therefore 0.882. The Venezuelan economy has been designated hyperinflationary for a number of years, but the impact on the Group\u2019s results remains immaterial. ", "dimensions": { "concept": "abfplc:DescriptionOfAccountingPolicyForHyperinflation", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-801": { "value": "New accounting standards The Group adopted the following accounting standards and amendments during the year with no significant impact: \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) \u2022 Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 IFRS 17 Insurance Contracts, Amendments to IFRS 17, Initial Adoption of IFRS 17 and IFRS 9 \u2013 Comparative Information The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective. Where already endorsed by the UKEB, these changes will be adopted on the effective dates noted. Where not yet endorsed by the UKEB, the adoption date is less certain: \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), effective 2025 financial year \u2022 Amendments to IAS 1 Presentation of Financial Statements, effective 2025 financial year \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1), effective 2025 financial year \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7), effective 2025 financial year \u2022 Lack of Exchangeability (Amendments to IAS 21), effective 2026 financial year \u2022 IFRS 18 Presentation and Disclosures in Financial Statements, effective 2028 financial year (not yet endorsed by UKEB) \u2022 Amendments to the Classification and Measurement of Financial Instruments effective 2027 financial year (not yet endorsed by UKEB).", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-770": { "value": "New accounting standards The Group adopted the following accounting standards and amendments during the year with no significant impact: \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) \u2022 Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 IFRS 17 Insurance Contracts, Amendments to IFRS 17, Initial Adoption of IFRS 17 and IFRS 9 \u2013 Comparative Information The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective. Where already endorsed by the UKEB, these changes will be adopted on the effective dates noted. Where not yet endorsed by the UKEB, the adoption date is less certain: \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), effective 2025 financial year \u2022 Amendments to IAS 1 Presentation of Financial Statements, effective 2025 financial year \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1), effective 2025 financial year \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7), effective 2025 financial year \u2022 Lack of Exchangeability (Amendments to IAS 21), effective 2026 financial year \u2022 IFRS 18 Presentation and Disclosures in Financial Statements, effective 2028 financial year (not yet endorsed by UKEB) \u2022 Amendments to the Classification and Measurement of Financial Instruments effective 2027 financial year (not yet endorsed by UKEB).", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-733": { "value": "New accounting standards The Group adopted the following accounting standards and amendments during the year with no significant impact: \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) \u2022 Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 IFRS 17 Insurance Contracts, Amendments to IFRS 17, Initial Adoption of IFRS 17 and IFRS 9 \u2013 Comparative Information The Group is assessing the impact of the following standards, interpretations and amendments that are not yet effective. Where already endorsed by the UKEB, these changes will be adopted on the effective dates noted. Where not yet endorsed by the UKEB, the adoption date is less certain: \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), effective 2025 financial year \u2022 Amendments to IAS 1 Presentation of Financial Statements, effective 2025 financial year \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1), effective 2025 financial year \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7), effective 2025 financial year \u2022 Lack of Exchangeability (Amendments to IAS 21), effective 2026 financial year \u2022 IFRS 18 Presentation and Disclosures in Financial Statements, effective 2028 financial year (not yet endorsed by UKEB) \u2022 Amendments to the Classification and Measurement of Financial Instruments effective 2027 financial year (not yet endorsed by UKEB).", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-735": { "value": "Significant accounting estimates The preparation of the Group\u2019s consolidated financial statements includes the use of estimates and assumptions. Although the estimates used are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ from those estimates. The accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within the next year are set out below. Forecasts and discount rates The carrying values of a number of items on the balance sheet are dependent on estimates of future cash flows arising from the Group\u2019s operations which, in some circumstances, are discounted to arrive at a net present value. Assessment for impairment involves comparing the book value of an asset with its recoverable amount (the higher of value in use and fair value less costs to sell). Value in use is determined with reference to projected future cash flows discounted at an appropriate rate. Both the cash flows and the discount rate involve a significant degree of estimation uncertainty. The recovery of deferred tax assets is dependent on the generation of sufficient future taxable profits. The Group recognises deferred tax assets to the extent that it is considered probable that sufficient taxable profits will be available in the future. This involves a significant degree of estimation uncertainty. When considering sources of future taxable profit, the Group firstly considers existing deferred tax liabilities. However, the majority of deferred tax assets are recognised based on future profit forecasts, including the deferred tax assets in the Group\u2019s most material jurisdictions of the United Kingdom, the United States, Australia, Germany and Spain. When relying on profit forecasts, the assessment of whether to recognise deferred tax assets is based on the following year\u2019s budget and expectations of the future performance of individual businesses (or groups of businesses in the case of national tax groups). Where possible, this is consistent with forecasts used for impairment assessments. Forecasts for impairment assessments are discounted, but this is not permitted for recognition of deferred tax assets. Deferred tax assets are reduced when it is no longer considered probable that the related tax benefit will be realised. The widespread nature of the Group\u2019s activities across multiple jurisdictions means that it is not practical to provide detailed sensitivities in respect of individual deferred tax assets. Further details of deferred tax assets are included in note 14. Post-retirement benefits The Group\u2019s defined benefit pension schemes and similar arrangements are assessed annually in accordance with IAS 19 Employee Benefits. The accounting valuations, assessed using assumptions determined with independent actuarial advice, resulted in a significant net surplus as at 14 September 2024, principally relating to the UK defined benefit scheme, which is separately disclosed. The net surplus is highly sensitive to the market value of scheme assets, to discount rates used in assessing liabilities, to actuarial assumptions (including price inflation, rates of pension and salary increases, mortality and other demographic assumptions) and to the level of contributions. Further details are included in note 13, including associated sensitivities. Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these areas do not meet the definition of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer term uncertainties. The other areas of judgement and accounting estimates are set out below. Biological assets In valuing growing cane, estimating sucrose content requires management to assess expected cane and sucrose yields for the following season considering weather conditions and harvesting programmes. Estimating sucrose price requires management to assess into which markets the forthcoming crop will be sold and to assess domestic and export prices as well as related foreign currency exchange rates. The carrying value of growing cane and associated sensitivities is disclosed in note 17. Income tax The Group is exposed to a range of uncertain tax positions. It provides for open tax matters, where it believes it is probable that payments will be required, including those for routine tax audits, which are by nature complex and may take a number of years to resolve. Uncertainty is driven by the resolution of the issue and estimation process in arriving at the amount. The Group has recognised potential current corporate tax liabilities for a number of uncertain tax positions, none of which are individually material. The provision for these uncertain tax positions is \u00a382m (2023 \u2013 \u00a355m). The increase reflects a change in judgement on a number of exposures as well as an additional year of risk where applicable. The majority of the provisions relate to transfer pricing risks across a number of jurisdictions in which the Group has operations. Transfer pricing is a complex area with resolution of matters taking many years. Given the underlying nature of these risks, the timing of when they will resolve is uncertain. The Group has applied IFRIC 23 Uncertainty over Income Tax Treatments to measure uncertain tax positions. The Group calculates each provision using management\u2019s best estimate of the liability based on interpretation of tax law in each jurisdiction and ongoing monitoring of tax cases and rulings. The Group believes it has adequate provision for these matters. Final conclusion of each matter may result in an outcome different to any amounts provided, but the Group has concluded that this is unlikely to have a material impact.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-736": { "value": "1. Operating segments The Group has five operating segments, as described below. These are the Group\u2019s operating divisions, based on the management and internal reporting structure, which combine businesses with common characteristics, primarily in respect of the type of products offered by each business, but also the production processes involved and the manner of the distribution and sale of goods. The Board is the chief operating decision-maker. Inter-segment pricing is determined on an arm\u2019s length basis. Segment result is adjusted operating profit, as shown on the face of the consolidated income statement. Segment assets comprise all non-current assets except employee benefits assets, income tax assets, deferred tax assets and all current assets except cash and cash equivalents, current asset investments and income tax assets. Segment liabilities comprise trade and other payables, derivative liabilities, provisions and lease liabilities. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets and expenses, cash, borrowings, employee benefits balances and current and deferred tax balances. Segment non-current asset additions are the total cost incurred during the period to acquire segment assets that are expected to be used for more than one year, comprising property, plant and equipment, right-of-use assets, operating intangibles and biological assets. Businesses disposed are shown separately and comparatives are re-presented for businesses sold or closed during the year. The Group comprises the following operating segments: Retail Buying and merchandising value clothing and accessories through the Primark and Penneys retail chains. Grocery The manufacture of grocery products, including hot beverages, sugar, vegetable oils, balsamic vinegars, bread and baked goods, cereals, ethnic foods and meat products, which are sold to retail, wholesale and foodservice businesses. Ingredients The manufacture of yeast and bakery ingredients as well as speciality ingredients focused on enzymes, procession extracts, health and nutrition and pharmaceutical delivery systems. Sugar The growing and processing of sugar beet and sugar cane for production of a range of sugar and other products in Africa, the UK and Spain. Agriculture The manufacture of speciality feed ingredients, premix and compound animal feed, as well as the provision of other products and services for the agriculture sector. Geographical information In addition to the required disclosure for operating segments, disclosure is also given of certain geographical information about the Group\u2019s operations, based on the geographical groupings: United Kingdom; Europe & Africa; The Americas; and Asia Pacific. Revenues are shown by reference to the geographical location of customers. Profits are shown by reference to the geographical location of the businesses. Segment assets are based on the geographical location of the assets.
Revenue
Adjusted operating profit
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating segments
Retail 9,448 9,008 1,108 735
Grocery 4,242 4,198 511 448
Ingredients 2,134 2,157 233 214
Sugar 2,529 2,474 199 179
Agriculture 1,650 1,840 41 41
Central \u2013 \u2013 (100) (94)
20,003 19,677 1,992 1,523
Business disposed
Sugar 70 73 6 (10)
20,073 19,750 1,998 1,513
Geographical information
United Kingdom 7,297 7,271 708 488
Europe & Africa 7,830 7,552 754 559
The Americas 2,513 2,420 406 353
Asia Pacific 2,363 2,434 124 123
20,003 19,677 1,992 1,523
Business disposed
Asia Pacific 70 73 6 (10)
20,073 19,750 1,998 1,513
2024
Retail
Grocery
Ingredients
Sugar
Agriculture
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from continuing businesses
9,448
4,262
2,342
2,652
1,659
(360)
20,003
Internal revenue
\u2013
(20)
(208)
(123)
(9)
360
\u2013
External revenue from continuing businesses
9,448
4,242
2,134
2,529
1,650
\u2013
20,003
Business disposed
\u2013
\u2013
\u2013
70
\u2013
\u2013
70
Revenue from external customers
9,448
4,242
2,134
2,599
1,650
\u2013
20,073
Operating profit
1,100
493
219
181
31
(92)
1,932
Adjusted operating profit before joint ventures and
associates
1,108
438
201
192
33
(100)
1,872
Share of adjusted profit after tax from joint ventures and
associates
\u2013
73
32
7
8
\u2013
120
Business disposed
\u2013
\u2013
\u2013
6
\u2013
\u2013
6
Adjusted operating profit
1,108
511
233
205
41
(100)
1,998
Finance income
71
71
Finance expense
(96)
(1)
(1)
(3)
(1)
(33)
(135)
Other financial income
23
23
Adjusted profit before taxation
1,012
510
232
202
40
(39)
1,957
Profits less losses on disposal of non-current assets
3
5
\u2013
\u2013
\u2013
8
16
Amortisation of non-operating intangibles
\u2013
(20)
(11)
\u2013
(9)
\u2013
(40)
Acquired inventory fair value adjustments
\u2013
(1)
(1)
\u2013
\u2013
\u2013
(2)
Transaction costs
\u2013
(2)
(2)
\u2013
(1)
\u2013
(5)
Exceptional items
(11)
\u2013
\u2013
(24)
\u2013
\u2013
(35)
Profits less losses on sale and closure of businesses
\u2013
\u2013
11
15
\u2013
\u2013
26
Profit before taxation
1,004
492
229
193
30
(31)
1,917
Taxation
(437)
(437)
Profit for the period
1,004
492
229
193
30
(468)
1,480
Segment assets (excluding joint ventures and
associates)
7,282
2,798
2,104
2,252
620
89
15,145
Investments in joint ventures and associates
\u2013
57
116
53
155
\u2013
381
Segment assets
7,282
2,855
2,220
2,305
775
89
15,526
Cash and cash equivalents
1,323
1,323
Current asset investments
334
334
Income tax
102
102
Deferred tax assets
223
223
Employee benefits assets
1,506
1,506
Segment liabilities
(4,347)
(685)
(415)
(437)
(178)
(172)
(6,234)
Loans and overdrafts
(613)
(613)
Income tax
(133)
(133)
Deferred tax liabilities
(682)
(682)
Employee benefits liabilities
(74)
(74)
Net assets
2,935
2,170
1,805
1,868
597
1,903
11,278
Non-current asset additions
702
212
180
329
43
2
1,468
Depreciation and non-cash lease adjustments
(574)
(100)
(70)
(77)
(21)
(7)
(849)
Amortisation
(39)
(31)
(15)
(4)
(11)
\u2013
(100)
2023
Retail
Grocery
Ingredients
Sugar
Agriculture
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from continuing businesses
9,008
4,222
2,366
2,591
1,849
(359)
19,677
Internal revenue
\u2013
(24)
(209)
(117)
(9)
359
\u2013
External revenue from external customers
9,008
4,198
2,157
2,474
1,840
\u2013
19,677
Business disposed
\u2013
\u2013
\u2013
73
\u2013
\u2013
73
Revenue from external customers
9,008
4,198
2,157
2,547
1,840
\u2013
19,750
Operating profit
717
402
201
119
32
(88)
1,383
Adjusted operating profit before joint ventures and
associates
735
368
190
172
25
(94)
1,396
Share of adjusted profit after tax from joint ventures and
associates
\u2013
80
24
7
16
\u2013
127
Business disposed
\u2013
\u2013
\u2013
(10)
\u2013
\u2013
(10)
Adjusted operating profit
735
448
214
169
41
(94)
1,513
Finance income
\u2013
\u2013
\u2013
\u2013
\u2013
48
48
Finance expense
(86)
(1)
(1)
(3)
\u2013
(37)
(128)
Other financial income
\u2013
\u2013
\u2013
\u2013
\u2013
40
40
Adjusted profit before taxation
649
447
213
166
41
(43)
1,473
Profits less losses on disposal of non-current assets
\u2013
19
\u2013
\u2013
\u2013
9
28
Amortisation of non-operating intangibles
\u2013
(23)
(13)
\u2013
(5)
\u2013
(41)
Acquired inventory fair value adjustments
\u2013
(1)
\u2013
\u2013
(2)
\u2013
(3)
Transaction costs
\u2013
\u2013
\u2013
\u2013
(2)
(3)
(5)
Exceptional items
(18)
(41)
\u2013
(50)
\u2013
\u2013
(109)
Profits less losses on sale and closure of businesses
\u2013
\u2013
3
(6)
\u2013
\u2013
(3)
Profit before taxation
631
401
203
110
32
(37)
1,340
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
(272)
(272)
Profit for the period
631
401
203
110
32
(309)
1,068
Segment assets (excluding joint ventures and associates)
7,530
2,759
2,011
2,179
640
110
15,229
Investments in joint ventures and associates
\u2013
58
133
48
155
\u2013
394
Segment assets
7,530
2,817
2,144
2,227
795
110
15,623
Cash and cash equivalents
1,457
1,457
Income tax
125
125
Deferred tax assets
193
193
Employee benefits assets
1,446
1,446
Segment liabilities
(4,326)
(689)
(407)
(501)
(196)
(166)
(6,285)
Loans and overdrafts
(562)
(562)
Income tax
(109)
(109)
Deferred tax liabilities
(626)
(626)
Employee benefits liabilities
(69)
(69)
Net assets
3,204
2,128
1,737
1,726
599
1,799
11,193
Non-current asset additions
711
154
174
289
20
4
1,352
Depreciation and non-cash lease adjustments
(526)
(114)
(62)
(75)
(19)
(8)
(804)
Amortisation
(31)
(26)
(15)
(3)
(7)
\u2013
(82)
2024
United Kingdom
Europe & Africa
The Americas
Asia Pacific
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
7,297
7,830
2,513
2,433
20,073
Segment assets
5,537
6,599
1,810
1,580
15,526
Non-current asset additions
367
726
209
166
1,468
Depreciation (including of right-of-use assets)
(289)
(411)
(97)
(52)
(849)
Amortisation
(21)
(65)
(8)
(6)
(100)
Acquired inventory fair value adjustments
\u2013
(2)
\u2013
\u2013
(2)
Transaction costs
(2)
(1)
\u2013
(2)
(5)
Exceptional items
(19)
(16)
\u2013
\u2013
(35)
2023
United Kingdom
Europe & Africa
The Americas
Asia Pacific
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
7,271
7,552
2,420
2,507
19,750
Segment assets
5,690
6,651
1,792
1,490
15,623
Non-current asset additions
305
732
217
98
1,352
Depreciation (including of right-of-use assets)
(279)
(374)
(84)
(67)
(804)
Amortisation
(17)
(56)
(4)
(5)
(82)
Acquired inventory fair value adjustments
(2)
(1)
\u2013
\u2013
(3)
Transaction costs
(4)
(1)
\u2013
\u2013
(5)
Exceptional items
\u2013
(53)
\u2013
(56)
(109)
The Group\u2019s operations in the following countries met the criteria for separate disclosure:
Revenue
Non-current assets
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Australia 1,409 1,407 656 541
Spain 1,972 1,836 713 651
United States 1,690 1,580 950 887
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-771": { "value": "Geographical information In addition to the required disclosure for operating segments, disclosure is also given of certain geographical information about the Group\u2019s operations, based on the geographical groupings: United Kingdom; Europe & Africa; The Americas; and Asia Pacific. Revenues are shown by reference to the geographical location of customers. Profits are shown by reference to the geographical location of the businesses. Segment assets are based on the geographical location of the assets.
Revenue
Adjusted operating profit
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating segments
Retail 9,448 9,008 1,108 735
Grocery 4,242 4,198 511 448
Ingredients 2,134 2,157 233 214
Sugar 2,529 2,474 199 179
Agriculture 1,650 1,840 41 41
Central \u2013 \u2013 (100) (94)
20,003 19,677 1,992 1,523
Business disposed
Sugar 70 73 6 (10)
20,073 19,750 1,998 1,513
Geographical information
United Kingdom 7,297 7,271 708 488
Europe & Africa 7,830 7,552 754 559
The Americas 2,513 2,420 406 353
Asia Pacific 2,363 2,434 124 123
20,003 19,677 1,992 1,523
Business disposed
Asia Pacific 70 73 6 (10)
20,073 19,750 1,998 1,513
2024
Retail
Grocery
Ingredients
Sugar
Agriculture
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from continuing businesses
9,448
4,262
2,342
2,652
1,659
(360)
20,003
Internal revenue
\u2013
(20)
(208)
(123)
(9)
360
\u2013
External revenue from continuing businesses
9,448
4,242
2,134
2,529
1,650
\u2013
20,003
Business disposed
\u2013
\u2013
\u2013
70
\u2013
\u2013
70
Revenue from external customers
9,448
4,242
2,134
2,599
1,650
\u2013
20,073
Operating profit
1,100
493
219
181
31
(92)
1,932
Adjusted operating profit before joint ventures and
associates
1,108
438
201
192
33
(100)
1,872
Share of adjusted profit after tax from joint ventures and
associates
\u2013
73
32
7
8
\u2013
120
Business disposed
\u2013
\u2013
\u2013
6
\u2013
\u2013
6
Adjusted operating profit
1,108
511
233
205
41
(100)
1,998
Finance income
71
71
Finance expense
(96)
(1)
(1)
(3)
(1)
(33)
(135)
Other financial income
23
23
Adjusted profit before taxation
1,012
510
232
202
40
(39)
1,957
Profits less losses on disposal of non-current assets
3
5
\u2013
\u2013
\u2013
8
16
Amortisation of non-operating intangibles
\u2013
(20)
(11)
\u2013
(9)
\u2013
(40)
Acquired inventory fair value adjustments
\u2013
(1)
(1)
\u2013
\u2013
\u2013
(2)
Transaction costs
\u2013
(2)
(2)
\u2013
(1)
\u2013
(5)
Exceptional items
(11)
\u2013
\u2013
(24)
\u2013
\u2013
(35)
Profits less losses on sale and closure of businesses
\u2013
\u2013
11
15
\u2013
\u2013
26
Profit before taxation
1,004
492
229
193
30
(31)
1,917
Taxation
(437)
(437)
Profit for the period
1,004
492
229
193
30
(468)
1,480
Segment assets (excluding joint ventures and
associates)
7,282
2,798
2,104
2,252
620
89
15,145
Investments in joint ventures and associates
\u2013
57
116
53
155
\u2013
381
Segment assets
7,282
2,855
2,220
2,305
775
89
15,526
Cash and cash equivalents
1,323
1,323
Current asset investments
334
334
Income tax
102
102
Deferred tax assets
223
223
Employee benefits assets
1,506
1,506
Segment liabilities
(4,347)
(685)
(415)
(437)
(178)
(172)
(6,234)
Loans and overdrafts
(613)
(613)
Income tax
(133)
(133)
Deferred tax liabilities
(682)
(682)
Employee benefits liabilities
(74)
(74)
Net assets
2,935
2,170
1,805
1,868
597
1,903
11,278
Non-current asset additions
702
212
180
329
43
2
1,468
Depreciation and non-cash lease adjustments
(574)
(100)
(70)
(77)
(21)
(7)
(849)
Amortisation
(39)
(31)
(15)
(4)
(11)
\u2013
(100)
2023
Retail
Grocery
Ingredients
Sugar
Agriculture
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from continuing businesses
9,008
4,222
2,366
2,591
1,849
(359)
19,677
Internal revenue
\u2013
(24)
(209)
(117)
(9)
359
\u2013
External revenue from external customers
9,008
4,198
2,157
2,474
1,840
\u2013
19,677
Business disposed
\u2013
\u2013
\u2013
73
\u2013
\u2013
73
Revenue from external customers
9,008
4,198
2,157
2,547
1,840
\u2013
19,750
Operating profit
717
402
201
119
32
(88)
1,383
Adjusted operating profit before joint ventures and
associates
735
368
190
172
25
(94)
1,396
Share of adjusted profit after tax from joint ventures and
associates
\u2013
80
24
7
16
\u2013
127
Business disposed
\u2013
\u2013
\u2013
(10)
\u2013
\u2013
(10)
Adjusted operating profit
735
448
214
169
41
(94)
1,513
Finance income
\u2013
\u2013
\u2013
\u2013
\u2013
48
48
Finance expense
(86)
(1)
(1)
(3)
\u2013
(37)
(128)
Other financial income
\u2013
\u2013
\u2013
\u2013
\u2013
40
40
Adjusted profit before taxation
649
447
213
166
41
(43)
1,473
Profits less losses on disposal of non-current assets
\u2013
19
\u2013
\u2013
\u2013
9
28
Amortisation of non-operating intangibles
\u2013
(23)
(13)
\u2013
(5)
\u2013
(41)
Acquired inventory fair value adjustments
\u2013
(1)
\u2013
\u2013
(2)
\u2013
(3)
Transaction costs
\u2013
\u2013
\u2013
\u2013
(2)
(3)
(5)
Exceptional items
(18)
(41)
\u2013
(50)
\u2013
\u2013
(109)
Profits less losses on sale and closure of businesses
\u2013
\u2013
3
(6)
\u2013
\u2013
(3)
Profit before taxation
631
401
203
110
32
(37)
1,340
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
(272)
(272)
Profit for the period
631
401
203
110
32
(309)
1,068
Segment assets (excluding joint ventures and associates)
7,530
2,759
2,011
2,179
640
110
15,229
Investments in joint ventures and associates
\u2013
58
133
48
155
\u2013
394
Segment assets
7,530
2,817
2,144
2,227
795
110
15,623
Cash and cash equivalents
1,457
1,457
Income tax
125
125
Deferred tax assets
193
193
Employee benefits assets
1,446
1,446
Segment liabilities
(4,326)
(689)
(407)
(501)
(196)
(166)
(6,285)
Loans and overdrafts
(562)
(562)
Income tax
(109)
(109)
Deferred tax liabilities
(626)
(626)
Employee benefits liabilities
(69)
(69)
Net assets
3,204
2,128
1,737
1,726
599
1,799
11,193
Non-current asset additions
711
154
174
289
20
4
1,352
Depreciation and non-cash lease adjustments
(526)
(114)
(62)
(75)
(19)
(8)
(804)
Amortisation
(31)
(26)
(15)
(3)
(7)
\u2013
(82)
2024
United Kingdom
Europe & Africa
The Americas
Asia Pacific
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
7,297
7,830
2,513
2,433
20,073
Segment assets
5,537
6,599
1,810
1,580
15,526
Non-current asset additions
367
726
209
166
1,468
Depreciation (including of right-of-use assets)
(289)
(411)
(97)
(52)
(849)
Amortisation
(21)
(65)
(8)
(6)
(100)
Acquired inventory fair value adjustments
\u2013
(2)
\u2013
\u2013
(2)
Transaction costs
(2)
(1)
\u2013
(2)
(5)
Exceptional items
(19)
(16)
\u2013
\u2013
(35)
2023
United Kingdom
Europe & Africa
The Americas
Asia Pacific
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
7,271
7,552
2,420
2,507
19,750
Segment assets
5,690
6,651
1,792
1,490
15,623
Non-current asset additions
305
732
217
98
1,352
Depreciation (including of right-of-use assets)
(279)
(374)
(84)
(67)
(804)
Amortisation
(17)
(56)
(4)
(5)
(82)
Acquired inventory fair value adjustments
(2)
(1)
\u2013
\u2013
(3)
Transaction costs
(4)
(1)
\u2013
\u2013
(5)
Exceptional items
\u2013
(53)
\u2013
(56)
(109)
The Group\u2019s operations in the following countries met the criteria for separate disclosure:
Revenue
Non-current assets
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Australia 1,409 1,407 656 541
Spain 1,972 1,836 713 651
United States 1,690 1,580 950 887
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-737": { "value": "2. Operating costs
2024 2023
Note \u00a3m \u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles) 15,191 15,587
Distribution costs 1,682 1,603
Administration expenses 1,366 1,220
Exceptional items 35 109
18,274 18,519
Operating costs are stated after charging/(crediting):
Employee benefits expense 3 3,408 3,158
Amortisation of non-operating intangibles 8 37 38
Amortisation of operating intangibles 8 63 44
Acquired inventory fair value adjustments 2 3
Depreciation of property, plant and equipment and investment properties 9,10 555 531
Depreciation of right-of-use assets and non-cash lease adjustments 11 294 273
Transactions costs 5 5
Effect of hyperinflationary economies 21 14
Other operating income (43) (35)
Research and development expenditure 49 42
Fair value gains on financial assets and liabilities held for trading (13) (19)
Fair value losses on financial assets and liabilities held for trading 19 22
Foreign exchange gains on operating activities (43) (48)
Foreign exchange losses on operating activities 47 62
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures, in addition to the amounts shown above. Exceptional items 2024 The income statement this year included a non-cash exceptional impairment charge of \u00a335m. In the Sugar segment, Vivergo recognised a \u00a317m impairment write-down against property, plant and equipment and \u00a31m against right-of-use assets driven by the volatility of ethanol prices impacting trading margins. Due to the severe flooding in Mozambique last year, the related damage to the sugar crop fields and the inability to plant for the foreseeable future, our sugar business in Mozambique recognised a further \u00a33m impairment write-down against property, plant and equipment and \u00a33m against working capital. In the Retail segment, the Group recognised \u00a311m of exceptional impairment charges still relating to the German stores impaired in 2022, after additional right-of-use assets were recognised due to rent indexation adjustments in the current financial year. 2023 The prior year exceptional impairment charge of \u00a3109m comprised non-cash write-downs of assets predominantly against property, plant and equipment and right-of-use assets specifically \u00a341m for the Don businesses in the Grocery segment, \u00a350m for the Sugar segment including \u00a315m for China North Sugar and \u00a335m for Maragra, our sugar business in Mozambique, and \u00a318m for the Retail segment relating to the German Primark store portfolio
2024 2023
Auditor's Remuneration
\u00a3m
\u00a3m
Fees payable to the Company's auditor and its associates in respect of the audit
Group audit of these financial statements 1.7 1.7
Audit of the Company's subsidiaries' financial statements 8.8 8.5
Total audit remuneration 10.5 10.2
Fees payable to the Company's auditor and its associates in respect of non-audit services
Audit-related assurance services 0.4 0.4
All other services 0.7 0.6
Total non-audit remuneration 1.1 1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-772": { "value": "2. Operating costs
2024 2023
Note \u00a3m \u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles) 15,191 15,587
Distribution costs 1,682 1,603
Administration expenses 1,366 1,220
Exceptional items 35 109
18,274 18,519
Operating costs are stated after charging/(crediting):
Employee benefits expense 3 3,408 3,158
Amortisation of non-operating intangibles 8 37 38
Amortisation of operating intangibles 8 63 44
Acquired inventory fair value adjustments 2 3
Depreciation of property, plant and equipment and investment properties 9,10 555 531
Depreciation of right-of-use assets and non-cash lease adjustments 11 294 273
Transactions costs 5 5
Effect of hyperinflationary economies 21 14
Other operating income (43) (35)
Research and development expenditure 49 42
Fair value gains on financial assets and liabilities held for trading (13) (19)
Fair value losses on financial assets and liabilities held for trading 19 22
Foreign exchange gains on operating activities (43) (48)
Foreign exchange losses on operating activities 47 62
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures, in addition to the amounts shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-802": { "value": "2. Operating costs
2024 2023
Note \u00a3m \u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles) 15,191 15,587
Distribution costs 1,682 1,603
Administration expenses 1,366 1,220
Exceptional items 35 109
18,274 18,519
Operating costs are stated after charging/(crediting):
Employee benefits expense 3 3,408 3,158
Amortisation of non-operating intangibles 8 37 38
Amortisation of operating intangibles 8 63 44
Acquired inventory fair value adjustments 2 3
Depreciation of property, plant and equipment and investment properties 9,10 555 531
Depreciation of right-of-use assets and non-cash lease adjustments 11 294 273
Transactions costs 5 5
Effect of hyperinflationary economies 21 14
Other operating income (43) (35)
Research and development expenditure 49 42
Fair value gains on financial assets and liabilities held for trading (13) (19)
Fair value losses on financial assets and liabilities held for trading 19 22
Foreign exchange gains on operating activities (43) (48)
Foreign exchange losses on operating activities 47 62
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures, in addition to the amounts shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-814": { "value": "2. Operating costs
2024 2023
Note \u00a3m \u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles) 15,191 15,587
Distribution costs 1,682 1,603
Administration expenses 1,366 1,220
Exceptional items 35 109
18,274 18,519
Operating costs are stated after charging/(crediting):
Employee benefits expense 3 3,408 3,158
Amortisation of non-operating intangibles 8 37 38
Amortisation of operating intangibles 8 63 44
Acquired inventory fair value adjustments 2 3
Depreciation of property, plant and equipment and investment properties 9,10 555 531
Depreciation of right-of-use assets and non-cash lease adjustments 11 294 273
Transactions costs 5 5
Effect of hyperinflationary economies 21 14
Other operating income (43) (35)
Research and development expenditure 49 42
Fair value gains on financial assets and liabilities held for trading (13) (19)
Fair value losses on financial assets and liabilities held for trading 19 22
Foreign exchange gains on operating activities (43) (48)
Foreign exchange losses on operating activities 47 62
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures, in addition to the amounts shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-819": { "value": "2. Operating costs
2024 2023
Note \u00a3m \u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles) 15,191 15,587
Distribution costs 1,682 1,603
Administration expenses 1,366 1,220
Exceptional items 35 109
18,274 18,519
Operating costs are stated after charging/(crediting):
Employee benefits expense 3 3,408 3,158
Amortisation of non-operating intangibles 8 37 38
Amortisation of operating intangibles 8 63 44
Acquired inventory fair value adjustments 2 3
Depreciation of property, plant and equipment and investment properties 9,10 555 531
Depreciation of right-of-use assets and non-cash lease adjustments 11 294 273
Transactions costs 5 5
Effect of hyperinflationary economies 21 14
Other operating income (43) (35)
Research and development expenditure 49 42
Fair value gains on financial assets and liabilities held for trading (13) (19)
Fair value losses on financial assets and liabilities held for trading 19 22
Foreign exchange gains on operating activities (43) (48)
Foreign exchange losses on operating activities 47 62
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures, in addition to the amounts shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-822": { "value": "2. Operating costs
2024 2023
Note \u00a3m \u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles) 15,191 15,587
Distribution costs 1,682 1,603
Administration expenses 1,366 1,220
Exceptional items 35 109
18,274 18,519
Operating costs are stated after charging/(crediting):
Employee benefits expense 3 3,408 3,158
Amortisation of non-operating intangibles 8 37 38
Amortisation of operating intangibles 8 63 44
Acquired inventory fair value adjustments 2 3
Depreciation of property, plant and equipment and investment properties 9,10 555 531
Depreciation of right-of-use assets and non-cash lease adjustments 11 294 273
Transactions costs 5 5
Effect of hyperinflationary economies 21 14
Other operating income (43) (35)
Research and development expenditure 49 42
Fair value gains on financial assets and liabilities held for trading (13) (19)
Fair value losses on financial assets and liabilities held for trading 19 22
Foreign exchange gains on operating activities (43) (48)
Foreign exchange losses on operating activities 47 62
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures, in addition to the amounts shown above. Exceptional items 2024 The income statement this year included a non-cash exceptional impairment charge of \u00a335m. In the Sugar segment, Vivergo recognised a \u00a317m impairment write-down against property, plant and equipment and \u00a31m against right-of-use assets driven by the volatility of ethanol prices impacting trading margins. Due to the severe flooding in Mozambique last year, the related damage to the sugar crop fields and the inability to plant for the foreseeable future, our sugar business in Mozambique recognised a further \u00a33m impairment write-down against property, plant and equipment and \u00a33m against working capital. In the Retail segment, the Group recognised \u00a311m of exceptional impairment charges still relating to the German stores impaired in 2022, after additional right-of-use assets were recognised due to rent indexation adjustments in the current financial year. 2023 The prior year exceptional impairment charge of \u00a3109m comprised non-cash write-downs of assets predominantly against property, plant and equipment and right-of-use assets specifically \u00a341m for the Don businesses in the Grocery segment, \u00a350m for the Sugar segment including \u00a315m for China North Sugar and \u00a335m for Maragra, our sugar business in Mozambique, and \u00a318m for the Retail segment relating to the German Primark store portfolio.
2024 2023
Auditor's Remuneration
\u00a3m
\u00a3m
Fees payable to the Company's auditor and its associates in respect of the audit
Group audit of these financial statements 1.7 1.7
Audit of the Company's subsidiaries' financial statements 8.8 8.5
Total audit remuneration 10.5 10.2
Fees payable to the Company's auditor and its associates in respect of non-audit services
Audit-related assurance services 0.4 0.4
All other services 0.7 0.6
Total non-audit remuneration 1.1 1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-773": { "value": "
2024 2023
Auditor's Remuneration
\u00a3m
\u00a3m
Fees payable to the Company's auditor and its associates in respect of the audit
Group audit of these financial statements 1.7 1.7
Audit of the Company's subsidiaries' financial statements 8.8 8.5
Total audit remuneration 10.5 10.2
Fees payable to the Company's auditor and its associates in respect of non-audit services
Audit-related assurance services 0.4 0.4
All other services 0.7 0.6
Total non-audit remuneration 1.1 1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-739": { "value": "
3. Employees
2024 2023
Average number of employees
United Kingdom 44,110 42,071
Europe & Africa 74,766 73,411
The Americas 7,663 6,769
Asia Pacific 11,732 11,236
138,271 133,487
2024 2023
Note \u00a3m \u00a3m
Employee benefits expense
Wages and salaries 2,852 2,657
Social security contributions 391 355
Contributions to defined contribution schemes
13
 103 95
Charge for defined benefit schemes
13
 31 33
Equity-settled share-based payment schemes
24
 31 18
3,408 3,158
Details of directors\u2019 remuneration, share incentives and pension entitlements are shown in the Remuneration Report on pages 111 to 127.
13. Employee entitlements The Group operates a number of defined benefit and defined contribution retirement benefit schemes in the UK and overseas. The defined benefit schemes expose the Group to a variety of actuarial risks including demographic assumptions such as mortality and financial assumptions such as discount rate, inflation risk and market (investment) risk. The Group is not exposed to any unusual, entity-specific or scheme-specific risks. All schemes comply with local legislative requirements. UK defined benefit scheme The Group\u2019s principal UK defined benefit scheme is the Associated British Foods Pension Scheme (the \u2018Scheme\u2019), which is a funded final salary scheme that is closed to new members. Defined contribution arrangements are in place for other employees. The UK defined benefit scheme represents 90% (2023 \u2013 90%) of the Group\u2019s defined benefit scheme assets and 85% (2023 \u2013 85%) of defined benefit scheme liabilities. The Scheme is governed by a trustee board which is independent of the Group and which agrees a schedule of contributions with the Company each time a formal funding valuation is performed. The most recent triennial funding valuation of the Scheme was carried out as at 5 April 2023, using the current unit method, and revealed a surplus of \u00a31,013m. The market value of the Scheme assets was \u00a33,648m, representing 138% of members\u2019 accrued benefits after allowing for expected future salary increases. The Scheme\u2019s assets are managed using a risk-controlled investment strategy, which includes a liability-driven investment policy that seeks to match, where appropriate, the profile of the liabilities. This includes the use of derivative instruments to hedge inflation, interest and foreign exchange risks. The Scheme utilises both market and solvency triggers to develop the level of hedges in place. To date, the Scheme is fully hedged for 91% of inflation sensitivity and 90% of interest rate risk. It is intended to hedge 90% of total exposure. The Scheme is forbidden by the trust deed from holding direct investments in the equity of the Company, although it is possible that the Scheme may hold indirect interests through investments in some equity funds. Overseas defined benefit schemes The Group also operates defined benefit retirement schemes in a number of overseas businesses, which are primarily funded final salary schemes, as well as a small number of unfunded post-retirement medical benefit schemes, which are accounted for in the same way as defined benefit retirement schemes. Defined contribution schemes The Group operates a number of defined contribution schemes for which the charge was \u00a354m in the UK and \u00a349m overseas, totalling \u00a3103m (2023 \u2013 UK \u00a347m, overseas \u00a348m, totalling \u00a395m). Actuarial assumptions The principal actuarial assumptions for the Group\u2019s defined benefit schemes at the year end were:
2024
2024
2023
2023
UK
Overseas
UK
Overseas
%
%
%
%
Discount rate
4.8
0 - 15.7
5.5
1 - 15.8
Inflation
2.5 - 3
0 - 52
2.7 - 3.4
0 - 17.4
Rate of increase in salaries
3 - 4
0 - 95.6
3.7 - 4.3
0 - 150.0
Rate of increase for pensions in payment
1.9 - 2.9
0 - 78
1.9 - 3.1
0 - 49.0
Rate of increase for pensions in deferment (where provided)
2.5
0 - 3.6
2.5 - 2.8
0 - 3.9
Discount rates are determined by reference to market yields at the balance sheet date on high-quality corporate bonds consistent with the estimated term of the obligations. This has been done in conjunction with independent actuaries in each jurisdiction. The UK inflation assumption includes assumptions on both the Retail Price Index and Consumer Price Index measures of inflation on the basis that the gap between the two measures is expected to remain stable in the long term. The mortality assumptions used to value the UK defined benefit schemes in 2024 are derived from the S3 mortality tables with improvements in line with the 2023 projection model prepared by the Continuous Mortality Investigation of the UK actuarial profession (2023 \u2013 S3 mortality tables with improvements in line with the 2022 projection model), with a 0-year rating movement for males and females (2023 \u2013 0-year rating movement for males and females), both with a long-term trend of 1.75% (2023 \u2013 1.75%). These mortality assumptions take account of experience to date, and assumptions for further improvements in life expectancy of scheme members. Examples of the resulting life expectancies in the UK defined benefit schemes are as follows:
2024
2023
Life expectancy from age 65 (in years)
Male
Female
Male
Female
Member aged 65 in 2024 (2023)
21.8
24.2
 21.8 24.2
Member aged 65 in 2044 (2043)
23.7
26.2
 23.7 26.2
An allowance has been made for cash commutation in line with emerging scheme experience. Other demographic assumptions for the UK defined benefit schemes are set having regard to the latest trends in scheme experience and other relevant data. The assumptions are reviewed and updated as necessary as part of the periodic funding valuation of the schemes. For the overseas schemes, regionally appropriate assumptions for mortality, financial and demographic factors have been used. A sensitivity analysis on the principal assumptions used to measure UK defined benefit scheme liabilities at 14 September 2024 is:
Change in assumption
Impact on scheme liabilities
Discount rate
increase/decrease by 0.1%
increase/decrease by 1.2%
Inflation
increase/decrease by 0.1%
increase by 0.6%/decrease by 1%
Rate of real increase in salaries
increase/decrease by 0.1%
increase/decrease by 0.1%
Rate of mortality
members assumed to be one year younger/older
increase/decrease by 3.1%
A sensitivity to the rate of increase in pensions in payment and pensions in deferment is represented by the inflation sensitivity, as all pensions increases and deferred revaluations are linked to inflation. The sensitivity analysis above has been determined based on reasonably possible changes in the respective assumptions occurring at the end of the period and may not be representative of the actual change. It is based on a change in the specific assumption while holding all other assumptions constant. When calculating the sensitivities, the same method used to calculate scheme liabilities recognised in the balance sheet has been applied. The method and assumptions used in preparing the sensitivity analysis have not changed since the prior year.
Balance sheet
2024
2023
UK
Overseas
Total
UK
Overseas
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
898
160
1,058
1,020
172
1,192
Government bonds
568
154
722
455
89
544
Corporate and other bonds
872
40
912
619
55
674
Property
242
35
277
314
36
350
Cash and other assets
1,157
41
1,198
1,145
57
1,202
Scheme assets
3,737
430
4,167
3,553
409
3,962
Scheme liabilities
(2,307)
(390)
(2,697)
(2,176)
(373)
(2,549)
Aggregate net surplus
1,430
40
1,470
1,377
36
1,413
Irrecoverable surplus
\u2013
(38)
(38)
\u2013
(36)
(36)
Net pension asset
1,430
2
1,432
1,377
\u2013
1,377
Analysed as
Schemes in surplus
1,454
52
1,506
1,397
49
1,446
Schemes in deficit
(24)
(50)
(74)
(20)
(49)
(69)
1,430
2
1,432
1,377
\u2013
1,377
Unfunded liability included in the present value
of scheme liabilities above
(24)
(34)
(58)
(20)
(32)
(52)
* The surpluses in the plans are only recoverable to the extent that the Group can benefit from either refunds formally agreed or from future contribution reductions. UK Scheme Scheme assets include \u00a399m (2023 \u2013 \u00a364m) of derivative instruments, \u00a3597m (2023 \u2013 \u00a3409m) of corporate debt instruments and \u00a31,559m (2023 \u2013 \u00a31,119m) of government debt. Corporate and other bonds assets of \u00a3872m (2023 \u2013 \u00a3619m) include \u00a349m (2023 \u2013 \u00a3235m) of assets whose valuation is not derived from quoted market prices. The valuation for all other equity assets, government bonds, and corporate and other bonds is derived from quoted market prices. The carrying value of UK property assets is based on a 30 June market valuation, adjusted for purchases, disposals and price indexation between the valuation and the balance sheet date. Cash and other assets includes \u00a3828m (2023 \u2013 \u00a3888m) of assets whose valuation is not derived from quoted market prices. For financial reporting in the Group\u2019s financial statements, liabilities are assessed by actuaries using the projected unit method. The accounting value is different from the result obtained using the funding basis, mainly due to different assumptions used to project scheme liabilities. The defined benefit scheme liabilities comprise 20% (2023 \u2013 18%) in respect of active participants, 22% (2023 \u2013 21%) for deferred participants and 58% (2023 \u2013 61%) for pensioners. The weighted average duration of the defined benefit scheme liabilities at the end of the year is 12 years for both UK and overseas schemes (2023 \u2013 12 years for both UK and overseas schemes). The Group recognises the accounting surplus as it has the ability to use the surplus to meet employer contributions to the UK Scheme, covering both the defined benefit and defined contribution sections. This has been agreed with the independent Trustee Board for the new financial year. See the Cash flow section below for further details. A UK High Court judgment in 2023 was upheld by the Court of Appeals on 25 July 2024. This confirmed that actuarial confirmations should have been provided for amendments made to contracted-out schemes in the period between 6 April 1997 and 5 April 2016, including for amendments that only affected future service benefits. The UK Scheme Trustee commissioned a review of historic scheme amendment documentation to check for appropriate evidence that the required actuarial confirmations were given in respect of relevant deeds of amendment. The review concluded that there was appropriate evidence in relation to all relevant deeds of amendment which changed contracted-out benefits over the relevant period and that no further action is required. Income statement The charge to the income statement for employee benefit schemes comprises:
2024 2023
Note
\u00a3m
\u00a3m
Charged to operating profit:
Defined benefit schemes
\u2022 Current service cost 3 (31) (31)
\u2022 Past service cost 3 \u2013 (2)
Defined contribution schemes 3 (103) (95)
Total operating cost (134) (128)
Reported in other financial income:
Net interest income on the net pension asset 75 62
Interest charge on irrecoverable surplus 4 (2) (2)
Net financial income from employee benefit schemes 73 60
Net impact on profit before tax (61) (68)
Cash flow Group cash flow in respect of employee benefits schemes comprises contributions paid to funded schemes of \u00a39m (2023 \u2013 \u00a336m) and benefits paid in respect of unfunded schemes of \u00a32m (2023 \u2013 \u00a35m). Contributions to funded defined benefit schemes are subject to periodic review. Contributions to defined contribution schemes amounted to \u00a365m (2023 \u2013 \u00a395m). Total contributions to funded schemes and benefit payments by the Group in respect of unfunded schemes in 2024 are currently expected to be approximately \u00a31m in the UK and \u00a39m overseas, totalling \u00a310m (2023 \u2013 UK \u00a33m, overseas \u00a310m, totalling \u00a313m). As part of the triennial funding valuation of the UK Scheme as at 5 April 2023, which was finalised with the independent trustee board in September 2023, the Company agreed an abatement of all UK employer contributions to the UK Scheme, covering both the defined benefit and defined contribution sections from the start of the 2024 financial year, since when the employer contributions have been met from the surplus in the UK Scheme. This is subject to a solvency check, assessed annually by the Scheme Actuary. Other comprehensive income Remeasurements of the net pension asset recognised in other comprehensive income are as follows:
2024
2023
Other comprehensive income
\u00a3m
\u00a3m
Loss/(return) on scheme assets excluding amounts included in net interest in the income statement 182 (238)
Actuarial (losses)/gains arising from changes in financial assumptions (140) 264
Actuarial gains arising from changes in demographic assumptions 6 18
Experience losses on scheme liabilities (10) (57)
Change in unrecognised surplus \u2013 6
Remeasurements of the net pension asset/(liability) 38 (7)
Reconciliation of change in assets and liabilities
2024 2023 2024 2023 2024 2023
assets
assets
liabilities
liabilities
net
net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year 3,962 4,151 (2,549) (2,795) 1,413 1,356
Current service cost \u2013 \u2013 (31) (31) (31) (31)
Employee contributions 6 7 (6) (7) \u2013 \u2013
Employer contributions 9 36 \u2013 \u2013 9 36
Abatement of employer contributions to defined
contribution schemes (38) \u2013 \u2013 \u2013 (38) \u2013
Benefit payments (157) (161) 159 166 2 5
Past service cost \u2013 \u2013 \u2013 (2) \u2013 (2)
Interest income/(expense) 206 185 (131) (123) 75 62
Loss/(return) on scheme assets less interest
income 182 (238) \u2013 \u2013 182 (238)
Actuarial (losses)/gains arising from changes in
financial assumptions
 \u2013 \u2013 (140) 264 (140) 264
Actuarial gains arising from changes in
demographic assumptions
 \u2013 \u2013 6 18 6 18
Experience losses on scheme liabilities \u2013 \u2013 (10) (57) (10) (57)
Effect of movements in foreign exchange (3) (18) 5 18 2 \u2013
At end of year 4,167 3,962 (2,697) (2,549) 1,470 1,413
Reconciliation of change in irrecoverable surplus
2024 2023
Note
\u00a3m
\u00a3m
At the beginning of the year (36) (42)
Change recognised in other comprehensive income \u2013 6
Interest charge on irrecoverable surplus
4
 (2) (2)
Effect of movements in foreign exchange \u2013 2
At end of year (38) (36)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-775": { "value": "3. Employees
2024 2023
Average number of employees
United Kingdom 44,110 42,071
Europe & Africa 74,766 73,411
The Americas 7,663 6,769
Asia Pacific 11,732 11,236
138,271 133,487
2024 2023
Note \u00a3m \u00a3m
Employee benefits expense
Wages and salaries 2,852 2,657
Social security contributions 391 355
Contributions to defined contribution schemes
13
 103 95
Charge for defined benefit schemes
13
 31 33
Equity-settled share-based payment schemes
24
 31 18
3,408 3,158
Details of directors\u2019 remuneration, share incentives and pension entitlements are shown in the Remuneration Report on pages 111 to 127. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-738": { "value": "
4. Interest and other financial income and expense
2024 2023
Note \u00a3m \u00a3m
Finance income
Cash, cash equivalents and current asset investments 71 48
71 48
Finance expense
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities
11
 (102) (91)
Other payables (2) (3)
25 (135) (128)
Other financial income
Interest income on employee benefit scheme assets
13
 206 185
Interest charge on employee benefit scheme liabilities
13
 (131) (123)
Interest charge on irrecoverable surplus
13
 (2) (2)
Net financial income from employee benefit schemes 73 60
Net foreign exchange losses on financing activities (50) (20)
Total other financial income 23 40
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a35m (2023 \u2013 \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-774": { "value": "4. Interest and other financial income and expense
2024 2023
Note \u00a3m \u00a3m
Finance income
Cash, cash equivalents and current asset investments 71 48
71 48
Finance expense
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities
11
 (102) (91)
Other payables (2) (3)
25 (135) (128)
Other financial income
Interest income on employee benefit scheme assets
13
 206 185
Interest charge on employee benefit scheme liabilities
13
 (131) (123)
Interest charge on irrecoverable surplus
13
 (2) (2)
Net financial income from employee benefit schemes 73 60
Net foreign exchange losses on financing activities (50) (20)
Total other financial income 23 40
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a35m (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-815": { "value": "4. Interest and other financial income and expense
2024 2023
Note \u00a3m \u00a3m
Finance income
Cash, cash equivalents and current asset investments 71 48
71 48
Finance expense
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities
11
 (102) (91)
Other payables (2) (3)
25 (135) (128)
Other financial income
Interest income on employee benefit scheme assets
13
 206 185
Interest charge on employee benefit scheme liabilities
13
 (131) (123)
Interest charge on irrecoverable surplus
13
 (2) (2)
Net financial income from employee benefit schemes 73 60
Net foreign exchange losses on financing activities (50) (20)
Total other financial income 23 40
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a35m (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-823": { "value": "4. Interest and other financial income and expense
2024 2023
Note \u00a3m \u00a3m
Finance income
Cash, cash equivalents and current asset investments 71 48
71 48
Finance expense
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities
11
 (102) (91)
Other payables (2) (3)
25 (135) (128)
Other financial income
Interest income on employee benefit scheme assets
13
 206 185
Interest charge on employee benefit scheme liabilities
13
 (131) (123)
Interest charge on irrecoverable surplus
13
 (2) (2)
Net financial income from employee benefit schemes 73 60
Net foreign exchange losses on financing activities (50) (20)
Total other financial income 23 40
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a35m (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-803": { "value": "4. Interest and other financial income and expense
2024 2023
Note \u00a3m \u00a3m
Finance income
Cash, cash equivalents and current asset investments 71 48
71 48
Finance expense
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities
11
 (102) (91)
Other payables (2) (3)
25 (135) (128)
Other financial income
Interest income on employee benefit scheme assets
13
 206 185
Interest charge on employee benefit scheme liabilities
13
 (131) (123)
Interest charge on irrecoverable surplus
13
 (2) (2)
Net financial income from employee benefit schemes 73 60
Net foreign exchange losses on financing activities (50) (20)
Total other financial income 23 40
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a35m (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-820": { "value": "4. Interest and other financial income and expense
2024 2023
Note \u00a3m \u00a3m
Finance income
Cash, cash equivalents and current asset investments 71 48
71 48
Finance expense
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities
11
 (102) (91)
Other payables (2) (3)
25 (135) (128)
Other financial income
Interest income on employee benefit scheme assets
13
 206 185
Interest charge on employee benefit scheme liabilities
13
 (131) (123)
Interest charge on irrecoverable surplus
13
 (2) (2)
Net financial income from employee benefit schemes 73 60
Net foreign exchange losses on financing activities (50) (20)
Total other financial income 23 40
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a35m (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-740": { "value": "5. Income tax expense
2024
2023
\u00a3m
\u00a3m
Current tax expense
UK \u2013 corporation tax at 25% (2023 \u2013 21.8%) 51 26
Overseas \u2013 corporation tax 337 249
UK \u2013 under/(over) provided in prior years 4 (14)
Overseas \u2013 under provided in prior years 10 18
402 279
Deferred tax expense
UK \u2013 deferred tax 61 54
Overseas \u2013 deferred tax (16) 28
UK \u2013 over provided in prior years (13) (26)
Overseas \u2013 under/(over) provided in prior years 3 (63)
35 (7)
Total income tax expense in the income statement
437
 272
Reconciliation of effective tax rate
Profit before taxation 1,917 1,340
Less share of profit after taxation from joint ventures and associates (117) (124)
Profit before taxation excluding share of profit after taxation from joint ventures and associates
1,800
 1,216
Nominal tax charge at UK corporation tax rate of 25% (2023 \u2013 21.8%) 450 265
Effect of higher and lower tax rates on overseas earnings (92) (16)
Effect of changes in tax rates on the income statement 7 5
Expenses not deductible for tax purposes 101 66
Disposal of assets covered by tax exemptions or unrecognised capital losses (9) (2)
Deferred tax not recognised (24) 39
Adjustments in respect of prior years 4 (85)
437 272
Other comprehensive income or equity
Deferred tax associated with defined benefit schemes 10 (4)
Deferred tax associated with share-based payments \u2013 (1)
Current tax associated with share-based payments (2) \u2013
Deferred tax associated with movements in cash flow hedging position (13) (40)
Deferred tax associated with movements in foreign exchange \u2013 5
Current tax associated with movements in foreign exchange 2 (6)
Deferred tax in reserves on other investment reserves (1) \u2013
(4) (46)
The UK corporation tax rate of 19% increased to 25% from 1 April 2023. The EU state aid case relating to the Group Financing Exemption in the UK\u2019s controlled foreign company legislation concluded on 19 September 2024 with no further appeals being permitted. The Court of Justice of the European Union ('CJEU') found in favour of the UK Government and the UK companies appealing the case. Therefore, there is no longer a potential liability (2023 \u2013 \u00a326m) for the Group relating to the case. In prior years the Group considered a provision was not required and therefore there is no impact on the tax charge in the year. Payments were made to HM Revenue & Customs (\u2018HMRC\u2019) in 2021 following the receipt of charging notices. These payments, totalling \u00a322.9m, will now be refunded to the Group by HMRC. In the prior year an exceptional prior year tax credit of \u00a358m was recognised in relation to deferred tax asset recognition in Germany. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, including the UK. The legislation will be effective for the Group\u2019s 2025 financial year. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on data available from the Group\u2019s 2023 consolidated financial statements and the 2023 financial year Country-by Country Report. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. However, there are a limited number of jurisdictions where the transitional safe harbour relief does not apply. Of these jurisdictions, the most noteworthy is Ireland, where the statutory tax rate is 12.5% and where there will be a local top up tax to 15%. Based on a high-level assessment, the impact in 2023 of Pillar 2 on the ABF adjusted effective tax rate would have been less than 1%. The Pillar 2 legislation is complex and still evolving. We will continue to monitor the impact of future developments. We recognise the importance of complying fully with all applicable tax laws as well as paying and collecting the right amount of tax in every country in which the Group operates. Our tax strategy, approved by the Board, is based on seven tax principles that are embedded in the financial and non financial processes and controls of the Group. This tax strategy is available in the Policies section of the Group\u2019s website. Deferred taxation balances are analysed in note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-741": { "value": "
6. Dividends
2024 2023 2024 2023
pence per pence per
share share \u00a3m \u00a3m
2022 final \u2013 29.9 \u2013 235
2023 interim \u2013 14.2 \u2013 110
2023 final and special 45.8 \u2013 348 \u2013
2024 interim 20.7 \u2013 154 \u2013
66.5 44.1 502 345
The 2024 interim dividend was declared on 23 April 2024 and paid on 5 July 2024. Given the outlook for the Group, the strength
of the balance sheet and the underlying cash generation of the business, we have declared the payment of a special dividend,
to be paid as a second interim dividend at 27.0p per share at an estimated cost of \u00a3199m.
The Board has proposed a final dividend of 42.3p per share at an estimated cost of \u00a3312m. The combined 2024 final and
special dividend of 69.3p, with an estimated value of \u00a3511m, will be paid on 10 January 2025 to shareholders on the register
on 13 December 2024.
Dividends relating to the period including the special dividend were 90.0p per share totalling \u00a3666m (2023 \u2013 60.0p per share
totalling \u00a3459m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-776": { "value": "0.423", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-777": { "value": "312000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "fact-742": { "value": "7. Earnings per share The calculation of basic earnings per share at 14 September 2024 was based on the net profit attributable to equity shareholders of \u00a31,455m (2023 \u2013 \u00a31,044m), and a weighted average number of shares outstanding during the year of 751 million (2023 \u2013 778 million). The calculation of the weighted average number of shares excludes the shares held by the Employee Share Ownership Plan Trust on which the dividends are being waived. The weighted average number of shares has reduced as a result of our first and second share buyback programmes. In the year, we repurchased 23.6 million shares which were cancelled. Adjusted earnings per ordinary share, which exclude the impact of profits less losses on disposal of non-current assets and the sale and closure of businesses, amortisation of acquired inventory fair value adjustments, transaction costs, amortisation of non-operating intangibles, exceptional items and any associated tax credits, is shown to provide clarity on the underlying performance of the Group. Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as adjusting items in the income statement, include \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures. The diluted earnings per share calculation takes into account the dilutive effect of share incentives. The diluted, weighted average number of shares is 751 million (2023 \u2013 778 million). There is no material difference between basic and diluted earnings.
2024 2023
\u00a3m \u00a3m
Adjusted profit for the period
1,479
 1,103
Disposal of non-current assets 16 28
Sale and closure of businesses 26 (3)
Acquired inventory fair value adjustments (2) (3)
Transaction costs (5) (5)
Exceptional items (35) (109)
Tax effect on above adjustments and exceptional tax 6 64
Amortisation of non-operating intangibles (40) (41)
Tax credit on non-operating intangibles amortisation 10 10
Profit for the period attributable to equity shareholders
1,455
 1,044
2024 2023
pence per pence per
share share
Adjusted earnings per share
196.9
 141.8
Disposal of non-current assets 2.1 3.6
Sale and closure of businesses 3.5 (0.4)
Acquired inventory fair value adjustments (0.3) (0.4)
Transaction costs (0.6) (0.6)
Exceptional items (4.6) (14.0)
Tax effect on above adjustments and exceptional tax 0.8 8.2
Amortisation of non-operating intangibles (5.4) (5.3)
Tax credit on non-operating intangibles amortisation 1.3 1.3
Earnings per ordinary share 193.7 134.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-743": { "value": "
8. Intangible assets
Non-operating
Operating
Customer Grower
Goodwill
Technology
Brands
relationships
agreements
Other
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
1,414
285
488
290
110
5
697
3,289
Acquisitions \u2013 externally purchased
\u2013
\u2013
4
\u2013
\u2013
\u2013
143
147
Acquired through business combinations
39
2
9
21
\u2013
\u2013
3
74
Other disposals
\u2013
\u2013
\u2013
(15)
\u2013
(5)
(69)
(89)
Transfer to assets classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
Effect of hyperinflationary economies
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Effect of movements in foreign exchange
(79)
(15)
(15)
(11)
(16)
\u2013
(25)
(161)
At 16 September 2023
1,376
272
486
285
94
\u2013
764
3,277
Acquisitions \u2013 externally purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
126
126
Acquired through business combinations
77
2
28
5
\u2013
\u2013
2
114
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
(14)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(63)
(63)
Effect of hyperinflationary economies
8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8
Effect of movements in foreign exchange
(42)
(10)
(12)
(8)
1
\u2013
(15)
(86)
At 14 September 2024
1,419
264
502
282
95
\u2013
800
3,362
Amortisation and impairment
At 17 September 2022
122
221
415
226
110
5
322
1,421
Amortisation for the year
\u2013
9
15
14
\u2013
\u2013
44
82
Other disposals
\u2013
\u2013
\u2013
(15)
\u2013
(5)
\u2013
(20)
Transfer to assets classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
4
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Effect of movements in foreign exchange
(12)
(13)
(11)
(8)
(16)
\u2013
(21)
(81)
At 16 September 2023
110
217
419
217
94
\u2013
350
1,407
Amortisation for the year
\u2013
9
13
15
\u2013
\u2013
63
100
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
(3)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Effect of movements in foreign exchange
(2)
(9)
(12)
(7)
1
\u2013
(8)
(37)
At 14 September 2024
108
217
420
225
95
\u2013
401
1,466
Net book value
At 17 September 2022
1,292
64
73
64
\u2013
\u2013
375
1,868
At 16 September 2023
1,266
55
67
68
\u2013
\u2013
414
1,870
At 14 September 2024
1,311
47
82
57
\u2013
\u2013
399
1,896
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as an adjusting item in the income statement includes
\u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures in addition to the amounts shown above.
Impairment As at 14 September 2024, the consolidated balance sheet included goodwill of \u00a31,311m (2023 \u2013 \u00a31,266m). Goodwill is allocated to the Group\u2019s cash-generating units (CGUs), or groups of CGUs, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill, as follows:
Primary reporting 2024 2023
CGUs or group of CGUs
segment
Discount rate
\u00a3m
\u00a3m
Acetum
Grocery
12.4 %
 89 91
ACH
Grocery
13.9 %
 182 193
AB Mauri
Ingredients
14.8 %
 292 267
Twinings Ovaltine
Grocery
13.3 %
 119 119
Illovo
Sugar
23.6 %
 90 89
AB World Foods
Grocery
13.3 %
 78 78
Other (not individually significant)
Various
Various
 461 429
1,311 1,266
A CGU, or group of CGUs, to which goodwill has been allocated must be assessed for impairment annually, or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. There has been no change in CGUs or group of CGUs from the prior year. The carrying value of goodwill is assessed by reference to its value in use reflecting the projected cash flows of each of the CGUs or group of CGUs. These projections are based on the most recent budget, which has been approved by the Board and reflects management\u2019s expectations of sales growth, operating costs and margin, taking into consideration past experience and external sources of information. Long-term growth rates for periods not covered by the annual budget reflect the products, industries and countries in which the relevant CGU, or group of CGUs, operate. Management expects to achieve growth over the next three to five years in excess of the long-term growth rates for the applicable country or region. In these circumstances, budgeted cash flows are extended, generally to between three and five years, using specific growth assumptions and taking into account the specific business risks. The key assumptions in the most recent annual budget on which the cash flow projections are based relate to discount rates, growth rates and expected changes in volumes, selling prices and direct costs. The cash flow projections have been discounted using a pre-tax weighted average cost of capital for each business, adjusted for country, industry and market risk. Inflation assumptions used to calculate discount rates are aligned with those used in the cash flow projections. The rates used were between 10.4% and 23.6% (2023 \u2013 between 10.2% and 23.7%). The long-term growth rates beyond the initial budgeted cash flows, applied in the value in use calculations for goodwill allocated to each of the CGUs or groups of CGUs that are significant to the total carrying amount of goodwill, were in a range between 2% and 5.7%, consistent with the inflation factors included in the discount rates applied (2023 \u2013 between 0% and 6%). Changes in volumes, selling prices and direct costs are based on past results and expectations of future changes in the market. Sensitivity to changes in key assumptions Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash flows, the discount rates selected and expected long-term growth rates. Each of the Group\u2019s CGUs had headroom under the annual impairment review. In light of the supply side inflationary pressures combined with the cost of living pressures faced by our UK Grocery business, management performed a detailed impairment review of Jordans Dorset Ryvita, and concluded that no impairment was required. Key drivers of the forecast improvement in performance include completion of a number of margin improvement initiatives, implementation of planned strategic initiatives and the completion of ongoing new product development. Headroom was \u00a365m on a CGU carrying value of \u00a3133m (2023 \u2013 headroom of \u00a359m on a CGU carrying value of \u00a3137m). The discount rate used was 11.5% and would have to increase to more than 15.4% before value in use fell below the CGU carrying value. The long-term growth rate applied into perpetuity was 2.5%.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-778": { "value": "8. Intangible assets
Non-operating
Operating
Customer Grower
Goodwill
Technology
Brands
relationships
agreements
Other
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
1,414
285
488
290
110
5
697
3,289
Acquisitions \u2013 externally purchased
\u2013
\u2013
4
\u2013
\u2013
\u2013
143
147
Acquired through business combinations
39
2
9
21
\u2013
\u2013
3
74
Other disposals
\u2013
\u2013
\u2013
(15)
\u2013
(5)
(69)
(89)
Transfer to assets classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
Effect of hyperinflationary economies
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Effect of movements in foreign exchange
(79)
(15)
(15)
(11)
(16)
\u2013
(25)
(161)
At 16 September 2023
1,376
272
486
285
94
\u2013
764
3,277
Acquisitions \u2013 externally purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
126
126
Acquired through business combinations
77
2
28
5
\u2013
\u2013
2
114
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
(14)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(63)
(63)
Effect of hyperinflationary economies
8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8
Effect of movements in foreign exchange
(42)
(10)
(12)
(8)
1
\u2013
(15)
(86)
At 14 September 2024
1,419
264
502
282
95
\u2013
800
3,362
Amortisation and impairment
At 17 September 2022
122
221
415
226
110
5
322
1,421
Amortisation for the year
\u2013
9
15
14
\u2013
\u2013
44
82
Other disposals
\u2013
\u2013
\u2013
(15)
\u2013
(5)
\u2013
(20)
Transfer to assets classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
4
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Effect of movements in foreign exchange
(12)
(13)
(11)
(8)
(16)
\u2013
(21)
(81)
At 16 September 2023
110
217
419
217
94
\u2013
350
1,407
Amortisation for the year
\u2013
9
13
15
\u2013
\u2013
63
100
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
(3)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Effect of movements in foreign exchange
(2)
(9)
(12)
(7)
1
\u2013
(8)
(37)
At 14 September 2024
108
217
420
225
95
\u2013
401
1,466
Net book value
At 17 September 2022
1,292
64
73
64
\u2013
\u2013
375
1,868
At 16 September 2023
1,266
55
67
68
\u2013
\u2013
414
1,870
At 14 September 2024
1,311
47
82
57
\u2013
\u2013
399
1,896
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as an adjusting item in the income statement includes \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures in addition to the amounts shown above. Impairment As at 14 September 2024, the consolidated balance sheet included goodwill of \u00a31,311m (2023 \u2013 \u00a31,266m). Goodwill is allocated to the Group\u2019s cash-generating units (CGUs), or groups of CGUs, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill, as follows:
Primary reporting 2024 2023
CGUs or group of CGUs
segment
Discount rate
\u00a3m
\u00a3m
Acetum
Grocery
12.4 %
 89 91
ACH
Grocery
13.9 %
 182 193
AB Mauri
Ingredients
14.8 %
 292 267
Twinings Ovaltine
Grocery
13.3 %
 119 119
Illovo
Sugar
23.6 %
 90 89
AB World Foods
Grocery
13.3 %
 78 78
Other (not individually significant)
Various
Various
 461 429
1,311 1,266
A CGU, or group of CGUs, to which goodwill has been allocated must be assessed for impairment annually, or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. There has been no change in CGUs or group of CGUs from the prior year. The carrying value of goodwill is assessed by reference to its value in use reflecting the projected cash flows of each of the CGUs or group of CGUs. These projections are based on the most recent budget, which has been approved by the Board and reflects management\u2019s expectations of sales growth, operating costs and margin, taking into consideration past experience and external sources of information. Long-term growth rates for periods not covered by the annual budget reflect the products, industries and countries in which the relevant CGU, or group of CGUs, operate. Management expects to achieve growth over the next three to five years in excess of the long-term growth rates for the applicable country or region. In these circumstances, budgeted cash flows are extended, generally to between three and five years, using specific growth assumptions and taking into account the specific business risks. The key assumptions in the most recent annual budget on which the cash flow projections are based relate to discount rates, growth rates and expected changes in volumes, selling prices and direct costs. The cash flow projections have been discounted using a pre-tax weighted average cost of capital for each business, adjusted for country, industry and market risk. Inflation assumptions used to calculate discount rates are aligned with those used in the cash flow projections. The rates used were between 10.4% and 23.6% (2023 \u2013 between 10.2% and 23.7%). The long-term growth rates beyond the initial budgeted cash flows, applied in the value in use calculations for goodwill allocated to each of the CGUs or groups of CGUs that are significant to the total carrying amount of goodwill, were in a range between 2% and 5.7%, consistent with the inflation factors included in the discount rates applied (2023 \u2013 between 0% and 6%). Changes in volumes, selling prices and direct costs are based on past results and expectations of future changes in the market. Sensitivity to changes in key assumptions Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash flows, the discount rates selected and expected long-term growth rates. Each of the Group\u2019s CGUs had headroom under the annual impairment review. In light of the supply side inflationary pressures combined with the cost of living pressures faced by our UK Grocery business, management performed a detailed impairment review of Jordans Dorset Ryvita, and concluded that no impairment was required. Key drivers of the forecast improvement in performance include completion of a number of margin improvement initiatives, implementation of planned strategic initiatives and the completion of ongoing new product development. Headroom was \u00a365m on a CGU carrying value of \u00a3133m (2023 \u2013 headroom of \u00a359m on a CGU carrying value of \u00a3137m). The discount rate used was 11.5% and would have to increase to more than 15.4% before value in use fell below the CGU carrying value. The long-term growth rate applied into perpetuity was 2.5%.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-804": { "value": "8. Intangible assets
Non-operating
Operating
Customer Grower
Goodwill
Technology
Brands
relationships
agreements
Other
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
1,414
285
488
290
110
5
697
3,289
Acquisitions \u2013 externally purchased
\u2013
\u2013
4
\u2013
\u2013
\u2013
143
147
Acquired through business combinations
39
2
9
21
\u2013
\u2013
3
74
Other disposals
\u2013
\u2013
\u2013
(15)
\u2013
(5)
(69)
(89)
Transfer to assets classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
Effect of hyperinflationary economies
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
Effect of movements in foreign exchange
(79)
(15)
(15)
(11)
(16)
\u2013
(25)
(161)
At 16 September 2023
1,376
272
486
285
94
\u2013
764
3,277
Acquisitions \u2013 externally purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
126
126
Acquired through business combinations
77
2
28
5
\u2013
\u2013
2
114
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(14)
(14)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(63)
(63)
Effect of hyperinflationary economies
8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8
Effect of movements in foreign exchange
(42)
(10)
(12)
(8)
1
\u2013
(15)
(86)
At 14 September 2024
1,419
264
502
282
95
\u2013
800
3,362
Amortisation and impairment
At 17 September 2022
122
221
415
226
110
5
322
1,421
Amortisation for the year
\u2013
9
15
14
\u2013
\u2013
44
82
Other disposals
\u2013
\u2013
\u2013
(15)
\u2013
(5)
\u2013
(20)
Transfer to assets classified as held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
4
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Effect of movements in foreign exchange
(12)
(13)
(11)
(8)
(16)
\u2013
(21)
(81)
At 16 September 2023
110
217
419
217
94
\u2013
350
1,407
Amortisation for the year
\u2013
9
13
15
\u2013
\u2013
63
100
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3)
(3)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Effect of movements in foreign exchange
(2)
(9)
(12)
(7)
1
\u2013
(8)
(37)
At 14 September 2024
108
217
420
225
95
\u2013
401
1,466
Net book value
At 17 September 2022
1,292
64
73
64
\u2013
\u2013
375
1,868
At 16 September 2023
1,266
55
67
68
\u2013
\u2013
414
1,870
At 14 September 2024
1,311
47
82
57
\u2013
\u2013
399
1,896
Amortisation of non-operating intangibles of \u00a340m (2023 \u2013 \u00a341m) shown as an adjusting item in the income statement includes \u00a33m (2023 \u2013 \u00a33m) incurred by joint ventures in addition to the amounts shown above. Impairment As at 14 September 2024, the consolidated balance sheet included goodwill of \u00a31,311m (2023 \u2013 \u00a31,266m). Goodwill is allocated to the Group\u2019s cash-generating units (CGUs), or groups of CGUs, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill, as follows:
Primary reporting 2024 2023
CGUs or group of CGUs
segment
Discount rate
\u00a3m
\u00a3m
Acetum
Grocery
12.4 %
 89 91
ACH
Grocery
13.9 %
 182 193
AB Mauri
Ingredients
14.8 %
 292 267
Twinings Ovaltine
Grocery
13.3 %
 119 119
Illovo
Sugar
23.6 %
 90 89
AB World Foods
Grocery
13.3 %
 78 78
Other (not individually significant)
Various
Various
 461 429
1,311 1,266
A CGU, or group of CGUs, to which goodwill has been allocated must be assessed for impairment annually, or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. There has been no change in CGUs or group of CGUs from the prior year. The carrying value of goodwill is assessed by reference to its value in use reflecting the projected cash flows of each of the CGUs or group of CGUs. These projections are based on the most recent budget, which has been approved by the Board and reflects management\u2019s expectations of sales growth, operating costs and margin, taking into consideration past experience and external sources of information. Long-term growth rates for periods not covered by the annual budget reflect the products, industries and countries in which the relevant CGU, or group of CGUs, operate. Management expects to achieve growth over the next three to five years in excess of the long-term growth rates for the applicable country or region. In these circumstances, budgeted cash flows are extended, generally to between three and five years, using specific growth assumptions and taking into account the specific business risks. The key assumptions in the most recent annual budget on which the cash flow projections are based relate to discount rates, growth rates and expected changes in volumes, selling prices and direct costs. The cash flow projections have been discounted using a pre-tax weighted average cost of capital for each business, adjusted for country, industry and market risk. Inflation assumptions used to calculate discount rates are aligned with those used in the cash flow projections. The rates used were between 10.4% and 23.6% (2023 \u2013 between 10.2% and 23.7%). The long-term growth rates beyond the initial budgeted cash flows, applied in the value in use calculations for goodwill allocated to each of the CGUs or groups of CGUs that are significant to the total carrying amount of goodwill, were in a range between 2% and 5.7%, consistent with the inflation factors included in the discount rates applied (2023 \u2013 between 0% and 6%). Changes in volumes, selling prices and direct costs are based on past results and expectations of future changes in the market. Sensitivity to changes in key assumptions Impairment testing is dependent on management\u2019s estimates and judgements, particularly as they relate to the forecasting of future cash flows, the discount rates selected and expected long-term growth rates. Each of the Group\u2019s CGUs had headroom under the annual impairment review. In light of the supply side inflationary pressures combined with the cost of living pressures faced by our UK Grocery business, management performed a detailed impairment review of Jordans Dorset Ryvita, and concluded that no impairment was required. Key drivers of the forecast improvement in performance include completion of a number of margin improvement initiatives, implementation of planned strategic initiatives and the completion of ongoing new product development. Headroom was \u00a365m on a CGU carrying value of \u00a3133m (2023 \u2013 headroom of \u00a359m on a CGU carrying value of \u00a3137m). The discount rate used was 11.5% and would have to increase to more than 15.4% before value in use fell below the CGU carrying value. The long-term growth rate applied into perpetuity was 2.5%.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-744": { "value": "
9. Property, plant and equipment
Land and
Plant and
Fixtures and
Assets under
Sugar cane
buildings
machinery Fittings
construction
roots
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
2,825
4,419
4,419
605
105
12,373
Opening balance adjustment \u2013 investment property
re-presentation
10
(112)
\u2013
\u2013
(26)
\u2013
(138)
Acquisitions \u2013 externally purchased
20
86
431
449
16
1,002
Acquired through business combinations
\u2013
4
\u2013
\u2013
\u2013
4
Other disposals
(24)
(57)
(3)
(1)
(1)
(86)
Transfers from assets under construction
28
191
87
(306)
\u2013
\u2013
Transfer to assets classified as held for sale
37
75
2
\u2013
\u2013
114
Effect of movements in hyperinflation
\u2013
78
19
\u2013
\u2013
97
Effect of movements in foreign exchange
(93)
(257)
(84)
(34)
(19)
(487)
At 16 September 2023
2,681
4,539
4,871
687
101
12,879
Acquisitions \u2013 externally purchased
44
105
350
597
18
1,114
Acquired through business combinations
21
49
1
3
\u2013
74
Interest capitalised
\u2013
\u2013
\u2013
5
\u2013
5
Transfer to investment properties
10
(3)
\u2013
\u2013
\u2013
\u2013
(3)
Other disposals
(7)
(99)
(39)
\u2013
(1)
(146)
Disposal of subsidiaries
(35)
(71)
(2)
\u2013
\u2013
(108)
Transfers from assets under construction
24
234
231
(489)
\u2013
\u2013
Effect of movements in hyperinflation
\u2013
76
10
\u2013
\u2013
86
Effect of movements in foreign exchange
(45)
(177)
(85)
(49)
(22)
(378)
At 14 September 2024
2,680
4,656
5,337
754
96
13,523
Depreciation and impairment
At 17 September 2022
834
3,120
2,760
\u2013
60
6,774
Opening balance adjustment \u2013 investment property
re-presentation
10
(36)
\u2013
\u2013
\u2013
\u2013
(36)
Depreciation for the year
50
183
287
\u2013
9
529
Impairment
22
56
3
\u2013
2
83
Other disposals
(22)
(46)
(3)
\u2013
(1)
(72)
Transfer to assets classified as held for sale
20
75
2
\u2013
\u2013
97
Effect of movements in hyperinflation
\u2013
64
17
\u2013
\u2013
81
Effect of movements in foreign exchange
(33)
(158)
(50)
\u2013
(10)
(251)
At 16 September 2023
835
3,294
3,016
\u2013
60
7,205
Depreciation for the year
46
184
315
\u2013
8
553
Impairment
5
14
1
\u2013
\u2013
20
Transfer of investment properties
10
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Other disposals
(4)
(77)
(39)
\u2013
(1)
(121)
Disposal of subsidiaries
(36)
(72)
1
\u2013
\u2013
(107)
Effect of movements in hyperinflation
\u2013
56
8
\u2013
\u2013
64
Effect of movements in foreign exchange
(15)
(109)
(50)
\u2013
(14)
(188)
At 14 September 2024
830
3,290
3,252
\u2013
53
7,425
Net book value
At 17 September 2022
1,991
1,299
1,659
605
45
5,599
At 16 September 2023
1,846
1,245
1,855
687
41
5,674
At 14 September 2024
1,850
1,366
2,085
754
43
6,098
2024 2023
\u00a3m
\u00a3m
Capital expenditure commitments \u2013 contracted but not provided for 430 493
Impairment The methodology used to assess property, plant and equipment for impairment is the same as that described for impairment assessments of goodwill. See note 8 for further details. In addition where the fair value less costs of disposal is higher than value in use, this methodology has been used to determine the recoverable amount. This method uses inputs that are unobservable, using the best information available in the circumstances for valuing the CGU, and therefore falls into the Level 3 category of fair value measurement. In Grocery, for the Australian Don business, management performed a detailed impairment review and of the methodologies available to assess impairment, the Group applied the \u2018fair value less costs of disposal\u2019 approach to identify its best estimate of impairment. Management have concluded that no further impairment was required. Headroom was A$39m on a CGU carrying value of A$218m. An impairment of A$72m (\u00a339m) was recorded in the prior year under the value-in-use methodology. Azucarera\u2019s operating performance has been impacted by the sharp decline in European sugar pricing due to increased supply in the market. Accordingly, management performed a detailed impairment review and concluded no impairment was required. Headroom was \u20ac1.2m on a CGU carrying value of \u20ac279m. The impairment model assumed a long-term growth rate beyond the forecast period of 2% (2023 \u2013 2%) and a discount rate of 10.6% (2023 \u2013 10.2%). The CGU carrying value is sensitive to assumptions around sugar and beet prices, beet crop area and discount rate. A sensitivity of +/- 5% on long-term beet area affects value-in-use by +/- \u20ac14m; and increasing the discount rate used by 1% causes the value-in- use to reduce by \u20ac39m. Applying sensitivities to these assumptions, a change of +/- 5% on long-term sugar prices affects carrying value by +/- \u20ac52m, and an increase in the long-term beet price of +/- 5% per tonne changes value-in-use by +/- \u20ac29m. In the year there was a \u00a317m (2023 \u2013 \u00a3nil) impairment of property, plant and equipment assets related to the Vivergo business (included within exceptional items).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-745": { "value": "
10. Investment properties
Reconciliation of carrying amount
Total
Note \u00a3m
Cost
At 17 September 2022
\u2013
Opening balance adjustment \u2013 investment property representation
9,11
162
Acquisitions \u2013 externally purchased
4
Disposals
(10)
Effect of movement in foreign exchange
(8)
At 16 September 2023 148
Acquisitions \u2013 externally purchased
8
Disposals
(9)
Transfer from property, plant and equipment
9
3
Effect of movement in foreign exchange
(2)
At 14 September 2024
148
Depreciation and impairment
At 17 September 2022
\u2013
Opening balance adjustment \u2013 investment property representation
9,11
42
Depreciation for the year
2
Disposals
\u2013
Effect of movement in foreign exchange
(3)
At 16 September 2023 41
Depreciation for the year
2
Transfer from property, plant and equipment
9
1
Effect of movement in foreign exchange
(1)
At 14 September 2024
43
Net book value
At 17 September 2022
\u2013
At 16 September 2023
107
At 14 September 2024
105
The directors consider that the carrying amount of investment properties approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-746": { "value": "11. Leases Most of the Group\u2019s right-of-use assets are associated with our leased property portfolio in the Retail segment.
Right-of-use assets
Land and Plant and Fixtures and
buildings machinery
fittings
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
3,502
76
1
3,579
Opening balance adjustment \u2013 investment property re-presentation
10
(24)
\u2013
\u2013
(24)
Additions
182
17
\u2013
199
Lease incentives
(53)
\u2013
\u2013
(53)
Acquired through business combinations
1
\u2013
\u2013
1
Other disposals
(1)
(4)
\u2013
(5)
Other movements
80
5
\u2013
85
Effect of movements in foreign exchange
(72)
(4)
\u2013
(76)
At 16 September 2023
3,615
90
1
3,706
Additions
199
15
1
215
Lease incentives
(46)
\u2013
\u2013
(46)
Acquired through business combinations
\u2013
8
\u2013
8
Other disposals
\u2013
(2)
\u2013
(2)
Other movements
92
(1)
\u2013
91
Effect of movements in foreign exchange
(65)
(9)
\u2013
(74)
At 14 September 2024
3,795
101
2
3,898
Land and Plant and Fixtures and
buildings machinery
fittings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation and impairment
At 17 September 2022
1,073
50
\u2013
1,123
Opening balance adjustment \u2013 investment property re-presentation
(6)
\u2013
\u2013
(6)
Depreciation for the year
257
16
\u2013
273
Impairment
13
1
\u2013
14
Other disposals
(1)
(4)
\u2013
(5)
Effect of movements in foreign exchange
(25)
(3)
\u2013
(28)
At 16 September 2023
1,311
60
\u2013
1,371
Depreciation for the year
277
17
\u2013
294
Impairment
12
\u2013
\u2013
12
Other disposals
\u2013
(2)
\u2013
(2)
Effect of movements in foreign exchange
(28)
(4)
\u2013
(32)
At 14 September 2024
1,572
71
\u2013
1,643
Net book value
At 17 September 2022
2,429
26
1
2,456
At 16 September 2023
2,304
30
1
2,335
At 14 September 2024
2,223
30
2
2,255
Impairment The methodology used to assess right-of-use assets for impairment is the same as that described for impairment assessments of goodwill. See note 8 for further details. In the year there was a \u00a312m (2023 \u2013 \u00a314m) impairment of right-of-use assets related to Primark and the Vivergo business (included within exceptional items).
Lease liabilities
Land and Plant and Fixtures and
buildings machinery
fittings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
3,237
29
\u2013
3,266
Additions
180
18
\u2013
198
Interest expense relating to lease liabilities
89
2
\u2013
91
Repayment of lease liabilities
(373)
(18)
\u2013
(391)
Other movements
80
5
\u2013
85
Other disposals
(5)
\u2013
\u2013
(5)
Effect of movements in foreign exchange
(60)
(3)
\u2013
(63)
At 16 September 2023
3,148
33
\u2013
3,181
Additions
198
14
1
213
Interest expense relating to lease liabilities
100
2
\u2013
102
Repayment of lease liabilities
(431)
(18)
\u2013
(449)
Acquisition of businesses
\u2013
8
\u2013
8
Other movements
89
(1)
\u2013
88
Effect of movements in foreign exchange
(52)
(4)
\u2013
(56)
At 14 September 2024
3,052
34
1
3,087
2024 2023
\u00a3m
\u00a3m
Current 289 356
Non-current 2,798 2,825
3,087 3,181
Lease liabilities comprise capital payable of \u00a33,065m (2023 \u2013 \u00a33,160m) and interest payable \u00a322m (2023 \u2013 \u00a321m). The interest
payable is all current and disclosed within trade and other payables. Repayments comprise capital of \u00a3348m (2023 \u2013 \u00a3308m) and
interest of \u00a3101m (2023 \u2013 \u00a383m).
Other information relating to leases
The Group had the following expense relating to short-term leases and low-value leases:
2024 2023
\u00a3m
\u00a3m
Land and buildings \u2013 2
Plant and machinery 2 1
2 3
The Group expensed \u00a3nil (2023 \u2013 \u00a31m) of variable lease payments that do not form part of the lease liability. Cash outflows
of \u00a31m (2023 \u2013 \u00a32m) that do not form part of the lease liability are expected to be made in the next 12 months.
Rental receipts of \u00a32m (2023 \u2013 \u00a33m) were recognised relating to operating leases. The total of future minimum rental receipts expected
to be received is \u00a339m (2023 \u2013 \u00a343m). \u00a38m (2023 \u2013 \u00a310m) is due to be received in respect of sub-leasing right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-779": { "value": "
Right-of-use assets
Land and Plant and Fixtures and
buildings machinery
fittings
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 17 September 2022
3,502
76
1
3,579
Opening balance adjustment \u2013 investment property re-presentation
10
(24)
\u2013
\u2013
(24)
Additions
182
17
\u2013
199
Lease incentives
(53)
\u2013
\u2013
(53)
Acquired through business combinations
1
\u2013
\u2013
1
Other disposals
(1)
(4)
\u2013
(5)
Other movements
80
5
\u2013
85
Effect of movements in foreign exchange
(72)
(4)
\u2013
(76)
At 16 September 2023
3,615
90
1
3,706
Additions
199
15
1
215
Lease incentives
(46)
\u2013
\u2013
(46)
Acquired through business combinations
\u2013
8
\u2013
8
Other disposals
\u2013
(2)
\u2013
(2)
Other movements
92
(1)
\u2013
91
Effect of movements in foreign exchange
(65)
(9)
\u2013
(74)
At 14 September 2024
3,795
101
2
3,898
Land and Plant and Fixtures and
buildings machinery
fittings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation and impairment
At 17 September 2022
1,073
50
\u2013
1,123
Opening balance adjustment \u2013 investment property re-presentation
(6)
\u2013
\u2013
(6)
Depreciation for the year
257
16
\u2013
273
Impairment
13
1
\u2013
14
Other disposals
(1)
(4)
\u2013
(5)
Effect of movements in foreign exchange
(25)
(3)
\u2013
(28)
At 16 September 2023
1,311
60
\u2013
1,371
Depreciation for the year
277
17
\u2013
294
Impairment
12
\u2013
\u2013
12
Other disposals
\u2013
(2)
\u2013
(2)
Effect of movements in foreign exchange
(28)
(4)
\u2013
(32)
At 14 September 2024
1,572
71
\u2013
1,643
Net book value
At 17 September 2022
2,429
26
1
2,456
At 16 September 2023
2,304
30
1
2,335
At 14 September 2024
2,223
30
2
2,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-747": { "value": "
12. Investments in joint ventures and associates
Joint Ventures
Associates
\u00a3m
\u00a3m
At 17 September 2022
301
85
Acquisitions
9
\u2013
Profit for the period
106
18
Dividends received
(102)
(5)
Effects of movements in foreign exchange
(11)
(7)
At 16 September 2023
303
91
Transfers
(15)
\u2013
Profit for the period
94
23
Dividends received
(90)
(15)
Effects of movements in foreign exchange
(6)
(4)
At 14 September 2024
286
95
Details of joint ventures and associates are listed in note 29.
Included in the consolidated financial statements are the following items that represent the Group\u2019s share of the assets, liabilities
and profit of joint ventures and associates:
Joint Ventures
Associates
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-Current Assets 199 222 45 47
Current Assets 470 541 435 500
Current Liabilities (342) (414) (385) (454)
Non-current Liabilities (58) (67) (1) (3)
Goodwill 21 25 1 1
Non-controlling interest (4) (4) \u2013 \u2013
Net Assets 286 303 95 91
Revenue 2,001 2,539 1,880 1,605
Profit for the period 94 106 23 18
Joint ventures
A list of the Group\u2019s joint ventures as at 14 September 2024 is given below. All joint ventures are included in the Group\u2019s financial
statements using the equity method of accounting.
United Kingdom
England & Wales
Weston Centre, 10 Grosvenor Street, London, W1K 4QY
Boothmans (Agriculture) Limited 50%
Forward Agronomy Limited 50%
Frontier Agriculture Limited 50%
G F P (Agriculture) Limited 50%
GH Grain (No.2) Limited 50%
GH Grain Limited 50%
Grain Harvesters Limited 50%
Intracrop Limited 50%
Nomix Limited 50%
North Wold Agronomy Limited 50%
Phoenix Agronomy Limited 50%
SOYL Limited 50%
The Agronomy Partnership Limited 50%
Berth 36, Test Road, Eastern Docks, Southampton,
Hampshire, SO14 3GG
Southampton Grain Terminal Limited 50%
C/o Nomix Enviro Limited, Witham St Hughs, Lincoln, LN6
9TN
Nomix Enviro Limited 50%
Northants Apc, Rushton Road, Kettering, NN14 1FL
Navara Oat Milling Limited 38%
Platinum Building Cowley Road, St John's Innovation Park,
Cambridge, CB4 0DS
Yagro Ltd 50%
Riverside, Wissington Road, Nayland, Colchester, Essex,
CO6 4LT
Anglia Grain Holdings Limited 50%
Anglia Grain Services Limited 50%
Unit 8, Burnside Business Park, Burnside Road, Market
Drayton, TF9 3UX
B.C.W. (Agriculture) Limited 50%
Scotland
Kingseat, Newmacher, Aberdeenshire, AB21 0UE
Euroagkem Limited 50%
Lothian Crop Specialists Limited 50%
Australia
Building A, Level 2, 11 Talavera Road, North Ryde, NSW
2113, Australia
Fortnum & Masons Pty Limited 33%
Chile
Ave. Balmaceda 3500, Valdivia, Chile
Levaduras Collico S.A. 50%
China
1 East Ren Min Road, Regiment 66, Cocodala, Xinjiang,
China
AB Mauri Yihai Kerry (Cocodala) Food Co., Ltd. 50%
Xinsha Industrial Zone, Machong Town, Dongguan,
Guangdong Province, China
AB Mauri Yihai Kerry (Dongguan) Food Co., Ltd. 50%
Ta Ha Comprehensive Industrial Park, Fuyu County
Economic Development Area, Qiqihar, Heilongjiang
Province, China
AB Mauri Yihai Kerry (Fu Yu) Yeast Technology Co., Ltd. 50%
Joint ventures % holding
9 Tonggang Road, Shage Village, Nanpu Town, Quangang
Area, Quanzhou, Fujian Province, China
AB Mauri Yihai Kerry (Quanzhou) Yeast Technology Co., Ltd. 50%
Intersection of Jiaotong Avenue and Zhoushan Road, Gang
District, Zhoukou, Henan Province, China
AB Mauri Yihai Kerry (Zhoukou) Yeast Technology Co., Ltd. 50%
Room 608, 6th Floor, 1379, Bocheng Road, Pudong New
District, Shanghai, China
AB Mauri Yihai Kerry Food Marketing (Shanghai) Co., Ltd. 50%
Room 607, 6th Floor, 1379, Bocheng Road, Pudong New
District, Shanghai, China
AB Mauri Yihai Kerry Investment Company Limited 50%
1828 Tiejueshan Road, Huangdao District, Qingdao,
Shandong Province, China
Qingdao Xinghua Cereal Oil and Foodstuff Co., Ltd. 25%
France
59, Chemin du Moulin, 695701, Carron, Dardilly, France
Synchronis 50%
Germany
Brede 4, 59368, Werne, Germany
UNIFERM FI GmbH (previously INA Nahrmittel GmbH) 50%
UNIFERM GmbH & Co. KG 50%
UNIFERM Verwaltungs GmbH 50%
Brede 8, 59368, Werne, Germany
UNILOG GmbH 50%
Ireland
Rathcore Golf & Country Club, Rathcore, Co. Meath, A83
KP98, Ireland
Independent Milk Laboratories Limited 50%
Poland
ul. Wybieg, nr 5, lok 9, Miesjsc, KOD 61-315, Poznan, Poland
Uniferm Polska Sp. z.o.o. 50%
South Africa
1 Nokwe Avenue, Ridgeside, Umhlanga Rocks, Kwazulu
Natal 4320, South Africa
Glendale Distilling Company 50%
Spain
Calle Raimundo Fern\u00e1ndez, Villaverde 28, Madrid, Spain
Compa\u00f1\u00eda de Melazas, S.A. (in liquidation) 50%
United States of America
The Corporation Trust Company, Corporation Trust Center,
1209 Orange Street, Wilmington DE 19801, United States
Stratas Foods LLC 50%
Stratas Receivables I LLC 50%
Joint ventures % holding
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-805": { "value": "12. Investments in joint ventures and associates
Joint Ventures
Associates
\u00a3m
\u00a3m
At 17 September 2022
301
85
Acquisitions
9
\u2013
Profit for the period
106
18
Dividends received
(102)
(5)
Effects of movements in foreign exchange
(11)
(7)
At 16 September 2023
303
91
Transfers
(15)
\u2013
Profit for the period
94
23
Dividends received
(90)
(15)
Effects of movements in foreign exchange
(6)
(4)
At 14 September 2024
286
95
Details of joint ventures and associates are listed in note 29. Included in the consolidated financial statements are the following items that represent the Group\u2019s share of the assets, liabilities and profit of joint ventures and associates:
Joint Ventures
Associates
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-Current Assets 199 222 45 47
Current Assets 470 541 435 500
Current Liabilities (342) (414) (385) (454)
Non-current Liabilities (58) (67) (1) (3)
Goodwill 21 25 1 1
Non-controlling interest (4) (4) \u2013 \u2013
Net Assets 286 303 95 91
Revenue 2,001 2,539 1,880 1,605
Profit for the period 94 106 23 18
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-780": { "value": "12. Investments in joint ventures and associates
Joint Ventures
Associates
\u00a3m
\u00a3m
At 17 September 2022
301
85
Acquisitions
9
\u2013
Profit for the period
106
18
Dividends received
(102)
(5)
Effects of movements in foreign exchange
(11)
(7)
At 16 September 2023
303
91
Transfers
(15)
\u2013
Profit for the period
94
23
Dividends received
(90)
(15)
Effects of movements in foreign exchange
(6)
(4)
At 14 September 2024
286
95
Details of joint ventures and associates are listed in note 29. Included in the consolidated financial statements are the following items that represent the Group\u2019s share of the assets, liabilities and profit of joint ventures and associates:
Joint Ventures
Associates
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-Current Assets 199 222 45 47
Current Assets 470 541 435 500
Current Liabilities (342) (414) (385) (454)
Non-current Liabilities (58) (67) (1) (3)
Goodwill 21 25 1 1
Non-controlling interest (4) (4) \u2013 \u2013
Net Assets 286 303 95 91
Revenue 2,001 2,539 1,880 1,605
Profit for the period 94 106 23 18
Associates
A list of the Group\u2019s associates as at 14 September 2024 is given below. All associates are included in the Group\u2019s financial
statements using the equity method of accounting.
United Kingdom
England & Wales
Pacioli House, Duncan Close, Moulton Park Industrial Estate,
Northampton, NN3 6WL
Bakers Basco Limited 20%
Paternoster House, 65 St. Paul's Churchyard, London, EC4M
8AB
C. Czarnikow Limited 43%
C. Czarnikow Sugar Futures Limited 43%
C. Czarnikow Sugar Limited 43%
Czarnikow Group Limited 43%
Sugarworld Limited 43%
Australia
283 Flagstaff Rd, Murray Bridge SA 5253, Australia
Big River Pork Pty Ltd 20%
Murray Bridge Bacon Pty Ltd 20%
32 Davis Road, Wetherill Park, Sydney, NSW 2164, Australia
New Food Coatings Pty Ltd 50%
Bahrain
Suite No. 1959 Diplomatic Commercial Office, Tower B,
Building No. 1565, Road 1722, Diplomatic Area/Manama 317
Bahrain
Czarnikow Supply Chain Sales for Food & Beverage
Ingredients Bahrain W.L.L. 43%
Brazil
Av Dos Vinhedos, 71, Floor 11, Room 1101, Uberlandia,
Minas Gerais, Brazil
2C Energia S.A. 22%
Avenida Presidente Juscelino Kubitschek, 2041, Floor 11,
Vila Ol\u00edmpia, CEP 04.543-011, S\u00e3o Paulo/SP, Brazil
Cz Energy Comercializadora De Etanol S.A. 21%
Czarnikow Brasil Ltda 43%
China
Rm 1105-1106 , 181 Yanjiang West Road, Yuexiu,
Guangzhou, Guangdong, 510120, China
C. Czarnikow Sugar (Guangzhou) Company Ltd. 43%
Colombia
Edificio Nova Tempo, Oficina 309, Carrera 43A No. 14 - 109,
Av. El Poblado, El Poblado, Medell\u00edn, Antioquia, Colombia
Czarnikow Colombia S.A.S. 43%
India
House No. 1-8-373/A, Chiran Fort Lane, Begumpet,
Hyderabad, 500003, India
C. Czarnikow Sugar (India) Private Limited 43%
Indonesia
Komplex Puri Mutiara Blok A21-22, JL. Griya Utama, Sunter
Agung, Jakarta, 14350, Indonesia
P.T. Jaya Fermex 49%
PT Indo Fermex 49%
PT Sama Indah 49%
Israel
26, Harokmim st., Holon Azireli Center Building B, Israel
Sucarim (C.I.S.T.) Ltd 43%
Italy
Via Borgogna, 2-20122, Milan, Italy
Czarnikow Italia S.r.l. 43%
Associates % holding
Kenya
I & M Bank House, Second Ngong Avenue, P.O. Box 10517,
Nairobi 00100, Kenya
Czarnikow East Africa Limited 43%
Mauritius
ENL House, Vivea Business Park, Moka, Mauritius
Sukpak Ltd 30%
Mexico
Jaime Balmes #8 Loc. 3-A , Los Morales Polanco, M\u00e9xico
City, 11510, Mexico
C. Czarnikow Sugar (Mexico), S.A. de C.V. 43%
New Zealand
27D Smales Road, East Tamaki, Auckland, 2013, New Zealand
New Food Coatings (New Zealand) Limited 50%
Philippines
5F Don Jacinto Building, Dela Rosa cor. Salcedo Streets,
Legaspi Village, 1229 Makati City, Philippines
CZ Philippines, Inc. 43%
Unit A, 103 Excellence Avenue, Carmelray Industrial Park 1,
Canlubang, Calamba, Laguna, Philippines
New Food Coatings (Philippines), Inc. 50%
Singapore
3 Phillip Street, #14-01 Royal Group Building, 048693,
Singapore
C. Czarnikow Sugar Pte. Limited 43%
Tanzania
7th Floor, Amani Place, Ohio Street, PO Box 38568, Dar-es-
Salaam, Tanzania
Czarnikow Tanzania Limited 43%
Msolwa Mill Office, Kidatu, Morogoro, Tanzania
Kilombero Sugar Distributors Limited 20%
Thailand
1203, 12th Floor, Metropolis Building, 725 Sukhumvit Road,
North Klongton, Wattana, Bangkok, 10110, Thailand
Czarnikow (Thailand) Limited 43%
909 Moo 15, Teparak Road, Tambol Bangsaothong, King
Amphur Bangsaothong, Samutprakarn, Thailand
Newly Weds Foods (Thailand) Ltd 50%
Uganda
Coral Criscent, Kololo IV, Central Division, Kampala, Central,
Uganda
Czarnikow Uganda Limited 43%
United States of America
333 SE 2nd Avenue, Suite 2860, Miami, FL 33131, United
States
C. Czarnikow Sugar Inc. 43%
Vietnam
14th Floor, Tower 1, Saigon Center Building, 65 Le Loi, Ben
Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Czarnikow (Vietnam) Limited 43%
Associates % holding
In accordance with section 479A of the Companies Act 2006 (the \u2018Act\u2019), and subject to compliance with the requirements of that section including the provision of a statutory guarantee from Associated British Foods plc, the following subsidiaries are exempt from the requirements of the Act relating to the audit of individual accounts in respect of the financial year ended 14 September 2024: Company name Company number Company name Company number A.B. Exploration Limited 00487323 A.B.F. Properties Limited 00683361 AB Mauri China Limited 12109070 ABF UK Finance Limited 07267422 AB Mauri Europe Limited 02883738 ABF ZMW Finance Limited 13485724 AB Sugar China Holdings Limited 09468366 ABN (Overseas) Limited 00145374 AB Sugar China Limited 09469163 Atrium 100 Properties Limited 04502487 ABF (No.1) Limited 04668120 Atrium 100 Stores Holdings Limited 04660969 ABF (No.2) Limited 03369799 Atrium 100 Stores Limited 05007953 ABF (No.3) Limited 00155305 British Sugar (Overseas) Limited 02400085 ABF BRL Finance Ltd 11001902 BSO (China) Limited 03799608 ABF Finance Limited 04659735 G. Costa (Holdings) Limited 03679738 ABF Food Tech Investments Limited 00172141 Mountsfield Park Finance Limited 07882348 ABF Funding 05380813 Primark Austria Limited 07770764 ABF HK Finance Limited 07761084 Primark US Holdings Limited 05659249 ABF Japan Limited 00492278 Twining Crosfield & Co Limited 00144900 ABF PM Limited 00486887 Worldwing Investments Limited 02778854", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-781": { "value": "UK defined benefit scheme The Group\u2019s principal UK defined benefit scheme is the Associated British Foods Pension Scheme (the \u2018Scheme\u2019), which is a funded final salary scheme that is closed to new members. Defined contribution arrangements are in place for other employees. The UK defined benefit scheme represents 90% (2023 \u2013 90%) of the Group\u2019s defined benefit scheme assets and 85% (2023 \u2013 85%) of defined benefit scheme liabilities. The Scheme is governed by a trustee board which is independent of the Group and which agrees a schedule of contributions with the Company each time a formal funding valuation is performed. The most recent triennial funding valuation of the Scheme was carried out as at 5 April 2023, using the current unit method, and revealed a surplus of \u00a31,013m. The market value of the Scheme assets was \u00a33,648m, representing 138% of members\u2019 accrued benefits after allowing for expected future salary increases. The Scheme\u2019s assets are managed using a risk-controlled investment strategy, which includes a liability-driven investment policy that seeks to match, where appropriate, the profile of the liabilities. This includes the use of derivative instruments to hedge inflation, interest and foreign exchange risks. The Scheme utilises both market and solvency triggers to develop the level of hedges in place. To date, the Scheme is fully hedged for 91% of inflation sensitivity and 90% of interest rate risk. It is intended to hedge 90% of total exposure.
The Scheme is forbidden by the trust deed from holding direct investments in the equity of the Company, although it is possible that
the Scheme may hold indirect interests through investments in some equity funds.
Overseas defined benefit schemes
The Group also operates defined benefit retirement schemes in a number of overseas businesses, which are primarily funded final
salary schemes, as well as a small number of unfunded post-retirement medical benefit schemes, which are accounted for in the
same way as defined benefit retirement schemes.
Actuarial assumptions
The principal actuarial assumptions for the Group\u2019s defined benefit schemes at the year end were:
2024
2024
2023
2023
UK
Overseas
UK
Overseas
%
%
%
%
Discount rate
4.8
0 - 15.7
5.5
1 - 15.8
Inflation
2.5 - 3
0 - 52
2.7 - 3.4
0 - 17.4
Rate of increase in salaries
3 - 4
0 - 95.6
3.7 - 4.3
0 - 150.0
Rate of increase for pensions in payment
1.9 - 2.9
0 - 78
1.9 - 3.1
0 - 49.0
Rate of increase for pensions in deferment (where provided)
2.5
0 - 3.6
2.5 - 2.8
0 - 3.9
Discount rates are determined by reference to market yields at the balance sheet date on high-quality corporate bonds consistent
with the estimated term of the obligations. This has been done in conjunction with independent actuaries in each jurisdiction.
The UK inflation assumption includes assumptions on both the Retail Price Index and Consumer Price Index measures of inflation
on the basis that the gap between the two measures is expected to remain stable in the long term.
The mortality assumptions used to value the UK defined benefit schemes in 2024 are derived from the S3 mortality tables with
improvements in line with the 2023 projection model prepared by the Continuous Mortality Investigation of the UK actuarial
profession (2023 \u2013 S3 mortality tables with improvements in line with the 2022 projection model), with a 0-year rating movement
for males and females (2023 \u2013 0-year rating movement for males and females), both with a long-term trend of 1.75% (2023 \u2013 1.75%).
These mortality assumptions take account of experience to date, and assumptions for further improvements in life expectancy
of scheme members. Examples of the resulting life expectancies in the UK defined benefit schemes are as follows:
2024
2023
Life expectancy from age 65 (in years)
Male
Female
Male
Female
Member aged 65 in 2024 (2023)
21.8
24.2
 21.8 24.2
Member aged 65 in 2044 (2043)
23.7
26.2
 23.7 26.2
An allowance has been made for cash commutation in line with emerging scheme experience. Other demographic assumptions
for the UK defined benefit schemes are set having regard to the latest trends in scheme experience and other relevant data.
The assumptions are reviewed and updated as necessary as part of the periodic funding valuation of the schemes.
For the overseas schemes, regionally appropriate assumptions for mortality, financial and demographic factors have been used.
A sensitivity analysis on the principal assumptions used to measure UK defined benefit scheme liabilities at 14 September 2024 is:
Change in assumption
Impact on scheme liabilities
Discount rate
increase/decrease by 0.1%
increase/decrease by 1.2%
Inflation
increase/decrease by 0.1%
increase by 0.6%/decrease by 1%
Rate of real increase in salaries
increase/decrease by 0.1%
increase/decrease by 0.1%
Rate of mortality
members assumed to be one year younger/older
increase/decrease by 3.1%
A sensitivity to the rate of increase in pensions in payment and pensions in deferment is represented by the inflation sensitivity,
as all pensions increases and deferred revaluations are linked to inflation.
The sensitivity analysis above has been determined based on reasonably possible changes in the respective assumptions occurring
at the end of the period and may not be representative of the actual change. It is based on a change in the specific assumption while
holding all other assumptions constant. When calculating the sensitivities, the same method used to calculate scheme liabilities
recognised in the balance sheet has been applied. The method and assumptions used in preparing the sensitivity analysis have not
changed since the prior year.
Balance sheet
2024
2023
UK
Overseas
Total
UK
Overseas
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
898
160
1,058
1,020
172
1,192
Government bonds
568
154
722
455
89
544
Corporate and other bonds
872
40
912
619
55
674
Property
242
35
277
314
36
350
Cash and other assets
1,157
41
1,198
1,145
57
1,202
Scheme assets
3,737
430
4,167
3,553
409
3,962
Scheme liabilities
(2,307)
(390)
(2,697)
(2,176)
(373)
(2,549)
Aggregate net surplus
1,430
40
1,470
1,377
36
1,413
Irrecoverable surplus
\u2013
(38)
(38)
\u2013
(36)
(36)
Net pension asset
1,430
2
1,432
1,377
\u2013
1,377
Analysed as
Schemes in surplus
1,454
52
1,506
1,397
49
1,446
Schemes in deficit
(24)
(50)
(74)
(20)
(49)
(69)
1,430
2
1,432
1,377
\u2013
1,377
Unfunded liability included in the present value
of scheme liabilities above
(24)
(34)
(58)
(20)
(32)
(52)
* The surpluses in the plans are only recoverable to the extent that the Group can benefit from either refunds formally agreed or from future contribution reductions. UK Scheme Scheme assets include \u00a399m (2023 \u2013 \u00a364m) of derivative instruments, \u00a3597m (2023 \u2013 \u00a3409m) of corporate debt instruments and \u00a31,559m (2023 \u2013 \u00a31,119m) of government debt. Corporate and other bonds assets of \u00a3872m (2023 \u2013 \u00a3619m) include \u00a349m (2023 \u2013 \u00a3235m) of assets whose valuation is not derived from quoted market prices. The valuation for all other equity assets, government bonds, and corporate and other bonds is derived from quoted market prices. The carrying value of UK property assets is based on a 30 June market valuation, adjusted for purchases, disposals and price indexation between the valuation and the balance sheet date. Cash and other assets includes \u00a3828m (2023 \u2013 \u00a3888m) of assets whose valuation is not derived from quoted market prices. For financial reporting in the Group\u2019s financial statements, liabilities are assessed by actuaries using the projected unit method. The accounting value is different from the result obtained using the funding basis, mainly due to different assumptions used to project scheme liabilities. The defined benefit scheme liabilities comprise 20% (2023 \u2013 18%) in respect of active participants, 22% (2023 \u2013 21%) for deferred participants and 58% (2023 \u2013 61%) for pensioners. The weighted average duration of the defined benefit scheme liabilities at the end of the year is 12 years for both UK and overseas schemes (2023 \u2013 12 years for both UK and overseas schemes). The Group recognises the accounting surplus as it has the ability to use the surplus to meet employer contributions to the UK Scheme, covering both the defined benefit and defined contribution sections. This has been agreed with the independent Trustee Board for the new financial year. See the Cash flow section below for further details. A UK High Court judgment in 2023 was upheld by the Court of Appeals on 25 July 2024. This confirmed that actuarial confirmations should have been provided for amendments made to contracted-out schemes in the period between 6 April 1997 and 5 April 2016, including for amendments that only affected future service benefits. The UK Scheme Trustee commissioned a review of historic scheme amendment documentation to check for appropriate evidence that the required actuarial confirmations were given in respect of relevant deeds of amendment. The review concluded that there was appropriate evidence in relation to all relevant deeds of amendment which changed contracted-out benefits over the relevant period and that no further action is required. Income statement The charge to the income statement for employee benefit schemes comprises:
2024 2023
Note
\u00a3m
\u00a3m
Charged to operating profit:
Defined benefit schemes
\u2022 Current service cost 3 (31) (31)
\u2022 Past service cost 3 \u2013 (2)
Defined contribution schemes 3 (103) (95)
Total operating cost (134) (128)
Reported in other financial income:
Net interest income on the net pension asset 75 62
Interest charge on irrecoverable surplus 4 (2) (2)
Net financial income from employee benefit schemes 73 60
Net impact on profit before tax (61) (68)
Cash flow Group cash flow in respect of employee benefits schemes comprises contributions paid to funded schemes of \u00a39m (2023 \u2013 \u00a336m) and benefits paid in respect of unfunded schemes of \u00a32m (2023 \u2013 \u00a35m). Contributions to funded defined benefit schemes are subject to periodic review. Contributions to defined contribution schemes amounted to \u00a365m (2023 \u2013 \u00a395m). Total contributions to funded schemes and benefit payments by the Group in respect of unfunded schemes in 2024 are currently expected to be approximately \u00a31m in the UK and \u00a39m overseas, totalling \u00a310m (2023 \u2013 UK \u00a33m, overseas \u00a310m, totalling \u00a313m). As part of the triennial funding valuation of the UK Scheme as at 5 April 2023, which was finalised with the independent trustee board in September 2023, the Company agreed an abatement of all UK employer contributions to the UK Scheme, covering both the defined benefit and defined contribution sections from the start of the 2024 financial year, since when the employer contributions have been met from the surplus in the UK Scheme. This is subject to a solvency check, assessed annually by the Scheme Actuary. Other comprehensive income Remeasurements of the net pension asset recognised in other comprehensive income are as follows:
2024
2023
Other comprehensive income
\u00a3m
\u00a3m
Loss/(return) on scheme assets excluding amounts included in net interest in the income statement 182 (238)
Actuarial (losses)/gains arising from changes in financial assumptions (140) 264
Actuarial gains arising from changes in demographic assumptions 6 18
Experience losses on scheme liabilities (10) (57)
Change in unrecognised surplus \u2013 6
Remeasurements of the net pension asset/(liability) 38 (7)
Reconciliation of change in assets and liabilities
2024 2023 2024 2023 2024 2023
assets
assets
liabilities
liabilities
net
net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year 3,962 4,151 (2,549) (2,795) 1,413 1,356
Current service cost \u2013 \u2013 (31) (31) (31) (31)
Employee contributions 6 7 (6) (7) \u2013 \u2013
Employer contributions 9 36 \u2013 \u2013 9 36
Abatement of employer contributions to defined
contribution schemes (38) \u2013 \u2013 \u2013 (38) \u2013
Benefit payments (157) (161) 159 166 2 5
Past service cost \u2013 \u2013 \u2013 (2) \u2013 (2)
Interest income/(expense) 206 185 (131) (123) 75 62
Loss/(return) on scheme assets less interest
income 182 (238) \u2013 \u2013 182 (238)
Actuarial (losses)/gains arising from changes in
financial assumptions
 \u2013 \u2013 (140) 264 (140) 264
Actuarial gains arising from changes in
demographic assumptions
 \u2013 \u2013 6 18 6 18
Experience losses on scheme liabilities \u2013 \u2013 (10) (57) (10) (57)
Effect of movements in foreign exchange (3) (18) 5 18 2 \u2013
At end of year 4,167 3,962 (2,697) (2,549) 1,470 1,413
Reconciliation of change in irrecoverable surplus
2024 2023
Note
\u00a3m
\u00a3m
At the beginning of the year (36) (42)
Change recognised in other comprehensive income \u2013 6
Interest charge on irrecoverable surplus
4
 (2) (2)
Effect of movements in foreign exchange \u2013 2
At end of year (38) (36)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-782": { "value": "
Defined contribution schemes
The Group operates a number of defined contribution schemes for which the charge was \u00a354m in the UK and \u00a349m overseas,
totalling \u00a3103m (2023 \u2013 UK \u00a347m, overseas \u00a348m, totalling \u00a395m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-783": { "value": "14. Deferred tax assets and liabilities
Provisions Tax value
Property, Financial and other of carry-
plant and Intangible Employee assets and temporary forward
equipment assets benefits liabilities
assets
Leases
losses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 17 September 2022
187
117
324
40
(75)
(78)
(26)
489
Amount charged/(credited) to the Income
Statement
73
(3)
12
\u2013
(11)
(30)
(53)
(12)
Amount (credited)/charged to equity
\u2013
\u2013
(5)
(40)
5
\u2013
\u2013
(40)
Acquired through business combinations
\u2013
7
1
\u2013
(1)
\u2013
(1)
6
Effect of changes in tax rates on the income
statement
3
\u2013
2
\u2013
\u2013
\u2013
\u2013
5
Effect of hyperinflationary economies taken
to operating profit
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfer from assets/liabilites held for sale
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
Effect of movements in foreign exchange
(19)
(3)
\u2013
\u2013
3
3
2
(14)
At 16 September 2023
243
118
334
\u2013
(79)
(105)
(78)
433
Amount charged/(credited) to the Income
Statement
46
(10)
2
\u2013
(21)
(4)
15
28
Amount charged/(credited) to equity
\u2013
\u2013
9
(13)
(1)
\u2013
\u2013
(5)
Acquired through business combinations
7
6
\u2013
\u2013
(7)
\u2013
\u2013
6
Effect of changes in tax rates on the income
statement
6
\u2013
\u2013
\u2013
2
(1)
\u2013
7
Effect of changes in tax rate on equity
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
Effect of hyperinflationary economies taken
to operating profit
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Effect of movements in foreign exchange
(14)
(5)
\u2013
\u2013
(3)
3
2
(17)
At 14 September 2024
294
109
346
(13)
(109)
(107)
(61)
459
Provisions and other temporary differences include provisions of \u00a3(118)m (2023 \u2013 \u00a3(103)m), biological assets of \u00a335m (2023 \u2013 \u00a333m), tax credits of \u00a3(10)m (2023 \u2013 \u00a3(9)m) and other temporary differences of \u00a3(16)m (2023 \u2013 \u00a3nil). Certain deferred tax assets and liabilities have been offset in the table above. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2024 2023
\u00a3m
\u00a3m
Deferred tax assets (223) (193)
Deferred tax liabilities 682 626
459 433
Deferred tax assets have not been recognised in respect of tax losses of \u00a3328m (2023 \u2013 \u00a3358m). Of these tax losses, \u00a3187m (2023 \u2013 \u00a3186m) will expire at various dates between 2024 and 2029 (2023: 2023 and 2028). Tax losses not recognised also include capital losses in Ireland and Australia of \u00a316m and \u00a386m respectively (2023 \u2013 \u00a316m and \u00a398m). Deferred tax assets have also not been recognised in respect of other temporary differences of \u00a3237m (2023 \u2013 \u00a3353m). This includes \u00a388m (2023 \u2013 \u00a3160m) relating to property, plant and equipment and leases in Germany which were derecognised following the impairment in 2022. These deferred tax assets have not been recognised on the basis that their future economic benefit is uncertain. In addition, the Group\u2019s overseas subsidiaries have net unremitted earnings of \u00a32,476m (2023 \u2013 \u00a32,527m), resulting in temporary differences of \u00a31,514m (2023 \u2013 \u00a31,426m). No deferred tax has been provided in respect of these differences since the timing of the reversals can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-748": { "value": "14. Deferred tax assets and liabilities
Provisions Tax value
Property, Financial and other of carry-
plant and Intangible Employee assets and temporary forward
equipment assets benefits liabilities
assets
Leases
losses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 17 September 2022
187
117
324
40
(75)
(78)
(26)
489
Amount charged/(credited) to the Income
Statement
73
(3)
12
\u2013
(11)
(30)
(53)
(12)
Amount (credited)/charged to equity
\u2013
\u2013
(5)
(40)
5
\u2013
\u2013
(40)
Acquired through business combinations
\u2013
7
1
\u2013
(1)
\u2013
(1)
6
Effect of changes in tax rates on the income
statement
3
\u2013
2
\u2013
\u2013
\u2013
\u2013
5
Effect of hyperinflationary economies taken
to operating profit
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfer from assets/liabilites held for sale
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
Effect of movements in foreign exchange
(19)
(3)
\u2013
\u2013
3
3
2
(14)
At 16 September 2023
243
118
334
\u2013
(79)
(105)
(78)
433
Amount charged/(credited) to the Income
Statement
46
(10)
2
\u2013
(21)
(4)
15
28
Amount charged/(credited) to equity
\u2013
\u2013
9
(13)
(1)
\u2013
\u2013
(5)
Acquired through business combinations
7
6
\u2013
\u2013
(7)
\u2013
\u2013
6
Effect of changes in tax rates on the income
statement
6
\u2013
\u2013
\u2013
2
(1)
\u2013
7
Effect of changes in tax rate on equity
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
Effect of hyperinflationary economies taken
to operating profit
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Effect of movements in foreign exchange
(14)
(5)
\u2013
\u2013
(3)
3
2
(17)
At 14 September 2024
294
109
346
(13)
(109)
(107)
(61)
459
Provisions and other temporary differences include provisions of \u00a3(118)m (2023 \u2013 \u00a3(103)m), biological assets of \u00a335m (2023 \u2013 \u00a333m), tax credits of \u00a3(10)m (2023 \u2013 \u00a3(9)m) and other temporary differences of \u00a3(16)m (2023 \u2013 \u00a3nil). Certain deferred tax assets and liabilities have been offset in the table above. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2024 2023
\u00a3m
\u00a3m
Deferred tax assets (223) (193)
Deferred tax liabilities 682 626
459 433
Deferred tax assets have not been recognised in respect of tax losses of \u00a3328m (2023 \u2013 \u00a3358m). Of these tax losses, \u00a3187m (2023 \u2013 \u00a3186m) will expire at various dates between 2024 and 2029 (2023: 2023 and 2028). Tax losses not recognised also include capital losses in Ireland and Australia of \u00a316m and \u00a386m respectively (2023 \u2013 \u00a316m and \u00a398m). Deferred tax assets have also not been recognised in respect of other temporary differences of \u00a3237m (2023 \u2013 \u00a3353m). This includes \u00a388m (2023 \u2013 \u00a3160m) relating to property, plant and equipment and leases in Germany which were derecognised following the impairment in 2022. These deferred tax assets have not been recognised on the basis that their future economic benefit is uncertain. In addition, the Group\u2019s overseas subsidiaries have net unremitted earnings of \u00a32,476m (2023 \u2013 \u00a32,527m), resulting in temporary differences of \u00a31,514m (2023 \u2013 \u00a31,426m). No deferred tax has been provided in respect of these differences since the timing of the reversals can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-749": { "value": "
15. Trade and other receivables
2024
2023
Note
\u00a3m
\u00a3m
Non-current \u2013 other receivables
Loans and receivables
26
 \u2013 31
Other non-current investments
26
 30 32
30 63
Current \u2013 trade and other receivables
Trade receivables
26
 1,271 1,319
Other receivables 213 223
Accrued income 21 26
26 1,505 1,568
Prepayments and other non-financial receivables 192 210
1,697 1,778
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade
and other receivables, see note 26.
Prior year trade and other receivables included \u00a332m in respect of finance lease receivables, which related to property, plant and
equipment leased to a joint venture of the Group (see note 28).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-816": { "value": "15. Trade and other receivables
2024
2023
Note
\u00a3m
\u00a3m
Non-current \u2013 other receivables
Loans and receivables
26
 \u2013 31
Other non-current investments
26
 30 32
30 63
Current \u2013 trade and other receivables
Trade receivables
26
 1,271 1,319
Other receivables 213 223
Accrued income 21 26
26 1,505 1,568
Prepayments and other non-financial receivables 192 210
1,697 1,778
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade and other receivables, see note 26. Prior year trade and other receivables included \u00a332m in respect of finance lease receivables, which related to property, plant and equipment leased to a joint venture of the Group (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-806": { "value": "15. Trade and other receivables
2024
2023
Note
\u00a3m
\u00a3m
Non-current \u2013 other receivables
Loans and receivables
26
 \u2013 31
Other non-current investments
26
 30 32
30 63
Current \u2013 trade and other receivables
Trade receivables
26
 1,271 1,319
Other receivables 213 223
Accrued income 21 26
26 1,505 1,568
Prepayments and other non-financial receivables 192 210
1,697 1,778
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade and other receivables, see note 26. Prior year trade and other receivables included \u00a332m in respect of finance lease receivables, which related to property, plant and equipment leased to a joint venture of the Group (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-784": { "value": "15. Trade and other receivables
2024
2023
Note
\u00a3m
\u00a3m
Non-current \u2013 other receivables
Loans and receivables
26
 \u2013 31
Other non-current investments
26
 30 32
30 63
Current \u2013 trade and other receivables
Trade receivables
26
 1,271 1,319
Other receivables 213 223
Accrued income 21 26
26 1,505 1,568
Prepayments and other non-financial receivables 192 210
1,697 1,778
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade and other receivables, see note 26. Prior year trade and other receivables included \u00a332m in respect of finance lease receivables, which related to property, plant and equipment leased to a joint venture of the Group (see note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-751": { "value": "
16. Inventories
2024 2023
\u00a3m \u00a3m
Raw materials and consumables 474 599
Work in progress 103 78
Finished goods and goods held for resale 2,365 2,530
2,942 3,207
Write-down of inventories (141) (123)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-750": { "value": "
17. Biological assets
Growing cane
Other
Total
\u00a3m
\u00a3m
\u00a3m
At 17 September 2022
97
8
105
Transferred to inventory
(121)
(14)
(135)
Purchases
3
6
9
Impairment
(7)
\u2013
(7)
Changes in fair value
135
11
146
Effect of movements in foreign exchange
(19)
\u2013
(19)
At 16 September 2023
88
11
99
Transferred to inventory
(93)
(11)
(104)
Purchases
\u2013
7
7
Other disposals
\u2013
(8)
(8)
Changes in fair value
113
11
124
Effect of movements in foreign exchange
(24)
\u2013
(24)
At 14 September 2024
84
10
94
Impairment
The methodology used to assess current biological assets for impairment is the same as that described for impairment assessments
of goodwill. See note 8 for further details.
In the prior year there was a \u00a37m impairment charge booked on current biological assets in Mozambique due to the severe flooding
and damage to the sugar crop fields and that was included within exceptional items. This year there was no impairment booked on
these assets.
Growing cane
The fair value of growing cane is determined using inputs that are unobservable, using the best information available in the circumstances
for valuing the growing cane and therefore falls into the Level 3 category of fair value measurement. The following assumptions were
used in the determination of the estimated sucrose tonnage at 14 September 2024:
South Africa
Malawi
Zambia
Eswatini
Tanzania
Expected areas to harvest (hectares)
6,393
18,194
14,966
10,486
9,339
Estimated yield (tonnes cane/hectare)
64.6
89.0
114.9
96.1
81.9
Average maturity of growing cane
45.8 %
66.8 %
65.7 %
67.7 %
46.2 %
The following assumptions were used in the determination of the estimated sucrose tonnage at 16 September 2023:
South Africa
Malawi
Zambia
Eswatini
Tanzania
Expected areas to harvest (hectares)
5,729
18,819
15,700
10,580
9,578
Estimated yield (tonnes cane/hectare)
67.9
100.1
114.0
92.0
80.2
Average maturity of growing cane
46.4 %
67.4 %
65.7 %
67.7 %
46.2 %
A 1% change in the unobservable inputs could increase or decrease the fair value of growing cane as follows:
2024
2023
+1%
(1) %
+1%
(1) %
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Estimated sucrose content
1.3
(1.3)
1.6
(1.6)
Estimated sucrose price
1.6
(1.6)
1.9
(1.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-752": { "value": "
18. Cash, cash equivalents and current asset investments
2024
2023
Note
\u00a3m
\u00a3m
Current asset investments
334
 \u2013
Cash and cash equivalents
Cash at bank and in hand 551 481
Cash equivalents 772 976
Cash and cash equivalents in the balance sheet
25, 26
 1,323 1,457
Reconciliation to the cash flow statement
Bank overdrafts
19, 25
 (88) (69)
Cash and cash equivalents in the cash flow statement 1,235 1,388
Cash, cash equivalents and current asset investments in the balance sheet 1,657 1,457
Cash at bank and in hand generally earns interest at rates based on the applicable daily bank deposit rate.
Cash equivalents generally comprise bank deposits placed for periods of up to three months and money market funds which earn
interest at a short-term deposit rate.
Current asset investments comprise bank deposits for periods between three and six months which earn interest at a short-term
deposit rate.
The carrying amount of cash, cash equivalents and current asset investments approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-785": { "value": "18. Cash, cash equivalents and current asset investments
2024
2023
Note
\u00a3m
\u00a3m
Current asset investments
334
 \u2013
Cash and cash equivalents
Cash at bank and in hand 551 481
Cash equivalents 772 976
Cash and cash equivalents in the balance sheet
25, 26
 1,323 1,457
Reconciliation to the cash flow statement
Bank overdrafts
19, 25
 (88) (69)
Cash and cash equivalents in the cash flow statement 1,235 1,388
Cash, cash equivalents and current asset investments in the balance sheet 1,657 1,457
Cash at bank and in hand generally earns interest at rates based on the applicable daily bank deposit rate. Cash equivalents generally comprise bank deposits placed for periods of up to three months and money market funds which earn interest at a short-term deposit rate. Current asset investments comprise bank deposits for periods between three and six months which earn interest at a short-term deposit rate. The carrying amount of cash, cash equivalents and current asset investments approximates fair value.", "dimensions": { "concept": "abfplc:DisclosureOfCurrentAssetInvestments", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-786": { "value": "
19. Loans and overdrafts
2024
2023
Note
\u00a3m
\u00a3m
Current loans and overdrafts
Secured loans 3 \u2013
Unsecured loans and overdrafts
25
 156 168
159 168
Non-current loans
Secured loans 60 \u2013
Unsecured loans
25
 394 394
454 394
26 613 562
2024
2023
Note
\u00a3m
\u00a3m
Secured loans
\u2022 Other floating rates 63 \u2013
Unsecured loans and overdrafts
\u2022 Bank overdrafts
18
 88 69
\u2022 GBP floating rate 44 \u2013
\u2022 GBP fixed rate 391 392
\u2022 USD floating rate 9 8
\u2022 USD fixed rate \u2013 81
\u2022 EUR floating rate 4 1
\u2022 Other floating rate 9 9
\u2022 Other fixed rate 5 2
26 613 562
Secured loans comprise amounts borrowed from commercial banks and are secured by charges over the assets of subsidiaries.
Bank overdrafts generally bear interest at floating rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-753": { "value": "19. Loans and overdrafts
2024
2023
Note
\u00a3m
\u00a3m
Current loans and overdrafts
Secured loans 3 \u2013
Unsecured loans and overdrafts
25
 156 168
159 168
Non-current loans
Secured loans 60 \u2013
Unsecured loans
25
 394 394
454 394
26 613 562
2024
2023
Note
\u00a3m
\u00a3m
Secured loans
\u2022 Other floating rates 63 \u2013
Unsecured loans and overdrafts
\u2022 Bank overdrafts
18
 88 69
\u2022 GBP floating rate 44 \u2013
\u2022 GBP fixed rate 391 392
\u2022 USD floating rate 9 8
\u2022 USD fixed rate \u2013 81
\u2022 EUR floating rate 4 1
\u2022 Other floating rate 9 9
\u2022 Other fixed rate 5 2
26 613 562
Secured loans comprise amounts borrowed from commercial banks and are secured by charges over the assets of subsidiaries. Bank overdrafts generally bear interest at floating rates.
26. Financial instruments
a) Carrying amount and fair values of financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Cash and cash equivalents 1,323 1,457
Current asset investments 334 \u2013
Trade and other receivables 1,505 1,568
Other non-current receivables \u2013 31
At fair value through other comprehensive income
Investments 30 32
At fair value through profit or loss
Derivative assets not designated in a cash flow hedging relationship:
\u2022 currency derivatives (excluding cross-currency swaps) 6 11
\u2022 commodity derivatives 1 \u2013
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments:
\u2022 currency derivatives (excluding cross-currency swaps) 10 40
\u2022 cross-currency swaps \u2013 24
\u2022 interest rate derivatives 1 4
\u2022 commodity derivatives 10 17
Total financial assets
3,220
 3,184
Financial liabilities
Financial liabilities at amortised cost
Trade and other payables (2,435) (2,448)
Secured loans (63) \u2013
Unsecured loans and overdrafts (fair value 2024 \u2013 \u00a3345m; 2023 \u2013 \u00a3470m) (550) (562)
Lease liabilities (fair value 2024 \u2013 \u00a33,394m; 2023 \u2013 \u00a33,178m) (3,065) (3,160)
Deferred consideration (11) (6)
At fair value through profit and loss
Derivative liabilities not designated in a cash flow hedging relationship:
\u2022 currency derivatives (excluding cross-currency swaps) (18) (6)
Designated net investment hedging relationships
Derivative liabilities designated as net investment hedging instruments:
\u2022 cross-currency swaps \u2013 (7)
Designated cash flow hedging relationships
Derivative liabilities designated and effective as cash flow hedging instruments:
\u2022 currency derivatives (excluding cross-currency swaps) (66) (4)
\u2022 commodity derivatives (13) (52)
Total financial liabilities
(6,221)
 (6,245)
Net financial liabilities
(3,001)
 (3,061)
Except where stated, carrying amount is equal to fair value.
Valuation of financial instruments carried at fair value Financial instruments carried at fair value on the balance sheet comprise derivatives and investments. The Group classifies these financial instruments using a fair value hierarchy that reflects the relative significance of both objective evidence and subjective judgements on the inputs used in making the fair value measurements: \u2022 Level 1: financial instruments are valued using observable inputs that reflect unadjusted quoted market prices in an active market for identical instruments. An example of an item in this category is a widely traded equity instrument with a normal quoted market price. \u2022 Level 2: financial instruments are valued using techniques based on observable inputs, either directly (i.e. market prices and rates) or indirectly (i.e. derived from market prices and rates). An example of an item in this category is a currency derivative, where forward exchange rates and yield curve data, which are observable in the market, are used to derive fair value. \u2022 Level 3: financial instruments are valued using techniques involving significant unobservable inputs. b) Derivatives All derivatives are classified as current on the face of the balance sheet. The table below analyses the carrying amount of derivatives and their contractual/notional amounts, together with an analysis of derivatives by the level in the fair value hierarchy into which their fair value measurement method is categorised.
2024 2023
Contractual Contractual/
/notional notional
amounts
Level 1
Level 2
Total
amounts
Level 1
Level 2
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Currency derivatives (excluding
cross-currency swaps)
1,305
\u2013
16
16
2,402
\u2013
51
51
Cross-currency swaps
\u2013
\u2013
\u2013
\u2013
84
\u2013
24
24
Interest rate derivatives
400
\u2013
1
1
400
\u2013
4
4
Commodity derivatives
169
1
10
11
163
5
12
17
1,874
1
27
28
3,049
5
91
96
Financial liabilities
Currency derivatives (excluding
cross-currency swaps)
3,460
\u2013
(84)
(84)
626
\u2013
(10)
(10)
Cross-currency swaps
\u2013
\u2013
\u2013
\u2013
65
\u2013
(7)
(7)
Commodity derivatives
219
\u2013
(13)
(13)
275
(2)
(50)
(52)
3,679
\u2013
(97)
(97)
966
(2)
(67)
(69)
c) Cash flow hedging reserve
The following table identifies the movements in the cash flow hedging reserve during the year, and the periods in which the cash
flows are expected to occur. The periods in which the cash flows are expected to impact profit or loss are materially the same.
2024 2023
Currency Currency
derivatives derivatives
(excluding Cross- Interest (excluding Cross- Interest
cross- currency rate Commodity cross- currency rate Commodity
currency) swaps derivatives
derivatives
Total
currency) swaps derivatives
derivatives
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
(28)
(2)
(2)
30
(2)
(41)
\u2013
2
(115)
(154)
Losses/(gains)
recognised in the
hedging reserve
68
\u2013
1
6
75
73
5
(5)
339
412
Amount removed from
the hedging reserve
and included in the
income statement:
\u2022 revenue
8
\u2013
\u2013
(5)
3
(6)
\u2013
\u2013
(7)
(13)
\u2022 cost of sales
\u2013
\u2013
\u2013
(28)
(28)
\u2013
\u2013
\u2013
(132)
(132)
\u2022 other financial
(income)/expense
(1)
2
\u2013
\u2013
1
\u2013
(7)
\u2013
\u2013
(7)
Amounts removed
from the hedging
reserve and included in
a non-financial asset:
\u2022 inventory
18
\u2013
\u2013
(9)
9
(52)
\u2013
\u2013
(16)
(68)
Deferred tax
(21)
\u2013
\u2013
8
(13)
(2)
\u2013
1
(39)
(40)
Closing balance
44
\u2013
(1)
2
45
(28)
(2)
(2)
30
(2)
Cash flow are
expected to occur:
\u2022 within six months
26
\u2013
\u2013
2
28
(15)
\u2013
\u2013
25
10
\u2022 between six months
and one year
18
\u2013
(1)
\u2013
17
(13)
(2)
(2)
4
(13)
\u2022 between one and
two years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
44
\u2013
(1)
2
45
(28)
(2)
(2)
30
(2)
Of the closing balance of \u00a345m, \u00a345m is attributable to equity shareholders and \u00a3nil to non-controlling interests (2023 \u2013 \u00a3(2)m,
\u00a3(2)m attributable to equity shareholders and \u00a3nil to non-controlling interests). Of the net movement in the year of \u00a347m, \u00a347m
is attributable to equity shareholders and \u00a3nil to non-controlling interests (2023 \u2013 \u00a3151m, \u00a3151m attributable to equity shareholders
and \u00a3nil to non-controlling interests).
The balance remaining in the commodity cash flow hedge reserve from hedging relationships for which hedge accounting is no longer
applied is \u00a31m (2023 \u2013 \u00a33m).
The balance in the cost of hedging reserve was not significant at 14 September 2024 or 16 September 2023.
d) Financial risk identification and management
The Group is exposed to the following financial risks from the use of financial instruments:
\u2022 market risk; and
\u2022 credit risk.
The Group\u2019s financial risk management process seeks to enable the early identification, evaluation and effective management of key
risks facing the business. Risk management policies and governance committees have been established and are reviewed regularly
to reflect changes in market conditions and the Group\u2019s activities. The Group, through its policies and procedures, aims to develop
a disciplined and constructive control environment in which all employees understand their roles and obligations.
The Group sources and sells products and manufactures goods in many locations around the world. These operations expose the
Group to potentially significant price volatility in the financial and commodity markets. Risk management teams have been established
to manage this exposure by entering into a range of products, including physical and financial forward contracts, futures, swaps,
and, where appropriate, options. These teams work closely with Group Treasury and report regularly to executive management.
Treasury activities and commodity hedging are conducted within a clearly defined framework of Board-approved policies and guidelines to manage the Group\u2019s financial and commodity risks. Group Treasury works closely with the Group\u2019s commercial and procurement teams to manage commodity risks. Group Treasury policy seeks to ensure that adequate financial resources are available at all times for the management and development of the Group\u2019s businesses, whilst effectively managing its market risk and credit risk. The Group\u2019s risk management policy explicitly forbids the use of financial or commodity derivatives for speculative purposes. e) Foreign currency translation The Group presents its financial statements in sterling. As a result of its worldwide operations, the Group is exposed to foreign currency translation risk where overseas operations have a functional currency other than sterling. Changes in foreign currency exchange rates impact the translation into sterling of both the income statement and net assets of these foreign operations. The Group typically finances its operations using own funds generated in the functional currency of its operations and where appropriate, by borrowing locally in the same functional currency. This reduces net asset values reported in functional currencies other than sterling, thereby reducing the economic exposure to fluctuations in foreign currency exchange rates on translation. The Group also finances its operations by obtaining funding at Group level through external borrowings and, where they are not in sterling, these borrowings may be designated as net investment hedges. This enables gains and losses arising on retranslation of these foreign currency borrowings to be charged to other comprehensive income, providing a partial offset in equity against the gains and losses arising on translation of the net assets of foreign operations. The Group held cross-currency interest rate swaps to hedge its fixed rate non-sterling debt which matured during the year. These were reported as cash flow hedges and net investment hedges. The change in fair value of the hedging instrument, to the degree effective, is retained in other comprehensive income. Under IFRS 9, the currency basis on the cross-currency swaps is excluded from the hedge designation and recognised in other comprehensive income \u2013 cost of hedging. The value of the currency basis is not significant. Effectiveness was measured using the hypothetical derivative approach. The hypothetical derivative was based on the critical terms of the debt and therefore the only ineffectiveness that might arise was in relation to credit risk. Credit risk was monitored regularly and was not a significant factor in the hedge relationship. The Group does not actively hedge the translation impact of foreign exchange rate movements on the income statement (other than via the partial economic hedge arising from the servicing costs on non-sterling borrowings). The Group designates certain of its intercompany loan arrangements as quasi-equity for the purposes of IAS 21. The effect of the designation is that any foreign exchange volatility arising within the borrowing entity and/or the lending entity is accounted for directly within other comprehensive income. A net foreign exchange loss of \u00a3nil (2023 \u2013 \u00a32m) on retranslation of these loans has been taken to the translation reserve on consolidation, all of which was attributable to equity shareholders. The Group held cross-currency swaps that were designated as hedges of its net investments in euros, whose change in fair value of \u00a3nil charged to the translation reserve, all of which was attributable to equity shareholders (2023 \u2013 \u00a31m debited to the translation reserve). f) Market risk Market risk is the risk of movements in the fair value of future cash flows of a financial instrument or forecast transaction as underlying market prices change. The Group is exposed to changes in the market price of commodities, interest rates and foreign exchange rates. These risks are known as \u2018transaction\u2019 (or recognised) exposures and \u2018economic\u2019 (or forecast) exposures. (i) Commodity price risk Commodity price risk arises from the procurement of raw materials and sale of finished goods linked to market indices, the consequent exposure to changes in market prices. The Group purchases a wide range of commodities in the ordinary course of business and has some sales contracts which are linked to financial market indices. Exposure to changes in the market price of certain of these commodities including sugar raws, energy, wheat, edible oils, soya beans, tea, lean hog, cocoa and rice is managed through the use of forward physical contracts and hedging instruments, including futures, swaps and options primarily to convert floating prices to fixed prices. The use of such contracts to hedge commodity exposures is governed by the Group\u2019s risk management policies and is continually monitored by Group Treasury. Commodity derivatives also provide a way to meet customers\u2019 pricing requirements whilst achieving a price structure consistent with the Group\u2019s overall pricing strategy. Some of the Group\u2019s commodity forward contracts are classified as \u2018own use\u2019 contracts, since they are entered into, and continue to be held, for the purposes of the Group\u2019s ordinary operations. In this instance the Group takes physical delivery of the commodity concerned. Own use contracts do not require accounting entries until the commodity purchase actually crystallises. Where possible, other commodity derivatives are accounted for as cash flow hedges (typically with a one-to-one hedge ratio), but there are some commodity derivatives for which the strict requirements of hedge accounting cannot be satisfied. Such commodity derivatives are used only where the business believes they provide an economic hedge of an underlying exposure. These instruments are classified as held for trading and are marked to market through the income statement. The majority of the Group\u2019s forward physical contracts and commodity derivatives have maturities of less than one year. The Group\u2019s sensitivities in respect of commodity derivatives for a +/- 20% movement in underlying commodity prices are \u00a319m (2023 \u2013 \u00a316m) and \u00a3(16)m (2023 \u2013 \u00a3(13)m), respectively. (ii) Interest rate risk Interest rate risk comprises two primary elements: \u2022 interest price risk results from financial instruments bearing fixed interest rates. Changes in floating interest rates therefore affect the fair value of these financial instruments; and \u2022 interest cash flow risk results from financial instruments bearing floating rates. Changes in floating interest rates affect cash flows on interest receivable or payable. The Group\u2019s policy is to manage its mix of fixed and floating rate debt, cash and investments so that a significant change in interest rates does not have a material negative impact on the Group\u2019s cash flows. At 14 September 2024, \u00a3396m (65%) (2023 \u2013 \u00a3475m and 85%) of total debt was subject to fixed rates of interest, the majority of which is the 2034 public bond. Floating rate debt comprises other bank borrowings bearing interest rates for various time periods up to 12 months, by reference to the relevant market rate for the currency and location of the borrowing. The Group\u2019s cash, cash equivalents and current asset investments are subject to floating rates of interest, fixed for periods up to 6 months by reference to the relevant market rate for the currency of the cash placing or investment. \u00a3400m of sterling interest rate swaps have been entered into so that the floating interest rate received on an equivalent balance of the Group\u2019s cash and cash equivalents is fixed for the 12-month period to September 2025. (iii) Foreign currency risk The Group conducts business worldwide and consequently in many foreign currencies. As a result, it is exposed to movements in foreign currency exchange rates which affect the Group\u2019s transaction costs. The Group also publishes its financial statements in sterling and is therefore exposed to movements in foreign exchange rates on the translation of the results and underlying net assets of its foreign operations into sterling. Translation risk is discussed in section e) on page 186. Transaction (recognised) risk Currency transaction exposure occurs where a business makes sales and purchases in a currency other than its functional currency, or where the functional currency value of the sale or purchase is linked to a currency other than its functional currency. It also arises where monetary assets and liabilities of a business are not denominated in its functional currency, and where dividends or surplus funds are remitted from overseas. The Group\u2019s policy is to match transaction exposures wherever possible, and to hedge actual exposures and firm commitments as soon as they occur by using forward foreign currency contracts. The Group uses derivatives (principally forward foreign currency contracts) to hedge its exposure to movements in exchange rates on its foreign currency trade receivables and payables. The Group does not seek formal fair value hedge accounting for such transaction hedges. Instead, such derivatives are classified as held for trading and marked to market through the income statement. This offsets the income statement impact of the retranslation of the foreign currency trade receivables and payables. Economic (forecast) risk The Group principally uses forward foreign currency contracts to hedge its exposure to movements in exchange rates on its highly probable forecast foreign currency sales and purchases. The Group does not formally define the proportion of highly probable forecast sales and purchases to hedge, but agrees an appropriate percentage on an individual basis with each business by reference to the underlying commercial model of the business, the Group\u2019s risk management policies and prevailing market conditions. The Group designates currency derivatives used to hedge its highly probable forecast transactions as cash flow hedges. Under IFRS 9, the spot component is designated in the hedging relationship and forward points and currency basis are excluded and recognised in other comprehensive income \u2013 cost of hedging. The cost of hedging value during the period and at the balance sheet date was not material. The economic relationship is based on critical terms and a one-to-one hedge ratio. To the extent that cash flow hedges are effective, gains and losses are deferred in equity until the forecast transaction occurs, at which point the gains and losses are recycled either to the income statement or to the non-financial asset acquired. The majority of the Group\u2019s currency derivatives have original maturities of less than one year. The Group\u2019s most significant currency transaction exposures are: \u2022 sourcing for Primark \u2013 costs are denominated in a number of currencies, predominantly US dollars, euros and sterling. \u2022 sugar sales in British Sugar to movements in the sterling/euro exchange rate. Elsewhere, a number of businesses make sales and purchase a variety of raw materials in foreign currencies (primarily US dollars and euros), giving rise to transaction exposures. In all other material respects, businesses tend to operate in their functional currencies. The table below illustrates the effects of hedge accounting on the consolidated balance sheet and consolidated income statement by disclosing separately by risk category, and each type of hedge, the details of the associated hedging instrument and hedged item.
2024
Change in fair Change in fair
Carrying value of hedging value of hedged
amount Furthest instrument used to item used to
Contract assets/ maturity Hedge determine hedge determine hedge
notional (liabilities) date ratio ineffectiveness effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022 currency derivatives
3,449
(56)
Sep-25
100 %
(63)
63
\u2022 commodity derivatives
343
(2)
Aug-25
100 %
(1)
1
\u2022 interest rate derivatives
400
1
Sep-25
100 %
1
(1)
Non-current
Designated cash flow hedging relationships
\u2022 currency derivatives
20
\u2013
May-27
100 %
\u2013
\u2013
\u2022 commodity derivatives
2
\u2013
Nov-25
100 %
\u2013
\u2013
2023
Change in fair value
Carrying of hedging Change in fair value
amount Furtherest instrument used to of hedged item used
Contract assets/ maturity Hedge determine hedge to determine hedge
notional (liabilities) date ratio ineffectiveness effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022 currency derivatives (excluding cross-currency
swaps)
2,024
36
Sep-24
100 %
36
(36)
\u2022 cross-currency swaps
84
24
Mar-24
100 %
6
(6)
\u2022 commodity derivatives
427
(35)
Sep-24
100 %
(35)
35
\u2022 interest rate derivatives
400
4
Sep-24
100 %
4
(4)
Designated net investment hedging relationships:
\u2022 currency derivatives (cross-currency swaps)
65
(6)
Mar-24
100 %
\u2013
\u2013
Non-current
Designated cash flow hedging relationships
\u2022 currency derivatives (cross-currency swaps)
21
\u2013
Apr-25
100 %
\u2013
\u2013
\u2022 commodity derivatives
11
\u2013
Feb-25
100 %
\u2013
\u2013
Hedging relationships are typically based on a one-to-one hedge ratio. The economic relationship between the hedged item and the hedging instrument is analysed on an ongoing basis. Sources of possible ineffectiveness include changes in forecast transactions as a result of timing or value or, in certain cases, different indices linked to the hedged item and the hedging instrument. As at 14 September 2024, \u00a33,471m of forward foreign currency contracts designated as cash flow hedges were outstanding (2023 \u2013 \u00a32,045m), largely in relation to purchases of USD (\u00a32,779m) and sales of EUR (\u00a3219m) with varying maturities up to May 2027. Weighted average hedge rates for these contracts are GBPUSD: 1.276, EURUSD: 1.098 and GBPEUR: 1.158. Weighted average hedge rates for the cross-currency swaps for 2023 were GBPUSD: 1.70 and GBPEUR: 1.26. Commodity derivatives designated as cash flow hedges related to a range of underlying hedged items, with varying maturities up to November 2025. The analysis of the Group\u2019s foreign currency exposure to financial assets and liabilities by currency of denomination is as follows:
2024
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
1
189
63
27
280
Current asset investments
\u2013
208
\u2013
\u2013
208
Trade and other receivables
1
42
73
17
133
2
439
136
44
621
Financial liabilities
Trade and other payables
(19)
(342)
(34)
(9)
(404)
Unsecured loans and overdrafts
\u2013
\u2013
(4)
\u2013
(4)
(19)
(342)
(38)
(9)
(408)
Currency derivatives
Gross amounts receivable
81
3,403
183
259
3,926
Gross amounts payable
(2)
(156)
(351)
(330)
(839)
79
3,247
(168)
(71)
3,087
62
3,344
(70)
(36)
3,300
2023
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
\u2013
264
17
32
313
Trade and other receivables
\u2013
50
56
19
125
\u2013
314
73
51
438
Financial liabilities
Trade and other payables
(17)
(381)
(41)
(6)
(445)
Unsecured loans and overdrafts
\u2013
(81)
\u2013
1
(80)
(17)
(462)
(41)
(5)
(525)
Currency derivatives
Gross amounts receivable
67
1,890
112
466
2,535
Gross amounts payable
(3)
(161)
(299)
(179)
(642)
64
1,729
(187)
287
1,893
47
1,581
(155)
333
1,806
Average rate
Closing rate
2024 2023 2024 2023
US dollar 1.26 1.22 1.32 1.24
Euro 1.17 1.15 1.19 1.16
Sensitivity analysis \u2013 translation impact of non-functional assets and liabilities The following sensitivity analysis illustrates the impact that a 10% strengthening of the Group\u2019s transactional currencies against local functional currencies would have had on profit and equity. The analysis covers currency translation exposures at year end on businesses\u2019 financial assets and liabilities that are not denominated in the functional currencies of those businesses. A similar but opposite impact would be felt on both profit and equity if the Group\u2019s main operating currencies weakened against local functional currencies by a similar amount. The exposure to foreign exchange gains and losses on translating the financial statements of subsidiaries into sterling is not included in this sensitivity analysis, as there is no impact on the income statement, and the gains and losses are recorded directly in the translation reserve in equity (see below for a separate sensitivity). This sensitivity is presented before taxation and non-controlling interests.
2024
2024
2023
2023
impact on impact on
profit for the impact on profit for the impact on total
period total equity period equity
10% strengthening of non-functional currencies
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling
1
7
1
6
US dollar
29
333
21
164
Euro
22
8
(2)
(19)
Other
23
31
29
32
Sensitivity analysis \u2013 translation of foreign operations profit before tax
A second sensitivity analysis calculates the impact on the Group\u2019s profit before tax if the average rates used to translate the results
of the Group\u2019s foreign operations into sterling were adjusted to show a 10% strengthening of sterling. A similar but opposite impact
would be felt on profit before tax if sterling weakened against the other currencies by a similar amount.
2024 2023
impact on impact on
profit for the profit for the
period period
10% strengthening of sterling against \u00a3m \u00a3m
US dollar (26) (24)
Euro (38) (22)
Other (39) (27)
g) Credit risk
Credit risk is the risk that counterparties to financial transactions can not perform according to the terms of the contract.
The Group\u2019s businesses are principally exposed to counterparty credit risk when dealing with their customers, suppliers,
and from financial institutions.
The immediate credit exposure of financial derivatives is represented by those financial derivatives that have a net positive fair value
by counterparty at 14 September 2024. The Group considers its maximum exposure to credit risk to be:
2024
2023
Note
\u00a3m
\u00a3m
Cash and cash equivalents
18
 1,323 1,457
Current asset investments
18
 334 \u2013
Trade and other receivables
15
 1,505 1,568
Other non-current receivables
15
 \u2013 31
Investments
15
 30 32
Derivative assets at fair value through profit and loss 6 11
Derivative assets in designated cash flow hedging relationships 21 78
3,219 3,177
The Group uses changes in credit ratings and other metrics to identify significant changes to the financial profile of its counterparties.
Counterparty risk profile and management
The table below analyses the Group\u2019s current asset investments, cash equivalents and derivative assets by credit exposure:
2024
Derivatives
Cross-
Current asset Cash Currency currency Interest rate
investments equivalents derivatives swaps
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
90
\u2013
\u2013
\u2013
\u2013
90
AA
30
\u2013
\u2013
\u2013
\u2013
\u2013
30
A
304
641
3
\u2013
1
6
955
BBB
\u2013
5
3
\u2013
\u2013
\u2013
8
BB
\u2013
14
\u2013
\u2013
\u2013
\u2013
14
Not rated
\u2013
22
\u2013
\u2013
\u2013
\u2013
22
Total
334
772
6
\u2013
1
6
1,119
2023
Derivatives
Current asset Cash Currency Cross-currency Interest rate
investments equivalents derivatives swaps
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2013
50
2
\u2013
\u2013
\u2013
52
A
\u2013
874
39
17
4
1
935
Not rated
\u2013
52
\u2013
\u2013
\u2013
7
59
Total
\u2013
976
41
17
4
8
1,046
Cash of \u00a3551m (2023 \u2013 \u00a3481m) has been excluded from this analysis as the balances are available on demand. The significant
majority of cash balances and short-term deposits are held with strong investment-grade banks or financial institutions.
Trade and other receivables
Significant concentrations of credit risk are very limited as a result of the Group\u2019s large and diverse customer base. The Group has
an established credit policy applied by each business under which the credit status of each new customer is reviewed before credit
is advanced. This includes external credit evaluations where possible and in some cases bank references. Credit limits are established
for all significant or high-risk customers, which represent the maximum amount permitted to be outstanding without requiring additional
approval from the appropriate level of management. Outstanding debts are continually monitored by each business. Credit limits are
reviewed on a regular basis, and at least annually. Customers that fail to meet the Group\u2019s benchmark creditworthiness may only
transact on a prepayment basis. Aggregate exposures are monitored at Group level.
Many customers have been transacting with the Group for many years and the incidence of bad debts has been low. Where appropriate,
goods are sold subject to retention of title so that, in the event of non-payment, the Group may have a secured claim. The Group does
not typically require collateral in respect of trade and other receivables.
The Group provides for impairment of financial assets including trade and other receivables based on known events, and makes a
collective provision for losses yet to be identified, based on historical data. The majority of the provision comprises specific amounts.
To measure expected credit losses, gross trade receivables are assessed regularly by each business locally with reference
to considerations such as the current status of the relationship with the customer, the geographical location of each customer,
and days past due (where applicable).
Expected losses are determined based on the historical experience of write-offs compared to the level of trade receivables. These
historical loss expectations are adjusted for current and forward-looking information where it is identified to be significant. The Group
considers factors such as national economic outlooks and bankruptcy rates of the countries in which its goods are sold to be the most
relevant factors. Where the impact of these is assessed as significant, the historical loss expectations are amended accordingly.
The Group considers credit risk to have significantly increased for debts aged 180 days or over and expects these debts to be
provided for in full. Where the Group holds insurance or has a legal right of offset with debtors who are also creditors, the loss
expectation is applied only to the extent of the uninsured or net exposure.
Trade receivables are written off when there is no reasonable expectation of recovery, indicators of which may include the failure
of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due.
The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region of origin was:
2024
2023
\u00a3m
\u00a3m
UK 547 584
Europe & Africa 389 398
The Americas 214 216
Asia Pacific 355 370
1,505 1,568
Trade receivables can be analysed as follows:
2024
2023
\u00a3m
\u00a3m
Not overdue 1,095 1,157
Up to one month past due 141 121
Between one and two months past due 19 29
Between two and three months past due 11 10
More than three months past due 32 30
Expected loss provision (27) (28)
1,271 1,319
Trade receivables are stated net of the following expected loss provision:
2024
2023
\u00a3m
\u00a3m
Opening balance 28 27
Increase charged to the income statement 7 7
Amounts released (3) (2)
Amounts written off (4) (2)
Effect of movements in foreign exchange (1) (2)
Closing balance 27 28
No trade receivables were written off directly to the income statement in either year.
The geographical and business line complexity of the Group, combined with the fact that expected credit loss assessments are all
performed locally, means that it is not practicable to present further analysis of expected credit losses.
In relation to other receivables not forming part of trade receivables, a similar approach has been taken to assess expected credit
losses. No significant expected credit loss has been identified.
The directors consider that the carrying amount of trade and other receivables approximates fair value.
Cash and cash equivalents
Policies including choice of bank, opening of bank accounts and repatriation of funds must be agreed with Group Treasury. The Group
has not recorded impairments against cash or cash equivalents, nor have any recoverability issues been identified with such balances.
h) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations as they fall due. Group Treasury is responsible
for monitoring and managing group liquidity and ensures that the Group always has access to sufficient cash balances and headroom
on committed credit facilities to meet unforeseen circumstances. The Group also has access to uncommitted credit facilities which
provide short-term funding flexibility.
Liquidity availability headroom is monitored via the use of detailed cash flow forecasts prepared by each business, which are reviewed
at least quarterly, or more often, as required. Actual results are compared to budget and forecast each period, and variances
investigated and explained. Particular focus is given to management of working capital.
The Board\u2019s treasury policies are in place to maintain a strong capital base and manage the Group\u2019s balance sheet to ensure long-term
financial stability. This includes maintaining access to significant total liquidity comprised of both cash and undrawn committed credit
facilities. These policies are the basis for investor, creditor and market confidence and enable the successful development of the business.
Details of the Group\u2019s borrowing facilities are given in section i) on page 194.
The following table analyses the contractual undiscounted cash flows relating to financial liabilities at the balance sheet date and
compares them to carrying amounts:
2024
Due Due Due
between 6 between 1 between 2
Due within months and 2 and 5 Due after 5 Contracted Carrying
6 months and 1 year years years years amount amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
20
(2,356)
(80)
\u2013
\u2013
\u2013
(2,436)
(2,435)
Secured loans
19
(3)
(1)
(17)
(47)
(19)
(87)
(63)
Unsecured loans and overdrafts
19
(147)
(9)
(22)
(31)
(450)
(659)
(550)
Lease liabilities
11
(225)
(232)
(443)
(1,201)
(2,153)
(4,254)
(3,065)
Deferred consideration
21
(1)
(5)
(5)
\u2013
\u2013
(11)
(11)
Derivative financial liabilities
\u2022 Currency derivatives (net payments)
(47)
(28)
\u2013
\u2013
\u2013
(75)
(84)
\u2022 Commodity derivatives (net payments)
(11)
\u2013
\u2013
\u2013
\u2013
(11)
(13)
Total financial liabilities
(2,790)
(355)
(487)
(1,279)
(2,622)
(7,533)
(6,221)
2023
Due
between 6 Due Due
Due within months between 1 between 2 Due after 5 Contracted Carrying
6 months and 1 year and 2 years and 5 years years amount amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
20
(2,380)
(68)
\u2013
\u2013
\u2013
(2,448)
(2,448)
Unsecured loans and overdrafts
19
(80)
(101)
(13)
(30)
(460)
(684)
(562)
Lease liabilities
11
(197)
(210)
(406)
(1,057)
(2,074)
(3,944)
(3,160)
Deferred consideration
21
(2)
(1)
(3)
\u2013
\u2013
(6)
(6)
Derivative financial liabilities
\u2022 Currency derivatives (excluding cross-
currency swaps) (net payments)
(4)
\u2013
\u2013
(3)
\u2013
(7)
(10)
\u2022 Commodity derivatives (net payments)
(46)
(5)
(1)
\u2013
\u2013
(52)
(52)
Total financial liabilities
(2,709)
(385)
(423)
(1,090)
(2,534)
(7,141)
(6,238)
The above tables do not include forecast data for liabilities which may be incurred in the future but which were not contracted
at 14 September 2024.
The principal reasons for differences between carrying values and contractual undiscounted cash flows are coupon payments on
the fixed rate debt to which the Group is already committed, future interest payments on the Group\u2019s lease liabilities, and cash flows
on derivative financial instruments which are not aligned with their fair value.
i) Borrowing facilities The Group has substantial borrowing facilities available to it totalling \u00a32,009m (2023 \u2013 \u00a32,002m). The undrawn committed facilities
at 14 September 2024 amounted to \u00a31,532m (2023 \u2013 \u00a31,516m). Uncommitted facilities at 14 September 2024 totalled \u00a3343m
(2023 \u2013 \u00a3363m) of which \u00a3207m (2023 \u2013 \u00a3287m) was undrawn.
In addition to the above facilities there are also \u00a3210m (2023 \u2013 \u00a3149m) of undrawn and available credit lines for the purposes
of issuing letters of credit and guarantees in the normal course of business. The Group has issued a public bond of \u00a3400m due in 2034. Included are deferred financing costs totalling \u00a39m which have been capitalised against the bond and are to be amortised over its term. Uncommitted bank borrowing facilities are normally reaffirmed by the banks annually, although they can be withdrawn at any time. Refer to note 9 for details of the Group\u2019s capital commitments and to note 27 for a summary of the Group\u2019s guarantees. An assessment of the Group\u2019s current liquidity position is given in the Financial Review on page 47. j) Capital management The capital structure of the Group is presented in the consolidated balance sheet. For the purpose of the Group\u2019s capital management, capital includes issued capital and all other reserves attributable to equity shareholders, totalling \u00a311,186m (2023 \u2013 \u00a311,093m). The consolidated statement of changes in equity provides details on equity and note 19 provides details of loans and overdrafts. Short and medium-term funding requirements are provided by a variety of loan and overdraft facilities, both committed and uncommitted, with a range of counterparties and maturities. Longer-term debt funding is sourced from the 2034 Public Bond and committed revolving credit facilities. The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to enable successful future development of the business. The financial leverage policy is that, in the ordinary course of business, the Board prefers to see the Group\u2019s ratio of total net debt including lease liabilities to Adjusted EBITDA to be well under 1.5 times at each half year and year end reporting date. The Board monitors return on capital by division and determines the overall level of dividends payable to shareholders. From time to time the trustee of the Employee Share Ownership Plan Trust purchases the Company\u2019s shares in the market to satisfy awards under the Group\u2019s incentive plans. Once purchased, shares are not sold back into the market. The Group does not have a defined share buyback plan. There were no changes to the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries is subject to externally-imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-754": { "value": "
20. Trade and other payables
2024
2023
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables 1,159 1,177
Accruals 1,276 1,271
2,435 2,448
Deferred income and other non-financial payables 499 505
2,934 2,953
For payables with a remaining life of less than one year, carrying amount is deemed to reflect fair value.
In a small number of businesses, the Group utilises supplier financing arrangements to enable participating suppliers, at each
supplier\u2019s sole discretion, to sell any or all amounts due from the Group to a third party bank earlier than the invoice due date, at better
financing rates than the supplier alone could achieve. Payment terms for suppliers are identical, irrespective of whether they choose
to participate. Contractual terms and invoice due dates are unchanged and the Group considers amounts owed to the third party bank
as akin to amounts owed to the supplier. Such amounts are therefore included within trade payables and associated cash flows are
included within operating cash flows, as they continue to be part of the Group\u2019s normal operating cycle.
At year end, the value of invoices sold by suppliers under supply chain financing arrangements was \u00a355m (2023 \u2013 \u00a375m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-821": { "value": "20. Trade and other payables
2024
2023
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables 1,159 1,177
Accruals 1,276 1,271
2,435 2,448
Deferred income and other non-financial payables 499 505
2,934 2,953
For payables with a remaining life of less than one year, carrying amount is deemed to reflect fair value. In a small number of businesses, the Group utilises supplier financing arrangements to enable participating suppliers, at each supplier\u2019s sole discretion, to sell any or all amounts due from the Group to a third party bank earlier than the invoice due date, at better financing rates than the supplier alone could achieve. Payment terms for suppliers are identical, irrespective of whether they choose to participate. Contractual terms and invoice due dates are unchanged and the Group considers amounts owed to the third party bank as akin to amounts owed to the supplier. Such amounts are therefore included within trade payables and associated cash flows are included within operating cash flows, as they continue to be part of the Group\u2019s normal operating cycle. At year end, the value of invoices sold by suppliers under supply chain financing arrangements was \u00a355m (2023 \u2013 \u00a375m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-817": { "value": "20. Trade and other payables
2024
2023
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables 1,159 1,177
Accruals 1,276 1,271
2,435 2,448
Deferred income and other non-financial payables 499 505
2,934 2,953
For payables with a remaining life of less than one year, carrying amount is deemed to reflect fair value. In a small number of businesses, the Group utilises supplier financing arrangements to enable participating suppliers, at each supplier\u2019s sole discretion, to sell any or all amounts due from the Group to a third party bank earlier than the invoice due date, at better financing rates than the supplier alone could achieve. Payment terms for suppliers are identical, irrespective of whether they choose to participate. Contractual terms and invoice due dates are unchanged and the Group considers amounts owed to the third party bank as akin to amounts owed to the supplier. Such amounts are therefore included within trade payables and associated cash flows are included within operating cash flows, as they continue to be part of the Group\u2019s normal operating cycle. At year end, the value of invoices sold by suppliers under supply chain financing arrangements was \u00a355m (2023 \u2013 \u00a375m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-807": { "value": "20. Trade and other payables
2024
2023
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables 1,159 1,177
Accruals 1,276 1,271
2,435 2,448
Deferred income and other non-financial payables 499 505
2,934 2,953
For payables with a remaining life of less than one year, carrying amount is deemed to reflect fair value. In a small number of businesses, the Group utilises supplier financing arrangements to enable participating suppliers, at each supplier\u2019s sole discretion, to sell any or all amounts due from the Group to a third party bank earlier than the invoice due date, at better financing rates than the supplier alone could achieve. Payment terms for suppliers are identical, irrespective of whether they choose to participate. Contractual terms and invoice due dates are unchanged and the Group considers amounts owed to the third party bank as akin to amounts owed to the supplier. Such amounts are therefore included within trade payables and associated cash flows are included within operating cash flows, as they continue to be part of the Group\u2019s normal operating cycle. At year end, the value of invoices sold by suppliers under supply chain financing arrangements was \u00a355m (2023 \u2013 \u00a375m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-787": { "value": "20. Trade and other payables
2024
2023
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables 1,159 1,177
Accruals 1,276 1,271
2,435 2,448
Deferred income and other non-financial payables 499 505
2,934 2,953
For payables with a remaining life of less than one year, carrying amount is deemed to reflect fair value. In a small number of businesses, the Group utilises supplier financing arrangements to enable participating suppliers, at each supplier\u2019s sole discretion, to sell any or all amounts due from the Group to a third party bank earlier than the invoice due date, at better financing rates than the supplier alone could achieve. Payment terms for suppliers are identical, irrespective of whether they choose to participate. Contractual terms and invoice due dates are unchanged and the Group considers amounts owed to the third party bank as akin to amounts owed to the supplier. Such amounts are therefore included within trade payables and associated cash flows are included within operating cash flows, as they continue to be part of the Group\u2019s normal operating cycle. At year end, the value of invoices sold by suppliers under supply chain financing arrangements was \u00a355m (2023 \u2013 \u00a375m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-755": { "value": "
21. Provisions
Onerous Deferred
Restructuring contracts
consideration
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 16 September 2023
18
\u2013
6
79
103
Created
22
13
9
50
94
Utilised
(9)
\u2013
(4)
(14)
(27)
Released
(8)
\u2013
\u2013
(21)
(29)
Effect of movements in foreign exchange
\u2013
\u2013
\u2013
(3)
(3)
At 14 September 2024
23
13
11
91
138
Current
22
12
6
38
78
Non-current
1
1
5
53
60
23
13
11
91
138
Financial liabilities within provisions comprised deferred consideration in both years (see note 26).
Restructuring
Restructuring provisions include business restructure costs, including redundancy, associated with the Group\u2019s announced
reorganisation plans. These restructuring provisions are largely expected to be utilised in the next financial year.
Onerous contracts
Onerous contract provisions relate to potential losses to be incurred on fixed-price agreements in the Sugar segment as a result of the
current decline in the European market sugar price.
Deferred consideration
Deferred consideration comprises estimates of amounts due to the previous owners of businesses acquired by the Group which are
often linked to performance or other conditions.
Other
Other provisions mainly comprise litigation claims, and warranty claims arising from the sale and closure of businesses. The extent
and timing of the utilisation of these provisions is more uncertain given the nature of the claims and the period of the warranties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-756": { "value": "
22. Share capital and reserves
Share capital
At 14 September 2024, the Company\u2019s issued and fully paid share capital comprised 744,303,807 ordinary shares of 5
15
\u2044
22
p each
carrying one vote per share (2023 \u2013 767,953,088). Total nominal value was \u00a342m (2023 \u2013 \u00a344m). The Company repurchased and
cancelled 23,649,281 shares during the year at a cost of \u00a3562m (2023 \u2013 23,721,095 shares at a cost of \u00a3448m).
At 14 September 2024, the Company recognised a current liability of \u00a36m in accruals in respect of shares yet to be delivered under
the share buyback programme (2023 \u2013 nil). At 14 September 2024, the Company had a contractual right to terminate the share
buyback programme, so the liability recognised is limited to the Company\u2019s obligation to pay for shares already purchased on its
behalf at 14 September 2024 but not yet paid for.
Other reserves
\u00a3173m of other reserves arose from the cancellation of share premium account by the Company in 1993. \u00a32m arose in 2010 following
redemption of two million \u00a31 deferred shares at par. \u00a33m has arisen since 2023 following the purchase and subsequent cancellation
of shares (2023 \u2013 \u00a31m).
The remaining \u00a34m comprises a \u00a35m unrealised gain on investments held at fair value through other comprehensive income, net
of \u00a31m deferred tax (2023 \u2013 \u00a33m, \u00a34m and \u00a31m, respectively).
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign
operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment in foreign subsidiaries.
Hedging reserve
The hedging reserve comprises all changes in the value of derivatives to the extent that they are effective cash flow hedges, net
of amounts recycled from the hedging reserve on occurrence of the hedged transaction or when the hedged transaction is no longer
expected to occur.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-789": { "value": "Share capital At 14 September 2024, the Company\u2019s issued and fully paid share capital comprised 744,303,807 ordinary shares of 5 15\u2044 22p each carrying one vote per share (2023 \u2013 767,953,088). Total nominal value was \u00a342m (2023 \u2013 \u00a344m). The Company repurchased and cancelled 23,649,281 shares during the year at a cost of \u00a3562m (2023 \u2013 23,721,095 shares at a cost of \u00a3448m). At 14 September 2024, the Company recognised a current liability of \u00a36m in accruals in respect of shares yet to be delivered under the share buyback programme (2023 \u2013 nil). At 14 September 2024, the Company had a contractual right to terminate the share buyback programme, so the liability recognised is limited to the Company\u2019s obligation to pay for shares already purchased on its behalf at 14 September 2024 but not yet paid for. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-788": { "value": "Other reserves \u00a3173m of other reserves arose from the cancellation of share premium account by the Company in 1993. \u00a32m arose in 2010 following redemption of two million \u00a31 deferred shares at par. \u00a33m has arisen since 2023 following the purchase and subsequent cancellation of shares (2023 \u2013 \u00a31m). The remaining \u00a34m comprises a \u00a35m unrealised gain on investments held at fair value through other comprehensive income, net of \u00a31m deferred tax (2023 \u2013 \u00a33m, \u00a34m and \u00a31m, respectively). Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment in foreign subsidiaries. Hedging reserve The hedging reserve comprises all changes in the value of derivatives to the extent that they are effective cash flow hedges, net of amounts recycled from the hedging reserve on occurrence of the hedged transaction or when the hedged transaction is no longer expected to occur.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-757": { "value": "23. Acquisitions and disposals Acquisitions 2024 In the first half, the Grocery division acquired Capsicana, a provider of Latin American products including tortillas, pastes, kits and seasoning mixes. Also in the first half, the Ingredients division acquired the remaining 50% stake of its existing joint venture Roal, making it a wholly owned subsidiary. The acquisition gave rise to negative goodwill of \u00a37m which was released to the income statement through profit on disposal of business. In the second half, the Ingredients division acquired Mapo, an Italian manufacturer of premium frozen baked goods, to support AB Mauri\u2019s Scrocchiarella product range, Omega Yeast Labs, a leading provider of liquid yeast to the craft brewing industry in the US, for \u00a336m, and Romix, a specialist blender of baking ingredients in the UK. Also in the second half, the Grocery division acquired The Artisanal Group, a leading manufacturer and wholesaler of high-quality baked goods in Australia, for \u00a335m.
Recognised values on acquisition
TAG (The
Pre-acquisition Artisanal
carrying values
Group)
Omega Yeast
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net assets
Intangible assets
1
15
8
14
37
Property, plant and equipment and right-of-use assets
73
8
11
63
82
Working capital
6
(1)
\u2013
9
8
Cash
7
2
1
4
7
Loans
(25)
(25)
\u2013
\u2013
(25)
Capital payable
(39)
\u2013
\u2013
(39)
(39)
Lease liabilities
\u2013
\u2013
(8)
\u2013
(8)
Provisions
\u2013
\u2013
\u2013
(1)
(1)
Taxation
(4)
(5)
\u2013
(1)
(6)
Net identifiable assets and liabilities
19
(6)
12
49
55
Goodwill
41
24
12
77
Negative goodwill released to the income statement
\u2013
\u2013
(7)
(7)
Total consideration
35
36
54
125
Recognised
values on
acquisition
\u00a3m
Satisfied by
Cash consideration
96
Consideration already paid
5
Net assets already owned
15
Deferred consideration
9
125
Net cash
Cash consideration
96
Cash and cash equivalents acquired
(7)
89
Pre-acquisition carrying amounts were the same as recognised values on acquisition apart from \u00a336m of non-operating intangibles in respect of brands, technology and customer relationships, and \u00a39m of property, plant and equipment, together with a \u00a3(2)m related deferred tax liability, an inventory uplift of \u00a32m, lease liabilities of \u00a3(8)m, \u00a3(1)m of provisions and goodwill of \u00a377m. Cash flow on acquisition of subsidiaries, joint ventures and associates of \u00a393m comprised \u00a389m cash consideration and \u00a34m deferred consideration paid in respect of previous acquisitions. 2023 In the first half, the Agriculture division acquired Kite Consulting, Advance Sourcing and Progres. Kite Consulting is a specialist dairy consultant and Advance Sourcing provides specialist products to create value by improving herd performance and supports dairy farmers to improve herd efficiency and resilience. Progres in Finland uses a patented additive to support gut health. Also in the first half, the Ingredients division acquired Vital Solutions in Germany, which specialises in natural science-based ingredients for application in dietary supplements and functional foods. In the second half, the Agriculture division acquired IFCN, a dairy research and consulting company and National Milk Records plc (NMR) for \u00a348m. NMR is the leading agri-tech supplier of management information and testing services to the UK dairy supply chain. 2024 The Sugar division sold its remaining assets in north China for \u00a324m net of restructuring costs. Profit on sale was \u00a312m compared to assets of \u00a312m. The Sugar division also disposed of a 30% associate interest in South Africa which enabled the release of a \u00a35m non-cash provision taken in the prior year and charged \u00a32m for the closure of a small joint venture in South Africa. On completion of the buyout of the Roal joint venture in Finland, the Ingredients division released \u00a37m negative goodwill arising. The Ingredients division also released \u00a34m of surplus provisions relating to closed factories in China. 2023 The Ingredients division sold property, plant and equipment in China to its local joint venture partner for a profit of \u00a33m. The Sugar division booked a \u00a36m non-cash provision for a financial guarantee when its 30% associate in South Africa went into business rescue.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-758": { "value": "24. Share-based payments The annual charge in the income statement for equity-settled share-based payments schemes was \u00a331m (2023 \u2013 \u00a318m). The Group had the following principal equity-settled share-based payment plans in operation during the period: Associated British Foods 2016 Long-term Incentive Plan (\u2018the 2016 LTIP\u2019) The 2016 LTIP was approved and adopted by the Company at the AGM held on 9 December 2016. It takes the form of conditional allocations of shares which are released if, and to the extent that, performance targets are satisfied, typically over a three-year vesting period. Associated British Foods 2016 Short-term Incentive Plan (\u2018the 2016 STIP\u2019) The 2016 STIP was approved and adopted by the Board on 2 November 2016. It takes the form of conditional allocations of shares which are released at the end of a three-year vesting period if, and to the extent that, performance targets are satisfied, over a one-year performance period. Further information regarding the operation of the above plans can be found in the Remuneration Report on pages 111 to 127. Total conditional allocations under the Group\u2019s equity-settled share-based payment plans are as follows:
Balance
outstanding at the Balance
beginning of the outstanding at the
period
Granted/awarded
Vested
Expired/lapsed
end of the period
2024
6,977,182
2,170,822
(1,202,101)
(1,422,362)
6,523,541
2023
6,090,005
3,113,056
(607,140)
(1,618,739)
6,977,182
Employee Share Ownership Plan Trust Shares subject to allocation under the Group\u2019s equity-settled share-based payment plans are held in a separate Employee Share Ownership Plan Trust funded by the Company. Voting rights attached to shares held by the Trust are exercisable by the trustee, who is entitled to consider any recommendation made by a committee of the Company. At 14 September 2024 the Trust held 4,348,890 (2023 \u2013 4,734,992) ordinary shares of the Company. The market value of these shares at the year end was \u00a395m (2023 \u2013 \u00a399m). The Trust has waived its right to dividends. Movements in the year were a release of 1,202,101 shares and the purchase of 815,999 shares (2023 \u2013 release of 607,140 shares and the purchase of 2,300,000 shares). Fair values The weighted average fair value of conditional grants made was determined by taking the market price of the shares at the time of grant and discounting for the fact that dividends are not paid during the vesting period. The weighted average fair value of the conditional shares allocated during the year was 2,196p (2023 \u2013 1,544p) and the weighted average share price was 2,362p (2023 \u2013 1,660p). The dividend yield used was 2.5% (2023 \u2013 2.5%).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-759": { "value": "
25. Analysis of net debt
New leases,
At 16 non-cash At 14
September Acquisition items and Exchange September
2023
Cash flow
and disposals transfers adjustments 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Short-term loans
(99)
50
(25)
\u2013
3
 (71)
Long-term loans
(394)
(66)
\u2013
\u2013
6
 (454)
Lease liabilities
(3,160)
348
(8)
(301)
56
 (3,065)
Total liabilities from financing activities
(3,653)
332
(33)
(301)
65
 (3,590)
Cash at bank and in hand, cash equivalents
and overdrafts
1,388
(27)
\u2013
\u2013
(126)
 1,235
Current asset Investments
\u2013
334
\u2013
\u2013
\u2013
 334
Net debt including lease liabilities
(2,265)
639
(33)
(301)
(61)
 (2,021)
New leases,
At 17 non-cash At 16
September Acquisition items and Exchange September
2022
Cash flow
and disposals transfers adjustments 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Short-term loans
(31)
13
(1)
(87)
7
(99)
Long-term loans
(480)
\u2013
(1)
87
\u2013
(394)
Lease liabilities
(3,252)
308
\u2013
(279)
63
(3,160)
Total liabilities from financing activities
(3,763)
321
(2)
(279)
70
(3,653)
Cash at bank and in hand, cash equivalents
and overdrafts
1,995
(534)
\u2013
\u2013
(73)
1,388
Current asset Investments
4
(3)
\u2013
\u2013
(1)
\u2013
Net debt including lease liabilities
(1,764)
(216)
(2)
(279)
(4)
(2,265)
Reconciliation of net debt to balance sheet 2024 2023
Note \u00a3m \u00a3m
Cash and cash equivalents
18
 1,323 1,457
Current asset investments
18
 334 \u2013
Current loans and overdrafts
19
 (159) (168)
Non-current loans
19
 (454) (394)
Net cash before lease liabilities 1,044 895
Lease liabilities
11
 (3,065) (3,160)
Net debt including lease liabilities
(2,021)
 (2,265)
Roll forward of the liabilities associated with interest paid 2024 2023
Note \u00a3m \u00a3m
Opening balance (25) (18)
Interest expense
4
 (135) (128)
Interest paid 140 118
Interest capitalised
4
 (5) \u2013
Effect of hyperinflationary economies \u2013 3
Closing balance (25) (25)
", "dimensions": { "concept": "abfplc:DisclosureOfAnalysisOfNetDebt", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-790": { "value": "a) Carrying amount and fair values of financial assets and liabilities
2024 2023
\u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Cash and cash equivalents 1,323 1,457
Current asset investments 334 \u2013
Trade and other receivables 1,505 1,568
Other non-current receivables \u2013 31
At fair value through other comprehensive income
Investments 30 32
At fair value through profit or loss
Derivative assets not designated in a cash flow hedging relationship:
\u2022 currency derivatives (excluding cross-currency swaps) 6 11
\u2022 commodity derivatives 1 \u2013
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments:
\u2022 currency derivatives (excluding cross-currency swaps) 10 40
\u2022 cross-currency swaps \u2013 24
\u2022 interest rate derivatives 1 4
\u2022 commodity derivatives 10 17
Total financial assets
3,220
 3,184
Financial liabilities
Financial liabilities at amortised cost
Trade and other payables (2,435) (2,448)
Secured loans (63) \u2013
Unsecured loans and overdrafts (fair value 2024 \u2013 \u00a3345m; 2023 \u2013 \u00a3470m) (550) (562)
Lease liabilities (fair value 2024 \u2013 \u00a33,394m; 2023 \u2013 \u00a33,178m) (3,065) (3,160)
Deferred consideration (11) (6)
At fair value through profit and loss
Derivative liabilities not designated in a cash flow hedging relationship:
\u2022 currency derivatives (excluding cross-currency swaps) (18) (6)
Designated net investment hedging relationships
Derivative liabilities designated as net investment hedging instruments:
\u2022 cross-currency swaps \u2013 (7)
Designated cash flow hedging relationships
Derivative liabilities designated and effective as cash flow hedging instruments:
\u2022 currency derivatives (excluding cross-currency swaps) (66) (4)
\u2022 commodity derivatives (13) (52)
Total financial liabilities
(6,221)
 (6,245)
Net financial liabilities
(3,001)
 (3,061)
Except where stated, carrying amount is equal to fair value.
Valuation of financial instruments carried at fair value
Financial instruments carried at fair value on the balance sheet comprise derivatives and investments. The Group classifies these
financial instruments using a fair value hierarchy that reflects the relative significance of both objective evidence and subjective
judgements on the inputs used in making the fair value measurements:
\u2022 Level 1: financial instruments are valued using observable inputs that reflect unadjusted quoted market prices in an active market for
identical instruments. An example of an item in this category is a widely traded equity instrument with a normal quoted market price.
\u2022 Level 2: financial instruments are valued using techniques based on observable inputs, either directly (i.e. market prices and rates)
or indirectly (i.e. derived from market prices and rates). An example of an item in this category is a currency derivative, where
forward exchange rates and yield curve data, which are observable in the market, are used to derive fair value.
\u2022 Level 3: financial instruments are valued using techniques involving significant unobservable inputs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-791": { "value": "
b) Derivatives
All derivatives are classified as current on the face of the balance sheet. The table below analyses the carrying amount of derivatives
and their contractual/notional amounts, together with an analysis of derivatives by the level in the fair value hierarchy into which their
fair value measurement method is categorised.
2024 2023
Contractual Contractual/
/notional notional
amounts
Level 1
Level 2
Total
amounts
Level 1
Level 2
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Currency derivatives (excluding
cross-currency swaps)
1,305
\u2013
16
16
2,402
\u2013
51
51
Cross-currency swaps
\u2013
\u2013
\u2013
\u2013
84
\u2013
24
24
Interest rate derivatives
400
\u2013
1
1
400
\u2013
4
4
Commodity derivatives
169
1
10
11
163
5
12
17
1,874
1
27
28
3,049
5
91
96
Financial liabilities
Currency derivatives (excluding
cross-currency swaps)
3,460
\u2013
(84)
(84)
626
\u2013
(10)
(10)
Cross-currency swaps
\u2013
\u2013
\u2013
\u2013
65
\u2013
(7)
(7)
Commodity derivatives
219
\u2013
(13)
(13)
275
(2)
(50)
(52)
3,679
\u2013
(97)
(97)
966
(2)
(67)
(69)
c) Cash flow hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year, and the periods in which the cash flows are expected to occur. The periods in which the cash flows are expected to impact profit or loss are materially the same.
2024 2023
Currency Currency
derivatives derivatives
(excluding Cross- Interest (excluding Cross- Interest
cross- currency rate Commodity cross- currency rate Commodity
currency) swaps derivatives
derivatives
Total
currency) swaps derivatives
derivatives
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
(28)
(2)
(2)
30
(2)
(41)
\u2013
2
(115)
(154)
Losses/(gains)
recognised in the
hedging reserve
68
\u2013
1
6
75
73
5
(5)
339
412
Amount removed from
the hedging reserve
and included in the
income statement:
\u2022 revenue
8
\u2013
\u2013
(5)
3
(6)
\u2013
\u2013
(7)
(13)
\u2022 cost of sales
\u2013
\u2013
\u2013
(28)
(28)
\u2013
\u2013
\u2013
(132)
(132)
\u2022 other financial
(income)/expense
(1)
2
\u2013
\u2013
1
\u2013
(7)
\u2013
\u2013
(7)
Amounts removed
from the hedging
reserve and included in
a non-financial asset:
\u2022 inventory
18
\u2013
\u2013
(9)
9
(52)
\u2013
\u2013
(16)
(68)
Deferred tax
(21)
\u2013
\u2013
8
(13)
(2)
\u2013
1
(39)
(40)
Closing balance
44
\u2013
(1)
2
45
(28)
(2)
(2)
30
(2)
Cash flow are
expected to occur:
\u2022 within six months
26
\u2013
\u2013
2
28
(15)
\u2013
\u2013
25
10
\u2022 between six months
and one year
18
\u2013
(1)
\u2013
17
(13)
(2)
(2)
4
(13)
\u2022 between one and
two years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
44
\u2013
(1)
2
45
(28)
(2)
(2)
30
(2)
Of the closing balance of \u00a345m, \u00a345m is attributable to equity shareholders and \u00a3nil to non-controlling interests (2023 \u2013 \u00a3(2)m, \u00a3(2)m attributable to equity shareholders and \u00a3nil to non-controlling interests). Of the net movement in the year of \u00a347m, \u00a347m is attributable to equity shareholders and \u00a3nil to non-controlling interests (2023 \u2013 \u00a3151m, \u00a3151m attributable to equity shareholders and \u00a3nil to non-controlling interests). The balance remaining in the commodity cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied is \u00a31m (2023 \u2013 \u00a33m). The balance in the cost of hedging reserve was not significant at 14 September 2024 or 16 September 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-808": { "value": "c) Cash flow hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year, and the periods in which the cash flows are expected to occur. The periods in which the cash flows are expected to impact profit or loss are materially the same.
2024 2023
Currency Currency
derivatives derivatives
(excluding Cross- Interest (excluding Cross- Interest
cross- currency rate Commodity cross- currency rate Commodity
currency) swaps derivatives
derivatives
Total
currency) swaps derivatives
derivatives
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
(28)
(2)
(2)
30
(2)
(41)
\u2013
2
(115)
(154)
Losses/(gains)
recognised in the
hedging reserve
68
\u2013
1
6
75
73
5
(5)
339
412
Amount removed from
the hedging reserve
and included in the
income statement:
\u2022 revenue
8
\u2013
\u2013
(5)
3
(6)
\u2013
\u2013
(7)
(13)
\u2022 cost of sales
\u2013
\u2013
\u2013
(28)
(28)
\u2013
\u2013
\u2013
(132)
(132)
\u2022 other financial
(income)/expense
(1)
2
\u2013
\u2013
1
\u2013
(7)
\u2013
\u2013
(7)
Amounts removed
from the hedging
reserve and included in
a non-financial asset:
\u2022 inventory
18
\u2013
\u2013
(9)
9
(52)
\u2013
\u2013
(16)
(68)
Deferred tax
(21)
\u2013
\u2013
8
(13)
(2)
\u2013
1
(39)
(40)
Closing balance
44
\u2013
(1)
2
45
(28)
(2)
(2)
30
(2)
Cash flow are
expected to occur:
\u2022 within six months
26
\u2013
\u2013
2
28
(15)
\u2013
\u2013
25
10
\u2022 between six months
and one year
18
\u2013
(1)
\u2013
17
(13)
(2)
(2)
4
(13)
\u2022 between one and
two years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
44
\u2013
(1)
2
45
(28)
(2)
(2)
30
(2)
Of the closing balance of \u00a345m, \u00a345m is attributable to equity shareholders and \u00a3nil to non-controlling interests (2023 \u2013 \u00a3(2)m, \u00a3(2)m attributable to equity shareholders and \u00a3nil to non-controlling interests). Of the net movement in the year of \u00a347m, \u00a347m is attributable to equity shareholders and \u00a3nil to non-controlling interests (2023 \u2013 \u00a3151m, \u00a3151m attributable to equity shareholders and \u00a3nil to non-controlling interests). The balance remaining in the commodity cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied is \u00a31m (2023 \u2013 \u00a33m). The balance in the cost of hedging reserve was not significant at 14 September 2024 or 16 September 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-792": { "value": "d) Financial risk identification and management The Group is exposed to the following financial risks from the use of financial instruments: \u2022 market risk; and \u2022 credit risk. The Group\u2019s financial risk management process seeks to enable the early identification, evaluation and effective management of key risks facing the business. Risk management policies and governance committees have been established and are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its policies and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group sources and sells products and manufactures goods in many locations around the world. These operations expose the Group to potentially significant price volatility in the financial and commodity markets. Risk management teams have been established to manage this exposure by entering into a range of products, including physical and financial forward contracts, futures, swaps, and, where appropriate, options. These teams work closely with Group Treasury and report regularly to executive management.
Treasury activities and commodity hedging are conducted within a clearly defined framework of Board-approved policies and
guidelines to manage the Group\u2019s financial and commodity risks. Group Treasury works closely with the Group\u2019s commercial and
procurement teams to manage commodity risks. Group Treasury policy seeks to ensure that adequate financial resources are
available at all times for the management and development of the Group\u2019s businesses, whilst effectively managing its market risk and
credit risk. The Group\u2019s risk management policy explicitly forbids the use of financial or commodity derivatives for speculative purposes.
e) Foreign currency translation
The Group presents its financial statements in sterling. As a result of its worldwide operations, the Group is exposed to foreign
currency translation risk where overseas operations have a functional currency other than sterling. Changes in foreign currency
exchange rates impact the translation into sterling of both the income statement and net assets of these foreign operations.
The Group typically finances its operations using own funds generated in the functional currency of its operations and where appropriate,
by borrowing locally in the same functional currency. This reduces net asset values reported in functional currencies other than sterling,
thereby reducing the economic exposure to fluctuations in foreign currency exchange rates on translation.
The Group also finances its operations by obtaining funding at Group level through external borrowings and, where they are not
in sterling, these borrowings may be designated as net investment hedges. This enables gains and losses arising on retranslation
of these foreign currency borrowings to be charged to other comprehensive income, providing a partial offset in equity against
the gains and losses arising on translation of the net assets of foreign operations.
The Group held cross-currency interest rate swaps to hedge its fixed rate non-sterling debt which matured during the year.
These were reported as cash flow hedges and net investment hedges. The change in fair value of the hedging instrument, to the
degree effective, is retained in other comprehensive income. Under IFRS 9, the currency basis on the cross-currency swaps is
excluded from the hedge designation and recognised in other comprehensive income \u2013 cost of hedging. The value of the currency
basis is not significant. Effectiveness was measured using the hypothetical derivative approach. The hypothetical derivative was
based on the critical terms of the debt and therefore the only ineffectiveness that might arise was in relation to credit risk. Credit risk
was monitored regularly and was not a significant factor in the hedge relationship.
The Group does not actively hedge the translation impact of foreign exchange rate movements on the income statement (other than
via the partial economic hedge arising from the servicing costs on non-sterling borrowings).
The Group designates certain of its intercompany loan arrangements as quasi-equity for the purposes of IAS 21. The effect of the
designation is that any foreign exchange volatility arising within the borrowing entity and/or the lending entity is accounted for directly
within other comprehensive income.
A net foreign exchange loss of \u00a3nil (2023 \u2013 \u00a32m) on retranslation of these loans has been taken to the translation reserve on
consolidation, all of which was attributable to equity shareholders. The Group held cross-currency swaps that were designated as
hedges of its net investments in euros, whose change in fair value of \u00a3nil charged to the translation reserve, all of which was
attributable to equity shareholders (2023 \u2013 \u00a31m debited to the translation reserve).
f) Market risk
Market risk is the risk of movements in the fair value of future cash flows of a financial instrument or forecast transaction as
underlying market prices change. The Group is exposed to changes in the market price of commodities, interest rates and foreign
exchange rates. These risks are known as \u2018transaction\u2019 (or recognised) exposures and \u2018economic\u2019 (or forecast) exposures.
(i) Commodity price risk
Commodity price risk arises from the procurement of raw materials and sale of finished goods linked to market indices, the consequent
exposure to changes in market prices.
The Group purchases a wide range of commodities in the ordinary course of business and has some sales contracts which are linked
to financial market indices. Exposure to changes in the market price of certain of these commodities including sugar raws, energy,
wheat, edible oils, soya beans, tea, lean hog, cocoa and rice is managed through the use of forward physical contracts and hedging
instruments, including futures, swaps and options primarily to convert floating prices to fixed prices. The use of such contracts to
hedge commodity exposures is governed by the Group\u2019s risk management policies and is continually monitored by Group Treasury.
Commodity derivatives also provide a way to meet customers\u2019 pricing requirements whilst achieving a price structure consistent
with the Group\u2019s overall pricing strategy.
Some of the Group\u2019s commodity forward contracts are classified as \u2018own use\u2019 contracts, since they are entered into, and continue
to be held, for the purposes of the Group\u2019s ordinary operations. In this instance the Group takes physical delivery of the commodity
concerned. Own use contracts do not require accounting entries until the commodity purchase actually crystallises. Where possible,
other commodity derivatives are accounted for as cash flow hedges (typically with a one-to-one hedge ratio), but there are some
commodity derivatives for which the strict requirements of hedge accounting cannot be satisfied. Such commodity derivatives are
used only where the business believes they provide an economic hedge of an underlying exposure. These instruments are classified
as held for trading and are marked to market through the income statement.
The majority of the Group\u2019s forward physical contracts and commodity derivatives have maturities of less than one year. The Group\u2019s sensitivities in respect of commodity derivatives for a +/- 20% movement in underlying commodity prices are \u00a319m (2023 \u2013 \u00a316m) and \u00a3(16)m (2023 \u2013 \u00a3(13)m), respectively. (ii) Interest rate risk Interest rate risk comprises two primary elements: \u2022 interest price risk results from financial instruments bearing fixed interest rates. Changes in floating interest rates therefore affect the fair value of these financial instruments; and \u2022 interest cash flow risk results from financial instruments bearing floating rates. Changes in floating interest rates affect cash flows on interest receivable or payable. The Group\u2019s policy is to manage its mix of fixed and floating rate debt, cash and investments so that a significant change in interest rates does not have a material negative impact on the Group\u2019s cash flows. At 14 September 2024, \u00a3396m (65%) (2023 \u2013 \u00a3475m and 85%) of total debt was subject to fixed rates of interest, the majority of which is the 2034 public bond. Floating rate debt comprises other bank borrowings bearing interest rates for various time periods up to 12 months, by reference to the relevant market rate for the currency and location of the borrowing. The Group\u2019s cash, cash equivalents and current asset investments are subject to floating rates of interest, fixed for periods up to 6 months by reference to the relevant market rate for the currency of the cash placing or investment. \u00a3400m of sterling interest rate swaps have been entered into so that the floating interest rate received on an equivalent balance of the Group\u2019s cash and cash equivalents is fixed for the 12-month period to September 2025. (iii) Foreign currency risk The Group conducts business worldwide and consequently in many foreign currencies. As a result, it is exposed to movements in foreign currency exchange rates which affect the Group\u2019s transaction costs. The Group also publishes its financial statements in sterling and is therefore exposed to movements in foreign exchange rates on the translation of the results and underlying net assets of its foreign operations into sterling. Translation risk is discussed in section e) on page 186. Transaction (recognised) risk Currency transaction exposure occurs where a business makes sales and purchases in a currency other than its functional currency, or where the functional currency value of the sale or purchase is linked to a currency other than its functional currency. It also arises where monetary assets and liabilities of a business are not denominated in its functional currency, and where dividends or surplus funds are remitted from overseas. The Group\u2019s policy is to match transaction exposures wherever possible, and to hedge actual exposures and firm commitments as soon as they occur by using forward foreign currency contracts. The Group uses derivatives (principally forward foreign currency contracts) to hedge its exposure to movements in exchange rates on its foreign currency trade receivables and payables. The Group does not seek formal fair value hedge accounting for such transaction hedges. Instead, such derivatives are classified as held for trading and marked to market through the income statement. This offsets the income statement impact of the retranslation of the foreign currency trade receivables and payables. Economic (forecast) risk The Group principally uses forward foreign currency contracts to hedge its exposure to movements in exchange rates on its highly probable forecast foreign currency sales and purchases. The Group does not formally define the proportion of highly probable forecast sales and purchases to hedge, but agrees an appropriate percentage on an individual basis with each business by reference to the underlying commercial model of the business, the Group\u2019s risk management policies and prevailing market conditions. The Group designates currency derivatives used to hedge its highly probable forecast transactions as cash flow hedges. Under IFRS 9, the spot component is designated in the hedging relationship and forward points and currency basis are excluded and recognised in other comprehensive income \u2013 cost of hedging. The cost of hedging value during the period and at the balance sheet date was not material. The economic relationship is based on critical terms and a one-to-one hedge ratio. To the extent that cash flow hedges are effective, gains and losses are deferred in equity until the forecast transaction occurs, at which point the gains and losses are recycled either to the income statement or to the non-financial asset acquired. The majority of the Group\u2019s currency derivatives have original maturities of less than one year. The Group\u2019s most significant currency transaction exposures are: \u2022 sourcing for Primark \u2013 costs are denominated in a number of currencies, predominantly US dollars, euros and sterling. \u2022 sugar sales in British Sugar to movements in the sterling/euro exchange rate. Elsewhere, a number of businesses make sales and purchase a variety of raw materials in foreign currencies (primarily US dollars and euros), giving rise to transaction exposures. In all other material respects, businesses tend to operate in their functional currencies. The table below illustrates the effects of hedge accounting on the consolidated balance sheet and consolidated income statement by disclosing separately by risk category, and each type of hedge, the details of the associated hedging instrument and hedged item.
2024
Change in fair Change in fair
Carrying value of hedging value of hedged
amount Furthest instrument used to item used to
Contract assets/ maturity Hedge determine hedge determine hedge
notional (liabilities) date ratio ineffectiveness effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022 currency derivatives
3,449
(56)
Sep-25
100 %
(63)
63
\u2022 commodity derivatives
343
(2)
Aug-25
100 %
(1)
1
\u2022 interest rate derivatives
400
1
Sep-25
100 %
1
(1)
Non-current
Designated cash flow hedging relationships
\u2022 currency derivatives
20
\u2013
May-27
100 %
\u2013
\u2013
\u2022 commodity derivatives
2
\u2013
Nov-25
100 %
\u2013
\u2013
2023
Change in fair value
Carrying of hedging Change in fair value
amount Furtherest instrument used to of hedged item used
Contract assets/ maturity Hedge determine hedge to determine hedge
notional (liabilities) date ratio ineffectiveness effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022 currency derivatives (excluding cross-currency
swaps)
2,024
36
Sep-24
100 %
36
(36)
\u2022 cross-currency swaps
84
24
Mar-24
100 %
6
(6)
\u2022 commodity derivatives
427
(35)
Sep-24
100 %
(35)
35
\u2022 interest rate derivatives
400
4
Sep-24
100 %
4
(4)
Designated net investment hedging relationships:
\u2022 currency derivatives (cross-currency swaps)
65
(6)
Mar-24
100 %
\u2013
\u2013
Non-current
Designated cash flow hedging relationships
\u2022 currency derivatives (cross-currency swaps)
21
\u2013
Apr-25
100 %
\u2013
\u2013
\u2022 commodity derivatives
11
\u2013
Feb-25
100 %
\u2013
\u2013
Hedging relationships are typically based on a one-to-one hedge ratio. The economic relationship between the hedged item and the hedging instrument is analysed on an ongoing basis. Sources of possible ineffectiveness include changes in forecast transactions as a result of timing or value or, in certain cases, different indices linked to the hedged item and the hedging instrument. As at 14 September 2024, \u00a33,471m of forward foreign currency contracts designated as cash flow hedges were outstanding (2023 \u2013 \u00a32,045m), largely in relation to purchases of USD (\u00a32,779m) and sales of EUR (\u00a3219m) with varying maturities up to May 2027. Weighted average hedge rates for these contracts are GBPUSD: 1.276, EURUSD: 1.098 and GBPEUR: 1.158. Weighted average hedge rates for the cross-currency swaps for 2023 were GBPUSD: 1.70 and GBPEUR: 1.26. Commodity derivatives designated as cash flow hedges related to a range of underlying hedged items, with varying maturities up to November 2025.
The analysis of the Group\u2019s foreign currency exposure to financial assets and liabilities by currency of denomination is as follows:
2024
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
1
189
63
27
280
Current asset investments
\u2013
208
\u2013
\u2013
208
Trade and other receivables
1
42
73
17
133
2
439
136
44
621
Financial liabilities
Trade and other payables
(19)
(342)
(34)
(9)
(404)
Unsecured loans and overdrafts
\u2013
\u2013
(4)
\u2013
(4)
(19)
(342)
(38)
(9)
(408)
Currency derivatives
Gross amounts receivable
81
3,403
183
259
3,926
Gross amounts payable
(2)
(156)
(351)
(330)
(839)
79
3,247
(168)
(71)
3,087
62
3,344
(70)
(36)
3,300
2023
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
\u2013
264
17
32
313
Trade and other receivables
\u2013
50
56
19
125
\u2013
314
73
51
438
Financial liabilities
Trade and other payables
(17)
(381)
(41)
(6)
(445)
Unsecured loans and overdrafts
\u2013
(81)
\u2013
1
(80)
(17)
(462)
(41)
(5)
(525)
Currency derivatives
Gross amounts receivable
67
1,890
112
466
2,535
Gross amounts payable
(3)
(161)
(299)
(179)
(642)
64
1,729
(187)
287
1,893
47
1,581
(155)
333
1,806
Average rate
Closing rate
2024 2023 2024 2023
US dollar 1.26 1.22 1.32 1.24
Euro 1.17 1.15 1.19 1.16
Sensitivity analysis \u2013 translation impact of non-functional assets and liabilities
The following sensitivity analysis illustrates the impact that a 10% strengthening of the Group\u2019s transactional currencies against
local functional currencies would have had on profit and equity. The analysis covers currency translation exposures at year end on
businesses\u2019 financial assets and liabilities that are not denominated in the functional currencies of those businesses. A similar but
opposite impact would be felt on both profit and equity if the Group\u2019s main operating currencies weakened against local functional
currencies by a similar amount.
The exposure to foreign exchange gains and losses on translating the financial statements of subsidiaries into sterling is not included
in this sensitivity analysis, as there is no impact on the income statement, and the gains and losses are recorded directly in the translation
reserve in equity (see below for a separate sensitivity). This sensitivity is presented before taxation and non-controlling interests.
2024
2024
2023
2023
impact on impact on
profit for the impact on profit for the impact on total
period total equity period equity
10% strengthening of non-functional currencies
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling
1
7
1
6
US dollar
29
333
21
164
Euro
22
8
(2)
(19)
Other
23
31
29
32
Sensitivity analysis \u2013 translation of foreign operations profit before tax A second sensitivity analysis calculates the impact on the Group\u2019s profit before tax if the average rates used to translate the results of the Group\u2019s foreign operations into sterling were adjusted to show a 10% strengthening of sterling. A similar but opposite impact would be felt on profit before tax if sterling weakened against the other currencies by a similar amount.
2024 2023
impact on impact on
profit for the profit for the
period period
10% strengthening of sterling against \u00a3m \u00a3m
US dollar (26) (24)
Euro (38) (22)
Other (39) (27)
g) Credit risk Credit risk is the risk that counterparties to financial transactions can not perform according to the terms of the contract. The Group\u2019s businesses are principally exposed to counterparty credit risk when dealing with their customers, suppliers, and from financial institutions. The immediate credit exposure of financial derivatives is represented by those financial derivatives that have a net positive fair value by counterparty at 14 September 2024. The Group considers its maximum exposure to credit risk to be:
2024
2023
Note
\u00a3m
\u00a3m
Cash and cash equivalents
18
 1,323 1,457
Current asset investments
18
 334 \u2013
Trade and other receivables
15
 1,505 1,568
Other non-current receivables
15
 \u2013 31
Investments
15
 30 32
Derivative assets at fair value through profit and loss 6 11
Derivative assets in designated cash flow hedging relationships 21 78
3,219 3,177
The Group uses changes in credit ratings and other metrics to identify significant changes to the financial profile of its counterparties. Counterparty risk profile and management The table below analyses the Group\u2019s current asset investments, cash equivalents and derivative assets by credit exposure:
2024
Derivatives
Cross-
Current asset Cash Currency currency Interest rate
investments equivalents derivatives swaps
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
90
\u2013
\u2013
\u2013
\u2013
90
AA
30
\u2013
\u2013
\u2013
\u2013
\u2013
30
A
304
641
3
\u2013
1
6
955
BBB
\u2013
5
3
\u2013
\u2013
\u2013
8
BB
\u2013
14
\u2013
\u2013
\u2013
\u2013
14
Not rated
\u2013
22
\u2013
\u2013
\u2013
\u2013
22
Total
334
772
6
\u2013
1
6
1,119
2023
Derivatives
Current asset Cash Currency Cross-currency Interest rate
investments equivalents derivatives swaps
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2013
50
2
\u2013
\u2013
\u2013
52
A
\u2013
874
39
17
4
1
935
Not rated
\u2013
52
\u2013
\u2013
\u2013
7
59
Total
\u2013
976
41
17
4
8
1,046
Cash of \u00a3551m (2023 \u2013 \u00a3481m) has been excluded from this analysis as the balances are available on demand. The significant majority of cash balances and short-term deposits are held with strong investment-grade banks or financial institutions. Trade and other receivables Significant concentrations of credit risk are very limited as a result of the Group\u2019s large and diverse customer base. The Group has an established credit policy applied by each business under which the credit status of each new customer is reviewed before credit is advanced. This includes external credit evaluations where possible and in some cases bank references. Credit limits are established for all significant or high-risk customers, which represent the maximum amount permitted to be outstanding without requiring additional approval from the appropriate level of management. Outstanding debts are continually monitored by each business. Credit limits are reviewed on a regular basis, and at least annually. Customers that fail to meet the Group\u2019s benchmark creditworthiness may only transact on a prepayment basis. Aggregate exposures are monitored at Group level. Many customers have been transacting with the Group for many years and the incidence of bad debts has been low. Where appropriate, goods are sold subject to retention of title so that, in the event of non-payment, the Group may have a secured claim. The Group does not typically require collateral in respect of trade and other receivables. The Group provides for impairment of financial assets including trade and other receivables based on known events, and makes a collective provision for losses yet to be identified, based on historical data. The majority of the provision comprises specific amounts. To measure expected credit losses, gross trade receivables are assessed regularly by each business locally with reference to considerations such as the current status of the relationship with the customer, the geographical location of each customer, and days past due (where applicable). Expected losses are determined based on the historical experience of write-offs compared to the level of trade receivables. These historical loss expectations are adjusted for current and forward-looking information where it is identified to be significant. The Group considers factors such as national economic outlooks and bankruptcy rates of the countries in which its goods are sold to be the most relevant factors. Where the impact of these is assessed as significant, the historical loss expectations are amended accordingly. The Group considers credit risk to have significantly increased for debts aged 180 days or over and expects these debts to be provided for in full. Where the Group holds insurance or has a legal right of offset with debtors who are also creditors, the loss expectation is applied only to the extent of the uninsured or net exposure. Trade receivables are written off when there is no reasonable expectation of recovery, indicators of which may include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region of origin was:
2024
2023
\u00a3m
\u00a3m
UK 547 584
Europe & Africa 389 398
The Americas 214 216
Asia Pacific 355 370
1,505 1,568
Trade receivables can be analysed as follows:
2024
2023
\u00a3m
\u00a3m
Not overdue 1,095 1,157
Up to one month past due 141 121
Between one and two months past due 19 29
Between two and three months past due 11 10
More than three months past due 32 30
Expected loss provision (27) (28)
1,271 1,319
Trade receivables are stated net of the following expected loss provision:
2024
2023
\u00a3m
\u00a3m
Opening balance 28 27
Increase charged to the income statement 7 7
Amounts released (3) (2)
Amounts written off (4) (2)
Effect of movements in foreign exchange (1) (2)
Closing balance 27 28
No trade receivables were written off directly to the income statement in either year. The geographical and business line complexity of the Group, combined with the fact that expected credit loss assessments are all performed locally, means that it is not practicable to present further analysis of expected credit losses. In relation to other receivables not forming part of trade receivables, a similar approach has been taken to assess expected credit losses. No significant expected credit loss has been identified. The directors consider that the carrying amount of trade and other receivables approximates fair value. Cash and cash equivalents Policies including choice of bank, opening of bank accounts and repatriation of funds must be agreed with Group Treasury. The Group has not recorded impairments against cash or cash equivalents, nor have any recoverability issues been identified with such balances. h) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations as they fall due. Group Treasury is responsible for monitoring and managing group liquidity and ensures that the Group always has access to sufficient cash balances and headroom on committed credit facilities to meet unforeseen circumstances. The Group also has access to uncommitted credit facilities which provide short-term funding flexibility. Liquidity availability headroom is monitored via the use of detailed cash flow forecasts prepared by each business, which are reviewed at least quarterly, or more often, as required. Actual results are compared to budget and forecast each period, and variances investigated and explained. Particular focus is given to management of working capital. The Board\u2019s treasury policies are in place to maintain a strong capital base and manage the Group\u2019s balance sheet to ensure long-term financial stability. This includes maintaining access to significant total liquidity comprised of both cash and undrawn committed credit facilities. These policies are the basis for investor, creditor and market confidence and enable the successful development of the business. Details of the Group\u2019s borrowing facilities are given in section i) on page 194. The following table analyses the contractual undiscounted cash flows relating to financial liabilities at the balance sheet date and compares them to carrying amounts:
2024
Due Due Due
between 6 between 1 between 2
Due within months and 2 and 5 Due after 5 Contracted Carrying
6 months and 1 year years years years amount amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
20
(2,356)
(80)
\u2013
\u2013
\u2013
(2,436)
(2,435)
Secured loans
19
(3)
(1)
(17)
(47)
(19)
(87)
(63)
Unsecured loans and overdrafts
19
(147)
(9)
(22)
(31)
(450)
(659)
(550)
Lease liabilities
11
(225)
(232)
(443)
(1,201)
(2,153)
(4,254)
(3,065)
Deferred consideration
21
(1)
(5)
(5)
\u2013
\u2013
(11)
(11)
Derivative financial liabilities
\u2022 Currency derivatives (net payments)
(47)
(28)
\u2013
\u2013
\u2013
(75)
(84)
\u2022 Commodity derivatives (net payments)
(11)
\u2013
\u2013
\u2013
\u2013
(11)
(13)
Total financial liabilities
(2,790)
(355)
(487)
(1,279)
(2,622)
(7,533)
(6,221)
2023
Due
between 6 Due Due
Due within months between 1 between 2 Due after 5 Contracted Carrying
6 months and 1 year and 2 years and 5 years years amount amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
20
(2,380)
(68)
\u2013
\u2013
\u2013
(2,448)
(2,448)
Unsecured loans and overdrafts
19
(80)
(101)
(13)
(30)
(460)
(684)
(562)
Lease liabilities
11
(197)
(210)
(406)
(1,057)
(2,074)
(3,944)
(3,160)
Deferred consideration
21
(2)
(1)
(3)
\u2013
\u2013
(6)
(6)
Derivative financial liabilities
\u2022 Currency derivatives (excluding cross-
currency swaps) (net payments)
(4)
\u2013
\u2013
(3)
\u2013
(7)
(10)
\u2022 Commodity derivatives (net payments)
(46)
(5)
(1)
\u2013
\u2013
(52)
(52)
Total financial liabilities
(2,709)
(385)
(423)
(1,090)
(2,534)
(7,141)
(6,238)
The above tables do not include forecast data for liabilities which may be incurred in the future but which were not contracted at 14 September 2024. The principal reasons for differences between carrying values and contractual undiscounted cash flows are coupon payments on the fixed rate debt to which the Group is already committed, future interest payments on the Group\u2019s lease liabilities, and cash flows on derivative financial instruments which are not aligned with their fair value.
i) Borrowing facilities
The Group has substantial borrowing facilities available to it totalling \u00a32,009m (2023 \u2013 \u00a32,002m). The undrawn committed facilities
at 14 September 2024 amounted to \u00a31,532m (2023 \u2013 \u00a31,516m). Uncommitted facilities at 14 September 2024 totalled \u00a3343m
(2023 \u2013 \u00a3363m) of which \u00a3207m (2023 \u2013 \u00a3287m) was undrawn.
In addition to the above facilities there are also \u00a3210m (2023 \u2013 \u00a3149m) of undrawn and available credit lines for the purposes
of issuing letters of credit and guarantees in the normal course of business.
The Group has issued a public bond of \u00a3400m due in 2034. Included are deferred financing costs totalling \u00a39m which have been
capitalised against the bond and are to be amortised over its term.
Uncommitted bank borrowing facilities are normally reaffirmed by the banks annually, although they can be withdrawn at any time.
Refer to note 9 for details of the Group\u2019s capital commitments and to note 27 for a summary of the Group\u2019s guarantees.
An assessment of the Group\u2019s current liquidity position is given in the Financial Review on page 47.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-809": { "value": "f) Market risk Market risk is the risk of movements in the fair value of future cash flows of a financial instrument or forecast transaction as underlying market prices change. The Group is exposed to changes in the market price of commodities, interest rates and foreign exchange rates. These risks are known as \u2018transaction\u2019 (or recognised) exposures and \u2018economic\u2019 (or forecast) exposures. (i) Commodity price risk Commodity price risk arises from the procurement of raw materials and sale of finished goods linked to market indices, the consequent exposure to changes in market prices. The Group purchases a wide range of commodities in the ordinary course of business and has some sales contracts which are linked to financial market indices. Exposure to changes in the market price of certain of these commodities including sugar raws, energy, wheat, edible oils, soya beans, tea, lean hog, cocoa and rice is managed through the use of forward physical contracts and hedging instruments, including futures, swaps and options primarily to convert floating prices to fixed prices. The use of such contracts to hedge commodity exposures is governed by the Group\u2019s risk management policies and is continually monitored by Group Treasury. Commodity derivatives also provide a way to meet customers\u2019 pricing requirements whilst achieving a price structure consistent with the Group\u2019s overall pricing strategy. Some of the Group\u2019s commodity forward contracts are classified as \u2018own use\u2019 contracts, since they are entered into, and continue to be held, for the purposes of the Group\u2019s ordinary operations. In this instance the Group takes physical delivery of the commodity concerned. Own use contracts do not require accounting entries until the commodity purchase actually crystallises. Where possible, other commodity derivatives are accounted for as cash flow hedges (typically with a one-to-one hedge ratio), but there are some commodity derivatives for which the strict requirements of hedge accounting cannot be satisfied. Such commodity derivatives are used only where the business believes they provide an economic hedge of an underlying exposure. These instruments are classified as held for trading and are marked to market through the income statement. The majority of the Group\u2019s forward physical contracts and commodity derivatives have maturities of less than one year. The Group\u2019s sensitivities in respect of commodity derivatives for a +/- 20% movement in underlying commodity prices are \u00a319m (2023 \u2013 \u00a316m) and \u00a3(16)m (2023 \u2013 \u00a3(13)m), respectively. (ii) Interest rate risk Interest rate risk comprises two primary elements: \u2022 interest price risk results from financial instruments bearing fixed interest rates. Changes in floating interest rates therefore affect the fair value of these financial instruments; and \u2022 interest cash flow risk results from financial instruments bearing floating rates. Changes in floating interest rates affect cash flows on interest receivable or payable. The Group\u2019s policy is to manage its mix of fixed and floating rate debt, cash and investments so that a significant change in interest rates does not have a material negative impact on the Group\u2019s cash flows. At 14 September 2024, \u00a3396m (65%) (2023 \u2013 \u00a3475m and 85%) of total debt was subject to fixed rates of interest, the majority of which is the 2034 public bond. Floating rate debt comprises other bank borrowings bearing interest rates for various time periods up to 12 months, by reference to the relevant market rate for the currency and location of the borrowing. The Group\u2019s cash, cash equivalents and current asset investments are subject to floating rates of interest, fixed for periods up to 6 months by reference to the relevant market rate for the currency of the cash placing or investment. \u00a3400m of sterling interest rate swaps have been entered into so that the floating interest rate received on an equivalent balance of the Group\u2019s cash and cash equivalents is fixed for the 12-month period to September 2025. (iii) Foreign currency risk The Group conducts business worldwide and consequently in many foreign currencies. As a result, it is exposed to movements in foreign currency exchange rates which affect the Group\u2019s transaction costs. The Group also publishes its financial statements in sterling and is therefore exposed to movements in foreign exchange rates on the translation of the results and underlying net assets of its foreign operations into sterling. Translation risk is discussed in section e) on page 186. Transaction (recognised) risk Currency transaction exposure occurs where a business makes sales and purchases in a currency other than its functional currency, or where the functional currency value of the sale or purchase is linked to a currency other than its functional currency. It also arises where monetary assets and liabilities of a business are not denominated in its functional currency, and where dividends or surplus funds are remitted from overseas. The Group\u2019s policy is to match transaction exposures wherever possible, and to hedge actual exposures and firm commitments as soon as they occur by using forward foreign currency contracts. The Group uses derivatives (principally forward foreign currency contracts) to hedge its exposure to movements in exchange rates on its foreign currency trade receivables and payables. The Group does not seek formal fair value hedge accounting for such transaction hedges. Instead, such derivatives are classified as held for trading and marked to market through the income statement. This offsets the income statement impact of the retranslation of the foreign currency trade receivables and payables. Economic (forecast) risk The Group principally uses forward foreign currency contracts to hedge its exposure to movements in exchange rates on its highly probable forecast foreign currency sales and purchases. The Group does not formally define the proportion of highly probable forecast sales and purchases to hedge, but agrees an appropriate percentage on an individual basis with each business by reference to the underlying commercial model of the business, the Group\u2019s risk management policies and prevailing market conditions. The Group designates currency derivatives used to hedge its highly probable forecast transactions as cash flow hedges. Under IFRS 9, the spot component is designated in the hedging relationship and forward points and currency basis are excluded and recognised in other comprehensive income \u2013 cost of hedging. The cost of hedging value during the period and at the balance sheet date was not material. The economic relationship is based on critical terms and a one-to-one hedge ratio. To the extent that cash flow hedges are effective, gains and losses are deferred in equity until the forecast transaction occurs, at which point the gains and losses are recycled either to the income statement or to the non-financial asset acquired. The majority of the Group\u2019s currency derivatives have original maturities of less than one year. The Group\u2019s most significant currency transaction exposures are: \u2022 sourcing for Primark \u2013 costs are denominated in a number of currencies, predominantly US dollars, euros and sterling. \u2022 sugar sales in British Sugar to movements in the sterling/euro exchange rate. Elsewhere, a number of businesses make sales and purchase a variety of raw materials in foreign currencies (primarily US dollars and euros), giving rise to transaction exposures. In all other material respects, businesses tend to operate in their functional currencies. The table below illustrates the effects of hedge accounting on the consolidated balance sheet and consolidated income statement by disclosing separately by risk category, and each type of hedge, the details of the associated hedging instrument and hedged item.
2024
Change in fair Change in fair
Carrying value of hedging value of hedged
amount Furthest instrument used to item used to
Contract assets/ maturity Hedge determine hedge determine hedge
notional (liabilities) date ratio ineffectiveness effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022 currency derivatives
3,449
(56)
Sep-25
100 %
(63)
63
\u2022 commodity derivatives
343
(2)
Aug-25
100 %
(1)
1
\u2022 interest rate derivatives
400
1
Sep-25
100 %
1
(1)
Non-current
Designated cash flow hedging relationships
\u2022 currency derivatives
20
\u2013
May-27
100 %
\u2013
\u2013
\u2022 commodity derivatives
2
\u2013
Nov-25
100 %
\u2013
\u2013
2023
Change in fair value
Carrying of hedging Change in fair value
amount Furtherest instrument used to of hedged item used
Contract assets/ maturity Hedge determine hedge to determine hedge
notional (liabilities) date ratio ineffectiveness effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022 currency derivatives (excluding cross-currency
swaps)
2,024
36
Sep-24
100 %
36
(36)
\u2022 cross-currency swaps
84
24
Mar-24
100 %
6
(6)
\u2022 commodity derivatives
427
(35)
Sep-24
100 %
(35)
35
\u2022 interest rate derivatives
400
4
Sep-24
100 %
4
(4)
Designated net investment hedging relationships:
\u2022 currency derivatives (cross-currency swaps)
65
(6)
Mar-24
100 %
\u2013
\u2013
Non-current
Designated cash flow hedging relationships
\u2022 currency derivatives (cross-currency swaps)
21
\u2013
Apr-25
100 %
\u2013
\u2013
\u2022 commodity derivatives
11
\u2013
Feb-25
100 %
\u2013
\u2013
Hedging relationships are typically based on a one-to-one hedge ratio. The economic relationship between the hedged item and the hedging instrument is analysed on an ongoing basis. Sources of possible ineffectiveness include changes in forecast transactions as a result of timing or value or, in certain cases, different indices linked to the hedged item and the hedging instrument. As at 14 September 2024, \u00a33,471m of forward foreign currency contracts designated as cash flow hedges were outstanding (2023 \u2013 \u00a32,045m), largely in relation to purchases of USD (\u00a32,779m) and sales of EUR (\u00a3219m) with varying maturities up to May 2027. Weighted average hedge rates for these contracts are GBPUSD: 1.276, EURUSD: 1.098 and GBPEUR: 1.158. Weighted average hedge rates for the cross-currency swaps for 2023 were GBPUSD: 1.70 and GBPEUR: 1.26. Commodity derivatives designated as cash flow hedges related to a range of underlying hedged items, with varying maturities up to November 2025. The analysis of the Group\u2019s foreign currency exposure to financial assets and liabilities by currency of denomination is as follows:
2024
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
1
189
63
27
280
Current asset investments
\u2013
208
\u2013
\u2013
208
Trade and other receivables
1
42
73
17
133
2
439
136
44
621
Financial liabilities
Trade and other payables
(19)
(342)
(34)
(9)
(404)
Unsecured loans and overdrafts
\u2013
\u2013
(4)
\u2013
(4)
(19)
(342)
(38)
(9)
(408)
Currency derivatives
Gross amounts receivable
81
3,403
183
259
3,926
Gross amounts payable
(2)
(156)
(351)
(330)
(839)
79
3,247
(168)
(71)
3,087
62
3,344
(70)
(36)
3,300
2023
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
\u2013
264
17
32
313
Trade and other receivables
\u2013
50
56
19
125
\u2013
314
73
51
438
Financial liabilities
Trade and other payables
(17)
(381)
(41)
(6)
(445)
Unsecured loans and overdrafts
\u2013
(81)
\u2013
1
(80)
(17)
(462)
(41)
(5)
(525)
Currency derivatives
Gross amounts receivable
67
1,890
112
466
2,535
Gross amounts payable
(3)
(161)
(299)
(179)
(642)
64
1,729
(187)
287
1,893
47
1,581
(155)
333
1,806
Average rate
Closing rate
2024 2023 2024 2023
US dollar 1.26 1.22 1.32 1.24
Euro 1.17 1.15 1.19 1.16
Sensitivity analysis \u2013 translation impact of non-functional assets and liabilities The following sensitivity analysis illustrates the impact that a 10% strengthening of the Group\u2019s transactional currencies against local functional currencies would have had on profit and equity. The analysis covers currency translation exposures at year end on businesses\u2019 financial assets and liabilities that are not denominated in the functional currencies of those businesses. A similar but opposite impact would be felt on both profit and equity if the Group\u2019s main operating currencies weakened against local functional currencies by a similar amount. The exposure to foreign exchange gains and losses on translating the financial statements of subsidiaries into sterling is not included in this sensitivity analysis, as there is no impact on the income statement, and the gains and losses are recorded directly in the translation reserve in equity (see below for a separate sensitivity). This sensitivity is presented before taxation and non-controlling interests.
2024
2024
2023
2023
impact on impact on
profit for the impact on profit for the impact on total
period total equity period equity
10% strengthening of non-functional currencies
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling
1
7
1
6
US dollar
29
333
21
164
Euro
22
8
(2)
(19)
Other
23
31
29
32
Sensitivity analysis \u2013 translation of foreign operations profit before tax A second sensitivity analysis calculates the impact on the Group\u2019s profit before tax if the average rates used to translate the results of the Group\u2019s foreign operations into sterling were adjusted to show a 10% strengthening of sterling. A similar but opposite impact would be felt on profit before tax if sterling weakened against the other currencies by a similar amount.
2024 2023
impact on impact on
profit for the profit for the
period period
10% strengthening of sterling against \u00a3m \u00a3m
US dollar (26) (24)
Euro (38) (22)
Other (39) (27)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-810": { "value": "g) Credit risk Credit risk is the risk that counterparties to financial transactions can not perform according to the terms of the contract. The Group\u2019s businesses are principally exposed to counterparty credit risk when dealing with their customers, suppliers, and from financial institutions. The immediate credit exposure of financial derivatives is represented by those financial derivatives that have a net positive fair value by counterparty at 14 September 2024. The Group considers its maximum exposure to credit risk to be:
2024
2023
Note
\u00a3m
\u00a3m
Cash and cash equivalents
18
 1,323 1,457
Current asset investments
18
 334 \u2013
Trade and other receivables
15
 1,505 1,568
Other non-current receivables
15
 \u2013 31
Investments
15
 30 32
Derivative assets at fair value through profit and loss 6 11
Derivative assets in designated cash flow hedging relationships 21 78
3,219 3,177
The Group uses changes in credit ratings and other metrics to identify significant changes to the financial profile of its counterparties. Counterparty risk profile and management The table below analyses the Group\u2019s current asset investments, cash equivalents and derivative assets by credit exposure:
2024
Derivatives
Cross-
Current asset Cash Currency currency Interest rate
investments equivalents derivatives swaps
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
90
\u2013
\u2013
\u2013
\u2013
90
AA
30
\u2013
\u2013
\u2013
\u2013
\u2013
30
A
304
641
3
\u2013
1
6
955
BBB
\u2013
5
3
\u2013
\u2013
\u2013
8
BB
\u2013
14
\u2013
\u2013
\u2013
\u2013
14
Not rated
\u2013
22
\u2013
\u2013
\u2013
\u2013
22
Total
334
772
6
\u2013
1
6
1,119
2023
Derivatives
Current asset Cash Currency Cross-currency Interest rate
investments equivalents derivatives swaps
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2013
50
2
\u2013
\u2013
\u2013
52
A
\u2013
874
39
17
4
1
935
Not rated
\u2013
52
\u2013
\u2013
\u2013
7
59
Total
\u2013
976
41
17
4
8
1,046
Cash of \u00a3551m (2023 \u2013 \u00a3481m) has been excluded from this analysis as the balances are available on demand. The significant majority of cash balances and short-term deposits are held with strong investment-grade banks or financial institutions. Trade and other receivables Significant concentrations of credit risk are very limited as a result of the Group\u2019s large and diverse customer base. The Group has an established credit policy applied by each business under which the credit status of each new customer is reviewed before credit is advanced. This includes external credit evaluations where possible and in some cases bank references. Credit limits are established for all significant or high-risk customers, which represent the maximum amount permitted to be outstanding without requiring additional approval from the appropriate level of management. Outstanding debts are continually monitored by each business. Credit limits are reviewed on a regular basis, and at least annually. Customers that fail to meet the Group\u2019s benchmark creditworthiness may only transact on a prepayment basis. Aggregate exposures are monitored at Group level. Many customers have been transacting with the Group for many years and the incidence of bad debts has been low. Where appropriate, goods are sold subject to retention of title so that, in the event of non-payment, the Group may have a secured claim. The Group does not typically require collateral in respect of trade and other receivables. The Group provides for impairment of financial assets including trade and other receivables based on known events, and makes a collective provision for losses yet to be identified, based on historical data. The majority of the provision comprises specific amounts. To measure expected credit losses, gross trade receivables are assessed regularly by each business locally with reference to considerations such as the current status of the relationship with the customer, the geographical location of each customer, and days past due (where applicable). Expected losses are determined based on the historical experience of write-offs compared to the level of trade receivables. These historical loss expectations are adjusted for current and forward-looking information where it is identified to be significant. The Group considers factors such as national economic outlooks and bankruptcy rates of the countries in which its goods are sold to be the most relevant factors. Where the impact of these is assessed as significant, the historical loss expectations are amended accordingly. The Group considers credit risk to have significantly increased for debts aged 180 days or over and expects these debts to be provided for in full. Where the Group holds insurance or has a legal right of offset with debtors who are also creditors, the loss expectation is applied only to the extent of the uninsured or net exposure. Trade receivables are written off when there is no reasonable expectation of recovery, indicators of which may include the failure of the debtor to engage in a payment plan, and failure to make contractual payments within 180 days past due. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region of origin was:
2024
2023
\u00a3m
\u00a3m
UK 547 584
Europe & Africa 389 398
The Americas 214 216
Asia Pacific 355 370
1,505 1,568
Trade receivables can be analysed as follows:
2024
2023
\u00a3m
\u00a3m
Not overdue 1,095 1,157
Up to one month past due 141 121
Between one and two months past due 19 29
Between two and three months past due 11 10
More than three months past due 32 30
Expected loss provision (27) (28)
1,271 1,319
Trade receivables are stated net of the following expected loss provision:
2024
2023
\u00a3m
\u00a3m
Opening balance 28 27
Increase charged to the income statement 7 7
Amounts released (3) (2)
Amounts written off (4) (2)
Effect of movements in foreign exchange (1) (2)
Closing balance 27 28
No trade receivables were written off directly to the income statement in either year. The geographical and business line complexity of the Group, combined with the fact that expected credit loss assessments are all performed locally, means that it is not practicable to present further analysis of expected credit losses. In relation to other receivables not forming part of trade receivables, a similar approach has been taken to assess expected credit losses. No significant expected credit loss has been identified. The directors consider that the carrying amount of trade and other receivables approximates fair value. Cash and cash equivalents Policies including choice of bank, opening of bank accounts and repatriation of funds must be agreed with Group Treasury. The Group has not recorded impairments against cash or cash equivalents, nor have any recoverability issues been identified with such balances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-811": { "value": "h) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations as they fall due. Group Treasury is responsible for monitoring and managing group liquidity and ensures that the Group always has access to sufficient cash balances and headroom on committed credit facilities to meet unforeseen circumstances. The Group also has access to uncommitted credit facilities which provide short-term funding flexibility. Liquidity availability headroom is monitored via the use of detailed cash flow forecasts prepared by each business, which are reviewed at least quarterly, or more often, as required. Actual results are compared to budget and forecast each period, and variances investigated and explained. Particular focus is given to management of working capital. The Board\u2019s treasury policies are in place to maintain a strong capital base and manage the Group\u2019s balance sheet to ensure long-term financial stability. This includes maintaining access to significant total liquidity comprised of both cash and undrawn committed credit facilities. These policies are the basis for investor, creditor and market confidence and enable the successful development of the business. Details of the Group\u2019s borrowing facilities are given in section i) on page 194. The following table analyses the contractual undiscounted cash flows relating to financial liabilities at the balance sheet date and compares them to carrying amounts:
2024
Due Due Due
between 6 between 1 between 2
Due within months and 2 and 5 Due after 5 Contracted Carrying
6 months and 1 year years years years amount amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
20
(2,356)
(80)
\u2013
\u2013
\u2013
(2,436)
(2,435)
Secured loans
19
(3)
(1)
(17)
(47)
(19)
(87)
(63)
Unsecured loans and overdrafts
19
(147)
(9)
(22)
(31)
(450)
(659)
(550)
Lease liabilities
11
(225)
(232)
(443)
(1,201)
(2,153)
(4,254)
(3,065)
Deferred consideration
21
(1)
(5)
(5)
\u2013
\u2013
(11)
(11)
Derivative financial liabilities
\u2022 Currency derivatives (net payments)
(47)
(28)
\u2013
\u2013
\u2013
(75)
(84)
\u2022 Commodity derivatives (net payments)
(11)
\u2013
\u2013
\u2013
\u2013
(11)
(13)
Total financial liabilities
(2,790)
(355)
(487)
(1,279)
(2,622)
(7,533)
(6,221)
2023
Due
between 6 Due Due
Due within months between 1 between 2 Due after 5 Contracted Carrying
6 months and 1 year and 2 years and 5 years years amount amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
20
(2,380)
(68)
\u2013
\u2013
\u2013
(2,448)
(2,448)
Unsecured loans and overdrafts
19
(80)
(101)
(13)
(30)
(460)
(684)
(562)
Lease liabilities
11
(197)
(210)
(406)
(1,057)
(2,074)
(3,944)
(3,160)
Deferred consideration
21
(2)
(1)
(3)
\u2013
\u2013
(6)
(6)
Derivative financial liabilities
\u2022 Currency derivatives (excluding cross-
currency swaps) (net payments)
(4)
\u2013
\u2013
(3)
\u2013
(7)
(10)
\u2022 Commodity derivatives (net payments)
(46)
(5)
(1)
\u2013
\u2013
(52)
(52)
Total financial liabilities
(2,709)
(385)
(423)
(1,090)
(2,534)
(7,141)
(6,238)
The above tables do not include forecast data for liabilities which may be incurred in the future but which were not contracted at 14 September 2024. The principal reasons for differences between carrying values and contractual undiscounted cash flows are coupon payments on the fixed rate debt to which the Group is already committed, future interest payments on the Group\u2019s lease liabilities, and cash flows on derivative financial instruments which are not aligned with their fair value. i) Borrowing facilities The Group has substantial borrowing facilities available to it totalling \u00a32,009m (2023 \u2013 \u00a32,002m). The undrawn committed facilities
at 14 September 2024 amounted to \u00a31,532m (2023 \u2013 \u00a31,516m). Uncommitted facilities at 14 September 2024 totalled \u00a3343m
(2023 \u2013 \u00a3363m) of which \u00a3207m (2023 \u2013 \u00a3287m) was undrawn.
In addition to the above facilities there are also \u00a3210m (2023 \u2013 \u00a3149m) of undrawn and available credit lines for the purposes
of issuing letters of credit and guarantees in the normal course of business. The Group has issued a public bond of \u00a3400m due in 2034. Included are deferred financing costs totalling \u00a39m which have been capitalised against the bond and are to be amortised over its term. Uncommitted bank borrowing facilities are normally reaffirmed by the banks annually, although they can be withdrawn at any time. Refer to note 9 for details of the Group\u2019s capital commitments and to note 27 for a summary of the Group\u2019s guarantees. An assessment of the Group\u2019s current liquidity position is given in the Financial Review on page 47. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-793": { "value": "
j) Capital management
The capital structure of the Group is presented in the consolidated balance sheet. For the purpose of the Group\u2019s capital
management, capital includes issued capital and all other reserves attributable to equity shareholders, totalling \u00a311,186m
(2023 \u2013 \u00a311,093m).
The consolidated statement of changes in equity provides details on equity and note 19 provides details of loans and overdrafts. Short
and medium-term funding requirements are provided by a variety of loan and overdraft facilities, both committed and uncommitted,
with a range of counterparties and maturities. Longer-term debt funding is sourced from the 2034 Public Bond and committed
revolving credit facilities.
The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to enable
successful future development of the business. The financial leverage policy is that, in the ordinary course of business, the Board
prefers to see the Group\u2019s ratio of total net debt including lease liabilities to Adjusted EBITDA to be well under 1.5 times at each half
year and year end reporting date. The Board monitors return on capital by division and determines the overall level of dividends
payable to shareholders.
From time to time the trustee of the Employee Share Ownership Plan Trust purchases the Company\u2019s shares in the market to satisfy
awards under the Group\u2019s incentive plans. Once purchased, shares are not sold back into the market. The Group does not have
a defined share buyback plan.
There were no changes to the Group\u2019s approach to capital management during the year. Neither the Company nor any of its
subsidiaries is subject to externally-imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-794": { "value": "27. Contingencies Litigation and other proceedings against the Group are not considered material in the context of these financial statements. As at 14 September 2024, Group companies have provided guarantees in the ordinary course of business amounting to \u00a31,695m (2023 \u2013 \u00a31,724m). In 2021, a Thai court ruled in favour of the Group\u2019s Ovaltine business in Thailand in a legal action it brought against one of its suppliers in respect of a contractual dispute. The court concluded that between 2009 and 2019 the supplier had overcharged Ovaltine Thailand and should pay compensation of 2.2 billion Thai baht (\u00a350m; 2023 \u2013 \u00a350m). The relevant contractual relationship between the Group and its supplier terminated at the end of 2019. The supplier appealed the judgement, which was overturned in October 2023. Ovaltine Thailand filed an objection to the appeal in May 2024 which is pending. The Group has not yet recorded an asset in respect of this matter.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-760": { "value": "27. Contingencies Litigation and other proceedings against the Group are not considered material in the context of these financial statements. As at 14 September 2024, Group companies have provided guarantees in the ordinary course of business amounting to \u00a31,695m (2023 \u2013 \u00a31,724m). In 2021, a Thai court ruled in favour of the Group\u2019s Ovaltine business in Thailand in a legal action it brought against one of its suppliers in respect of a contractual dispute. The court concluded that between 2009 and 2019 the supplier had overcharged Ovaltine Thailand and should pay compensation of 2.2 billion Thai baht (\u00a350m; 2023 \u2013 \u00a350m). The relevant contractual relationship between the Group and its supplier terminated at the end of 2019. The supplier appealed the judgement, which was overturned in October 2023. Ovaltine Thailand filed an objection to the appeal in May 2024 which is pending. The Group has not yet recorded an asset in respect of this matter.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-795": { "value": "28. Related parties The Group has a controlling shareholder relationship with its parent company, Wittington Investments Limited, with the trustees of the Garfield Weston Foundation and with certain other individuals who hold shares in the Company. Further details of the controlling shareholder relationship are included in note 29. The Group has a related party relationship with its associates and joint ventures (see note 29) and with its directors. In the course of normal operations, related party transactions entered into by the Group have been contracted on an arm\u2019s length basis. Details of the directors are given on pages 90 and 91. Their interests in the Company, including family interests, are given on pages 123 and 125. Key management personnel are considered to be the directors. Their remuneration is disclosed in the Directors' Remuneration Report on pages 111 to 127. Material transactions and year end balances with related parties were as follows:
2024
2023
Sub note
\u00a3'000
\u00a3'000
Charges to Wittington Investments Limited in respect of services provided by the Company
and its subsidiary undertakings 984 985
Sales to fellow subsidiary undertakings on normal trading terms 1 19 18
Sales to companies with common key management personnel on normal trading terms 2 9,740 9,912
Amounts due from companies with common key management personnel 2 770 1,028
Sales to joint ventures on normal trading terms 23,172 40,645
Sales to associates on normal trading terms 103,248 88,753
Purchases from joint ventures on normal trading terms 463,030 482,267
Purchases from associates on normal trading terms 76,185 97,844
Amounts due from joint ventures 3,899 36,986
Amounts due from associates 7,804 8,745
Amounts due to joint ventures 30,240 17,609
Amounts due to associates 1,219 7,161
1. The fellow subsidiary undertaking is Fortnum and Mason plc. 2. The company with common key management personnel is the George Weston Limited group, in Canada. Prior year amounts due from joint ventures included \u00a332m (\u00a34m of which was current) of finance lease receivables (see note 15) and the remainder was trading balances. In the current year all amounts due are trading balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-761": { "value": "28. Related parties The Group has a controlling shareholder relationship with its parent company, Wittington Investments Limited, with the trustees of the Garfield Weston Foundation and with certain other individuals who hold shares in the Company. Further details of the controlling shareholder relationship are included in note 29. The Group has a related party relationship with its associates and joint ventures (see note 29) and with its directors. In the course of normal operations, related party transactions entered into by the Group have been contracted on an arm\u2019s length basis. Details of the directors are given on pages 90 and 91. Their interests in the Company, including family interests, are given on pages 123 and 125. Key management personnel are considered to be the directors. Their remuneration is disclosed in the Directors' Remuneration Report on pages 111 to 127. Material transactions and year end balances with related parties were as follows:
2024
2023
Sub note
\u00a3'000
\u00a3'000
Charges to Wittington Investments Limited in respect of services provided by the Company
and its subsidiary undertakings 984 985
Sales to fellow subsidiary undertakings on normal trading terms 1 19 18
Sales to companies with common key management personnel on normal trading terms 2 9,740 9,912
Amounts due from companies with common key management personnel 2 770 1,028
Sales to joint ventures on normal trading terms 23,172 40,645
Sales to associates on normal trading terms 103,248 88,753
Purchases from joint ventures on normal trading terms 463,030 482,267
Purchases from associates on normal trading terms 76,185 97,844
Amounts due from joint ventures 3,899 36,986
Amounts due from associates 7,804 8,745
Amounts due to joint ventures 30,240 17,609
Amounts due to associates 1,219 7,161
1. The fellow subsidiary undertaking is Fortnum and Mason plc. 2. The company with common key management personnel is the George Weston Limited group, in Canada. Prior year amounts due from joint ventures included \u00a332m (\u00a34m of which was current) of finance lease receivables (see note 15) and the remainder was trading balances. In the current year all amounts due are trading balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-5": { "value": "Wittington Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-812": { "value": "29. Group entities Control of the Group The Garfield Weston Foundation (\u2018the Foundation\u2019) is an English charitable trust established in 1958 by the late W. Garfield Weston. The Foundation has no direct interest in the Company, but at 14 September 2024 was the beneficial owner of 683,073 shares (2023 \u2013 683,073 shares) in Wittington Investments Limited (\u2018Wittington\u2019) representing 79.2% (2023 \u2013 79.2%) of that company\u2019s issued share capital and the Foundation is therefore the Company\u2019s ultimate controlling party. At 14 September 2024, the trustees of the Foundation comprised nine grandchildren of the late W. Garfield Weston of whom five are children of the late Garry H. Weston. The largest group in which the results of the Company are consolidated is that headed by Wittington, the accounts of which are available at Companies House, Crown Way, Cardiff CF14 3UZ. It is the ultimate holding company, is incorporated in Great Britain and is registered in England. At 14 September 2024, Wittington, together with its subsidiary Howard Investments Limited, held 421,243,985 ordinary shares (2023 \u2013 431,515,108) representing in aggregate 56.6% (2023 \u2013 56.2%) of the total issued ordinary share capital of the Company. Wittington, and through their control of Wittington, the trustees of the Foundation, are controlling shareholders of the Company. Certain other individuals, including certain members of the Weston family who hold shares in the Company (and including two of the Company\u2019s directors, George Weston and Emma Adamo) are, under the UK Listing Rules, treated as acting in concert with Wittington and the trustees of the Foundation and are therefore also treated as controlling shareholders of the Company. Wittington, the trustees of the Foundation and these individuals together comprise the controlling shareholders of the Company and, at 14 September 2024, have a combined interest in approximately 60.3% (2023 \u2013 59.8%) of the Company\u2019s voting rights. Information on the relationship agreement between the Company and its controlling shareholders is set out on page 128 of the Directors\u2019 Report. Subsidiary undertakings A list of the Group\u2019s subsidiaries as at 14 September 2024 is given below. The entire share capital of subsidiaries is held within the Group except where ownership percentages are shown. These percentages give the Group\u2019s ultimate interest and therefore allow for situations where subsidiaries are owned by partly owned intermediate subsidiaries. Where subsidiaries have different classes of shares, this is largely for historical reasons and the effective percentage holdings given represent both the Group\u2019s voting rights and equity holding. Shares in ABF Investments plc and ABF Investments (No. 2) Limited are held directly by Associated British Foods plc. All other holdings in subsidiaries are owned by members of the Associated British Foods plc group. All subsidiaries are consolidated in the Group\u2019s financial statements. United Kingdom England & Wales Weston Centre, 10 Grosvenor Street, London, W1K 4QY A.B. Exploration Limited A.B.F.Holdings Limited A.B.F. Nominees Limited A.B.F. Properties Limited AB Agri Limited AB Foods Australia Limited AB Ingredients Limited (dissolved 8 October 2024) AB Mauri (UK) Limited AB Mauri China Limited AB Mauri Europe Limited AB Sugar China Holdings Limited AB Sugar China Limited AB Sugar China North Limited (dissolved 29 October 2024) AB Technology Limited (dissolved 8 October 2024) AB World Foods (Holdings) Limited AB World Foods Limited ABF (No.1) Limited ABF (No.2) Limited ABF (No.3) Limited ABF BRL Finance Ltd ABF Energy Limited ABF Europe Finance Limited ABF European Holdings Limited ABF Finance Limited ABF Food Tech Investments Limited ABF Funding ABF Grain Products Limited ABF Green Park Limited ABF Grocery Limited ABF HK Finance Limited ABF Ingredients Limited ABF Investments (No.2) Limited ABF Investments plc ABF Japan Limited ABF MXN Finance Limited ABF Overseas Limited ABF PM Limited ABF UK Finance Limited ABF ZMW Finance Limited ABN (Overseas) Limited ABNA Feed Company Limited ABNA Limited Acetum (UK) Limited Agrilines Limited Subsidiary undertakings % effective holding if not 100% Allied Bakeries Limited Allied Grain (Scotland) Limited Allied Grain (South) Limited Allied Grain (Southern) Limited Allied Grain Limited Allied Mills (No.1) Limited Allied Mills Limited Allinson Limited Associated British Foods Pension Trustees Limited Atrium 100 Properties Limited Atrium 100 Stores Holdings Limited Atrium 100 Stores Limited B.E. International Foods Limited Banbury Agriculture Limited British Sugar (Overseas) Limited British Sugar plc BSO (China) Limited Capsicana Ltd Cereform Limited Dairy Consulting Limited Davjon Food Limited Dorset Cereals Limited Eastbow Securities Limited Elsenham Quality Foods Limited Fishers Feeds Limited Fishers Seeds & Grain Limited Food Investments Limited G. Costa (Holdings) Limited G. Costa and Company Limited Germain's (U.K.) Limited Greencoat Farm Limited Greencoat Limited H 5 Limited Illovo Sugar Africa Holdings Limited John K. King & Sons Limited Kingsgate Food Ingredients Limited KO2 Limited LeafTC Limited Mauri Products Limited Mountsfield Park Finance Limited Natural Vetcare Limited Nutrition Trading (International) Limited Nutrition Trading Limited Patak (Spices) Limited Patak Food Limited Patak's Breads Limited Patak's Foods 2008 Limited Subsidiary undertakings % effective holding if not 100% Premier Nutrition Products Limited Pride Oils Public Limited Company Primark (U.K.) Limited Primark Austria Limited Primark Mode Limited Primark Stores Limited Primark US Holdings Limited (previously ABF US Holdings Limited) Primary Diets Limited Pro-Active Nutrition Limited Proper Nutty Limited R. Twining and Company Limited Reflex Nutrition Limited Roses Nutrition Ltd Seedcote Systems Limited Shep-Fair Products Limited Spectrum Aviation Limited Speedibake Limited Sunblest Bakeries Limited The Billington Food Group Limited The Home Grown Sugar Company Limited The Jordans & Ryvita Company Limited The Natural Sweetness Company Limited The Roadmap Company Limited The Silver Spoon Company Limited Tip Top Bakeries Limited Trident Feeds Limited Twining Crosfield & Co Limited Vivergo Fuels Limited W. Jordan & Son (Silo) Limited W.Jordan (Cereals) Limited Wereham Gravel Company Limited (The) Westmill Foods Limited Weston Biscuit Company Limited (The) Weston Foods Limited Weston Research Laboratories Limited Worldwing Investments Limited Fox Talbot House, Unit 4 Greenways Business Park, Bellinger Close, Chippenham, Wiltshire, SN15 1BN National Livestock Records Limited National Milk Records Limited National Milk Records Trustee Company Limited Nordic Star Ltd Bright Street, Leigh, WN7 5QH Romix Foods Limited Romix Nutrition Limited Northern Ireland 1 College Place North, Belfast, BT1 6BG James Neill, Limited Unit 4, 211 Castle Road, Randalstown, Co. Antrim, BT41 2EB Jordan Bros. (N.I.) Limited Nutrition Services (International) Limited Vistavet Limited Scotland 180 Glentanar Road, Glasgow, G22 7UP ABN (Scotland) Limited Subsidiary undertakings % effective holding if not 100% 32 Kelvin Avenue, Hillington Park, Glasgow, G52 4LT National Milk Laboratories Limited Miller Samuel LLP, RWF House, 5 Renfield Street, Glasgow, G2 5EZ Korway Foods Limited Korway Holdings Limited Patak's Chilled Foods Limited Patak's Frozen Foods Limited Argentina Mariscal Antonio Jos\u00e9 de Sucre 632, 2nd Floor, Buenos Aires 1428, Argentina AB Mauri Hispanoamerica S.A. Compa\u00f1\u00eda Argentina De Levaduras S.A.I.C. Australia 170 South Gippsland Highway, Dandenong VIC 3175, Australia ABF Wynyard Park Limited Partnership 35-37 South Corporate Avenue, Rowville, VIC 3178, Australia AB Food & Beverages Australia Pty Limited Building A, Level 2, 11 Talavera Road, North Ryde, NSW 2113, Australia AB Mauri Overseas Holdings Limited AB Mauri Pakistan Pty Limited AB Mauri ROW Holdings Pty Limited AB Mauri South America Pty Limited AB Mauri South West Asia Pty Limited AB Mauri Technology & Development Pty Limited AB Mauri Technology Pty Limited AB World Foods Pty Ltd Anzchem Pty Limited Artisanal Finance Pty Ltd Artisanal Holdings Pty Ltd Artisanal Operations Pty Ltd AusPac Ingredients Pty Ltd Brasserie Bread Operations Pty Ltd CCD Animal Health Pty Ltd Food Investments Pty. Limited George Weston Foods (Victoria) Pty Ltd George Weston Foods Limited Indonesian Yeast Company Pty Limited Mauri Fermentation Brazil Pty Limited Mauri Fermentation Chile Pty Limited Mauri Fermentation China Pty Limited Mauri Fermentation India Pty Limited Mauri Fermentation Indonesia Pty Limited Mauri Fermentation Malaysia Pty. Limited Mauri Fermentation Philippines Pty Limited Mauri Fermentation Vietnam Pty Limited Mauri Yeast Australia Pty. Limited N&C Enterprises Pty. Ltd Noisette Bakery Pty Ltd Noisette Bakery Unit Trust Noisette Retail Pty Ltd Serrol Ingredients Pty Limited The Jordans and Ryvita Company Australia Pty Ltd Yumi\u2019s Quality Foods Pty Ltd Subsidiary undertakings % effective holding if not 100% Austria Annagasse 6/3. OG, 1010 Vienna, Austria Primark Austria Ltd & Co KG Krottenbachstrasse 82-88/Stg 1/Top 5, 1190 Vienna, Austria Nutrilabs GmbH Bangladesh Level 13, Shanta Western Tower, Bir Uttam Mir Shawkat Road, 186 Tejgaon I/A, Dhaka 1208, Bangladesh Twinings Ovaltine Bangladesh Limited Belgium Chauss\u00e9e de la Hulpe 177/20, 1170 Bruxelles, Belgium Primark SA Industriepark 2d, 9820 Merelbeke, Belgium AB Mauri Belgium NV Brazil Avenida Dra. Ruth Cardoso, no. 7.221, 11th Floor, Room 1.101 (parte), Condom\u00ednio Edif\u00edcio Birmann 21, Pinheiros, CEP 05425-902, City of S\u00e3o Paulo, State of S\u00e3o Paulo, Brazil AB Enzimas Brasil Comercial Ltda AB Vista Brasil Com\u00e9rcio De Alimenta\u00e7\u00e3o Animal Ltda Avenida Tiet\u00ea, L-233 Barranca do Rio Tiet\u00ea, City of Pederneiras, State of S\u00e3o Paulo, CEP 17.280-000, Brazil AB Mauri Brasil Ltda. (previously AB Brasil Ind\u00fastria e Com\u00e9rcio de Alimentos Ltda.) Canada Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9, Canada AB Mauri (Canada) Limited Chile Miraflores Street No. 222, 28th Floor, Santiago, Chile Calsa Chile Inversiones Limitada China 1 Industrial North Street, Zhangjiakou, Zhangbei County, Hebei Province, China Hebei Mauri Food Co., Ltd. 14 Juhai Road, Jinghai Development Zone, Tianjin, China ABNA (Tianjin) Feed Co., Ltd. 145 Xincheng Road, Tengao Economic Development Zone, Anshan, Liaoning 114225, China ABNA Feed (Liaoning) Co., Ltd. 17 Xiangyang Street, Tu Township, Chayouqianqi, Inner Mongolia, China Botian Sugar Industry (Chayou Qianqi) Co., Ltd. 8 Lancun Road, Economic and Technical Development Zone, Minhang, Shanghai 200245, China Shanghai AB Food & Beverages Co., Ltd. 868 Yongpu Road, Pujiang Town, Minhang District, Shanghai 201112, China ABNA (Shanghai) Feed Co., Ltd. Building 1, 35 Chi Feng Road, Yangpu District, Shanghai, 200092, China AB Mauri Foods (Shanghai) Company Limited 90% Chuangxin Road, Tonggu Industry Zone, Sandu Town, Tonggu County, Jiangxi Province, China AB Agri Pumeixin Tech (Jiangxi) Co., Ltd. No 28, South Shunjin Road, Yintai District, Tongchuan, Shaanxi Province, China AB Agri Animal Nutrition (Shaanxi) Co., Ltd. Subsidiary undertakings % effective holding if not 100% No. 1 Botian Road, Economic Development Zone, Zhangbei County, Zhangjiakou City, Hebei Province, China Botian Sugar Industry (Zhangbei) Co., Ltd. No. 1 Tongcheng Street, A Cheng District, Harbin, Heilongjiang Province, China AB (Harbin) Food Ingredients Co., Ltd. (in liquidation) No. 68-1, Shuanglong Road, Fushan District, Yantai City, Shandong Province, China Yantai Mauri Yeast Co., Ltd. 92% North Huang He Road, Rudong Economic Development District, Nantong City, Jiangsu Province, China AB Agri Animal Nutrition (Nantong) Co., Ltd. AB Agri Animal Nutrition (Rudong) Co., Ltd. Room 1110, No. 368, Changjiang Road, Nangang Concentrated District, Economic Development Zone, Harbin, China Botian Sugar Industry Co., Ltd. Room 2802, Raffles City Changning, No.1189 Changning Road, Changning District, Shanghai, 200051, China AB Enzymes Trading (Shanghai) Co., Ltd. Unit 03, 28th Floor (actual 24th) of Qiantan Xinde Center, No. 18, Lane 666, Haiyang West Road, China (Shanghai) Pilot Free Trade Zone, China ABNA Management (Shanghai) Co., Ltd. ABNA Trading (Shanghai) Co., Ltd. Room 2906, Raffles City Changning, No. 1189 Changning Road, Changning District, Shanghai, 200051 China Associated British Foods Holdings (China) Co., Ltd Room 7-1068, No. 68 Shijiu Hubei Road, Chunxi Street, Gaochun District, Nanjing City, Jiangsu Province, China AB Agri Pumeixin Tech (Jiangsu) Co., Ltd. Shu Shan Modern Industrial Zone of Shou County, Huainan City, Anhui Province, China ABNA Feed (Anhui) Co., Ltd. Room 2401, No. 2461, 24th Floor, No. 77 Jianguo Road, Chaoyang District, Beijing, China AB Mauri (Beijing) Food Sales and Marketing Company Limited Colombia Carrera 35 No. 34A \u2013 64, Palmira, Valle del Cauca, Colombia Fleischmann Foods S.A. Czech Republic Nadrazn\u00ed 523, 349 01 Stribro, Czech Republic Bodit Tachov s.r.o. Palladium, Na Porici 1079/3a, Prague 1, 110 00, Czech Republic Primark Prodejny s.r.o. Denmark Middelfartvej 77, Baaring, 5466 Asperup, Denmark Cowconnect ApS Skjernvej 42, Troestrup, 6920 Videb\u00e6k, Denmark AB Neo A/S Ecuador Medardo \u00c1ngel Silva 13 y Panam\u00e1, Manzana 12, El Recreo, Eloy Alfaro, Dur\u00e1n, Guayas, Ecuador ABCALSA S.A. Subsidiary undertakings % effective holding if not 100% Eswatini Ubombo Sugar Limited, Old Main Road, Big Bend, Eswatini Bar Circle Ranch Limited 60% Illovo Swaziland Limited 60% Moyeni Ranch Limited 60% Ubombo Sugar Limited 60% Finland Koskelontie 19 B, Espoo, FI-02920, Finland AB Vista Finland Oy Alimetrics Research Oy Tykkim\u00e4entie 15b (PO Box 57), Rajam\u00e4ki, FI-05201, Finland AB Enzymes Finland Oy (previously Roal Oy) France 2 Rue des Moulins, 75001 Paris, France ABFI France SAS 25 Rue Anatole France, 92300 Levallois-Perret, France Twinings & Co SAS 40/42, Avenue Georges Pompidou, 69003 Lyon, France AB Mauri France SAS 845 Chemin du Vallon du Maire, 13240 Septemes les Vallons, France SPI Pharma SAS Centre Commercial R\u00e9gional Cr\u00e9teil Soleil, Niveau 3, 101 Avenue du G\u00e9n\u00e9ral de Gaulle, 94000 Cr\u00e9teil, France Primark France SAS ZAE Via Europa, 3 Rue d'Ath\u00e8nes, 34350 Vendres, France Fytexia SAS Fytexia Group SAS Germany Feldbergstrasse 78, 64293, Darmstadt, Germany AB Enzymes GmbH Hausinger Strasse 4-8, 40764, Langenfeld, Germany Vital Solutions GmbH Kennedyplatz 2, 45127, Essen, Germany Primark Mode Ltd. & Co. KG Primark Property GmbH Marie-Kahle-Allee 2, D-53113, Bonn, Germany Westmill Foods Europe GmbH Schauenburgerstrasse 116, 24118, Kiel, Germany IFCN AG Wandsbeker Zollstrasse 59, 22041, Hamburg, Germany ABF Deutschland Holdings GmbH Ohly GmbH Ohly Grundbesitz GmbH Rheinische Presshefe- und Spritwerke GmbH Westendstrasse 28, 60325, Frankfurt am Main, Germany Wander GmbH Greece 28, Dimitriou Soutsou Str, Athens, GR 115 21, Greece PSH Teal Single Member S.A. Guernsey Dorey Court, Admiral Park, St. Peter Port, GY1 2HT, Guernsey Talisman Guernsey Limited Subsidiary undertakings % effective holding if not 100% Hong Kong 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong Associated British Foods Asia Pacific Holdings Limited Hungary K\u00e1rolyi utca 12. 3. em., Budapest, 1053, Hungary Primark \u00dczletek Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g (Primark \u00dczletek Kft.) India Plot No. 218 & 219, Bommassandra Jigani Link Road, Rajapura Hobli, Jigani Anekal Taluk, Bengaluru, Karnataka, 560105, India AB Mauri India Private Limited First Floor, Regent Sunny Side, 80 Ft Road, 8th Block, Koramangala Bengaluru, Karnataka, 560030, India SPI Specialties Pharma Private Limited G3/41, New Budge Budge Trunk Road, Old Dakghar, Kolkata, West Bengal, 700141, India Twinings Private Limited Indonesia Wisma GKBI Lt.39, Suite 3901, No.28 Jl. Jend, Sudirman, Jakarta, Indonesia PT AB Food & Beverages Indonesia (in liquidation) Ireland 1 Stokes Place, St. Stephen\u2019s Green, Dublin 2, Ireland Allied Mills Ireland Limited 13 Classon House, Dundrum Business Park, Dundrum, Dublin 14, D14 W9Y3, Ireland Nutritional Advanced Formulas (Ireland) Limited 47 Mary Street, Dublin 1, Ireland Abdale Finance Limited Primark Holdings Unlimited Company Primark Pension Trustees Limited Arthur Ryan House, 22-24 Parnell Street, Dublin 1, Ireland Primark Austria Limited Primark Handel Limited Primark Limited Primark Mode Limited Unit 5, Hebron House, Macdonagh Junction, Kilkenny, R95 T91Y, Ireland Intellync Technology Limited Italy Via Gran Sasso, 33, Corbetta, 20011, Milan, Italy B Natural S.r.l. Via Milano 42, 27045, Casteggio, (Pavia), Italy AB Mauri Italy S.p.A. ABF Italy Holdings S.r.l. Via Rizzotto 46, 41126, Modena (MO), Italy Acetaia Fini Modena S.r.l. Via Sandro Pertini 440, 41032, Cavezzo (MO), Italy Acetum S.p.A. Societ\u00e0 Benefit Viale Monte Nero, 84, 20135, Milan, Italy AB Agri Italy S.r.l. Via Pantanaccio, SNC., 04100, Latina, Italy Mapo S.r.l. Largo Francesco Richini 2/A, 20122, Milan, Italy Primark Italy S.r.l. Subsidiary undertakings % effective holding if not 100% Japan 36F Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6236, Japan Twinings Japan Co Ltd 50% Malawi Illovo House, Churchill Road, Limbe, Malawi Dwangwa Sugar Corporation Limited 76% Illovo Sugar (Malawi) Plc 76% Malawi Sugar Limited Malaysia Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, 59200 Jalan Kerinchi, Kuala Lumpur, Malaysia AB Mauri Malaysia Sdn. Bhd. 52% Malta 171 Old Bakery Street, Valletta, VLT 1455, Malta Relax Limited 70% Mauritius 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius Illovo Group Financing Services Illovo Group Holdings Limited Illovo Group Marketing Services Limited Kilombero Holdings Limited Sucoma Holdings Limited Mexico Avenida Javier Barros Sierra 495, Piso 7, Oficina 07-102, Col. Santa Fe, Alvaro Obreg\u00f3n, Ciudad de M\u00e9xico, 01219, M\u00e9xico ACH Foods Mexico, S. de R.L. de C.V. Paseo de la Reforma 1015, Piso 6, Suite/Oficina 06W123, Colonia Lomas de Santa Fe, Delegaci\u00f3n Cuajimalpa de Morelos, Mexico City, 05348, Mexico AB CALSA, S.A. de C.V. Mozambique KM75 EN1, Ma\u00e7iana, Distrito de Manhi\u00e7a, Provincia de Maputo, Mozambique Maragra A\u00e7ucar, S.A. Netherlands 7122 JS Aalten, Dinxperlosestraatweg 122, Netherlands Germains Seed Technology B.V. Laarderhoogtweg 25, 1101 EB Amsterdam, Netherlands Westmill Foods Europe B.V. Mijlweg 77, 3316 BE, Dordrecht, Netherlands AB Mauri Netherlands B.V. AB Mauri Netherlands European Holdings B.V. Foods International Holding B.V. Oude Kerkstraat 55 4878 AK, Etten-Leur, Netherlands Mauri Technology B.V. Van Oldenbarneveltplaats 36, 3012 AH, Rotterdam, Netherlands Primark Fashion B.V. Primark Netherlands B.V. Primark Stil B.V. Weena 505, 3013AL Rotterdam, Netherlands AB Vista Europe B.V. Subsidiary undertakings % effective holding if not 100% New Zealand 57 Forge Road, Silverdale 0932, New Zealand Dad\u2019s Pies Limited Building 3, Level 2, Central Business Park, 666 Great South Road, Ellerslie, Auckland 1051, New Zealand AusPac Ingredients NZ Limited Building 6, Level 2, Central Business Park, 666 Great South Road, Ellerslie, Auckland 1051, New Zealand Allied Foods (NZ) Limited George Weston Foods (NZ) Limited Nigeria 23 Oba Akinjobi Street, GRA, Ikeja, Lagos, Nigeria Twinings Ovaltine Nigeria Limited Pakistan 21KM Ferozepur Road, 2 KM Hadyara Drain, Lahore, Pakistan AB Mauri Pakistan (Private) Limited 60% Peru Av. Republica de Argentina No. 1227, Z.I. La Chalaca, Callao, Peru Calsa Per\u00fa S.A.C. Philippines 1201-1202 Prime Land Building, Market Street, Madrigal Business Park, Ayala Alabang, Muntinlupa, 1770, Philippines AB Mauri Philippines, Inc. 86 E Rodriguez Jr. Ave., Ugong Norte, QC, 1604, Pasig City, Metro Manila, Philippines AB Food & Beverages Philippines, Inc. 99% Poland Przemys\u0142owa 2, 67-100 Nowa S\u00f3l, Lubuskie, Poland AB Foods Polska Sp\u00f3lka z ograniczona odpowiedzialnoscia (AB Foods Polska Sp. z.o.o.) Towarowa 28,00-839 Warsaw, Poland Primark Sklepy Sp\u00f3lka z ograniczona odpowiedzialnoscia (Primark Sklepy Sp. z.o.o) ul. G\u0142\u00f3wna 3A, Bruszczewo, 64-030, \u015amigiel, Poland AB Neo Polska Sp\u00f3lka z ograniczona odpowiedzialnoscia (AB Neo Polska Sp. z.o.o) ul. Rabowicka 29/31, 62-020, Swarz\u0119dz \u2013 Jasin, Poland R. Twining and Company Sp\u00f3\u0142ka z ograniczona odpowiedzialnoscia (R. Twining and Company Sp. z.o.o.) Portugal Avenida Salvador Allende, No. 99, Oeiras, Juli\u00e3o da Barra, Pa\u00e7o de Arcos e Caxias, 2770-157, Pa\u00e7o de Arcos, Portugal AB Mauri Portugal, S.A. 96% Rua Castilho 50, 1250-071, Lisbon, Portugal Lojas Primark Portugal - Explora\u00e7\u00e3o, Gest\u00e3o e Administra\u00e7\u00e3o de Espacos Comerciais S.A. Romania District 1, 165 Calea Floreasca, One Tower, 12th Floor, Bucharest, Romania Primark Magazine S.R.L. Rwanda Nyarugenge District, Nyarugenge Sector, Kigali City, Rwanda Illovo Sugar (Kigali) Limited Subsidiary undertakings % effective holding if not 100% Singapore 63 Chulia Street, OCBC Centre East, #15-01, 049514, Singapore AB Vista Asia Pte. Limited 9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore AB Mauri Investments (Asia) Pte Ltd Slovakia Staromestska 3, 811 03 Bratislava - Stare Mesto, Slovakia Primark Slovakia s.r.o. Slovenia Bleiweisova cesta 30, Ljubljana, 1000, Slovenia Primark Trgovine, trgovsko podjetje, d.o.o. South Africa 1 Nokwe Avenue, Ridgeside, Umhlanga Rocks, Kwazulu Natal, 4320, South Africa CGS Investments (Pty) Limited East African Supply (Pty) Limited Glendale Sugar (Pty) Ltd Illovo Distributors (Pty) Limited Illovo Sugar (South Africa) Proprietary Limited Illovo Sugar Africa Proprietary Limited Illprop (Pty) Limited Lacsa (Pty) Limited 70% Noodsberg Sugar Company (Pty) Ltd Reynolds Brothers (Pty) Ltd S.A. Sugar Distributors (Pty) Limited Spain 8, 2 Calle Via Servicio I, 2, 19190 Torija, Guadalajara, Spain Primark Log\u00edstica, S.L.U. Sociedad Unipersonal Avienda Virgen de Montserrat 44, Castelloli, 08719, Barcelona, Spain Germains Seed Technology, S.A. Calle Escultor Coomonte No. 2, Entreplanta, Benavente, Zamora, Spain Agroteo S.A. 53% Calle Cardenal Marcelo Sp\u00ednola, 42, Madrid, 28016, Spain AB Azucarera Iberia, S.L. Sociedad Unipersonal AB Vista Iberia, S.L. Calle Comunidad de Murcia, Parcela LIE-1-03, Plataforma Log\u00edstica de Fraga, 22520, Huesca, Spain Alternative Swine Nutrition, S.L. Calle Escoles Pies 49, Planta Baja, 08017, Barcelona, Spain DR Healthcare Espa\u00f1a, S.L.U. Calle Levadura, 5, 14710, Villarrubia, C\u00f3rdoba, Spain AB Mauri Food, S.A ABF Iberia Holding S.L. Gran V\u00eda 32, 5a Planta, 28013, Madrid, Spain Primark Tiendas, S.L.U. Plaza Pablo Ruiz Picasso S/N, Torre Picasso, Planta 37, Madrid, Spain Illovo Sugar Espa\u00f1a, S.L. Sri Lanka 124 Templers Road, Mount Lavinia, Sri Lanka AB Mauri Lanka (Private) Limited Subsidiary undertakings % effective holding if not 100% Sweden Retzius v\u00e4g 8, 171 65, Solna, Sweden Larodan AB Switzerland Fabrikstrasse 10, CH-3176, Neuenegg, Switzerland Wander AG Taiwan 3F-1, No. 161, Sec 4, Nanking E Rd, Taipei City 104, Taiwan (R.O.C.) AB Food and Beverages Taiwan, Inc. Tanzania Msolwa Mill Office, Kidatu, Morogoro, Tanzania Illovo Distillers (Tanzania) Limited Illovo Tanzania Limited Kilombero Sugar Company Limited 75% Thailand 1 Empire Tower, 24th Floor, Unit 2412-2413, South Sathorn Road, Yannawa, Sathorn, Bangkok, 10120, Thailand AB World Foods Asia Ltd. 11th Floor, 2535 Sukhumvit Road, Kwaeng Bangchak, Khet Prakhanong, Bangkok, 10260, Thailand AB Food & Beverages (Thailand) Ltd. ABF Holdings (Thailand) Ltd. 229/110 Moo 1, Teparak Road, T. Bangsaothong, A. Bangsaothong, Samutprakarn, 10540, Thailand Jasol Asia Pacific Limited (dissolved 20 September 2024) Turkey Aksakal Mahallesi, Kavakpinari, Kume Evleri No. 27, Bandirma/Balikesir, 10245, Turkiye Mauri Maya Sanayi A.S. United Arab Emirates Office 604A, Jafza LOB 15, Jebel Ali Freezone, Dubai, PO BOX 17620, United Arab Emirates AB Mauri Middle East FZE United States of America 158 River Road, Unit A, Clifton, NJ 07014, United States Modena Fine Foods, Inc. 158 River Road, Unit B, Clifton, NJ 07014, United States Balsamic Express LLC 208 S. LaSalle Street, Suite 814, Chicago, IL 60604, United States Omega Yeast Labs, LLC 251 Little Falls Drive, Wilmington, DE 19808, United States Fytexia Corp. C T Corporation System, 155 Federal Street Suite 700, Boston, MA 02110, United States Primark GCM LLC C T Corporation System, 330 N. Brand Blvd., Glendale, CA 91203, United States Pennypacker, LLC CT Corporation System, 818 West Seventh Street, Suite 930, Los Angeles CA 90017, United States AB Mauri Food Inc. The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, United States AB Agri US, Inc. Subsidiary undertakings % effective holding if not 100% AB Enzymes, Inc. AB Vista, Inc. AB World Foods US, Inc. ABF North America Corp. ABF North America Holdings, Inc. Abitec Corporation ACH Capital Ventures, Inc. ACH Food Companies, Inc. ACH Jupiter LLC BakeGood, LLC Germains Seed Technology, Inc. PGP International, Inc. Primark US Corp. Prosecco Source, LLC SPI Pharma, Inc. SPI Polyols, LLC Twinings North America, Inc. Uruguay Carlos Antonio Lopez 7547, Montevideo, Uruguay Levadura Uruguaya S.A. Venezuela Oficinas Once 3 (11-3) y Once 4 (11-4), Torre Mayupan, Av. Principal San Luis, Urbanizaci\u00f3n San Luis, Caracas, Bolivarian Republic of Venezuela Alimentos Fleischmann, C.A. Compa\u00f1\u00eda de Alimentos Latinoamericana de Venezuela (CALSA) S.A. Vietnam La Nga Commune, Dinh Quan District, Dong Nai Province, Vietnam AB Mauri Vietnam Limited 66% Viettel Tower, Floor 6A2, 285 Cach Mang Thang Tam Str., Ward 12, District 10, HCMC, Vietnam AB Agri Vietnam Company Limited Zambia Nakambala Estates, Plot No. 118a Lubombo Road, Off Great North Road, Zambia Illovo Sugar (Zambia) Limited Nanga Farms Limited 75% Zambia Sugar plc 75% Subsidiary undertakings % effective holding if not 100% Joint ventures A list of the Group\u2019s joint ventures as at 14 September 2024 is given below. All joint ventures are included in the Group\u2019s financial statements using the equity method of accounting. United Kingdom England & Wales Weston Centre, 10 Grosvenor Street, London, W1K 4QY Boothmans (Agriculture) Limited 50% Forward Agronomy Limited 50% Frontier Agriculture Limited 50% G F P (Agriculture) Limited 50% GH Grain (No.2) Limited 50% GH Grain Limited 50% Grain Harvesters Limited 50% Intracrop Limited 50% Nomix Limited 50% North Wold Agronomy Limited 50% Phoenix Agronomy Limited 50% SOYL Limited 50% The Agronomy Partnership Limited 50% Berth 36, Test Road, Eastern Docks, Southampton, Hampshire, SO14 3GG Southampton Grain Terminal Limited 50% C/o Nomix Enviro Limited, Witham St Hughs, Lincoln, LN6 9TN Nomix Enviro Limited 50% Northants Apc, Rushton Road, Kettering, NN14 1FL Navara Oat Milling Limited 38% Platinum Building Cowley Road, St John's Innovation Park, Cambridge, CB4 0DS Yagro Ltd 50% Riverside, Wissington Road, Nayland, Colchester, Essex, CO6 4LT Anglia Grain Holdings Limited 50% Anglia Grain Services Limited 50% Unit 8, Burnside Business Park, Burnside Road, Market Drayton, TF9 3UX B.C.W. (Agriculture) Limited 50% Scotland Kingseat, Newmacher, Aberdeenshire, AB21 0UE Euroagkem Limited 50% Lothian Crop Specialists Limited 50% Australia Building A, Level 2, 11 Talavera Road, North Ryde, NSW 2113, Australia Fortnum & Masons Pty Limited 33% Chile Ave. Balmaceda 3500, Valdivia, Chile Levaduras Collico S.A. 50% China 1 East Ren Min Road, Regiment 66, Cocodala, Xinjiang, China AB Mauri Yihai Kerry (Cocodala) Food Co., Ltd. 50% Xinsha Industrial Zone, Machong Town, Dongguan, Guangdong Province, China AB Mauri Yihai Kerry (Dongguan) Food Co., Ltd. 50% Ta Ha Comprehensive Industrial Park, Fuyu County Economic Development Area, Qiqihar, Heilongjiang Province, China AB Mauri Yihai Kerry (Fu Yu) Yeast Technology Co., Ltd. 50% Joint ventures % holding 9 Tonggang Road, Shage Village, Nanpu Town, Quangang Area, Quanzhou, Fujian Province, China AB Mauri Yihai Kerry (Quanzhou) Yeast Technology Co., Ltd. 50% Intersection of Jiaotong Avenue and Zhoushan Road, Gang District, Zhoukou, Henan Province, China AB Mauri Yihai Kerry (Zhoukou) Yeast Technology Co., Ltd. 50% Room 608, 6th Floor, 1379, Bocheng Road, Pudong New District, Shanghai, China AB Mauri Yihai Kerry Food Marketing (Shanghai) Co., Ltd. 50% Room 607, 6th Floor, 1379, Bocheng Road, Pudong New District, Shanghai, China AB Mauri Yihai Kerry Investment Company Limited 50% 1828 Tiejueshan Road, Huangdao District, Qingdao, Shandong Province, China Qingdao Xinghua Cereal Oil and Foodstuff Co., Ltd. 25% France 59, Chemin du Moulin, 695701, Carron, Dardilly, France Synchronis 50% Germany Brede 4, 59368, Werne, Germany UNIFERM FI GmbH (previously INA Nahrmittel GmbH) 50% UNIFERM GmbH & Co. KG 50% UNIFERM Verwaltungs GmbH 50% Brede 8, 59368, Werne, Germany UNILOG GmbH 50% Ireland Rathcore Golf & Country Club, Rathcore, Co. Meath, A83 KP98, Ireland Independent Milk Laboratories Limited 50% Poland ul. Wybieg, nr 5, lok 9, Miesjsc, KOD 61-315, Poznan, Poland Uniferm Polska Sp. z.o.o. 50% South Africa 1 Nokwe Avenue, Ridgeside, Umhlanga Rocks, Kwazulu Natal 4320, South Africa Glendale Distilling Company 50% Spain Calle Raimundo Fern\u00e1ndez, Villaverde 28, Madrid, Spain Compa\u00f1\u00eda de Melazas, S.A. (in liquidation) 50% United States of America The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, United States Stratas Foods LLC 50% Stratas Receivables I LLC 50% Joint ventures % holding Associates A list of the Group\u2019s associates as at 14 September 2024 is given below. All associates are included in the Group\u2019s financial statements using the equity method of accounting. United Kingdom England & Wales Pacioli House, Duncan Close, Moulton Park Industrial Estate, Northampton, NN3 6WL Bakers Basco Limited 20% Paternoster House, 65 St. Paul's Churchyard, London, EC4M 8AB C. Czarnikow Limited 43% C. Czarnikow Sugar Futures Limited 43% C. Czarnikow Sugar Limited 43% Czarnikow Group Limited 43% Sugarworld Limited 43% Australia 283 Flagstaff Rd, Murray Bridge SA 5253, Australia Big River Pork Pty Ltd 20% Murray Bridge Bacon Pty Ltd 20% 32 Davis Road, Wetherill Park, Sydney, NSW 2164, Australia New Food Coatings Pty Ltd 50% Bahrain Suite No. 1959 Diplomatic Commercial Office, Tower B, Building No. 1565, Road 1722, Diplomatic Area/Manama 317 Bahrain Czarnikow Supply Chain Sales for Food & Beverage Ingredients Bahrain W.L.L. 43% Brazil Av Dos Vinhedos, 71, Floor 11, Room 1101, Uberlandia, Minas Gerais, Brazil 2C Energia S.A. 22% Avenida Presidente Juscelino Kubitschek, 2041, Floor 11, Vila Ol\u00edmpia, CEP 04.543-011, S\u00e3o Paulo/SP, Brazil Cz Energy Comercializadora De Etanol S.A. 21% Czarnikow Brasil Ltda 43% China Rm 1105-1106 , 181 Yanjiang West Road, Yuexiu, Guangzhou, Guangdong, 510120, China C. Czarnikow Sugar (Guangzhou) Company Ltd. 43% Colombia Edificio Nova Tempo, Oficina 309, Carrera 43A No. 14 - 109, Av. El Poblado, El Poblado, Medell\u00edn, Antioquia, Colombia Czarnikow Colombia S.A.S. 43% India House No. 1-8-373/A, Chiran Fort Lane, Begumpet, Hyderabad, 500003, India C. Czarnikow Sugar (India) Private Limited 43% Indonesia Komplex Puri Mutiara Blok A21-22, JL. Griya Utama, Sunter Agung, Jakarta, 14350, Indonesia P.T. Jaya Fermex 49% PT Indo Fermex 49% PT Sama Indah 49% Israel 26, Harokmim st., Holon Azireli Center Building B, Israel Sucarim (C.I.S.T.) Ltd 43% Italy Via Borgogna, 2-20122, Milan, Italy Czarnikow Italia S.r.l. 43% Associates % holding Kenya I & M Bank House, Second Ngong Avenue, P.O. Box 10517, Nairobi 00100, Kenya Czarnikow East Africa Limited 43% Mauritius ENL House, Vivea Business Park, Moka, Mauritius Sukpak Ltd 30% Mexico Jaime Balmes #8 Loc. 3-A , Los Morales Polanco, M\u00e9xico City, 11510, Mexico C. Czarnikow Sugar (Mexico), S.A. de C.V. 43% New Zealand 27D Smales Road, East Tamaki, Auckland, 2013, New Zealand New Food Coatings (New Zealand) Limited 50% Philippines 5F Don Jacinto Building, Dela Rosa cor. Salcedo Streets, Legaspi Village, 1229 Makati City, Philippines CZ Philippines, Inc. 43% Unit A, 103 Excellence Avenue, Carmelray Industrial Park 1, Canlubang, Calamba, Laguna, Philippines New Food Coatings (Philippines), Inc. 50% Singapore 3 Phillip Street, #14-01 Royal Group Building, 048693, Singapore C. Czarnikow Sugar Pte. Limited 43% Tanzania 7th Floor, Amani Place, Ohio Street, PO Box 38568, Dar-es- Salaam, Tanzania Czarnikow Tanzania Limited 43% Msolwa Mill Office, Kidatu, Morogoro, Tanzania Kilombero Sugar Distributors Limited 20% Thailand 1203, 12th Floor, Metropolis Building, 725 Sukhumvit Road, North Klongton, Wattana, Bangkok, 10110, Thailand Czarnikow (Thailand) Limited 43% 909 Moo 15, Teparak Road, Tambol Bangsaothong, King Amphur Bangsaothong, Samutprakarn, Thailand Newly Weds Foods (Thailand) Ltd 50% Uganda Coral Criscent, Kololo IV, Central Division, Kampala, Central, Uganda Czarnikow Uganda Limited 43% United States of America 333 SE 2nd Avenue, Suite 2860, Miami, FL 33131, United States C. Czarnikow Sugar Inc. 43% Vietnam 14th Floor, Tower 1, Saigon Center Building, 65 Le Loi, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam Czarnikow (Vietnam) Limited 43% Associates % holding In accordance with section 479A of the Companies Act 2006 (the \u2018Act\u2019), and subject to compliance with the requirements of that section including the provision of a statutory guarantee from Associated British Foods plc, the following subsidiaries are exempt from the requirements of the Act relating to the audit of individual accounts in respect of the financial year ended 14 September 2024: Company name Company number Company name Company number A.B. Exploration Limited 00487323 A.B.F. Properties Limited 00683361 AB Mauri China Limited 12109070 ABF UK Finance Limited 07267422 AB Mauri Europe Limited 02883738 ABF ZMW Finance Limited 13485724 AB Sugar China Holdings Limited 09468366 ABN (Overseas) Limited 00145374 AB Sugar China Limited 09469163 Atrium 100 Properties Limited 04502487 ABF (No.1) Limited 04668120 Atrium 100 Stores Holdings Limited 04660969 ABF (No.2) Limited 03369799 Atrium 100 Stores Limited 05007953 ABF (No.3) Limited 00155305 British Sugar (Overseas) Limited 02400085 ABF BRL Finance Ltd 11001902 BSO (China) Limited 03799608 ABF Finance Limited 04659735 G. Costa (Holdings) Limited 03679738 ABF Food Tech Investments Limited 00172141 Mountsfield Park Finance Limited 07882348 ABF Funding 05380813 Primark Austria Limited 07770764 ABF HK Finance Limited 07761084 Primark US Holdings Limited 05659249 ABF Japan Limited 00492278 Twining Crosfield & Co Limited 00144900 ABF PM Limited 00486887 Worldwing Investments Limited 02778854", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-818": { "value": "
Subsidiary undertakings
A list of the Group\u2019s subsidiaries as at 14 September 2024 is given below. The entire share capital of subsidiaries is held within the
Group except where ownership percentages are shown. These percentages give the Group\u2019s ultimate interest and therefore allow
for situations where subsidiaries are owned by partly owned intermediate subsidiaries. Where subsidiaries have different classes of
shares, this is largely for historical reasons and the effective percentage holdings given represent both the Group\u2019s voting rights and
equity holding. Shares in ABF Investments plc and ABF Investments (No. 2) Limited are held directly by Associated British Foods plc.
All other holdings in subsidiaries are owned by members of the Associated British Foods plc group. All subsidiaries are consolidated
in the Group\u2019s financial statements.
United Kingdom
England & Wales
Weston Centre, 10 Grosvenor Street, London, W1K 4QY
A.B. Exploration Limited
A.B.F.Holdings Limited
A.B.F. Nominees Limited
A.B.F. Properties Limited
AB Agri Limited
AB Foods Australia Limited
AB Ingredients Limited (dissolved 8 October 2024)
AB Mauri (UK) Limited
AB Mauri China Limited
AB Mauri Europe Limited
AB Sugar China Holdings Limited
AB Sugar China Limited
AB Sugar China North Limited (dissolved 29 October 2024)
AB Technology Limited (dissolved 8 October 2024)
AB World Foods (Holdings) Limited
AB World Foods Limited
ABF (No.1) Limited
ABF (No.2) Limited
ABF (No.3) Limited
ABF BRL Finance Ltd
ABF Energy Limited
ABF Europe Finance Limited
ABF European Holdings Limited
ABF Finance Limited
ABF Food Tech Investments Limited
ABF Funding
ABF Grain Products Limited
ABF Green Park Limited
ABF Grocery Limited
ABF HK Finance Limited
ABF Ingredients Limited
ABF Investments (No.2) Limited
ABF Investments plc
ABF Japan Limited
ABF MXN Finance Limited
ABF Overseas Limited
ABF PM Limited
ABF UK Finance Limited
ABF ZMW Finance Limited
ABN (Overseas) Limited
ABNA Feed Company Limited
ABNA Limited
Acetum (UK) Limited
Agrilines Limited
Subsidiary undertakings
% effective
holding if not
100%
Allied Bakeries Limited
Allied Grain (Scotland) Limited
Allied Grain (South) Limited
Allied Grain (Southern) Limited
Allied Grain Limited
Allied Mills (No.1) Limited
Allied Mills Limited
Allinson Limited
Associated British Foods Pension Trustees Limited
Atrium 100 Properties Limited
Atrium 100 Stores Holdings Limited
Atrium 100 Stores Limited
B.E. International Foods Limited
Banbury Agriculture Limited
British Sugar (Overseas) Limited
British Sugar plc
BSO (China) Limited
Capsicana Ltd
Cereform Limited
Dairy Consulting Limited
Davjon Food Limited
Dorset Cereals Limited
Eastbow Securities Limited
Elsenham Quality Foods Limited
Fishers Feeds Limited
Fishers Seeds & Grain Limited
Food Investments Limited
G. Costa (Holdings) Limited
G. Costa and Company Limited
Germain's (U.K.) Limited
Greencoat Farm Limited
Greencoat Limited
H 5 Limited
Illovo Sugar Africa Holdings Limited
John K. King & Sons Limited
Kingsgate Food Ingredients Limited
KO2 Limited
LeafTC Limited
Mauri Products Limited
Mountsfield Park Finance Limited
Natural Vetcare Limited
Nutrition Trading (International) Limited
Nutrition Trading Limited
Patak (Spices) Limited
Patak Food Limited
Patak's Breads Limited
Patak's Foods 2008 Limited
Subsidiary undertakings
% effective
holding if not
100%
Premier Nutrition Products Limited
Pride Oils Public Limited Company
Primark (U.K.) Limited
Primark Austria Limited
Primark Mode Limited
Primark Stores Limited
Primark US Holdings Limited (previously ABF US Holdings
Limited)
Primary Diets Limited
Pro-Active Nutrition Limited
Proper Nutty Limited
R. Twining and Company Limited
Reflex Nutrition Limited
Roses Nutrition Ltd
Seedcote Systems Limited
Shep-Fair Products Limited
Spectrum Aviation Limited
Speedibake Limited
Sunblest Bakeries Limited
The Billington Food Group Limited
The Home Grown Sugar Company Limited
The Jordans & Ryvita Company Limited
The Natural Sweetness Company Limited
The Roadmap Company Limited
The Silver Spoon Company Limited
Tip Top Bakeries Limited
Trident Feeds Limited
Twining Crosfield & Co Limited
Vivergo Fuels Limited
W. Jordan & Son (Silo) Limited
W.Jordan (Cereals) Limited
Wereham Gravel Company Limited (The)
Westmill Foods Limited
Weston Biscuit Company Limited (The)
Weston Foods Limited
Weston Research Laboratories Limited
Worldwing Investments Limited
Fox Talbot House, Unit 4 Greenways Business Park,
Bellinger Close, Chippenham, Wiltshire, SN15 1BN
National Livestock Records Limited
National Milk Records Limited
National Milk Records Trustee Company Limited
Nordic Star Ltd
Bright Street, Leigh, WN7 5QH
Romix Foods Limited
Romix Nutrition Limited
Northern Ireland
1 College Place North, Belfast, BT1 6BG
James Neill, Limited
Unit 4, 211 Castle Road, Randalstown, Co. Antrim, BT41
2EB
Jordan Bros. (N.I.) Limited
Nutrition Services (International) Limited
Vistavet Limited
Scotland
180 Glentanar Road, Glasgow, G22 7UP
ABN (Scotland) Limited
Subsidiary undertakings
% effective
holding if not
100%
32 Kelvin Avenue, Hillington Park, Glasgow, G52 4LT
National Milk Laboratories Limited
Miller Samuel LLP, RWF House, 5 Renfield Street, Glasgow,
G2 5EZ
Korway Foods Limited
Korway Holdings Limited
Patak's Chilled Foods Limited
Patak's Frozen Foods Limited
Argentina
Mariscal Antonio Jos\u00e9 de Sucre 632, 2nd Floor, Buenos
Aires 1428, Argentina
AB Mauri Hispanoamerica S.A.
Compa\u00f1\u00eda Argentina De Levaduras S.A.I.C.
Australia
170 South Gippsland Highway, Dandenong VIC 3175,
Australia
ABF Wynyard Park Limited Partnership
35-37 South Corporate Avenue, Rowville, VIC 3178, Australia
AB Food & Beverages Australia Pty Limited
Building A, Level 2, 11 Talavera Road, North Ryde, NSW
2113, Australia
AB Mauri Overseas Holdings Limited
AB Mauri Pakistan Pty Limited
AB Mauri ROW Holdings Pty Limited
AB Mauri South America Pty Limited
AB Mauri South West Asia Pty Limited
AB Mauri Technology & Development Pty Limited
AB Mauri Technology Pty Limited
AB World Foods Pty Ltd
Anzchem Pty Limited
Artisanal Finance Pty Ltd
Artisanal Holdings Pty Ltd
Artisanal Operations Pty Ltd
AusPac Ingredients Pty Ltd
Brasserie Bread Operations Pty Ltd
CCD Animal Health Pty Ltd
Food Investments Pty. Limited
George Weston Foods (Victoria) Pty Ltd
George Weston Foods Limited
Indonesian Yeast Company Pty Limited
Mauri Fermentation Brazil Pty Limited
Mauri Fermentation Chile Pty Limited
Mauri Fermentation China Pty Limited
Mauri Fermentation India Pty Limited
Mauri Fermentation Indonesia Pty Limited
Mauri Fermentation Malaysia Pty. Limited
Mauri Fermentation Philippines Pty Limited
Mauri Fermentation Vietnam Pty Limited
Mauri Yeast Australia Pty. Limited
N&C Enterprises Pty. Ltd
Noisette Bakery Pty Ltd
Noisette Bakery Unit Trust
Noisette Retail Pty Ltd
Serrol Ingredients Pty Limited
The Jordans and Ryvita Company Australia Pty Ltd
Yumi\u2019s Quality Foods Pty Ltd
Subsidiary undertakings
% effective
holding if not
100%
Austria
Annagasse 6/3. OG, 1010 Vienna, Austria
Primark Austria Ltd & Co KG
Krottenbachstrasse 82-88/Stg 1/Top 5, 1190 Vienna, Austria
Nutrilabs GmbH
Bangladesh
Level 13, Shanta Western Tower, Bir Uttam Mir Shawkat
Road, 186 Tejgaon I/A, Dhaka 1208, Bangladesh
Twinings Ovaltine Bangladesh Limited
Belgium
Chauss\u00e9e de la Hulpe 177/20, 1170 Bruxelles, Belgium
Primark SA
Industriepark 2d, 9820 Merelbeke, Belgium
AB Mauri Belgium NV
Brazil
Avenida Dra. Ruth Cardoso, no. 7.221, 11th Floor, Room
1.101 (parte), Condom\u00ednio Edif\u00edcio Birmann 21, Pinheiros,
CEP 05425-902, City of S\u00e3o Paulo, State of S\u00e3o Paulo, Brazil
AB Enzimas Brasil Comercial Ltda
AB Vista Brasil Com\u00e9rcio De Alimenta\u00e7\u00e3o Animal Ltda
Avenida Tiet\u00ea, L-233 Barranca do Rio Tiet\u00ea, City of
Pederneiras, State of S\u00e3o Paulo, CEP 17.280-000, Brazil
AB Mauri Brasil Ltda. (previously AB Brasil Ind\u00fastria e
Com\u00e9rcio de Alimentos Ltda.)
Canada
Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000,
Toronto, Ontario M5L 1A9, Canada
AB Mauri (Canada) Limited
Chile
Miraflores Street No. 222, 28th Floor, Santiago, Chile
Calsa Chile Inversiones Limitada
China
1 Industrial North Street, Zhangjiakou, Zhangbei County,
Hebei Province, China
Hebei Mauri Food Co., Ltd.
14 Juhai Road, Jinghai Development Zone, Tianjin, China
ABNA (Tianjin) Feed Co., Ltd.
145 Xincheng Road, Tengao Economic Development Zone,
Anshan, Liaoning 114225, China
ABNA Feed (Liaoning) Co., Ltd.
17 Xiangyang Street, Tu Township, Chayouqianqi, Inner
Mongolia, China
Botian Sugar Industry (Chayou Qianqi) Co., Ltd.
8 Lancun Road, Economic and Technical Development Zone,
Minhang, Shanghai 200245, China
Shanghai AB Food & Beverages Co., Ltd.
868 Yongpu Road, Pujiang Town, Minhang District, Shanghai
201112, China
ABNA (Shanghai) Feed Co., Ltd.
Building 1, 35 Chi Feng Road, Yangpu District, Shanghai,
200092, China
AB Mauri Foods (Shanghai) Company Limited 90%
Chuangxin Road, Tonggu Industry Zone, Sandu Town,
Tonggu County, Jiangxi Province, China
AB Agri Pumeixin Tech (Jiangxi) Co., Ltd.
No 28, South Shunjin Road, Yintai District, Tongchuan,
Shaanxi Province, China
AB Agri Animal Nutrition (Shaanxi) Co., Ltd.
Subsidiary undertakings
% effective
holding if not
100%
No. 1 Botian Road, Economic Development Zone, Zhangbei
County, Zhangjiakou City, Hebei Province, China
Botian Sugar Industry (Zhangbei) Co., Ltd.
No. 1 Tongcheng Street, A Cheng District, Harbin,
Heilongjiang Province, China
AB (Harbin) Food Ingredients Co., Ltd. (in liquidation)
No. 68-1, Shuanglong Road, Fushan District, Yantai City,
Shandong Province, China
Yantai Mauri Yeast Co., Ltd. 92%
North Huang He Road, Rudong Economic Development
District, Nantong City, Jiangsu Province, China
AB Agri Animal Nutrition (Nantong) Co., Ltd.
AB Agri Animal Nutrition (Rudong) Co., Ltd.
Room 1110, No. 368, Changjiang Road, Nangang
Concentrated District, Economic Development Zone, Harbin,
China
Botian Sugar Industry Co., Ltd.
Room 2802, Raffles City Changning, No.1189 Changning
Road, Changning District, Shanghai, 200051, China
AB Enzymes Trading (Shanghai) Co., Ltd.
Unit 03, 28th Floor (actual 24th) of Qiantan Xinde Center, No.
18, Lane 666, Haiyang West Road, China (Shanghai) Pilot
Free Trade Zone, China
ABNA Management (Shanghai) Co., Ltd.
ABNA Trading (Shanghai) Co., Ltd.
Room 2906, Raffles City Changning, No. 1189 Changning
Road, Changning District, Shanghai, 200051 China
Associated British Foods Holdings (China) Co., Ltd
Room 7-1068, No. 68 Shijiu Hubei Road, Chunxi Street,
Gaochun District, Nanjing City, Jiangsu Province, China
AB Agri Pumeixin Tech (Jiangsu) Co., Ltd.
Shu Shan Modern Industrial Zone of Shou County, Huainan
City, Anhui Province, China
ABNA Feed (Anhui) Co., Ltd.
Room 2401, No. 2461, 24th Floor, No. 77 Jianguo Road,
Chaoyang District, Beijing, China
AB Mauri (Beijing) Food Sales and Marketing Company
Limited
Colombia
Carrera 35 No. 34A \u2013 64, Palmira, Valle del Cauca, Colombia
Fleischmann Foods S.A.
Czech Republic
Nadrazn\u00ed 523, 349 01 Stribro, Czech Republic
Bodit Tachov s.r.o.
Palladium, Na Porici 1079/3a, Prague 1, 110 00, Czech
Republic
Primark Prodejny s.r.o.
Denmark
Middelfartvej 77, Baaring, 5466 Asperup, Denmark
Cowconnect ApS
Skjernvej 42, Troestrup, 6920 Videb\u00e6k, Denmark
AB Neo A/S
Ecuador
Medardo \u00c1ngel Silva 13 y Panam\u00e1, Manzana 12, El Recreo,
Eloy Alfaro, Dur\u00e1n, Guayas, Ecuador
ABCALSA S.A.
Subsidiary undertakings
% effective
holding if not
100%
Eswatini
Ubombo Sugar Limited, Old Main Road, Big Bend, Eswatini
Bar Circle Ranch Limited 60%
Illovo Swaziland Limited 60%
Moyeni Ranch Limited 60%
Ubombo Sugar Limited 60%
Finland
Koskelontie 19 B, Espoo, FI-02920, Finland
AB Vista Finland Oy
Alimetrics Research Oy
Tykkim\u00e4entie 15b (PO Box 57), Rajam\u00e4ki, FI-05201, Finland
AB Enzymes Finland Oy (previously Roal Oy)
France
2 Rue des Moulins, 75001 Paris, France
ABFI France SAS
25 Rue Anatole France, 92300 Levallois-Perret, France
Twinings & Co SAS
40/42, Avenue Georges Pompidou, 69003 Lyon, France
AB Mauri France SAS
845 Chemin du Vallon du Maire, 13240 Septemes les
Vallons, France
SPI Pharma SAS
Centre Commercial R\u00e9gional Cr\u00e9teil Soleil, Niveau 3, 101
Avenue du G\u00e9n\u00e9ral de Gaulle, 94000 Cr\u00e9teil, France
Primark France SAS
ZAE Via Europa, 3 Rue d'Ath\u00e8nes, 34350 Vendres, France
Fytexia SAS
Fytexia Group SAS
Germany
Feldbergstrasse 78, 64293, Darmstadt, Germany
AB Enzymes GmbH
Hausinger Strasse 4-8, 40764, Langenfeld, Germany
Vital Solutions GmbH
Kennedyplatz 2, 45127, Essen, Germany
Primark Mode Ltd. & Co. KG
Primark Property GmbH
Marie-Kahle-Allee 2, D-53113, Bonn, Germany
Westmill Foods Europe GmbH
Schauenburgerstrasse 116, 24118, Kiel, Germany
IFCN AG
Wandsbeker Zollstrasse 59, 22041, Hamburg, Germany
ABF Deutschland Holdings GmbH
Ohly GmbH
Ohly Grundbesitz GmbH
Rheinische Presshefe- und Spritwerke GmbH
Westendstrasse 28, 60325, Frankfurt am Main, Germany
Wander GmbH
Greece
28, Dimitriou Soutsou Str, Athens, GR 115 21, Greece
PSH Teal Single Member S.A.
Guernsey
Dorey Court, Admiral Park, St. Peter Port, GY1 2HT, Guernsey
Talisman Guernsey Limited
Subsidiary undertakings
% effective
holding if not
100%
Hong Kong
5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Associated British Foods Asia Pacific Holdings Limited
Hungary
K\u00e1rolyi utca 12. 3. em., Budapest, 1053, Hungary
Primark \u00dczletek Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g (Primark
\u00dczletek Kft.)
India
Plot No. 218 & 219, Bommassandra Jigani Link Road,
Rajapura Hobli, Jigani Anekal Taluk, Bengaluru, Karnataka,
560105, India
AB Mauri India Private Limited
First Floor, Regent Sunny Side, 80 Ft Road, 8th Block,
Koramangala Bengaluru, Karnataka, 560030, India
SPI Specialties Pharma Private Limited
G3/41, New Budge Budge Trunk Road, Old Dakghar,
Kolkata, West Bengal, 700141, India
Twinings Private Limited
Indonesia
Wisma GKBI Lt.39, Suite 3901, No.28 Jl. Jend, Sudirman,
Jakarta, Indonesia
PT AB Food & Beverages Indonesia (in liquidation)
Ireland
1 Stokes Place, St. Stephen\u2019s Green, Dublin 2, Ireland
Allied Mills Ireland Limited
13 Classon House, Dundrum Business Park, Dundrum,
Dublin 14, D14 W9Y3, Ireland
Nutritional Advanced Formulas (Ireland) Limited
47 Mary Street, Dublin 1, Ireland
Abdale Finance Limited
Primark Holdings Unlimited Company
Primark Pension Trustees Limited
Arthur Ryan House, 22-24 Parnell Street, Dublin 1, Ireland
Primark Austria Limited
Primark Handel Limited
Primark Limited
Primark Mode Limited
Unit 5, Hebron House, Macdonagh Junction, Kilkenny, R95
T91Y, Ireland
Intellync Technology Limited
Italy
Via Gran Sasso, 33, Corbetta, 20011, Milan, Italy
B Natural S.r.l.
Via Milano 42, 27045, Casteggio, (Pavia), Italy
AB Mauri Italy S.p.A.
ABF Italy Holdings S.r.l.
Via Rizzotto 46, 41126, Modena (MO), Italy
Acetaia Fini Modena S.r.l.
Via Sandro Pertini 440, 41032, Cavezzo (MO), Italy
Acetum S.p.A. Societ\u00e0 Benefit
Viale Monte Nero, 84, 20135, Milan, Italy
AB Agri Italy S.r.l.
Via Pantanaccio, SNC., 04100, Latina, Italy
Mapo S.r.l.
Largo Francesco Richini 2/A, 20122, Milan, Italy
Primark Italy S.r.l.
Subsidiary undertakings
% effective
holding if not
100%
Japan
36F Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku,
Tokyo 105-6236, Japan
Twinings Japan Co Ltd 50%
Malawi
Illovo House, Churchill Road, Limbe, Malawi
Dwangwa Sugar Corporation Limited 76%
Illovo Sugar (Malawi) Plc 76%
Malawi Sugar Limited
Malaysia
Unit 30-01, Level 30, Tower A, Vertical Business Suite,
Avenue 3, Bangsar South, No. 8, 59200 Jalan Kerinchi, Kuala
Lumpur, Malaysia
AB Mauri Malaysia Sdn. Bhd. 52%
Malta
171 Old Bakery Street, Valletta, VLT 1455, Malta
Relax Limited 70%
Mauritius
10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene,
Mauritius
Illovo Group Financing Services
Illovo Group Holdings Limited
Illovo Group Marketing Services Limited
Kilombero Holdings Limited
Sucoma Holdings Limited
Mexico
Avenida Javier Barros Sierra 495, Piso 7, Oficina 07-102, Col.
Santa Fe, Alvaro Obreg\u00f3n, Ciudad de M\u00e9xico, 01219,
M\u00e9xico
ACH Foods Mexico, S. de R.L. de C.V.
Paseo de la Reforma 1015, Piso 6, Suite/Oficina 06W123,
Colonia Lomas de Santa Fe, Delegaci\u00f3n Cuajimalpa de
Morelos, Mexico City, 05348, Mexico
AB CALSA, S.A. de C.V.
Mozambique
KM75 EN1, Ma\u00e7iana, Distrito de Manhi\u00e7a, Provincia de
Maputo, Mozambique
Maragra A\u00e7ucar, S.A.
Netherlands
7122 JS Aalten, Dinxperlosestraatweg 122, Netherlands
Germains Seed Technology B.V.
Laarderhoogtweg 25, 1101 EB Amsterdam, Netherlands
Westmill Foods Europe B.V.
Mijlweg 77, 3316 BE, Dordrecht, Netherlands
AB Mauri Netherlands B.V.
AB Mauri Netherlands European Holdings B.V.
Foods International Holding B.V.
Oude Kerkstraat 55 4878 AK, Etten-Leur, Netherlands
Mauri Technology B.V.
Van Oldenbarneveltplaats 36, 3012 AH, Rotterdam,
Netherlands
Primark Fashion B.V.
Primark Netherlands B.V.
Primark Stil B.V.
Weena 505, 3013AL Rotterdam, Netherlands
AB Vista Europe B.V.
Subsidiary undertakings
% effective
holding if not
100%
New Zealand
57 Forge Road, Silverdale 0932, New Zealand
Dad\u2019s Pies Limited
Building 3, Level 2, Central Business Park, 666 Great South
Road, Ellerslie, Auckland 1051, New Zealand
AusPac Ingredients NZ Limited
Building 6, Level 2, Central Business Park, 666 Great South
Road, Ellerslie, Auckland 1051, New Zealand
Allied Foods (NZ) Limited
George Weston Foods (NZ) Limited
Nigeria
23 Oba Akinjobi Street, GRA, Ikeja, Lagos, Nigeria
Twinings Ovaltine Nigeria Limited
Pakistan
21KM Ferozepur Road, 2 KM Hadyara Drain, Lahore,
Pakistan
AB Mauri Pakistan (Private) Limited 60%
Peru
Av. Republica de Argentina No. 1227, Z.I. La Chalaca, Callao,
Peru
Calsa Per\u00fa S.A.C.
Philippines
1201-1202 Prime Land Building, Market Street, Madrigal
Business Park, Ayala Alabang, Muntinlupa, 1770, Philippines
AB Mauri Philippines, Inc.
86 E Rodriguez Jr. Ave., Ugong Norte, QC, 1604, Pasig City,
Metro Manila, Philippines
AB Food & Beverages Philippines, Inc. 99%
Poland
Przemys\u0142owa 2, 67-100 Nowa S\u00f3l, Lubuskie, Poland
AB Foods Polska Sp\u00f3lka z ograniczona odpowiedzialnoscia
(AB Foods Polska Sp. z.o.o.)
Towarowa 28,00-839 Warsaw, Poland
Primark Sklepy Sp\u00f3lka z ograniczona odpowiedzialnoscia
(Primark Sklepy Sp. z.o.o)
ul. G\u0142\u00f3wna 3A, Bruszczewo, 64-030, \u015amigiel, Poland
AB Neo Polska Sp\u00f3lka z ograniczona odpowiedzialnoscia (AB
Neo Polska Sp. z.o.o)
ul. Rabowicka 29/31, 62-020, Swarz\u0119dz \u2013 Jasin, Poland
R. Twining and Company Sp\u00f3\u0142ka z ograniczona
odpowiedzialnoscia (R. Twining and Company Sp. z.o.o.)
Portugal
Avenida Salvador Allende, No. 99, Oeiras, Juli\u00e3o da Barra,
Pa\u00e7o de Arcos e Caxias, 2770-157, Pa\u00e7o de Arcos, Portugal
AB Mauri Portugal, S.A. 96%
Rua Castilho 50, 1250-071, Lisbon, Portugal
Lojas Primark Portugal - Explora\u00e7\u00e3o, Gest\u00e3o e Administra\u00e7\u00e3o
de Espacos Comerciais S.A.
Romania
District 1, 165 Calea Floreasca, One Tower, 12th Floor,
Bucharest, Romania
Primark Magazine S.R.L.
Rwanda
Nyarugenge District, Nyarugenge Sector, Kigali City, Rwanda
Illovo Sugar (Kigali) Limited
Subsidiary undertakings
% effective
holding if not
100%
Singapore
63 Chulia Street, OCBC Centre East, #15-01, 049514,
Singapore
AB Vista Asia Pte. Limited
9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
AB Mauri Investments (Asia) Pte Ltd
Slovakia
Staromestska 3, 811 03 Bratislava - Stare Mesto, Slovakia
Primark Slovakia s.r.o.
Slovenia
Bleiweisova cesta 30, Ljubljana, 1000, Slovenia
Primark Trgovine, trgovsko podjetje, d.o.o.
South Africa
1 Nokwe Avenue, Ridgeside, Umhlanga Rocks, Kwazulu
Natal, 4320, South Africa
CGS Investments (Pty) Limited
East African Supply (Pty) Limited
Glendale Sugar (Pty) Ltd
Illovo Distributors (Pty) Limited
Illovo Sugar (South Africa) Proprietary Limited
Illovo Sugar Africa Proprietary Limited
Illprop (Pty) Limited
Lacsa (Pty) Limited 70%
Noodsberg Sugar Company (Pty) Ltd
Reynolds Brothers (Pty) Ltd
S.A. Sugar Distributors (Pty) Limited
Spain
8, 2 Calle Via Servicio I, 2, 19190 Torija, Guadalajara, Spain
Primark Log\u00edstica, S.L.U. Sociedad Unipersonal
Avienda Virgen de Montserrat 44, Castelloli, 08719,
Barcelona, Spain
Germains Seed Technology, S.A.
Calle Escultor Coomonte No. 2, Entreplanta, Benavente,
Zamora, Spain
Agroteo S.A. 53%
Calle Cardenal Marcelo Sp\u00ednola, 42, Madrid, 28016, Spain
AB Azucarera Iberia, S.L. Sociedad Unipersonal
AB Vista Iberia, S.L.
Calle Comunidad de Murcia, Parcela LIE-1-03, Plataforma
Log\u00edstica de Fraga, 22520, Huesca, Spain
Alternative Swine Nutrition, S.L.
Calle Escoles Pies 49, Planta Baja, 08017, Barcelona, Spain
DR Healthcare Espa\u00f1a, S.L.U.
Calle Levadura, 5, 14710, Villarrubia, C\u00f3rdoba, Spain
AB Mauri Food, S.A
ABF Iberia Holding S.L.
Gran V\u00eda 32, 5a Planta, 28013, Madrid, Spain
Primark Tiendas, S.L.U.
Plaza Pablo Ruiz Picasso S/N, Torre Picasso, Planta 37,
Madrid, Spain
Illovo Sugar Espa\u00f1a, S.L.
Sri Lanka
124 Templers Road, Mount Lavinia, Sri Lanka
AB Mauri Lanka (Private) Limited
Subsidiary undertakings
% effective
holding if not
100%
Sweden
Retzius v\u00e4g 8, 171 65, Solna, Sweden
Larodan AB
Switzerland
Fabrikstrasse 10, CH-3176, Neuenegg, Switzerland
Wander AG
Taiwan
3F-1, No. 161, Sec 4, Nanking E Rd, Taipei City 104, Taiwan
(R.O.C.)
AB Food and Beverages Taiwan, Inc.
Tanzania
Msolwa Mill Office, Kidatu, Morogoro, Tanzania
Illovo Distillers (Tanzania) Limited
Illovo Tanzania Limited
Kilombero Sugar Company Limited 75%
Thailand
1 Empire Tower, 24th Floor, Unit 2412-2413, South Sathorn
Road, Yannawa, Sathorn, Bangkok, 10120, Thailand
AB World Foods Asia Ltd.
11th Floor, 2535 Sukhumvit Road, Kwaeng Bangchak, Khet
Prakhanong, Bangkok, 10260, Thailand
AB Food & Beverages (Thailand) Ltd.
ABF Holdings (Thailand) Ltd.
229/110 Moo 1, Teparak Road, T. Bangsaothong, A.
Bangsaothong, Samutprakarn, 10540, Thailand
Jasol Asia Pacific Limited (dissolved 20 September 2024)
Turkey
Aksakal Mahallesi, Kavakpinari, Kume Evleri No. 27,
Bandirma/Balikesir, 10245, Turkiye
Mauri Maya Sanayi A.S.
United Arab Emirates
Office 604A, Jafza LOB 15, Jebel Ali Freezone, Dubai, PO
BOX 17620, United Arab Emirates
AB Mauri Middle East FZE
United States of America
158 River Road, Unit A, Clifton, NJ 07014, United States
Modena Fine Foods, Inc.
158 River Road, Unit B, Clifton, NJ 07014, United States
Balsamic Express LLC
208 S. LaSalle Street, Suite 814, Chicago, IL 60604, United
States
Omega Yeast Labs, LLC
251 Little Falls Drive, Wilmington, DE 19808, United States
Fytexia Corp.
C T Corporation System, 155 Federal Street Suite 700,
Boston, MA 02110, United States
Primark GCM LLC
C T Corporation System, 330 N. Brand Blvd., Glendale, CA
91203, United States
Pennypacker, LLC
CT Corporation System, 818 West Seventh Street, Suite
930, Los Angeles CA 90017, United States
AB Mauri Food Inc.
The Corporation Trust Company, Corporation Trust Center,
1209 Orange Street, Wilmington DE 19801, United States
AB Agri US, Inc.
Subsidiary undertakings
% effective
holding if not
100%
AB Enzymes, Inc.
AB Vista, Inc.
AB World Foods US, Inc.
ABF North America Corp.
ABF North America Holdings, Inc.
Abitec Corporation
ACH Capital Ventures, Inc.
ACH Food Companies, Inc.
ACH Jupiter LLC
BakeGood, LLC
Germains Seed Technology, Inc.
PGP International, Inc.
Primark US Corp.
Prosecco Source, LLC
SPI Pharma, Inc.
SPI Polyols, LLC
Twinings North America, Inc.
Uruguay
Carlos Antonio Lopez 7547, Montevideo, Uruguay
Levadura Uruguaya S.A.
Venezuela
Oficinas Once 3 (11-3) y Once 4 (11-4), Torre Mayupan, Av.
Principal San Luis, Urbanizaci\u00f3n San Luis, Caracas, Bolivarian
Republic of Venezuela
Alimentos Fleischmann, C.A.
Compa\u00f1\u00eda de Alimentos Latinoamericana de Venezuela
(CALSA) S.A.
Vietnam
La Nga Commune, Dinh Quan District, Dong Nai Province,
Vietnam
AB Mauri Vietnam Limited 66%
Viettel Tower, Floor 6A2, 285 Cach Mang Thang Tam Str.,
Ward 12, District 10, HCMC, Vietnam
AB Agri Vietnam Company Limited
Zambia
Nakambala Estates, Plot No. 118a Lubombo Road, Off Great
North Road, Zambia
Illovo Sugar (Zambia) Limited
Nanga Farms Limited 75%
Zambia Sugar plc 75%
Subsidiary undertakings
% effective
holding if not
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00" } }, "fact-762": { "value": "30. Alternative performance measures In reporting financial information, the Board uses various APMs which it believes provide useful additional information for understanding the financial performance and financial health of the Group. These APMs should be considered in addition to IFRS measures and are not intended to be a substitute for them. Since IFRS does not define APMs, they may not be directly comparable to similar measures used by other companies. The Board also uses APMs to improve the comparability of information between reporting periods and geographical units (such as like-for-like sales) by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group\u2019s performance. Consequently, the Board and management use APMs for performance analysis, planning, reporting and incentive-setting. APM Closest equivalent IFRS measure Definition/purpose Reconciliation/calculation Like-for-like sales No direct equivalent The like-for-like sales metric enables measurement of the performance of our retail stores on a comparable year-on-year basis. This measure represents the change in sales at constant currency in our retail stores adjusted for new stores, closures and relocations. Refits, extensions and downsizes are also adjusted for if a store\u2019s retail square footage changes by 10% or more. For each change described above, a store\u2019s sales are excluded from like-for-like sales for one year. No adjustments are made for disruption during refits, extensions or downsizes if a store\u2019s retail square footage changes by less than 10%, for cannibalisation by new stores, or for the timing of national or bank holidays. It is measured against comparable trading days in each year. Consistent with the definition given Adjusted operating profit Operating profit Adjusted operating profit is stated before amortisation of non- operating intangibles, transaction costs, amortisation of fair value adjustments made to acquired inventory, profits less losses on disposal of non-current assets and exceptional items. Items defined above which arise in the Group\u2019s joint ventures and associates are also treated as adjusting items for the purposes of Adjusted operating profit. A reconciliation of this measure is provided on the face of the consolidated income statement and by operating segment in note 1 of the financial statements Adjusted operating (profit) margin No direct equivalent Adjusted operating (profit) margin is Adjusted operating profit as a percentage of revenue. See note A Adjusted profit before tax Profit before tax Adjusted profit before tax is stated before amortisation of non- operating intangibles, transaction costs, amortisation of fair value adjustments made to acquired inventory, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses and exceptional items. Items defined above which arise in the Group\u2019s joint ventures and associates are also treated as adjusting items for the purposes of Adjusted profit before tax. A reconciliation of this measure is provided on the face of the consolidated income statement and by operating segment in note 1 of the financial statements Adjusted earnings and Adjusted earnings per share Earnings and earnings per share Adjusted earnings and Adjusted earnings per share are stated before amortisation of non-operating intangibles, transaction costs, amortisation of fair value adjustments made to acquired inventory, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses and exceptional items, together with the related tax effect. Items defined above which arise in the Group\u2019s joint ventures and associates are also treated as adjusting items for the purposes of Adjusted earnings and Adjusted earnings per share. Reconciliations of these measures are provided in note 7 of the financial statements Exceptional items No direct equivalent Exceptional items are items of income and expenditure which are significant and unusual in nature and are considered of such significance that they require separate disclosure on the face of the income statement. Exceptional items are included on the face of the consolidated income statement with further detail provided in note 2 of the financial statements APM Closest equivalent IFRS measure Definition/purpose Reconciliation/calculation Constant currency Revenue and Adjusted operating profit (non- IFRS) measure Constant currency measures are derived by translating the relevant prior year figures at current year average exchange rates, except for countries where CPI has escalated to extreme levels, in which case actual exchange rates are used. There are currently three countries where the Group has operations in this position \u2013 Argentina, Venezuela and Turkey. See note B Effective tax rate No direct equivalent This measure is the tax charge for the year expressed as a percentage of profit before tax. Whilst the Effective tax rate is not disclosed, a reconciliation of the tax charge on profit before tax at the UK corporation tax rate to the actual tax charge is provided in note 5 of the financial statements Adjusted effective tax rate No direct equivalent This measure is the tax charge for the year excluding tax on adjusting items expressed as a percentage of Adjusted profit before tax. The tax impact of reconciling items between profit before tax and Adjusted profit before tax is shown in note 7 of the financial statements Dividend cover No direct equivalent Dividend cover is the ratio of Adjusted earnings per share to dividends per share relating to the year. See note C Capital expenditure No direct equivalent Capital expenditure is a measure of investment in non-current assets in existing businesses. It comprises cash outflows from the purchase of property, plant and equipment and intangibles. See note D Gross investment No direct equivalent Gross investment is a measure of investment in non-current assets in existing businesses and acquisition of new businesses. It comprises capital expenditure, cash outflows from the purchase of subsidiaries, joint ventures and associates, additional shares in subsidiary undertakings purchased from non-controlling interests and other investments. See note E Net cash/debt before lease liabilities No direct equivalent This measure comprises cash, cash equivalents and overdrafts, current asset investments and loans. A reconciliation of this measure is shown in note 25 of the financial statements Net cash/debt including lease liabilities No direct equivalent This measure comprises cash, cash equivalents and overdrafts, current asset investments, loans and lease liabilities. A reconciliation of this measure is shown in note 25 of the financial statements Adjusted EBITDA Adjusted operating profit (non-IFRS) measure Adjusted EBITDA is stated before depreciation, amortisation and impairments charged to Adjusted operating profit. See note F Financial leverage ratio No direct equivalent Financial leverage is the ratio of net cash/debt including lease liabilities to Adjusted EBITDA. See note F APM Closest equivalent IFRS measure Definition/purpose Reconciliation/calculation Free cash flow No direct equivalent This measure represents the cash that the Group generates from its operations after maintaining and investing in its capital assets. All the items below Adjusted EBITDA can be found on the face of the cash flow statement or derived directly from it. Working capital comprises the movements in inventories, receivables and payables within net cash generated from operating activities. Net interest paid is the sum of interest received within net cash used in investing activities and interest paid within net cash used in financing activities. Share of adjusted profit after tax from joint ventures and associates is the amount on the face of the cash flow statement, plus the \u00a33m (2023 \u2013 \u00a33m) non-operating intangible amortisation which is not included in Adjusted EBITDA. Other includes all other items from net cash generated from operating activities and net cash used in investing activities except for the purchase and sale of subsidiaries, joint ventures and associates, plus dividends paid to non-controlling interests and the movement from changes in own shares held. See note G Total liquidity No direct equivalent Total liquidity comprises cash, cash equivalents and current asset investments, less non-qualifying borrowings and an estimate of inaccessible cash, plus the qualifying credit facilities. Cash, cash equivalents and current asset investments are set out in note 18. Non-qualifying borrowings are current loans and overdrafts and any non-current borrowings that are uncommitted or that contain covenants that could be breached in a severe downside scenario. Current loans and overdrafts are set out in note 19. Inaccessible cash is generally located in jurisdictions where there is limited access to foreign currency or where there are exchange controls. It is estimated at 5% of cash and cash equivalents. Qualifying credit facilities have a maturity of more than 18 months, are committed, and either contain no performance covenants, or where they do, they are assessed as highly unlikely to be breached even in a severe downside scenario. At 14 September 2024, this comprised the RCF. See note H (Average) capital employed No direct equivalent Capital employed is derived from the management balance sheet and does not reconcile directly to the statutory balance sheet. All elements are calculated in accordance with Adopted IFRS. Average capital employed for each segment and for the Group is calculated by averaging capital employed for each period of the year based on the reporting calendar of each business. Consistent with the definition given Return on (average) capital employed No direct equivalent This measure expresses Adjusted operating profit as a percentage of Average capital employed. Consistent with the definition given (Average) working capital No direct equivalent Working capital is derived from the management balance sheet and does not reconcile directly to the statutory balance sheet. All elements are calculated in accordance with Adopted IFRS. Average working capital for each segment and for the Group is calculated by averaging working capital for each period of the year based on the reporting calendar of each business. Consistent with the definition given (Average) working capital as a percentage of revenue No direct equivalent This measure expresses (Average) working capital as a percentage of revenue. Consistent with the definition given
Note A
Central and
disposed
Retail
Grocery
Ingredients
Sugar
Agriculture
business
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
External revenue from continuing businesses
9,448
4,242
2,134
2,529
1,650
70
20,073
Adjusted operating profit
1,108
511
233
199
41
(94)
1,998
Adjusted operating margin %
11.7%
12.1%
10.9%
7.9%
2.5%
10.0%
2023
External revenue from continuing businesses
9,008
4,198
2,157
2,474
1,840
73
19,750
Adjusted operating profit
735
448
214
179
41
(104)
1,513
Adjusted operating margin %
8.2%
10.7%
9.9%
7.2%
2.2%
7.7%
Note B
Central and
disposed
Retail
Grocery
Ingredients
Sugar
Agriculture
business
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
External revenue from continuing businesses
at actual rates
9,448
4,242
2,134
2,529
1,650
70
20,073
2023
External revenue from continuing businesses
at actual rates
9,008
4,198
2,157
2,474
1,840
73
19,750
Impact of foreign exchange
(94)
(108)
(62)
(199)
(22)
(4)
(489)
External revenue from continuing businesses
at constant currency
8,914
4,090
2,095
2,275
1,818
69
19,261
% change at constant currency
+6%
+4%
+2%
+11%
-9%
+4%
Central and
disposed
Retail
Grocery
Ingredients
Sugar
Agriculture
business
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Adjusted operating profit at actual rates
1,108
511
233
199
41
(94)
1,998
2023
Adjusted operating profit at actual rates
735
448
214
179
41
(104)
1,513
Impact of foreign exchange
(3)
(13)
(6)
(43)
(1)
\u2013
(66)
Adjusted operating profit at constant currency
732
435
208
136
40
(104)
1,447
% change at constant currency
+51%
+17%
+12%
+46%
+3%
+38%
Note C
2024 2023
Adjusted earnings per share (in pence) 196.9 141.8
Dividend relating to the period (in pence) - excluding special dividend proposed 63.0 47.3
Dividend cover 3 3
Note D
2024 2023
From the cash flow statement \u00a3m \u00a3m
Purchase of property, plant and equipment 1,124 997
Purchase of intangibles 60 76
Capital expenditure 1,184 1,073
Note E
2024 2023
From the cash flow statement \u00a3m \u00a3m
Purchase of property, plant and equipment 1,124 997
Purchase of intangibles 60 76
Purchase of subsidiaries, joint ventures and associates 93 94
Purchase of shares in subsidiary undertaking from non-controlling interests \u2013 \u2013
Purchase of other investments 4 4
Gross investment 1,281 1,171
Note F
2024 2023
\u00a3m
\u00a3m
Adjusted operating profit 1,998 1,513
Charged to adjusted operating profit:
Depreciation of property, plant and equipment and investment properties 555 531
Amortisation of operating intangibles 63 44
Depreciation of right-of-use assets and non-cash lease adjustments 294 273
Adjusted EBITDA 2,910 2,361
Net debt including lease liabilities (2,021) (2,265)
Financial leverage ratio 0.7x 1.0x
Note G
2024 2023
\u00a3m
\u00a3m
Adjusted EBITDA (see note F) 2,910 2,361
Repayment of lease liabilities net of incentives received (308) (246)
Working capital 305 (216)
Capital expenditure (see note D) (1,184) (1,073)
Purchase of subsidiaries, joint ventures and associates (93) (94)
Sale of subsidiaries, joint ventures and associates 24 4
Net interest paid (69) (74)
Income taxes paid (340) (341)
Share of adjusted profit after tax from joint ventures and associates (120) (127)
Dividends received from joint ventures and associates 105 107
Other 125 (32)
Free cash flow 1,355 269
Note H
2024 2023
\u00a3m
\u00a3m
Cash and cash equivalents 1,323 1,457
Current asset investments 334 \u2013
Current loans and overdrafts (159) (168)
Non-qualifying non-current borrowings* (63) \u2013
Estimated inaccessible cash (66) (73)
Qualifying credit facilities 1,500 1,500
Total liquidity 2,869 2,716
* At 14 September 2024, non-current borrowings on the face of the balance sheet included the \u00a3400m public bond due in 2034 (carrying value \u00a3391m)
as qualifying borrowings.
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