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Material accounting policies
for the 52 weeks ended 13 September 2025
Associated British Foods plc is domiciled in the United Kingdom.
The\u00a0Company\u2019s consolidated financial statements for the 52
weeks ended 13 September 2025 comprise those of the
Company, its subsidiaries and its interest in joint ventures
and\u00a0associates.
The directors authorised the consolidated financial statements
for issue on 4\u00a0November 2025. The directors prepared and
approved the consolidated financial statements in accordance
with UK-adopted international accounting standards (\u2018Adopted
IFRS\u2019) and with the requirements of the Companies Act 2006
as\u00a0applicable to companies reporting under those standards.
The Company has elected to prepare the parent company
financial statements under FRS 101. These are presented
on\u00a0pages 224 to 229.
Basis of preparation
The Company presents its consolidated financial statements
in\u00a0sterling, 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\u00a0experience. 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 167.
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\u00a0the\u00a0year 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 13 September 2025
(2024 \u2013 52 weeks ended 14 September 2024).
To avoid delay in the preparation of the consolidated financial
statements, the results of certain subsidiaries, joint ventures
and\u00a0associates are included to 31 August each year.
Adjustments have been made where appropriate for significant
transactions or events occurring between 31 August and
13 September.
The Group\u2019s business activities, together with factors likely
to\u00a0affect its future development, performance and position are
set out in the Strategic Report on pages 1 to 91. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in the Financial review
on\u00a0pages 44 to 47.
In addition, the principal risks and uncertainties on pages 81
to\u00a090 and note 27 on pages 197 to 208 provide details of the
Group\u2019s policy on managing its financial and commodity risks.
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
5\u00a0March 2027 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 1.0x. At the
end of the financial year, the Group had total cash, cash
equivalents and current asset investments of \u00a31.1bn and an
undrawn committed RCF of \u00a31.5bn. The RCF matures in 2029
and has no 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 as well as considering
significant potential acquisitions such as that of Hovis Group
Limited. The directors have a thorough understanding of the
risks, sensitivities and judgements included in these elements of
the cash flow forecast.
As a downside scenario, the directors considered a situation in
which inflationary costs are not fully recovered through pricing,
there are high levels of volatility in the sugar market without
price adjustments, there is an adverse movement to the cash
conversion cycle within the Group and severe IT outages occur
leading to a period 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 a further 16%
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 67 to 80 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 5\u00a0March 2027 nor the viability of the
Group over the next three years.
Management has considered the impact of climate change
on\u00a0a\u00a0number 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\u00a0the 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\u00a0the 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\u00a0the date that it ceases.
Subsidiaries are entities controlled by the Company. Control
exists when the Company has the power, directly or indirectly,
to\u00a0direct the activities of an entity so as to affect significantly
the\u00a0returns 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\u00a0entities over whose activities the Group has joint control,
typically established by contractual agreement and requiring
the\u00a0venturers\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\u00a0made payments on behalf of an investee.
Control, joint control and significant influence are generally
assessed by reference to equity shareholdings and voting rights.
Business combinations
On acquisition of a business, the Group attributes fair values
to\u00a0the identifiable assets, liabilities and contingent liabilities
acquired, reflecting conditions at the date control is acquired.
These include aligning accounting policies with those
of\u00a0the\u00a0Group.
The Group finalises provisional fair values within 12 months
of\u00a0the acquisition date and, where significant, reflects them
by\u00a0restatement of the comparative period in which the
acquisition\u00a0occurred.
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 acquisition date, with any resulting gain or\u00a0loss
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\u00a0non-controlling interests. Total consideration does not include
transaction costs, which the Group expenses as incurred.
The Group measures contingent consideration at fair value
at\u00a0the\u00a0date of acquisition, classified as a liability or equity
(usually\u00a0as\u00a0a\u00a0liability).
Other than for the finalisation of provisional fair values, the Group
accounts for changes in contingent consideration classified as
a\u00a0liability 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\u00a0goods 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\u00a0legal 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 general and specific
borrowing costs directly attributable to the acquisition,
construction or production of qualifying items of property,
plant\u00a0and equipment as part of their\u00a0cost.
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\u00a0the exchange rate at the balance sheet date and the income
statements of those operations into sterling at average
exchange\u00a0rates.
The Group records differences arising from the retranslation
of\u00a0opening net assets of group companies, together with
differences arising from the restatement of the net results
of\u00a0group companies from average exchange rates to those
at\u00a0the\u00a0balance 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\u00a0scheme assets and the present value of scheme liabilities
on\u00a0a scheme-by-scheme basis as net pension assets
(to\u00a0the\u00a0extent recoverable) or liabilities.
The Group recognises remeasurements and movements
in\u00a0irrecoverable 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\u00a0equity, 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\u00a0as\u00a0a 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 recognises deferred tax using the balance sheet
liability method, providing for temporary differences between
the\u00a0carrying 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\u00a0a 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\u00a0substantively 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\u00a0income 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\u00a0to realise the assets and settle the liabilities simultaneously,
in\u00a0each future period in which significant amounts of deferred
tax\u00a0liabilities or assets are expected to be settled or recovered.
As required by IAS 12, the Group has applied the exception
to\u00a0recognising 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\u00a0dividend.
Financial assets and liabilities
The Group recognises financial assets and liabilities when
it\u00a0becomes 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\u00a0value and subsequently at amortised cost. This generally
results\u00a0in 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 equity investments
Other equity investments comprise minority shareholdings
in\u00a0private 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\u00a0loss previously recognised in other comprehensive income
is\u00a0included directly in retained earnings, without recycling
it\u00a0to\u00a0the 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\u00a0rate method.
Trade payables
The Group records trade payables initially at fair value
and\u00a0subsequently at amortised cost.
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\u00a0three months or less.
Current asset investments comprise bank deposits and
short-term investments with maturities of between three
and\u00a0six\u00a0months.
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\u00a0commodity contracts, futures, swaps and options.
The\u00a0Group 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\u00a0option pricing models.
The Group recognises changes in the fair value of derivatives
in\u00a0the income statement unless the derivative is designated
in\u00a0a\u00a0hedging relationship, when recognition of the change
in\u00a0fair\u00a0value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact
on\u00a0the 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\u00a0liability is\u00a0recognised, the Group includes the associated
gains\u00a0and losses previously recognised in the hedging reserve
in\u00a0the\u00a0initial measurement of that asset or liability.
When the future cash flow does not result in the recognition
of\u00a0a\u00a0non-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\u00a0hedged 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\u00a0Group recognises the change in fair value through other
comprehensive income in the translation reserve. Any ineffective
portion is recognised immediately in the income\u00a0statement.
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\u00a0hedging 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\u00a0the ordinary course of business, typically including computer
software, 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 combinations\u2019 on page 162.
Certain commercial assets associated with the acquisition of
a\u00a0business 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\u00a0incurred, unless development expenditure relates to products
or processes which are technically and commercially feasible,
in\u00a0which 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\u00a0property, plant and equipment at each balance sheet date
to\u00a0determine whether there is any indication of impairment.
If\u00a0any 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 CGU
exceeds its recoverable amount.
The Group allocates impairment charges recognised in respect
of CGUs first to reduce the carrying amount of any goodwill
allocated to that CGU and then to reduce the carrying amount
of\u00a0the other assets in the CGU on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of assets or CGUs is the greater of fair
value less\u00a0costs to sell and value in use. In assessing value in
use, the\u00a0Group 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\u00a0to\u00a0the asset.
For an asset that does not generate largely independent cash
inflows, the Group determines recoverable amount for the
CGU\u00a0to which the asset belongs.
Reversals of impairment
The Group does not subsequently reverse impairments
of\u00a0goodwill. 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\u00a0carrying
amount that would have been determined, net of\u00a0depreciation
or\u00a0amortisation, if no impairment charge had\u00a0previously
been\u00a0recognised.
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\u00a0straight-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\u00a0and\u00a0bakeries
up to 20 years
\u2022other 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\u00a0a\u00a0straight-line basis over the estimated useful economic life
of\u00a0each property sufficient to reduce it to its estimated residual
value. Land is not depreciated. Estimated useful economic
lives\u00a0are generally deemed to be no longer than:
Freehold buildings
up to 66 years
Leasehold buildings
term of lease
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\u00a0to use a specific asset for an agreed period. The Group
recognises assets and liabilities arising from a lease at the
commencement date of the lease, which is the date the
underlying asset is available for use.
Lessee accounting
Right-of-use assets
The Group initially records right-of-use assets at an amount
equal\u00a0to the present value of the lease payments plus initial
direct costs incurred and any lease payments made at or before
the commencement date less any lease incentives received.
They are subsequently measured at cost less any accumulated
depreciation and impairment losses, and adjusted for
subsequent remeasurement of lease liabilities.
The Group charges depreciation to the income statement
on\u00a0a\u00a0straight-line basis over the shorter of the estimated useful
life\u00a0and the lease term.
Lease liabilities
The Group records lease liabilities at the commencement date
of\u00a0the 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\u00a0index 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\u00a0condition that triggers the payment occurs.
Lease payments are allocated between principal and finance
expense. The finance expense is charged to the income
statement over the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability
for each period.
The carrying amount of lease liabilities is remeasured when there
is a change in future lease payments due to a change in the
lease\u00a0term, a change in the in-substance fixed lease payments
or\u00a0a\u00a0change 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\u00a0leases 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\u00a0Group expenses lease payments on short-term leases and
leases of low-value assets in the income statement as incurred.
Lessor accounting
The Group classifies leases based on whether or not the
risks\u00a0and rewards incidental to ownership of the leased asset
remain with the lessor (in the case of an operating lease) or
are\u00a0substantially transferred to the lessee (in the case of a
finance lease). If the Group subleases a right-of-use asset, this
assessment is based on the head lease asset. Where such a
sublease is considered a finance lease, a portion of the right-of-
use asset is derecognised based on the ratio of sublease income
to head lease payments. A receivable is recognised representing
the net investment in the lease. Rental payments received are
allocated between the net investment in the lease and finance
income over the lease term. Where a sublease is an operating
lease, income is recognised on a straight-line basis over
the\u00a0lease term.
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\u00a0fair value. Subsequently, the Group charges the book value
of\u00a0the inventories to adjusted operating profit as they are sold
or\u00a0used. 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\u00a0profit or loss in the period in which they become receivable.
Hyperinflation
The Argentinian economy was designated hyperinflationary
from\u00a01 July 2018. The Turkish economy was designated
hyperinflationary from 1 July 2022. The Malawian economy
was\u00a0designated as hyperinflationary from 31 December 2024.
The Group has applied IAS 29 Financial Reporting in
Hyperinflationary Economies to its Argentinian operations from
the beginning of the 2019 financial year, its Turkish operations
from the beginning of the 2022 financial year and its Malawian
operations from the beginning of the current financial year.
IAS\u00a029 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); Turkey as
published by Turkish Statistical Institute (\u2018TUIK\u2019); and Malawi
as published by the Malawian National Statistical Office (\u2018CPI\u2019);
\u2022 adjustment of the components of the income statement
and\u00a0cash 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\u00a0inflation on holding monetary assets and liabilities
in\u00a0local\u00a0currency;
\u2022 the financial statements of the Group\u2019s Argentinian, Turkish
and Malawian operations have been translated into sterling at
the closing exchange rate at 13 September 2025 (ARS
1966.66:\u00a31; TRL 56.1:\u00a31; MWK 2351.22:\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 6883.4412 at 31 August
2024 and 9193.2441 at 31 August 2025. The inflation index for
the year is therefore 1.336.
In Turkey, the TUIK index was 51.97 at 31 August 2024 and
32.95 at 31 August 2025. The inflation index for the year
is\u00a0therefore 0.634.
In Malawi, the CPI index was 193 at 31 August 2024 and
247.5\u00a0at 31 August 2025. The inflation index for the year
is\u00a0therefore\u00a01.282.
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 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS
16)
\u2022 Classification of Liabilities as Current or Non-Current Liabilities;
Non-Current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7
and\u00a0IFRS 7)
The Group is assessing the impact of the following standards,
interpretations and amendments that are not yet effective.
Where already endorsed by the UK Endorsement Board
(\u2018UKEB\u2019), these changes will be adopted on the effective dates
noted. Where not yet endorsed by the UKEB, the adoption date
is less certain:
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosure,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 Lack of exchangeability (Amendments to IAS 21), effective
2026 financial year
\u2022 Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and IFRS 7)
effective 2027 financial year
\u2022 Annual improvements 2024 effective 2027 financial year
\u2022 Contracts referencing Nature-dependent Electricity
(amendment to IFRS9 and IFRS7) effective 2027 financial year
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-713": { "value": "
Associated British Foods plc is domiciled in the United Kingdom.
The\u00a0Company\u2019s consolidated financial statements for the 52
weeks ended 13 September 2025 comprise those of the
Company, its subsidiaries and its interest in joint ventures
and\u00a0associates.
The directors authorised the consolidated financial statements
for issue on 4\u00a0November 2025. The directors prepared and
approved the consolidated financial statements in accordance
with UK-adopted international accounting standards (\u2018Adopted
IFRS\u2019) and with the requirements of the Companies Act 2006
as\u00a0applicable to companies reporting under those standards.
The Company has elected to prepare the parent company
financial statements under FRS 101. These are presented
on\u00a0pages 224 to 229.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-714": { "value": "Associated British Foods plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-715": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-716": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-717": { "value": "
The directors authorised the consolidated financial statements
for issue on 4\u00a0November 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-718": { "value": "The directors prepared and
approved the consolidated financial statements in accordance
with UK-adopted international accounting standards (\u2018Adopted
IFRS\u2019) and with the requirements of the Companies Act 2006
as\u00a0applicable to companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-719": { "value": "
Basis of preparation
The Company presents its consolidated financial statements
in\u00a0sterling, 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\u00a0experience. 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 167.
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\u00a0the\u00a0year 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 13 September 2025
(2024 \u2013 52 weeks ended 14 September 2024).
To avoid delay in the preparation of the consolidated financial
statements, the results of certain subsidiaries, joint ventures
and\u00a0associates are included to 31 August each year.
Adjustments have been made where appropriate for significant
transactions or events occurring between 31 August and
13 September.
The Group\u2019s business activities, together with factors likely
to\u00a0affect its future development, performance and position are
set out in the Strategic Report on pages 1 to 91. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in the Financial review
on\u00a0pages 44 to 47.
In addition, the principal risks and uncertainties on pages 81
to\u00a090 and note 27 on pages 197 to 208 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-720": { "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
5\u00a0March 2027 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 1.0x. At the
end of the financial year, the Group had total cash, cash
equivalents and current asset investments of \u00a31.1bn and an
undrawn committed RCF of \u00a31.5bn. The RCF matures in 2029
and has no 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 as well as considering
significant potential acquisitions such as that of Hovis Group
Limited. The directors have a thorough understanding of the
risks, sensitivities and judgements included in these elements of
the cash flow forecast.
As a downside scenario, the directors considered a situation in
which inflationary costs are not fully recovered through pricing,
there are high levels of volatility in the sugar market without
price adjustments, there is an adverse movement to the cash
conversion cycle within the Group and severe IT outages occur
leading to a period 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 a further 16%
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-721": { "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 67 to 80 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 5\u00a0March 2027 nor the viability of the
Group over the next three years.
Management has considered the impact of climate change
on\u00a0a\u00a0number 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\u00a0the 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-722": { "value": "
Basis of consolidation
These consolidated financial statements include the results
of\u00a0the 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\u00a0the date that it ceases.
Subsidiaries are entities controlled by the Company. Control
exists when the Company has the power, directly or indirectly,
to\u00a0direct the activities of an entity so as to affect significantly
the\u00a0returns 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\u00a0entities over whose activities the Group has joint control,
typically established by contractual agreement and requiring
the\u00a0venturers\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\u00a0made 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-723": { "value": "
Business combinations
On acquisition of a business, the Group attributes fair values
to\u00a0the identifiable assets, liabilities and contingent liabilities
acquired, reflecting conditions at the date control is acquired.
These include aligning accounting policies with those
of\u00a0the\u00a0Group.
The Group finalises provisional fair values within 12 months
of\u00a0the acquisition date and, where significant, reflects them
by\u00a0restatement of the comparative period in which the
acquisition\u00a0occurred.
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 acquisition date, with any resulting gain or\u00a0loss
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\u00a0non-controlling interests. Total consideration does not include
transaction costs, which the Group expenses as incurred.
The Group measures contingent consideration at fair value
at\u00a0the\u00a0date of acquisition, classified as a liability or equity
(usually\u00a0as\u00a0a\u00a0liability).
Other than for the finalisation of provisional fair values, the Group
accounts for changes in contingent consideration classified as
a\u00a0liability in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-724": { "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\u00a0goods 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\u00a0legal 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-725": { "value": "
Borrowing costs
The Group accounts for borrowing costs using the effective
interest method. The Group capitalises general and specific
borrowing costs directly attributable to the acquisition,
construction or production of qualifying items of property,
plant\u00a0and equipment as part of their\u00a0cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-726": { "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\u00a0the exchange rate at the balance sheet date and the income
statements of those operations into sterling at average
exchange\u00a0rates.
The Group records differences arising from the retranslation
of\u00a0opening net assets of group companies, together with
differences arising from the restatement of the net results
of\u00a0group companies from average exchange rates to those
at\u00a0the\u00a0balance sheet date, in the translation reserve in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-727": { "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\u00a0scheme assets and the present value of scheme liabilities
on\u00a0a scheme-by-scheme basis as net pension assets
(to\u00a0the\u00a0extent recoverable) or liabilities.
The Group recognises remeasurements and movements
in\u00a0irrecoverable 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-728": { "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\u00a0equity, 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\u00a0as\u00a0a result of not meeting a market condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-730": { "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 recognises deferred tax using the balance sheet
liability method, providing for temporary differences between
the\u00a0carrying 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\u00a0a 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\u00a0substantively 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\u00a0income 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\u00a0to realise the assets and settle the liabilities simultaneously,
in\u00a0each future period in which significant amounts of deferred
tax\u00a0liabilities or assets are expected to be settled or recovered.
As required by IAS 12, the Group has applied the exception
to\u00a0recognising 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\u00a0dividend.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-729": { "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 recognises deferred tax using the balance sheet
liability method, providing for temporary differences between
the\u00a0carrying 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\u00a0a 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\u00a0substantively 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\u00a0income 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\u00a0to realise the assets and settle the liabilities simultaneously,
in\u00a0each future period in which significant amounts of deferred
tax\u00a0liabilities or assets are expected to be settled or recovered.
As required by IAS 12, the Group has applied the exception
to\u00a0recognising 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\u00a0dividend.
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\u00a0commodity contracts, futures, swaps and options.
The\u00a0Group 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\u00a0option pricing models.
The Group recognises changes in the fair value of derivatives
in\u00a0the income statement unless the derivative is designated
in\u00a0a\u00a0hedging relationship, when recognition of the change
in\u00a0fair\u00a0value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact
on\u00a0the 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\u00a0liability is\u00a0recognised, the Group includes the associated
gains\u00a0and losses previously recognised in the hedging reserve
in\u00a0the\u00a0initial measurement of that asset or liability.
When the future cash flow does not result in the recognition
of\u00a0a\u00a0non-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\u00a0hedged 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\u00a0Group recognises the change in fair value through other
comprehensive income in the translation reserve. Any ineffective
portion is recognised immediately in the income\u00a0statement.
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\u00a0hedging 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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-733": { "value": "
Financial assets and liabilities
The Group recognises financial assets and liabilities when
it\u00a0becomes 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\u00a0value and subsequently at amortised cost. This generally
results\u00a0in 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 equity investments
Other equity investments comprise minority shareholdings
in\u00a0private 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\u00a0loss previously recognised in other comprehensive income
is\u00a0included directly in retained earnings, without recycling
it\u00a0to\u00a0the 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\u00a0rate method.
Trade payables
The Group records trade payables initially at fair value
and\u00a0subsequently at amortised cost.
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\u00a0commodity contracts, futures, swaps and options.
The\u00a0Group 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\u00a0option pricing models.
The Group recognises changes in the fair value of derivatives
in\u00a0the income statement unless the derivative is designated
in\u00a0a\u00a0hedging relationship, when recognition of the change
in\u00a0fair\u00a0value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact
on\u00a0the 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\u00a0liability is\u00a0recognised, the Group includes the associated
gains\u00a0and losses previously recognised in the hedging reserve
in\u00a0the\u00a0initial measurement of that asset or liability.
When the future cash flow does not result in the recognition
of\u00a0a\u00a0non-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\u00a0hedged 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\u00a0Group recognises the change in fair value through other
comprehensive income in the translation reserve. Any ineffective
portion is recognised immediately in the income\u00a0statement.
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\u00a0hedging 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-732": { "value": "
Financial assets and liabilities
The Group recognises financial assets and liabilities when
it\u00a0becomes 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\u00a0value and subsequently at amortised cost. This generally
results\u00a0in 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 equity investments
Other equity investments comprise minority shareholdings
in\u00a0private 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\u00a0loss previously recognised in other comprehensive income
is\u00a0included directly in retained earnings, without recycling
it\u00a0to\u00a0the 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\u00a0rate method.
Trade payables
The Group records trade payables initially at fair value
and\u00a0subsequently at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-731": { "value": "
Financial assets and liabilities
The Group recognises financial assets and liabilities when
it\u00a0becomes 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\u00a0value and subsequently at amortised cost. This generally
results\u00a0in 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 equity investments
Other equity investments comprise minority shareholdings
in\u00a0private 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\u00a0loss previously recognised in other comprehensive income
is\u00a0included directly in retained earnings, without recycling
it\u00a0to\u00a0the 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\u00a0rate method.
Trade payables
The Group records trade payables initially at fair value
and\u00a0subsequently at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-734": { "value": "
Trade and other receivables
The Group records trade and other receivables initially at
fair\u00a0value and subsequently at amortised cost. This generally
results\u00a0in 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 equity investments
Other equity investments comprise minority shareholdings
in\u00a0private 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\u00a0loss previously recognised in other comprehensive income
is\u00a0included directly in retained earnings, without recycling
it\u00a0to\u00a0the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-735": { "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\u00a0rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-736": { "value": "
Trade payables
The Group records trade payables initially at fair value
and\u00a0subsequently at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-737": { "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\u00a0three months or less.
Current asset investments comprise bank deposits and
short-term investments with maturities of between three
and\u00a0six\u00a0months.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-740": { "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\u00a0commodity contracts, futures, swaps and options.
The\u00a0Group 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\u00a0option pricing models.
The Group recognises changes in the fair value of derivatives
in\u00a0the income statement unless the derivative is designated
in\u00a0a\u00a0hedging relationship, when recognition of the change
in\u00a0fair\u00a0value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact
on\u00a0the 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\u00a0liability is\u00a0recognised, the Group includes the associated
gains\u00a0and losses previously recognised in the hedging reserve
in\u00a0the\u00a0initial measurement of that asset or liability.
When the future cash flow does not result in the recognition
of\u00a0a\u00a0non-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\u00a0hedged 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\u00a0Group recognises the change in fair value through other
comprehensive income in the translation reserve. Any ineffective
portion is recognised immediately in the income\u00a0statement.
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\u00a0hedging 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-739": { "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\u00a0commodity contracts, futures, swaps and options.
The\u00a0Group 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\u00a0option pricing models.
The Group recognises changes in the fair value of derivatives
in\u00a0the income statement unless the derivative is designated
in\u00a0a\u00a0hedging relationship, when recognition of the change
in\u00a0fair\u00a0value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact
on\u00a0the 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\u00a0liability is\u00a0recognised, the Group includes the associated
gains\u00a0and losses previously recognised in the hedging reserve
in\u00a0the\u00a0initial measurement of that asset or liability.
When the future cash flow does not result in the recognition
of\u00a0a\u00a0non-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\u00a0hedged 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\u00a0Group recognises the change in fair value through other
comprehensive income in the translation reserve. Any ineffective
portion is recognised immediately in the income\u00a0statement.
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\u00a0hedging 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-738": { "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\u00a0commodity contracts, futures, swaps and options.
The\u00a0Group 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\u00a0option pricing models.
The Group recognises changes in the fair value of derivatives
in\u00a0the income statement unless the derivative is designated
in\u00a0a\u00a0hedging relationship, when recognition of the change
in\u00a0fair\u00a0value depends on the nature of the item being hedged.
The purpose of hedge accounting is to mitigate the impact
on\u00a0the 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\u00a0liability is\u00a0recognised, the Group includes the associated
gains\u00a0and losses previously recognised in the hedging reserve
in\u00a0the\u00a0initial measurement of that asset or liability.
When the future cash flow does not result in the recognition
of\u00a0a\u00a0non-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\u00a0hedged 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\u00a0Group recognises the change in fair value through other
comprehensive income in the translation reserve. Any ineffective
portion is recognised immediately in the income\u00a0statement.
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\u00a0hedging 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-742": { "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\u00a0the ordinary course of business, typically including computer
software, 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-741": { "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\u00a0the ordinary course of business, typically including computer
software, 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 combinations\u2019 on page 162.
Certain commercial assets associated with the acquisition of
a\u00a0business 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-744": { "value": "
Goodwill
Goodwill is defined under \u2018Business combinations\u2019 on page 162.
Certain commercial assets associated with the acquisition of
a\u00a0business 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-743": { "value": "
Goodwill
Goodwill is defined under \u2018Business combinations\u2019 on page 162.
Certain commercial assets associated with the acquisition of
a\u00a0business 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-745": { "value": "
Research and development
The Group expenses research and development expenditure
as\u00a0incurred, unless development expenditure relates to products
or processes which are technically and commercially feasible,
in\u00a0which 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-746": { "value": "
Impairment
The Group reviews the carrying amount of intangible assets
and\u00a0property, plant and equipment at each balance sheet date
to\u00a0determine whether there is any indication of impairment.
If\u00a0any 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 CGU
exceeds its recoverable amount.
The Group allocates impairment charges recognised in respect
of CGUs first to reduce the carrying amount of any goodwill
allocated to that CGU and then to reduce the carrying amount
of\u00a0the other assets in the CGU on a pro rata basis.
Calculation of recoverable amount
The recoverable amount of assets or CGUs is the greater of fair
value less\u00a0costs to sell and value in use. In assessing value in
use, the\u00a0Group 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\u00a0to\u00a0the asset.
For an asset that does not generate largely independent cash
inflows, the Group determines recoverable amount for the
CGU\u00a0to which the asset belongs.
Reversals of impairment
The Group does not subsequently reverse impairments
of\u00a0goodwill. 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\u00a0carrying
amount that would have been determined, net of\u00a0depreciation
or\u00a0amortisation, if no impairment charge had\u00a0previously
been\u00a0recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-748": { "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\u00a0straight-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\u00a0and\u00a0bakeries
up to 20 years
\u2022other 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-747": { "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\u00a0straight-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\u00a0and\u00a0bakeries
up to 20 years
\u2022other 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-749": { "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\u00a0a\u00a0straight-line basis over the estimated useful economic life
of\u00a0each property sufficient to reduce it to its estimated residual
value. Land is not depreciated. Estimated useful economic
lives\u00a0are generally deemed to be no longer than:
Freehold buildings
up to 66 years
Leasehold buildings
term of lease
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-750": { "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\u00a0to use a specific asset for an agreed period. The Group
recognises assets and liabilities arising from a lease at the
commencement date of the lease, which is the date the
underlying asset is available for use.
Lessee accounting
Right-of-use assets
The Group initially records right-of-use assets at an amount
equal\u00a0to the present value of the lease payments plus initial
direct costs incurred and any lease payments made at or before
the commencement date less any lease incentives received.
They are subsequently measured at cost less any accumulated
depreciation and impairment losses, and adjusted for
subsequent remeasurement of lease liabilities.
The Group charges depreciation to the income statement
on\u00a0a\u00a0straight-line basis over the shorter of the estimated useful
life\u00a0and the lease term.
Lease liabilities
The Group records lease liabilities at the commencement date
of\u00a0the 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\u00a0index 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\u00a0condition that triggers the payment occurs.
Lease payments are allocated between principal and finance
expense. The finance expense is charged to the income
statement over the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability
for each period.
The carrying amount of lease liabilities is remeasured when there
is a change in future lease payments due to a change in the
lease\u00a0term, a change in the in-substance fixed lease payments
or\u00a0a\u00a0change 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\u00a0leases 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\u00a0Group expenses lease payments on short-term leases and
leases of low-value assets in the income statement as incurred.
Lessor accounting
The Group classifies leases based on whether or not the
risks\u00a0and rewards incidental to ownership of the leased asset
remain with the lessor (in the case of an operating lease) or
are\u00a0substantially transferred to the lessee (in the case of a
finance lease). If the Group subleases a right-of-use asset, this
assessment is based on the head lease asset. Where such a
sublease is considered a finance lease, a portion of the right-of-
use asset is derecognised based on the ratio of sublease income
to head lease payments. A receivable is recognised representing
the net investment in the lease. Rental payments received are
allocated between the net investment in the lease and finance
income over the lease term. Where a sublease is an operating
lease, income is recognised on a straight-line basis over
the\u00a0lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-751": { "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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-752": { "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\u00a0fair value. Subsequently, the Group charges the book value
of\u00a0the inventories to adjusted operating profit as they are sold
or\u00a0used. 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-753": { "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\u00a0profit or loss in the period in which they become receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-754": { "value": "
Hyperinflation
The Argentinian economy was designated hyperinflationary
from\u00a01 July 2018. The Turkish economy was designated
hyperinflationary from 1 July 2022. The Malawian economy
was\u00a0designated as hyperinflationary from 31 December 2024.
The Group has applied IAS 29 Financial Reporting in
Hyperinflationary Economies to its Argentinian operations from
the beginning of the 2019 financial year, its Turkish operations
from the beginning of the 2022 financial year and its Malawian
operations from the beginning of the current financial year.
IAS\u00a029 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); Turkey as
published by Turkish Statistical Institute (\u2018TUIK\u2019); and Malawi
as published by the Malawian National Statistical Office (\u2018CPI\u2019);
\u2022 adjustment of the components of the income statement
and\u00a0cash 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\u00a0inflation on holding monetary assets and liabilities
in\u00a0local\u00a0currency;
\u2022 the financial statements of the Group\u2019s Argentinian, Turkish
and Malawian operations have been translated into sterling at
the closing exchange rate at 13 September 2025 (ARS
1966.66:\u00a31; TRL 56.1:\u00a31; MWK 2351.22:\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 6883.4412 at 31 August
2024 and 9193.2441 at 31 August 2025. The inflation index for
the year is therefore 1.336.
In Turkey, the TUIK index was 51.97 at 31 August 2024 and
32.95 at 31 August 2025. The inflation index for the year
is\u00a0therefore 0.634.
In Malawi, the CPI index was 193 at 31 August 2024 and
247.5\u00a0at 31 August 2025. The inflation index for the year
is\u00a0therefore\u00a01.282.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-757": { "value": "
New accounting standards
The Group adopted the following accounting standards and
amendments during the year with no significant impact:
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS
16)
\u2022 Classification of Liabilities as Current or Non-Current Liabilities;
Non-Current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7
and\u00a0IFRS 7)
The Group is assessing the impact of the following standards,
interpretations and amendments that are not yet effective.
Where already endorsed by the UK Endorsement Board
(\u2018UKEB\u2019), these changes will be adopted on the effective dates
noted. Where not yet endorsed by the UKEB, the adoption date
is less certain:
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosure,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 Lack of exchangeability (Amendments to IAS 21), effective
2026 financial year
\u2022 Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and IFRS 7)
effective 2027 financial year
\u2022 Annual improvements 2024 effective 2027 financial year
\u2022 Contracts referencing Nature-dependent Electricity
(amendment to IFRS9 and IFRS7) effective 2027 financial year
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-756": { "value": "
New accounting standards
The Group adopted the following accounting standards and
amendments during the year with no significant impact:
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS
16)
\u2022 Classification of Liabilities as Current or Non-Current Liabilities;
Non-Current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7
and\u00a0IFRS 7)
The Group is assessing the impact of the following standards,
interpretations and amendments that are not yet effective.
Where already endorsed by the UK Endorsement Board
(\u2018UKEB\u2019), these changes will be adopted on the effective dates
noted. Where not yet endorsed by the UKEB, the adoption date
is less certain:
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosure,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 Lack of exchangeability (Amendments to IAS 21), effective
2026 financial year
\u2022 Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and IFRS 7)
effective 2027 financial year
\u2022 Annual improvements 2024 effective 2027 financial year
\u2022 Contracts referencing Nature-dependent Electricity
(amendment to IFRS9 and IFRS7) effective 2027 financial year
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-755": { "value": "
New accounting standards
The Group adopted the following accounting standards and
amendments during the year with no significant impact:
\u2022 Amendments to IAS 1 Presentation of Financial Statements
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS
16)
\u2022 Classification of Liabilities as Current or Non-Current Liabilities;
Non-Current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7
and\u00a0IFRS 7)
The Group is assessing the impact of the following standards,
interpretations and amendments that are not yet effective.
Where already endorsed by the UK Endorsement Board
(\u2018UKEB\u2019), these changes will be adopted on the effective dates
noted. Where not yet endorsed by the UKEB, the adoption date
is less certain:
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosure,
effective 2028 financial year (not yet endorsed by UKEB)
\u2022 Lack of exchangeability (Amendments to IAS 21), effective
2026 financial year
\u2022 Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and IFRS 7)
effective 2027 financial year
\u2022 Annual improvements 2024 effective 2027 financial year
\u2022 Contracts referencing Nature-dependent Electricity
(amendment to IFRS9 and IFRS7) effective 2027 financial year
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-758": { "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\u00a0next year are set out below.
Impairment of non-current assets
Assessment for impairment of non-current assets involves
comparing the book value of an asset or CGU with its
recoverable amount (the higher of value in use and fair value
less\u00a0costs to sell). Value in use is determined with reference
to\u00a0projected future cash flows discounted at an\u00a0appropriate rate.
Both the cash flows and the discount rate involve a significant
degree of estimation uncertainty. Further details are included
in\u00a0notes 8 and 9.
Post-retirement benefits
The Group\u2019s defined benefit pension schemes and similar
arrangements are accounted for 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 13 September 2025,
principally relating to the UK defined benefit scheme, which
is\u00a0separately 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\u00a0the level of contributions.
Further details are included in note 13, including
associated\u00a0sensitivities.
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\u00a0assess 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\u00a0associated sensitivities are disclosed in note 18.
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\u00a0years 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 \u00a381m
(2024 \u2013 \u00a382m). The majority of the provisions relate to transfer
pricing risks across a number of jurisdictions in\u00a0which the Group
has operations. Transfer pricing is a complex area with resolution
of\u00a0matters taking many years. Given the underlying nature
of\u00a0these risks, the timing of when they will resolve is uncertain.
The Group has applied IFRIC 23 Uncertainty over Income
Tax\u00a0Treatments to measure uncertain tax positions. The Group
calculates each provision using management\u2019s best estimate
of\u00a0the liability based on interpretation of tax law in each
jurisdiction and ongoing monitoring of tax cases and rulings.
The\u00a0Group believes it has adequate provision for these matters.
Final conclusion of each matter may result in an outcome different
to\u00a0any amounts provided, but the Group has concluded that
this\u00a0is unlikely to have a material impact.
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\u00a0future. This involves estimation uncertainty, but not to a
significant degree. 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\u00a0recognise 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\u00a0groups). 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.
Further details of deferred tax assets are included in note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-759": { "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\u00a0goods. 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\u00a0assets and 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, investment properties, right-of-use assets, operating
intangibles and biological assets.
Businesses that are closed or disposed in the year are shown
separately and comparatives are re-presented. 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
specialty 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\u00a0UK and\u00a0Spain.
Agriculture
The manufacture of specialty 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\u00a0Group\u2019s operations, based on the geographical groupings: United Kingdom; Europe and 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
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating segments
Retail
9,489
9,448
1,126
1,108
Grocery
4,125
4,242
478
511
Ingredients
2,041
2,134
257
233
Sugar
2,054
2,328
(2)
213
Agriculture
1,616
1,650
25
41
Central
(110)
(100)
19,325
19,802
1,774
2,006
Businesses disposed and closed
Sugar
134
271
(40)
(8)
19,459
20,073
1,734
1,998
Geographical information
United Kingdom
6,909
7,218
605
722
Europe and Africa
7,660
7,708
644
754
The Americas
2,449
2,513
399
406
Asia Pacific
2,307
2,363
126
124
19,325
19,802
1,774
2,006
Businesses disposed and closed
United Kingdom
73
79
(37)
(14)
Europe and Africa
56
122
(1)
\u2013
The Americas
1
\u2013
\u2013
\u2013
Asia Pacific
4
70
(2)
6
19,459
20,073
1,734
1,998
1. Operating segments continued
2025
Retail
Grocery
Ingredients
Sugar
Agriculture
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from continuing businesses
9,489
4,147
2,224
2,119
1,623
(277)
19,325
Internal revenue
\u2013
(22)
(183)
(65)
(7)
277
\u2013
External revenue from continuing businesses
9,489
4,125
2,041
2,054
1,616
\u2013
19,325
Businesses disposed and closed
\u2013
\u2013
\u2013
134
\u2013
\u2013
134
Revenue from external customers
9,489
4,125
2,041
2,188
1,616
\u2013
19,459
Operating profit/(loss)
1,120
424
243
(205)
11
(110)
1,483
Adjusted operating profit/(loss) before joint ventures
and associates and businesses disposed and closed
1,126
409
226
(8)
25
(110)
1,668
Share of adjusted profit after tax from joint ventures
and associates
\u2013
69
31
6
\u2013
\u2013
106
Businesses disposed and closed
\u2013
\u2013
\u2013
(40)
\u2013
\u2013
(40)
Adjusted operating profit/(loss)
1,126
478
257
(42)
25
(110)
1,734
Finance income
\u2013
\u2013
\u2013
\u2013
\u2013
47
47
Finance expense
(95)
(2)
(2)
(2)
\u2013
(31)
(132)
Other financial income
\u2013
\u2013
\u2013
\u2013
\u2013
47
47
Adjusted profit/(loss) before taxation
1,031
476
255
(44)
25
(47)
1,696
Losses less profits on disposal of non-current assets
(6)
2
\u2013
\u2013
(5)
\u2013
(9)
Amortisation of non-operating intangibles
\u2013
(19)
(12)
\u2013
(9)
\u2013
(40)
Acquired inventory fair value adjustments
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Transaction costs
\u2013
(9)
(2)
(2)
\u2013
\u2013
(13)
Exceptional items
\u2013
(27)
\u2013
(161)
\u2013
\u2013
(188)
Losses less profits on sale and closure of businesses
\u2013
\u2013
9
(41)
\u2013
\u2013
(32)
Profit/(loss) before taxation
1,025
422
250
(248)
11
(47)
1,413
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
(368)
(368)
Profit/(loss) for the period
1,025
422
250
(248)
11
(415)
1,045
Segment assets (excluding joint ventures and
associates)
7,629
2,904
2,207
2,431
622
77
15,870
Investments in joint ventures and associates
\u2013
41
121
54
154
\u2013
370
Segment assets
7,629
2,945
2,328
2,485
776
77
16,240
Cash and cash equivalents
1,057
1,057
Income tax
105
105
Deferred tax assets
230
230
Employee benefits assets
1,659
1,659
Segment liabilities
(4,420)
(732)
(407)
(469)
(189)
(189)
(6,406)
Loans and overdrafts
(667)
(667)
Income tax
(182)
(182)
Deferred tax liabilities
(781)
(781)
Employee benefits liabilities
(69)
(69)
Net assets
3,209
2,213
1,921
2,016
587
1,240
11,186
Non-current asset additions
620
248
200
334
36
24
1,462
Depreciation and non-cash lease adjustments
(614)
(100)
(74)
(74)
(25)
(6)
(893)
Amortisation
(41)
(25)
(13)
(4)
(12)
\u2013
(95)
1. Operating segments continued
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
2,416
1,659
(325)
19,802
Internal revenue
\u2013
(20)
(208)
(88)
(9)
325
\u2013
External revenue from external customers
9,448
4,242
2,134
2,328
1,650
\u2013
19,802
Businesses disposed and closed
\u2013
\u2013
\u2013
271
\u2013
\u2013
271
Revenue from external customers
9,448
4,242
2,134
2,599
1,650
\u2013
20,073
Operating profit/(loss)
1,100
493
219
181
31
(92)
1,932
Adjusted operating profit/(loss) before joint ventures
and associates
1,108
438
201
206
33
(100)
1,886
Share of adjusted profit after tax from joint ventures
and associates
\u2013
73
32
7
8
\u2013
120
Businesses disposed and closed
\u2013
\u2013
\u2013
(8)
\u2013
\u2013
(8)
Adjusted operating profit/(loss)
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/(loss) 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/(loss) before taxation
1,004
492
229
193
30
(31)
1,917
Taxation
(437)
(437)
Profit/(loss) 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)
1. Operating segments continued
2025
United Kingdom
Europe and Africa
The Americas
Asia Pacific
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
6,982
7,716
2,450
2,311
19,459
Segment assets
5,572
7,113
1,751
1,804
16,240
Non-current asset additions
383
668
211
200
1,462
Depreciation (including right-of-use assets)
(306)
(427)
(105)
(55)
(893)
Amortisation
(18)
(67)
(5)
(5)
(95)
Acquired inventory fair value adjustments
\u2013
(1)
\u2013
\u2013
(1)
Transaction costs
(11)
\u2013
(1)
(1)
(13)
Exceptional items
(33)
(155)
\u2013
\u2013
(188)
2024
United Kingdom
Europe and 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 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)
The Group\u2019s operations in the following countries met the criteria for separate disclosure:
Revenue
Non-current assets
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Australia
1,414
1,409
690
656
Spain
1,846
1,972
643
713
United States
1,694
1,690
980
950
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-760": { "value": "
Geographical information
In addition to the required disclosure for operating segments, disclosure is also given of certain geographical information about
the\u00a0Group\u2019s operations, based on the geographical groupings: United Kingdom; Europe and 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
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating segments
Retail
9,489
9,448
1,126
1,108
Grocery
4,125
4,242
478
511
Ingredients
2,041
2,134
257
233
Sugar
2,054
2,328
(2)
213
Agriculture
1,616
1,650
25
41
Central
(110)
(100)
19,325
19,802
1,774
2,006
Businesses disposed and closed
Sugar
134
271
(40)
(8)
19,459
20,073
1,734
1,998
Geographical information
United Kingdom
6,909
7,218
605
722
Europe and Africa
7,660
7,708
644
754
The Americas
2,449
2,513
399
406
Asia Pacific
2,307
2,363
126
124
19,325
19,802
1,774
2,006
Businesses disposed and closed
United Kingdom
73
79
(37)
(14)
Europe and Africa
56
122
(1)
\u2013
The Americas
1
\u2013
\u2013
\u2013
Asia Pacific
4
70
(2)
6
19,459
20,073
1,734
1,998
1. Operating segments continued
2025
Retail
Grocery
Ingredients
Sugar
Agriculture
Central
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from continuing businesses
9,489
4,147
2,224
2,119
1,623
(277)
19,325
Internal revenue
\u2013
(22)
(183)
(65)
(7)
277
\u2013
External revenue from continuing businesses
9,489
4,125
2,041
2,054
1,616
\u2013
19,325
Businesses disposed and closed
\u2013
\u2013
\u2013
134
\u2013
\u2013
134
Revenue from external customers
9,489
4,125
2,041
2,188
1,616
\u2013
19,459
Operating profit/(loss)
1,120
424
243
(205)
11
(110)
1,483
Adjusted operating profit/(loss) before joint ventures
and associates and businesses disposed and closed
1,126
409
226
(8)
25
(110)
1,668
Share of adjusted profit after tax from joint ventures
and associates
\u2013
69
31
6
\u2013
\u2013
106
Businesses disposed and closed
\u2013
\u2013
\u2013
(40)
\u2013
\u2013
(40)
Adjusted operating profit/(loss)
1,126
478
257
(42)
25
(110)
1,734
Finance income
\u2013
\u2013
\u2013
\u2013
\u2013
47
47
Finance expense
(95)
(2)
(2)
(2)
\u2013
(31)
(132)
Other financial income
\u2013
\u2013
\u2013
\u2013
\u2013
47
47
Adjusted profit/(loss) before taxation
1,031
476
255
(44)
25
(47)
1,696
Losses less profits on disposal of non-current assets
(6)
2
\u2013
\u2013
(5)
\u2013
(9)
Amortisation of non-operating intangibles
\u2013
(19)
(12)
\u2013
(9)
\u2013
(40)
Acquired inventory fair value adjustments
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Transaction costs
\u2013
(9)
(2)
(2)
\u2013
\u2013
(13)
Exceptional items
\u2013
(27)
\u2013
(161)
\u2013
\u2013
(188)
Losses less profits on sale and closure of businesses
\u2013
\u2013
9
(41)
\u2013
\u2013
(32)
Profit/(loss) before taxation
1,025
422
250
(248)
11
(47)
1,413
Taxation
\u2013
\u2013
\u2013
\u2013
\u2013
(368)
(368)
Profit/(loss) for the period
1,025
422
250
(248)
11
(415)
1,045
Segment assets (excluding joint ventures and
associates)
7,629
2,904
2,207
2,431
622
77
15,870
Investments in joint ventures and associates
\u2013
41
121
54
154
\u2013
370
Segment assets
7,629
2,945
2,328
2,485
776
77
16,240
Cash and cash equivalents
1,057
1,057
Income tax
105
105
Deferred tax assets
230
230
Employee benefits assets
1,659
1,659
Segment liabilities
(4,420)
(732)
(407)
(469)
(189)
(189)
(6,406)
Loans and overdrafts
(667)
(667)
Income tax
(182)
(182)
Deferred tax liabilities
(781)
(781)
Employee benefits liabilities
(69)
(69)
Net assets
3,209
2,213
1,921
2,016
587
1,240
11,186
Non-current asset additions
620
248
200
334
36
24
1,462
Depreciation and non-cash lease adjustments
(614)
(100)
(74)
(74)
(25)
(6)
(893)
Amortisation
(41)
(25)
(13)
(4)
(12)
\u2013
(95)
1. Operating segments continued
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
2,416
1,659
(325)
19,802
Internal revenue
\u2013
(20)
(208)
(88)
(9)
325
\u2013
External revenue from external customers
9,448
4,242
2,134
2,328
1,650
\u2013
19,802
Businesses disposed and closed
\u2013
\u2013
\u2013
271
\u2013
\u2013
271
Revenue from external customers
9,448
4,242
2,134
2,599
1,650
\u2013
20,073
Operating profit/(loss)
1,100
493
219
181
31
(92)
1,932
Adjusted operating profit/(loss) before joint ventures
and associates
1,108
438
201
206
33
(100)
1,886
Share of adjusted profit after tax from joint ventures
and associates
\u2013
73
32
7
8
\u2013
120
Businesses disposed and closed
\u2013
\u2013
\u2013
(8)
\u2013
\u2013
(8)
Adjusted operating profit/(loss)
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/(loss) 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/(loss) before taxation
1,004
492
229
193
30
(31)
1,917
Taxation
(437)
(437)
Profit/(loss) 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)
1. Operating segments continued
2025
United Kingdom
Europe and Africa
The Americas
Asia Pacific
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
6,982
7,716
2,450
2,311
19,459
Segment assets
5,572
7,113
1,751
1,804
16,240
Non-current asset additions
383
668
211
200
1,462
Depreciation (including right-of-use assets)
(306)
(427)
(105)
(55)
(893)
Amortisation
(18)
(67)
(5)
(5)
(95)
Acquired inventory fair value adjustments
\u2013
(1)
\u2013
\u2013
(1)
Transaction costs
(11)
\u2013
(1)
(1)
(13)
Exceptional items
(33)
(155)
\u2013
\u2013
(188)
2024
United Kingdom
Europe and 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 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)
The Group\u2019s operations in the following countries met the criteria for separate disclosure:
Revenue
Non-current assets
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Australia
1,414
1,409
690
656
Spain
1,846
1,972
643
713
United States
1,694
1,690
980
950
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-762": { "value": "
2. Operating costs
2025
2024
Note
\u00a3m
\u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles)
14,804
15,191
Distribution costs
1,682
1,682
Administration expenses
1,396
1,366
Exceptional items
188
35
18,070
18,274
Operating costs are stated after charging/(crediting):
Employee benefits expense
3
3,541
3,408
Amortisation of non-operating intangibles
8
37
37
Amortisation of operating intangibles
8
58
63
Acquired inventory fair value adjustments
1
2
Depreciation of property, plant and equipment and investment properties
9,10
588
555
Depreciation of right-of-use assets and non-cash lease adjustments
11
305
294
Transaction costs
13
5
Effect of hyperinflationary economies
19
21
Other operating income
(31)
(43)
Research and development expenditure
49
49
Fair value gains on financial assets and liabilities held for trading
(15)
(13)
Fair value losses on financial assets and liabilities held for trading
13
19
Foreign exchange gains on operating activities
(33)
(43)
Foreign exchange losses on operating activities
34
47
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include
\u00a33m\u00a0(2024 \u2013 \u00a33m) incurred by joint ventures, in\u00a0addition to the amounts shown above.
Exceptional items
2025
In 2025, there were exceptional charges of \u00a3188m, of which \u00a3154m related to non-cash impairment charges and \u00a334m related
to\u00a0restructuring activity that has or will result in cash costs.
In Sugar, poorer trading performance in our Spanish sugar business, Azucarera, resulted in impairment charges of \u00a3119m with all
property, plant and equipment of the business, with the exception of land of \u00a321m, now fully impaired. In May, Azucarera announced
the permanent closure of the La Baneza factory and the reconfiguration of the Miranda site resulting in exceptional impairment and
restructuring charges of \u00a336m, of which \u00a313m are cash costs incurred in 2025 and a further \u00a319m are cash costs that will be incurred
in 2026 and beyond. Further impairment charges of \u00a36m arose in respect of the Vivergo business as a result of volatility in ethanol
prices in the year.
In Grocery, the Group recognised \u00a327m of exceptional charges related to the decision to close the Ryvita production facility at
Bardney. This comprised a non-cash impairment charge of \u00a325m, resulting from the decision to close and sell the site and impair
affected equipment, and related cash closure costs of \u00a32m.
2024
The income statement included total non-cash exceptional impairment charges of \u00a335m.
In Sugar, Vivergo recognised a \u00a317m impairment charge 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 in 2023 and the\u00a0related
damage to the sugar crop fields, our sugar business in Mozambique recognised a \u00a33m impairment charge against property, plant and
equipment and \u00a33m against working capital.
In Retail, the Group recognised \u00a311m of exceptional impairment charges relating to Primark\u2019s German stores impaired in 2022,
after\u00a0additional right-of-use assets were recognised due to rent indexation adjustments.
2. Operating costs continued
2025
2024
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
1.8
1.7
Audit of the Company's subsidiaries' financial statements
9.2
8.8
Total audit remuneration
11.0
10.5
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
0.7
Total non-audit remuneration
1.1
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-761": { "value": "
2. Operating costs
2025
2024
Note
\u00a3m
\u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles)
14,804
15,191
Distribution costs
1,682
1,682
Administration expenses
1,396
1,366
Exceptional items
188
35
18,070
18,274
Operating costs are stated after charging/(crediting):
Employee benefits expense
3
3,541
3,408
Amortisation of non-operating intangibles
8
37
37
Amortisation of operating intangibles
8
58
63
Acquired inventory fair value adjustments
1
2
Depreciation of property, plant and equipment and investment properties
9,10
588
555
Depreciation of right-of-use assets and non-cash lease adjustments
11
305
294
Transaction costs
13
5
Effect of hyperinflationary economies
19
21
Other operating income
(31)
(43)
Research and development expenditure
49
49
Fair value gains on financial assets and liabilities held for trading
(15)
(13)
Fair value losses on financial assets and liabilities held for trading
13
19
Foreign exchange gains on operating activities
(33)
(43)
Foreign exchange losses on operating activities
34
47
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include
\u00a33m\u00a0(2024 \u2013 \u00a33m) incurred by joint ventures, in\u00a0addition to the amounts shown above.
Exceptional items
2025
In 2025, there were exceptional charges of \u00a3188m, of which \u00a3154m related to non-cash impairment charges and \u00a334m related
to\u00a0restructuring activity that has or will result in cash costs.
In Sugar, poorer trading performance in our Spanish sugar business, Azucarera, resulted in impairment charges of \u00a3119m with all
property, plant and equipment of the business, with the exception of land of \u00a321m, now fully impaired. In May, Azucarera announced
the permanent closure of the La Baneza factory and the reconfiguration of the Miranda site resulting in exceptional impairment and
restructuring charges of \u00a336m, of which \u00a313m are cash costs incurred in 2025 and a further \u00a319m are cash costs that will be incurred
in 2026 and beyond. Further impairment charges of \u00a36m arose in respect of the Vivergo business as a result of volatility in ethanol
prices in the year.
In Grocery, the Group recognised \u00a327m of exceptional charges related to the decision to close the Ryvita production facility at
Bardney. This comprised a non-cash impairment charge of \u00a325m, resulting from the decision to close and sell the site and impair
affected equipment, and related cash closure costs of \u00a32m.
2024
The income statement included total non-cash exceptional impairment charges of \u00a335m.
In Sugar, Vivergo recognised a \u00a317m impairment charge 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 in 2023 and the\u00a0related
damage to the sugar crop fields, our sugar business in Mozambique recognised a \u00a33m impairment charge against property, plant and
equipment and \u00a33m against working capital.
In Retail, the Group recognised \u00a311m of exceptional impairment charges relating to Primark\u2019s German stores impaired in 2022,
after\u00a0additional right-of-use assets were recognised due to rent indexation adjustments.
2. Operating costs continued
2025
2024
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
1.8
1.7
Audit of the Company's subsidiaries' financial statements
9.2
8.8
Total audit remuneration
11.0
10.5
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
0.7
Total non-audit remuneration
1.1
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-766": { "value": "
2. Operating costs
2025
2024
Note
\u00a3m
\u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles)
14,804
15,191
Distribution costs
1,682
1,682
Administration expenses
1,396
1,366
Exceptional items
188
35
18,070
18,274
Operating costs are stated after charging/(crediting):
Employee benefits expense
3
3,541
3,408
Amortisation of non-operating intangibles
8
37
37
Amortisation of operating intangibles
8
58
63
Acquired inventory fair value adjustments
1
2
Depreciation of property, plant and equipment and investment properties
9,10
588
555
Depreciation of right-of-use assets and non-cash lease adjustments
11
305
294
Transaction costs
13
5
Effect of hyperinflationary economies
19
21
Other operating income
(31)
(43)
Research and development expenditure
49
49
Fair value gains on financial assets and liabilities held for trading
(15)
(13)
Fair value losses on financial assets and liabilities held for trading
13
19
Foreign exchange gains on operating activities
(33)
(43)
Foreign exchange losses on operating activities
34
47
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include
\u00a33m\u00a0(2024 \u2013 \u00a33m) incurred by joint ventures, in\u00a0addition to the amounts shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-765": { "value": "
2. Operating costs
2025
2024
Note
\u00a3m
\u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles)
14,804
15,191
Distribution costs
1,682
1,682
Administration expenses
1,396
1,366
Exceptional items
188
35
18,070
18,274
Operating costs are stated after charging/(crediting):
Employee benefits expense
3
3,541
3,408
Amortisation of non-operating intangibles
8
37
37
Amortisation of operating intangibles
8
58
63
Acquired inventory fair value adjustments
1
2
Depreciation of property, plant and equipment and investment properties
9,10
588
555
Depreciation of right-of-use assets and non-cash lease adjustments
11
305
294
Transaction costs
13
5
Effect of hyperinflationary economies
19
21
Other operating income
(31)
(43)
Research and development expenditure
49
49
Fair value gains on financial assets and liabilities held for trading
(15)
(13)
Fair value losses on financial assets and liabilities held for trading
13
19
Foreign exchange gains on operating activities
(33)
(43)
Foreign exchange losses on operating activities
34
47
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include
\u00a33m\u00a0(2024 \u2013 \u00a33m) incurred by joint ventures, in\u00a0addition to the amounts shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-764": { "value": "
2. Operating costs
2025
2024
Note
\u00a3m
\u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles)
14,804
15,191
Distribution costs
1,682
1,682
Administration expenses
1,396
1,366
Exceptional items
188
35
18,070
18,274
Operating costs are stated after charging/(crediting):
Employee benefits expense
3
3,541
3,408
Amortisation of non-operating intangibles
8
37
37
Amortisation of operating intangibles
8
58
63
Acquired inventory fair value adjustments
1
2
Depreciation of property, plant and equipment and investment properties
9,10
588
555
Depreciation of right-of-use assets and non-cash lease adjustments
11
305
294
Transaction costs
13
5
Effect of hyperinflationary economies
19
21
Other operating income
(31)
(43)
Research and development expenditure
49
49
Fair value gains on financial assets and liabilities held for trading
(15)
(13)
Fair value losses on financial assets and liabilities held for trading
13
19
Foreign exchange gains on operating activities
(33)
(43)
Foreign exchange losses on operating activities
34
47
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include
\u00a33m\u00a0(2024 \u2013 \u00a33m) incurred by joint ventures, in\u00a0addition to the amounts shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-763": { "value": "
2. Operating costs
2025
2024
Note
\u00a3m
\u00a3m
Operating Costs
Cost of sales (including amortisation of intangibles)
14,804
15,191
Distribution costs
1,682
1,682
Administration expenses
1,396
1,366
Exceptional items
188
35
18,070
18,274
Operating costs are stated after charging/(crediting):
Employee benefits expense
3
3,541
3,408
Amortisation of non-operating intangibles
8
37
37
Amortisation of operating intangibles
8
58
63
Acquired inventory fair value adjustments
1
2
Depreciation of property, plant and equipment and investment properties
9,10
588
555
Depreciation of right-of-use assets and non-cash lease adjustments
11
305
294
Transaction costs
13
5
Effect of hyperinflationary economies
19
21
Other operating income
(31)
(43)
Research and development expenditure
49
49
Fair value gains on financial assets and liabilities held for trading
(15)
(13)
Fair value losses on financial assets and liabilities held for trading
13
19
Foreign exchange gains on operating activities
(33)
(43)
Foreign exchange losses on operating activities
34
47
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include
\u00a33m\u00a0(2024 \u2013 \u00a33m) incurred by joint ventures, in\u00a0addition to the amounts shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-767": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "abfplc:AmortisationOfNonOperatingIntangibles", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "unit": "iso4217:GBP" } }, "f-768": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "abfplc:AmortisationOfNonOperatingIntangibles", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "f-769": { "value": "
2025
2024
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
1.8
1.7
Audit of the Company's subsidiaries' financial statements
9.2
8.8
Total audit remuneration
11.0
10.5
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
0.7
Total non-audit remuneration
1.1
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-771": { "value": "
3. Employees
2025
2024
Average number of employees
United Kingdom
44,202
44,110
Europe and Africa
74,373
74,766
The Americas
8,417
7,663
Asia Pacific
11,163
11,732
138,155
138,271
2025
2024
Note
\u00a3m
\u00a3m
Employee benefits expense
Wages and salaries
2,946
2,852
Social security contributions
431
391
Contributions to defined contribution schemes
13
115
103
Charge for defined benefit schemes
13
31
31
Equity-settled share-based payment schemes
25
18
31
3,541
3,408
Details of directors\u2019 remuneration, share incentives and pension entitlements are shown in the Remuneration Report
on\u00a0pages\u00a0114 \u00a0to\u00a0139 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-770": { "value": "
3. Employees
2025
2024
Average number of employees
United Kingdom
44,202
44,110
Europe and Africa
74,373
74,766
The Americas
8,417
7,663
Asia Pacific
11,163
11,732
138,155
138,271
2025
2024
Note
\u00a3m
\u00a3m
Employee benefits expense
Wages and salaries
2,946
2,852
Social security contributions
431
391
Contributions to defined contribution schemes
13
115
103
Charge for defined benefit schemes
13
31
31
Equity-settled share-based payment schemes
25
18
31
3,541
3,408
Details of directors\u2019 remuneration, share incentives and pension entitlements are shown in the Remuneration Report
on\u00a0pages\u00a0114 \u00a0to\u00a0139 .
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 89% (2024 \u2013 90%) of the Group\u2019s defined benefit scheme assets and 84% (2024 \u2013 86%) of defined
benefit scheme liabilities. The Scheme is governed by a Trustee Board which is independent of the Group and which agrees
a\u00a0schedule of\u00a0contributions 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\u00a0date,
the Scheme is fully hedged for 95% of inflation sensitivity and 95% of interest rate risk. It is intended to hedge 95% of total exposure.
13. Employee entitlements continued
The Scheme is forbidden by the trust deed from holding direct investments in the equity of the Company, although it is possible
that\u00a0the 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 \u00a358m in the UK and \u00a357m overseas,
totalling \u00a3115m (2024 \u2013 UK \u00a354m, overseas \u00a349m, totalling \u00a3103m ).
Actuarial assumptions
The principal actuarial assumptions for the Group\u2019s defined benefit schemes at the year end were:
2025
2025
2024
2024
UK
Overseas
UK
Overseas
%
%
%
%
Discount rate
4.9
1.9 - 15.2
4.8
0 - 15.7
Inflation
2.5 - 3
0 - 33.5
2.5 - 3
0 - 52
Rate of increase in salaries
3.0
0 - 45
3 - 4
0 - 95.6
Rate of increase for pensions in payment
1.9 - 2.9
0 - 9.5
1.9 - 2.9
0 - 78
Rate of increase for pensions in deferment (where provided)
2.5
0 - 4.1
2.5
0 - 3.6
Discount rates are determined by reference to market yields at the balance sheet date on high-quality corporate bonds consistent
with\u00a0the 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\u00a0the 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 2025 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 (2024 \u2013 S3 mortality tables with improvements in line with the 2022 projection model), with a 0-year rating movement
for\u00a0males and females (2024 \u2013 0-year rating movement for males and females), both with a long-term trend of 1.75% (2024 \u2013 1.75% ).
These mortality assumptions take account of experience to date, and assumptions for further improvements in life expectancy
of\u00a0scheme members. Examples of the resulting life expectancies in the UK defined benefit schemes are as follows:
2025
2024
Life expectancy from age 65 (in years)
Male
Female
Male
Female
Member aged 65 in 2025 (2024)
22.0
24.3
21.8
24.2
Member aged 65 in 2045 (2044)
23.9
26.3
23.7
26.2
An allowance has been made for cash commutation in line with emerging scheme experience. Other demographic assumptions
for\u00a0the 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 13 September 2025 is:
Change in assumption
Impact on scheme liabilities
Discount rate
increase/decrease by 0.1%
increase/decrease by 1.1%
Inflation
increase/decrease by 0.1%
increase by 0.9%/decrease by 0.5%
Rate of real increase in salaries
increase/decrease by 0.1%
increase/decrease by 0.1%
Rate of mortality
members assumed to live one year longer/less
increase/decrease by 2.7%
A sensitivity to the rate of increase in pensions in payment and pensions in deferment is represented by the inflation sensitivity,
as\u00a0all\u00a0pensions 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\u00a0the 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.
13. Employee entitlements continued
Balance sheet
2025
2024
UK
Overseas
Total
UK
Overseas
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
733
159
892
898
160
1,058
Government bonds
378
135
513
568
154
722
Corporate and other bonds
1,198
68
1,266
872
40
912
Property
70
40
110
242
35
277
Cash and other assets
1,222
35
1,257
1,157
41
1,198
Scheme assets
3,601
437
4,038
3,737
430
4,167
Scheme liabilities
(2,034)
(376)
(2,410)
(2,307)
(390)
(2,697)
Aggregate net surplus
1,567
61
1,628
1,430
40
1,470
Irrecoverable surplus
\u2013
(38)
(38)
\u2013
(38)
(38)
Net pension asset
1,567
23
1,590
1,430
2
1,432
Analysed as
Schemes in surplus
1,586
73
1,659
1,454
52
1,506
Schemes in deficit
(19)
(50)
(69)
(24)
(50)
(74)
1,567
23
1,590
1,430
2
1,432
Unfunded liability included in the present value
of scheme liabilities above
(19)
(35)
(54)
(24)
(34)
(58)
* 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 \u00a383m (2024 \u2013 \u00a399m) of derivative instruments, \u00a31,034m (2024 \u2013 \u00a3597m) of corporate debt instruments
and\u00a0\u00a31,534m (2024 \u2013 \u00a31,559m) of government debt.
Corporate and other bonds assets of \u00a31,198m (2024 \u2013 \u00a3872m) include \u00a3258m (2024 \u2013 \u00a349m) 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 \u00a3492m (2024 \u2013 \u00a3828m)
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% (2024 \u2013 20%) in respect of active participants, 21% (2024 \u2013 22%) for deferred
participants and 59% (2024 \u2013 58%) for pensioners.
The weighted average duration of the defined benefit scheme liabilities at the end of the year is 11 years for both UK and overseas
schemes (2024 \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 within this note for further details.
13. Employee entitlements continued
Income statement
The charge to the income statement for employee benefit schemes comprises:
2025
2024
Note
\u00a3m
\u00a3m
Charged to operating profit:
Defined benefit schemes
\u2022Current service cost
3
(31)
(31)
Defined contribution schemes
3
(115)
(103)
Total operating cost
(146)
(134)
Reported in other financial income:
Net interest income on the net pension asset
69
75
Interest charge on irrecoverable surplus
4
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net impact on profit before tax
(79)
(61)
Cash flow
Group cash flow in respect of employee benefits schemes comprises contributions paid to funded schemes of \u00a37m (2024 \u2013 \u00a39m)
and\u00a0benefits paid in respect of unfunded schemes of \u00a32m (2024 \u2013 \u00a32m). Contributions to funded defined benefit schemes are subject
to periodic review. Contributions to defined contribution schemes amounted to \u00a372m (2024 \u2013 \u00a365m).
Total contributions to funded schemes and benefit payments by the Group in respect of unfunded schemes in 2026 are currently
expected to be approximately \u00a3nil in the UK and \u00a35m overseas, totalling \u00a35m (2024 \u2013 UK \u00a31m, overseas \u00a39m, totalling \u00a310m).
As part of the triennial funding valuation of the UK Scheme as at 5 April 2023, which was finalised with the independent Trustee
Board\u00a0in September 2023, the Company agreed an abatement of all UK employer contributions to the UK Scheme, covering both
the\u00a0defined 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:
2025
2024
Other comprehensive income
\u00a3m
\u00a3m
(Return)/loss on scheme assets excluding amounts included in net interest in the income statement
(137)
182
Actuarial gains/(losses) arising from changes in financial assumptions
313
(140)
Actuarial (losses)/gains arising from changes in demographic assumptions
(3)
6
Experience losses on scheme liabilities
(19)
(10)
Change in unrecognised surplus
1
\u2013
Remeasurements of the net pension asset
155
38
13. Employee entitlements continued
Reconciliation of change in assets and liabilities
2025
2024
2025
2024
2025
2024
assets
assets
liabilities
liabilities
net
net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
4,167
3,962
(2,697)
(2,549)
1,470
1,413
Current service cost
\u2013
\u2013
(31)
(31)
(31)
(31)
Employee contributions
6
6
(6)
(6)
\u2013
\u2013
Employer contributions
7
9
\u2013
\u2013
7
9
Abatement of employer contributions to defined
contribution schemes
(44)
(38)
\u2013
\u2013
(44)
(38)
Benefit payments
(160)
(157)
162
159
2
2
Interest income/(expense)
191
206
(122)
(131)
69
75
(Return)/loss on scheme assets less interest
income
(137)
182
\u2013
\u2013
(137)
182
Actuarial gains/(losses) arising from changes in
financial assumptions
\u2013
\u2013
313
(140)
313
(140)
Actuarial (losses)/gains arising from changes in
demographic assumptions
\u2013
\u2013
(3)
6
(3)
6
Experience losses on scheme liabilities
\u2013
\u2013
(19)
(10)
(19)
(10)
Effect of movements in foreign exchange
8
(3)
(7)
5
1
2
At end of year
4,038
4,167
(2,410)
(2,697)
1,628
1,470
Reconciliation of change in irrecoverable surplus
2025
2024
Note
\u00a3m
\u00a3m
At the beginning of the year
(38)
(36)
Change recognised in other comprehensive income
1
\u2013
Interest charge on irrecoverable surplus
4
(2)
(2)
Effect of movements in foreign exchange
1
\u2013
At end of year
(38)
(38)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-777": { "value": "
4. Interest and other financial income
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Cash, cash equivalents and current asset investments
47
71
47
71
Finance expense
Bank loans and overdrafts
(14)
(19)
All other borrowings
(13)
(12)
Lease liabilities
11
(102)
(102)
Other payables
(3)
(2)
26
(132)
(135)
Other financial income
Interest income on employee benefit scheme assets
13
191
206
Interest charge on employee benefit scheme liabilities
13
(122)
(131)
Interest charge on irrecoverable surplus
13
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net foreign exchange losses on financing activities
(20)
(50)
Total other financial income
47
23
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a311m (2024 \u2013 \u00a35m) of which \u00a39m relates to interest
on\u00a0specific borrowings with the remainder relating to general borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-776": { "value": "
4. Interest and other financial income
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Cash, cash equivalents and current asset investments
47
71
47
71
Finance expense
Bank loans and overdrafts
(14)
(19)
All other borrowings
(13)
(12)
Lease liabilities
11
(102)
(102)
Other payables
(3)
(2)
26
(132)
(135)
Other financial income
Interest income on employee benefit scheme assets
13
191
206
Interest charge on employee benefit scheme liabilities
13
(122)
(131)
Interest charge on irrecoverable surplus
13
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net foreign exchange losses on financing activities
(20)
(50)
Total other financial income
47
23
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a311m (2024 \u2013 \u00a35m) of which \u00a39m relates to interest
on\u00a0specific borrowings with the remainder relating to general borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-775": { "value": "
4. Interest and other financial income
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Cash, cash equivalents and current asset investments
47
71
47
71
Finance expense
Bank loans and overdrafts
(14)
(19)
All other borrowings
(13)
(12)
Lease liabilities
11
(102)
(102)
Other payables
(3)
(2)
26
(132)
(135)
Other financial income
Interest income on employee benefit scheme assets
13
191
206
Interest charge on employee benefit scheme liabilities
13
(122)
(131)
Interest charge on irrecoverable surplus
13
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net foreign exchange losses on financing activities
(20)
(50)
Total other financial income
47
23
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a311m (2024 \u2013 \u00a35m) of which \u00a39m relates to interest
on\u00a0specific borrowings with the remainder relating to general borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-774": { "value": "
4. Interest and other financial income
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Cash, cash equivalents and current asset investments
47
71
47
71
Finance expense
Bank loans and overdrafts
(14)
(19)
All other borrowings
(13)
(12)
Lease liabilities
11
(102)
(102)
Other payables
(3)
(2)
26
(132)
(135)
Other financial income
Interest income on employee benefit scheme assets
13
191
206
Interest charge on employee benefit scheme liabilities
13
(122)
(131)
Interest charge on irrecoverable surplus
13
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net foreign exchange losses on financing activities
(20)
(50)
Total other financial income
47
23
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a311m (2024 \u2013 \u00a35m) of which \u00a39m relates to interest
on\u00a0specific borrowings with the remainder relating to general borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-773": { "value": "
4. Interest and other financial income
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Cash, cash equivalents and current asset investments
47
71
47
71
Finance expense
Bank loans and overdrafts
(14)
(19)
All other borrowings
(13)
(12)
Lease liabilities
11
(102)
(102)
Other payables
(3)
(2)
26
(132)
(135)
Other financial income
Interest income on employee benefit scheme assets
13
191
206
Interest charge on employee benefit scheme liabilities
13
(122)
(131)
Interest charge on irrecoverable surplus
13
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net foreign exchange losses on financing activities
(20)
(50)
Total other financial income
47
23
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a311m (2024 \u2013 \u00a35m) of which \u00a39m relates to interest
on\u00a0specific borrowings with the remainder relating to general borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-772": { "value": "
4. Interest and other financial income
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Cash, cash equivalents and current asset investments
47
71
47
71
Finance expense
Bank loans and overdrafts
(14)
(19)
All other borrowings
(13)
(12)
Lease liabilities
11
(102)
(102)
Other payables
(3)
(2)
26
(132)
(135)
Other financial income
Interest income on employee benefit scheme assets
13
191
206
Interest charge on employee benefit scheme liabilities
13
(122)
(131)
Interest charge on irrecoverable surplus
13
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net foreign exchange losses on financing activities
(20)
(50)
Total other financial income
47
23
Finance expense on bank loans and overdrafts is net of interest capitalised of \u00a311m (2024 \u2013 \u00a35m) of which \u00a39m relates to interest
on\u00a0specific borrowings with the remainder relating to general borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-778": { "value": "
5. Income tax expense
2025
2024
\u00a3m
\u00a3m
Current tax expense
UK \u2013 corporation tax at 25% (2024 \u2013 25%)
36
51
Overseas \u2013 corporation tax
318
337
UK \u2013 under provided in prior periods
5
4
Overseas \u2013 (over)/under provided in prior periods
(16)
10
343
402
Deferred tax expense
UK \u2013 deferred tax
30
61
Overseas \u2013 deferred tax
(6)
(16)
UK \u2013 over provided in prior periods
(3)
(13)
Overseas \u2013 under provided in prior periods
4
3
25
35
Total income tax expense in the income statement
368
437
Reconciliation of effective tax rate
Profit before taxation
1,413
1,917
Less share of profit after taxation from joint ventures and associates
(103)
(117)
Profit before taxation excluding share of profit after taxation from joint ventures and associates
1,310
1,800
Nominal tax charge at UK corporation tax rate of 25% (2024 \u2013 25%)
327
450
Effect of higher and lower tax rates on overseas earnings
(72)
(92)
Effect of changes in tax rates on the income statement
(2)
7
Expenses not deductible for tax purposes
95
101
Disposal of assets covered by tax exemptions or unrecognised capital losses
(1)
(9)
Deferred tax not recognised
31
(24)
Adjustments in respect of prior periods
(10)
4
Total income tax expense in the income statement
368
437
Other comprehensive income or equity
Deferred tax associated with defined benefit schemes
37
10
Current tax associated with share-based payments
(1)
(2)
Deferred tax associated with movements in cash flow hedging position
(11)
(13)
Deferred tax associated with movements in foreign exchange
(1)
\u2013
Current tax associated with movements in foreign exchange
1
2
Deferred tax associated with movements in other investment reserves
\u2013
(1)
25
(4)
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates, including the UK,
and is effective for the current financial year. The current tax expense for the year in respect of Pillar Two is\u00a0\u00a315m\u00a0(2024 \u2013 \u00a3nil).
We recognise the importance of complying fully with all applicable tax laws as well as paying and collecting the right amount of tax
in\u00a0every 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\u00a0the Group\u2019s website.
Further disclosure in respect of deferred taxation balances is provided in note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-779": { "value": "
6. Dividends
2025
2024
2025
2024
pence per
share
pence per
share
\u00a3m
\u00a3m
2023 final and special
\u2014
45.8
\u2013
348
2024 interim
\u2014
20.7
\u2013
154
2024 final and special
69.3
\u2014
508
\u2013
2025 interim
20.7
\u2014
148
\u2013
90.0
66.5
656
502
The 2025 interim dividend was declared on 29\u00a0April 2025 and paid on 4\u00a0July 2025.
The Board has proposed a final dividend of 42.3p per share at an estimated cost of \u00a3303m. The 2025 final dividend will be paid
on\u00a09\u00a0January 2026 to shareholders on the register on\u00a012\u00a0December 2025.
Dividends relating to the period were 63.0p per share totalling \u00a3451m (2024 \u2013 90.0p per share totalling\u00a0\u00a3662m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-780": { "value": "0.423", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-781": { "value": "303000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "unit": "iso4217:GBP" } }, "f-782": { "value": "
7. Earnings per share
The calculation of basic earnings per share at 13 September 2025 was based on the net profit attributable to equity shareholders of
\u00a31,025m (2024 \u2013 \u00a31,455m), and a weighted average number of shares outstanding during the year of 724 million (2024 \u2013 751 million).
The calculation of the weighted average number of shares excludes the shares held by the Employee Share Ownership Plan Trust
on\u00a0which dividends are being waived. The weighted average number of shares has reduced as a result of our share buyback
programmes. In the year, we repurchased 28.4 million shares which were cancelled.
Adjusted earnings per ordinary share, which exclude the impact of losses less profits on disposal of non-current assets and the sale
and closure of businesses, 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 (2024 \u2013 \u00a340m) shown as adjusting items in the income statement, include \u00a33m
(2024 \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 724 million (2024 \u2013 751 million). There is no material difference between basic and diluted earnings.
2025
2024
\u00a3m
\u00a3m
Adjusted profit for the period
1,266
1,479
Disposal of non-current assets
(9)
16
Sale and closure of businesses
(32)
26
Acquired inventory fair value adjustments
(1)
(2)
Transaction costs
(13)
(5)
Exceptional items
(188)
(35)
Tax effect on above adjustments and exceptional tax
31
6
Amortisation of non-operating intangibles
(40)
(40)
Tax credit on non-operating intangibles amortisation
11
10
Profit for the period attributable to equity shareholders
1,025
1,455
2025
2024
pence per
share
pence per
share
Adjusted earnings per share
174.9
196.9
Disposal of non-current assets
(1.2)
2.1
Sale and closure of businesses
(4.4)
3.5
Acquired inventory fair value adjustments
(0.1)
(0.3)
Transaction costs
(1.8)
(0.6)
Exceptional items
(26.0)
(4.6)
Tax effect on above adjustments and exceptional tax
4.3
0.8
Amortisation of non-operating intangibles
(5.5)
(5.4)
Tax credit on non-operating intangibles amortisation
1.4
1.3
Earnings per ordinary share
141.6
193.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-783": { "value": "1025000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "unit": "iso4217:GBP" } }, "f-784": { "value": "1455000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "f-785": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "abfplc:AmortisationOfNonOperatingIntangibles", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "unit": "iso4217:GBP" } }, "f-786": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "abfplc:AmortisationOfNonOperatingIntangibles", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "f-789": { "value": "
8. Intangible assets
Non-operating
Operating
Goodwill
Technology
Brands
Customer
relationships
Grower
agreements
Other
Technology
and
emissions
allowances
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Acquisitions \u2013 externally purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
140
140
Acquired through business combinations
(7)
\u2013
(4)
8
\u2013
4
1
2
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(47)
(47)
Effect of hyperinflationary economies
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3
Effect of movements in foreign exchange
(12)
(1)
(4)
1
(1)
\u2013
4
(13)
At 13 September 2025
1,403
263
494
291
94
4
897
3,446
Amortisation and impairment
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
Amortisation for the year
\u2013
10
12
15
\u2013
\u2013
58
95
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
Effect of movements in foreign exchange
(2)
(2)
(2)
1
(1)
\u2013
(1)
(7)
At 13 September 2025
106
225
430
241
94
\u2013
458
1,554
Net book value
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
At 13 September 2025
1,297
38
64
50
\u2013
4
439
1,892
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as an adjusting item in the income statement includes
\u00a33m\u00a0(2024 \u2013 \u00a33m ) incurred by joint ventures in addition to the amounts shown above. See note 9 for further details of the impairment
loss arising in the year.
8. Intangible assets continued
Impairment
As at 13 September 2025, the consolidated balance sheet included goodwill of \u00a31,297m (2024 \u2013 \u00a31,311m). Goodwill is allocated
to\u00a0the Group\u2019s CGUs or group of CGUs, that are expected to benefit from the synergies of the business combination that gave rise
to\u00a0the goodwill, as follows:
Primary reporting
segment
2025
Discount
rates
2024 Discount
rates
2025
2024
CGUs or group of CGUs
%
%
\u00a3m
\u00a3m
Acetum
Grocery
14.3%
12.4%
91
89
ACH
Grocery
13.7%
13.9%
177
182
AB Mauri
Ingredients
15.4%
14.8%
290
292
Twinings Ovaltine
Grocery
14.5%
13.3%
119
119
African Sugar business*
Sugar
22.1%
23.6%
89
90
AB World Foods
Grocery
14.5%
13.3%
84
78
George Weston Foods
Grocery
12.9%
11.5%
99
110
Other (not individually significant)
Various
Various
Various
348
351
1,297
1,311
* Previously referred to as Illovo.
A CGU, or group of CGUs, to which goodwill has been allocated must be assessed for impairment annually, or more frequently
if\u00a0events or circumstances indicate that the carrying amount may not be recoverable. There has been no change in CGUs or group
of\u00a0CGUs from the prior year.
The carrying value of goodwill is generally 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, based on past experience and external sources of information.
Cash flow projections based on management\u2019s most recent budget cover a period of five years.
Long-term growth rates used to extrapolate cash flow projections beyond the initial five year period reflect the growth rate for the
products, industries and countries in which the relevant CGU, or group of CGUs, operates.
The long-term growth rates beyond the initial budgeted cash flows applied in the value in use calculations for goodwill allocated
to\u00a0significant CGUs, or group of CGUs, were 2% (2024 \u2013 2%), except for our African sugar business where a rate of 6%
(2024 \u2013 6%) was applied.
The key assumptions in the most recent annual budget on which the cash flow projections are based relate to 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 discount rates used were between 12.2% and 22.1% (2024 \u2013 between 10.4% and 23.6%).
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. For each of the Group\u2019s significant CGUs or group of
CGUs, recoverable amount exceeded the relevant carrying value and there were no reasonably possible changes to key assumptions
that would result in an impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-788": { "value": "
8. Intangible assets
Non-operating
Operating
Goodwill
Technology
Brands
Customer
relationships
Grower
agreements
Other
Technology
and
emissions
allowances
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Acquisitions \u2013 externally purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
140
140
Acquired through business combinations
(7)
\u2013
(4)
8
\u2013
4
1
2
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(47)
(47)
Effect of hyperinflationary economies
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3
Effect of movements in foreign exchange
(12)
(1)
(4)
1
(1)
\u2013
4
(13)
At 13 September 2025
1,403
263
494
291
94
4
897
3,446
Amortisation and impairment
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
Amortisation for the year
\u2013
10
12
15
\u2013
\u2013
58
95
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
Effect of movements in foreign exchange
(2)
(2)
(2)
1
(1)
\u2013
(1)
(7)
At 13 September 2025
106
225
430
241
94
\u2013
458
1,554
Net book value
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
At 13 September 2025
1,297
38
64
50
\u2013
4
439
1,892
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as an adjusting item in the income statement includes
\u00a33m\u00a0(2024 \u2013 \u00a33m ) incurred by joint ventures in addition to the amounts shown above. See note 9 for further details of the impairment
loss arising in the year.
8. Intangible assets continued
Impairment
As at 13 September 2025, the consolidated balance sheet included goodwill of \u00a31,297m (2024 \u2013 \u00a31,311m). Goodwill is allocated
to\u00a0the Group\u2019s CGUs or group of CGUs, that are expected to benefit from the synergies of the business combination that gave rise
to\u00a0the goodwill, as follows:
Primary reporting
segment
2025
Discount
rates
2024 Discount
rates
2025
2024
CGUs or group of CGUs
%
%
\u00a3m
\u00a3m
Acetum
Grocery
14.3%
12.4%
91
89
ACH
Grocery
13.7%
13.9%
177
182
AB Mauri
Ingredients
15.4%
14.8%
290
292
Twinings Ovaltine
Grocery
14.5%
13.3%
119
119
African Sugar business*
Sugar
22.1%
23.6%
89
90
AB World Foods
Grocery
14.5%
13.3%
84
78
George Weston Foods
Grocery
12.9%
11.5%
99
110
Other (not individually significant)
Various
Various
Various
348
351
1,297
1,311
* Previously referred to as Illovo.
A CGU, or group of CGUs, to which goodwill has been allocated must be assessed for impairment annually, or more frequently
if\u00a0events or circumstances indicate that the carrying amount may not be recoverable. There has been no change in CGUs or group
of\u00a0CGUs from the prior year.
The carrying value of goodwill is generally 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, based on past experience and external sources of information.
Cash flow projections based on management\u2019s most recent budget cover a period of five years.
Long-term growth rates used to extrapolate cash flow projections beyond the initial five year period reflect the growth rate for the
products, industries and countries in which the relevant CGU, or group of CGUs, operates.
The long-term growth rates beyond the initial budgeted cash flows applied in the value in use calculations for goodwill allocated
to\u00a0significant CGUs, or group of CGUs, were 2% (2024 \u2013 2%), except for our African sugar business where a rate of 6%
(2024 \u2013 6%) was applied.
The key assumptions in the most recent annual budget on which the cash flow projections are based relate to 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 discount rates used were between 12.2% and 22.1% (2024 \u2013 between 10.4% and 23.6%).
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. For each of the Group\u2019s significant CGUs or group of
CGUs, recoverable amount exceeded the relevant carrying value and there were no reasonably possible changes to key assumptions
that would result in an impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-787": { "value": "
8. Intangible assets
Non-operating
Operating
Goodwill
Technology
Brands
Customer
relationships
Grower
agreements
Other
Technology
and
emissions
allowances
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Acquisitions \u2013 externally purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
140
140
Acquired through business combinations
(7)
\u2013
(4)
8
\u2013
4
1
2
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(47)
(47)
Effect of hyperinflationary economies
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3
Effect of movements in foreign exchange
(12)
(1)
(4)
1
(1)
\u2013
4
(13)
At 13 September 2025
1,403
263
494
291
94
4
897
3,446
Amortisation and impairment
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
Amortisation for the year
\u2013
10
12
15
\u2013
\u2013
58
95
Businesses disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Other disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(1)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
Effect of movements in foreign exchange
(2)
(2)
(2)
1
(1)
\u2013
(1)
(7)
At 13 September 2025
106
225
430
241
94
\u2013
458
1,554
Net book value
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
At 13 September 2025
1,297
38
64
50
\u2013
4
439
1,892
Amortisation of non-operating intangibles of \u00a340m (2024 \u2013 \u00a340m) shown as an adjusting item in the income statement includes
\u00a33m\u00a0(2024 \u2013 \u00a33m ) incurred by joint ventures in addition to the amounts shown above. See note 9 for further details of the impairment
loss arising in the year.
8. Intangible assets continued
Impairment
As at 13 September 2025, the consolidated balance sheet included goodwill of \u00a31,297m (2024 \u2013 \u00a31,311m). Goodwill is allocated
to\u00a0the Group\u2019s CGUs or group of CGUs, that are expected to benefit from the synergies of the business combination that gave rise
to\u00a0the goodwill, as follows:
Primary reporting
segment
2025
Discount
rates
2024 Discount
rates
2025
2024
CGUs or group of CGUs
%
%
\u00a3m
\u00a3m
Acetum
Grocery
14.3%
12.4%
91
89
ACH
Grocery
13.7%
13.9%
177
182
AB Mauri
Ingredients
15.4%
14.8%
290
292
Twinings Ovaltine
Grocery
14.5%
13.3%
119
119
African Sugar business*
Sugar
22.1%
23.6%
89
90
AB World Foods
Grocery
14.5%
13.3%
84
78
George Weston Foods
Grocery
12.9%
11.5%
99
110
Other (not individually significant)
Various
Various
Various
348
351
1,297
1,311
* Previously referred to as Illovo.
A CGU, or group of CGUs, to which goodwill has been allocated must be assessed for impairment annually, or more frequently
if\u00a0events or circumstances indicate that the carrying amount may not be recoverable. There has been no change in CGUs or group
of\u00a0CGUs from the prior year.
The carrying value of goodwill is generally 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, based on past experience and external sources of information.
Cash flow projections based on management\u2019s most recent budget cover a period of five years.
Long-term growth rates used to extrapolate cash flow projections beyond the initial five year period reflect the growth rate for the
products, industries and countries in which the relevant CGU, or group of CGUs, operates.
The long-term growth rates beyond the initial budgeted cash flows applied in the value in use calculations for goodwill allocated
to\u00a0significant CGUs, or group of CGUs, were 2% (2024 \u2013 2%), except for our African sugar business where a rate of 6%
(2024 \u2013 6%) was applied.
The key assumptions in the most recent annual budget on which the cash flow projections are based relate to 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 discount rates used were between 12.2% and 22.1% (2024 \u2013 between 10.4% and 23.6%).
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. For each of the Group\u2019s significant CGUs or group of
CGUs, recoverable amount exceeded the relevant carrying value and there were no reasonably possible changes to key assumptions
that would result in an impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-790": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "abfplc:AmortisationOfNonOperatingIntangibles", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "unit": "iso4217:GBP" } }, "f-791": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "abfplc:AmortisationOfNonOperatingIntangibles", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2023-09-17T00:00:00/2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "f-792": { "value": "
9. Property, plant and equipment
Land and
buildings
Plant and
machinery
Fixtures and
Fittings
Assets under
construction
Sugar cane
roots
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Acquisitions \u2013 externally purchased
60
76
331
642
19
1,128
Interest capitalised
\u2013
\u2013
\u2013
11
\u2013
11
Transfer to investment properties
10
(11)
\u2013
\u2013
\u2013
\u2013
(11)
Other disposals
(3)
(68)
(29)
\u2013
(5)
(105)
Disposal of subsidiaries
(7)
(32)
(1)
\u2013
\u2013
(40)
Transfers from assets under construction
19
252
69
(340)
\u2013
\u2013
Transfer to assets classified as held for sale
\u2013
(99)
\u2013
\u2013
\u2013
(99)
Effect of movements in hyperinflation
\u2013
369
2
\u2013
9
380
Effect of movements in foreign exchange
4
(59)
54
12
1
12
At 13 September 2025
2,742
5,095
5,763
1,079
120
14,799
Depreciation and impairment
At 16 September 2023
835
3,294
3,016
\u2013
60
7,205
Depreciation for the year
46
184
315
\u2013
8
553
Transfer of investment properties
10
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Impairment
5
14
1
\u2013
\u2013
20
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
Depreciation for the year
49
183
346
\u2013
8
586
Transfer of investment properties
10
(2)
\u2013
\u2013
\u2013
\u2013
(2)
Impairment
42
109
2
\u2013
\u2013
153
Reversal of impairment
\u2013
(3)
\u2013
\u2013
\u2013
(3)
Other disposals
(2)
(64)
(29)
\u2013
(6)
(101)
Transfer to assets classified as held for sale
\u2013
(75)
\u2013
\u2013
\u2013
(75)
Disposal of subsidiaries
(7)
(32)
(1)
\u2013
\u2013
(40)
Effect of movements in hyperinflation
\u2013
278
1
\u2013
\u2013
279
Effect of movements in foreign exchange
3
(51)
36
\u2013
\u2013
(12)
At 13 September 2025
913
3,635
3,607
\u2013
55
8,210
Net book value
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
At 13 September 2025
1,829
1,460
2,156
1,079
65
6,589
2025
2024
\u00a3m
\u00a3m
Capital expenditure commitments \u2013 contracted but not provided for
511
430
9. Property, plant and equipment continued
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 Sugar, further to poorer trading performance in our Spanish sugar business, Azucarera, in the first half of the year, management
performed a detailed impairment review on a fair value less costs of disposal basis resulting in a total impairment charge for the year
of \u00a3119m of which \u00a32m relates to intangible assets, see note 8 for further details. All property, plant and equipment, with the
exception of land of \u00a321m, is now fully impaired.
Fair value for property, plant and equipment (except for land) was determined using an income approach under IFRS 13, specifically
a\u00a0discounted cash flow model using unobservable inputs falling into level 3 of the fair value hierarchy. Key assumptions used in
the\u00a0model included sugar and beet prices and sugar quantity sold. The model assumed a discount rate of 8.5% (2024 \u2013 recoverable
amount was calculated on a value in use basis using a discount rate of 10.6%). The fair value of land was determined by an independent
external valuer using a market based approach with level 3 inputs.
Further impairment charges of \u00a36m (2024 \u2013 \u00a317m) were recognised, on a value in use basis, against property, plant and equipment
to\u00a0fully impair the Vivergo business as a result of volatility of ethanol prices in the year.
In Grocery, Jordans Dorset Ryvita recognised an impairment charge of \u00a325m, determined on a value in use basis, in relation to\u00a0property,
plant and equipment resulting from the decision to close and sell the Ryvita production facility at Bardney and impair affected equipment.
These assets are presented as held for sale at the balance sheet date at their recoverable amounts, see note 16 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-793": { "value": "
10. Investment properties
Reconciliation of carrying amount
Total
Note
\u00a3m
Cost
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
Acquisitions \u2013 externally purchased
5
Disposals
(6)
Transfer from property, plant and equipment
9
11
Transfer to assets classified as held for sale
16
(11)
Effect of movement in foreign exchange
(2)
At 13 September 2025
145
Depreciation and impairment
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
Depreciation for the year
2
Disposals
(2)
Impairment
8
Transfer from property, plant and equipment
9
2
Transfer to assets classified as held for sale
16
(3)
Effect of movement in foreign exchange
(1)
At 13 September 2025
49
Net book value
At 16 September 2023
107
At 14 September 2024
105
At 13 September 2025
96
Based on external market data and using a market based approach with level 3 inputs, the directors consider the fair value
of\u00a0investment property to be \u00a3164m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-794": { "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
buildings
Plant and
machinery
Fixtures and
fittings
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Additions
160
18
\u2013
178
Lease incentives
(28)
\u2013
\u2013
(28)
Other disposals
(3)
(2)
\u2013
(5)
Other movements
90
10
\u2013
100
Effect of movements in foreign exchange
36
4
\u2013
40
At 13 September 2025
4,050
131
2
4,183
Land and
buildings
Plant and
machinery
Fixtures and
fittings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation and impairment
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
Depreciation for the year
284
21
\u2013
305
Disposal of business
\u2013
\u2013
\u2013
\u2013
Other disposals
(3)
(2)
\u2013
(5)
Effect of movements in foreign exchange
21
\u2013
\u2013
21
At 13 September 2025
1,874
90
\u2013
1,964
Net book value
At 16 September 2023
2,304
30
1
2,335
At 14 September 2024
2,223
30
2
2,255
At 13 September 2025
2,176
41
2
2,219
Impairment
The methodology used to assess right-of-use assets for impairment is the same as that described for impairment assessments
of\u00a0goodwill. See note 8 for further details. In the year, there were no impairments of right-of-use assets (2024 \u2013 \u00a312m). The prior
year\u00a0impairments related to\u00a0Primark and the Vivergo business (included within exceptional items) and were determined on a value
in\u00a0use basis.
11. Leases continued
Lease liabilities
Land and
buildings
Plant and
machinery
Fixtures and
fittings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Additions
162
18
\u2013
180
Interest expense relating to lease liabilities
99
3
\u2013
102
Repayment of lease liabilities
(432)
(24)
\u2013
(456)
Acquisition of businesses
\u2013
\u2013
\u2013
\u2013
Other movements
91
10
\u2013
101
Effect of movements in foreign exchange
24
\u2013
\u2013
24
At 13 September 2025
2,996
41
1
3,038
2025
2024
\u00a3m
\u00a3m
Current
312
289
Non-current
2,726
2,798
3,038
3,087
Lease liabilities comprise capital payable of \u00a33,019m ( 2024 \u2013 \u00a33,065m) and interest payable \u00a319m ( 2024 \u2013 \u00a322m). The interest
payable is\u00a0all current and disclosed within trade and other payables. Repayments comprise capital of \u00a3351m (2024 \u2013 \u00a3348m)
and\u00a0interest of \u00a3105m (2024 \u2013 \u00a3101m).
Other information relating to leases
The Group had the following expense relating to short-term leases and low-value leases:
2025
2024
\u00a3m
\u00a3m
Land and buildings
1
\u2013
Plant and machinery
2
2
3
2
Cash outflows of\u00a0\u00a3nil\u00a0(2024 \u2013 \u00a31m) that do not form part of the lease liability are expected to be made in the next 12 months.
Rental receipts of \u00a31m (2024 \u2013 \u00a32m) were recognised relating to operating leases. The total of future minimum rental receipts expected
to be received is \u00a346m (2024 \u2013 \u00a339m). \u00a314m (2024 \u2013 \u00a38m) 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-795": { "value": "
Right-of-use assets
Land and
buildings
Plant and
machinery
Fixtures and
fittings
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
Additions
160
18
\u2013
178
Lease incentives
(28)
\u2013
\u2013
(28)
Other disposals
(3)
(2)
\u2013
(5)
Other movements
90
10
\u2013
100
Effect of movements in foreign exchange
36
4
\u2013
40
At 13 September 2025
4,050
131
2
4,183
Land and
buildings
Plant and
machinery
Fixtures and
fittings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation and impairment
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
Depreciation for the year
284
21
\u2013
305
Disposal of business
\u2013
\u2013
\u2013
\u2013
Other disposals
(3)
(2)
\u2013
(5)
Effect of movements in foreign exchange
21
\u2013
\u2013
21
At 13 September 2025
1,874
90
\u2013
1,964
Net book value
At 16 September 2023
2,304
30
1
2,335
At 14 September 2024
2,223
30
2
2,255
At 13 September 2025
2,176
41
2
2,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-798": { "value": "
12. Investments in joint ventures and associates
Joint Ventures
Associates
\u00a3m
\u00a3m
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
Acquisitions
4
\u2013
Profit for the period
80
23
Dividends received
(94)
(14)
Other reserves movements
(3)
\u2013
Effects of movements in foreign exchange
(3)
(4)
At 13 September 2025
270
100
Details of joint ventures and associates are listed in note 31.
Included in the consolidated financial statements are the following items that represent the Group\u2019s share of the assets, liabilities
and\u00a0profits of joint ventures and associates:
Joint Ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
231
199
46
45
Current assets
525
470
437
435
Current liabilities
(412)
(342)
(383)
(385)
Non-current liabilities
(93)
(58)
(1)
(1)
Goodwill
21
21
1
1
Non-controlling interest
(2)
(4)
\u2013
\u2013
Net assets
270
286
100
95
Revenue
1,795
2,001
2,037
1,880
Profit for the period
80
94
23
23
Joint ventures
A list of the Group\u2019s joint ventures as at 13 September 2025 is given below. All joint ventures are included in the Group\u2019s financial
statements using the equity method of accounting.
Joint ventures
% holding
United Kingdom
England and 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%
23 London Road, Downham Market, Norfolk, PE38 9BJ
Boston Seeds (No.2) Limited
50%
Boston Seeds Limited
50%
Farm Seeds 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%
1828 Tiejueshan Road, Huangdao District, Qingdao, Shandong
Province, China
Qingdao Xinghua Cereal Oil and Foodstuff Co., Ltd.
25%
9 Tonggang Road, Shage Village, Nanpu Town, Quangang Area,
Quanzhou, Fujian Province, China
Joint ventures
% holding
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 607, 6th Floor, 1379, Bocheng Road, Pudong New District,
Shanghai, China
AB Mauri Yihai Kerry Investment Company Limited
50%
Room 608, 6th Floor, 1379, Bocheng Road, Pudong New District,
Shanghai, China
AB Mauri Yihai Kerry Food Marketing (Shanghai) 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%
Xinsha Industrial Zone, Machong Town, Dongguan, Guangdong
Province, China
AB Mauri Yihai Kerry (Dongguan) Food Co., Ltd.
50%
France
59, Chemin du Moulin, 695701 Carron, Dardilly, France
Synchronis
50%
Germany
Brede 4, 59368, Werne, Germany
UNIFERM FI 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%
Netherlands
Kabelweg 57, 1014 BA, Amsterdam
Frontier Agriculture (Europe) B.V.
50%
Poland
ul. Wybieg 5/9, 61-315 Poznan, Poland
UNIFERM FI GmbH Sp\u00f3\u0142ka komandytowa (previously 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%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-797": { "value": "
12. Investments in joint ventures and associates
Joint Ventures
Associates
\u00a3m
\u00a3m
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
Acquisitions
4
\u2013
Profit for the period
80
23
Dividends received
(94)
(14)
Other reserves movements
(3)
\u2013
Effects of movements in foreign exchange
(3)
(4)
At 13 September 2025
270
100
Details of joint ventures and associates are listed in note 31.
Included in the consolidated financial statements are the following items that represent the Group\u2019s share of the assets, liabilities
and\u00a0profits of joint ventures and associates:
Joint Ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
231
199
46
45
Current assets
525
470
437
435
Current liabilities
(412)
(342)
(383)
(385)
Non-current liabilities
(93)
(58)
(1)
(1)
Goodwill
21
21
1
1
Non-controlling interest
(2)
(4)
\u2013
\u2013
Net assets
270
286
100
95
Revenue
1,795
2,001
2,037
1,880
Profit for the period
80
94
23
23
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-796": { "value": "
12. Investments in joint ventures and associates
Joint Ventures
Associates
\u00a3m
\u00a3m
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
Acquisitions
4
\u2013
Profit for the period
80
23
Dividends received
(94)
(14)
Other reserves movements
(3)
\u2013
Effects of movements in foreign exchange
(3)
(4)
At 13 September 2025
270
100
Details of joint ventures and associates are listed in note 31.
Included in the consolidated financial statements are the following items that represent the Group\u2019s share of the assets, liabilities
and\u00a0profits of joint ventures and associates:
Joint Ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
231
199
46
45
Current assets
525
470
437
435
Current liabilities
(412)
(342)
(383)
(385)
Non-current liabilities
(93)
(58)
(1)
(1)
Goodwill
21
21
1
1
Non-controlling interest
(2)
(4)
\u2013
\u2013
Net assets
270
286
100
95
Revenue
1,795
2,001
2,037
1,880
Profit for the period
80
94
23
23
Joint ventures
A list of the Group\u2019s joint ventures as at 13 September 2025 is given below. All joint ventures are included in the Group\u2019s financial
statements using the equity method of accounting.
Joint ventures
% holding
United Kingdom
England and 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%
23 London Road, Downham Market, Norfolk, PE38 9BJ
Boston Seeds (No.2) Limited
50%
Boston Seeds Limited
50%
Farm Seeds 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%
1828 Tiejueshan Road, Huangdao District, Qingdao, Shandong
Province, China
Qingdao Xinghua Cereal Oil and Foodstuff Co., Ltd.
25%
9 Tonggang Road, Shage Village, Nanpu Town, Quangang Area,
Quanzhou, Fujian Province, China
Joint ventures
% holding
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 607, 6th Floor, 1379, Bocheng Road, Pudong New District,
Shanghai, China
AB Mauri Yihai Kerry Investment Company Limited
50%
Room 608, 6th Floor, 1379, Bocheng Road, Pudong New District,
Shanghai, China
AB Mauri Yihai Kerry Food Marketing (Shanghai) 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%
Xinsha Industrial Zone, Machong Town, Dongguan, Guangdong
Province, China
AB Mauri Yihai Kerry (Dongguan) Food Co., Ltd.
50%
France
59, Chemin du Moulin, 695701 Carron, Dardilly, France
Synchronis
50%
Germany
Brede 4, 59368, Werne, Germany
UNIFERM FI 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%
Netherlands
Kabelweg 57, 1014 BA, Amsterdam
Frontier Agriculture (Europe) B.V.
50%
Poland
ul. Wybieg 5/9, 61-315 Poznan, Poland
UNIFERM FI GmbH Sp\u00f3\u0142ka komandytowa (previously 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%
31. Group entities continued
Associates
A list of the Group\u2019s associates as at 13 September 2025 is given below. All associates are included in the Group\u2019s financial
statements using the equity method of accounting.
Associates
% holding
United Kingdom
England and Wales
Pacioli House, 9 Brookfield 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
ER House, Vivea Business Park, Moka, Mauritius
Sukpak Ltd
30%
Mexico
Jaime Balmes #8 Loc. 3-A , Los Morales Polanco, Mexico 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%
South Africa
7 Bishops Court, 10 Delamore Road, Hillcrest, Kwa-zulu Natal,
3610, South Africa
Czarnikow South Africa (Pty) Ltd
43%
Tanzania
9th Floor, Block number 1, 1008, Ohio, 12101, Ilala, 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
1450 Brickwell Ave, Ste 1580, Miami, FL, 33131, United States
Czarnikow Futures Inc.
43%
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%
31. Group entities continued
In accordance with section 479A of the Companies Act 2006 (the \u2018Act\u2019), and subject to compliance with the requirements of\u00a0that
section including the provision of a statutory guarantee from Associated British Foods plc, the following subsidiaries are\u00a0exempt from
the requirements of the Act relating to the audit of individual accounts in respect of the financial year ended 13 September 2025:
Company name
Company number
Company name
Company number
A.B. Exploration Limited
00487323
ABF UK Finance Limited
07267422
AB Mauri China Limited
12109070
ABF ZMW Finance Limited
13485724
AB Sugar China Holdings Limited
09468366
ABN (Overseas) Limited
00145374
ABF (No.1) Limited
04668120
Atrium 100 Properties Limited
04502487
ABF (No.2) Limited
03369799
Atrium 100 Stores Holdings Limited
04660969
ABF (No.3) Limited
00155305
Atrium 100 Stores Limited
05007953
ABF BRL Finance Ltd
11001902
British Sugar (Overseas) Limited
02400085
ABF Finance Limited
04659735
BSO (China) Limited
03799608
ABF Food Tech Investments Limited
00172141
G. Costa (Holdings) Limited
03679738
ABF Funding
05380813
Mountsfield Park Finance Limited
07882348
ABF HK Finance Limited
07761084
Primark Austria Limited
07770764
ABF Japan Limited
00492278
Primark US Holdings Limited
05659249
ABF PM Limited
00486887
Twining Crosfield & Co Limited
00144900
A.B.F. Properties Limited
00683361
Worldwing Investments Limited
02778854
ABF TZS Finance Limited
12997636
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-799": { "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 89% (2024 \u2013 90%) of the Group\u2019s defined benefit scheme assets and 84% (2024 \u2013 86%) of defined
benefit scheme liabilities. The Scheme is governed by a Trustee Board which is independent of the Group and which agrees
a\u00a0schedule of\u00a0contributions 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\u00a0date,
the Scheme is fully hedged for 95% of inflation sensitivity and 95% of interest rate risk. It is intended to hedge 95% of total exposure.
13. Employee entitlements continued
The Scheme is forbidden by the trust deed from holding direct investments in the equity of the Company, although it is possible
that\u00a0the 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 \u00a358m in the UK and \u00a357m overseas,
totalling \u00a3115m (2024 \u2013 UK \u00a354m, overseas \u00a349m, totalling \u00a3103m ).
Actuarial assumptions
The principal actuarial assumptions for the Group\u2019s defined benefit schemes at the year end were:
2025
2025
2024
2024
UK
Overseas
UK
Overseas
%
%
%
%
Discount rate
4.9
1.9 - 15.2
4.8
0 - 15.7
Inflation
2.5 - 3
0 - 33.5
2.5 - 3
0 - 52
Rate of increase in salaries
3.0
0 - 45
3 - 4
0 - 95.6
Rate of increase for pensions in payment
1.9 - 2.9
0 - 9.5
1.9 - 2.9
0 - 78
Rate of increase for pensions in deferment (where provided)
2.5
0 - 4.1
2.5
0 - 3.6
Discount rates are determined by reference to market yields at the balance sheet date on high-quality corporate bonds consistent
with\u00a0the 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\u00a0the 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 2025 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 (2024 \u2013 S3 mortality tables with improvements in line with the 2022 projection model), with a 0-year rating movement
for\u00a0males and females (2024 \u2013 0-year rating movement for males and females), both with a long-term trend of 1.75% (2024 \u2013 1.75% ).
These mortality assumptions take account of experience to date, and assumptions for further improvements in life expectancy
of\u00a0scheme members. Examples of the resulting life expectancies in the UK defined benefit schemes are as follows:
2025
2024
Life expectancy from age 65 (in years)
Male
Female
Male
Female
Member aged 65 in 2025 (2024)
22.0
24.3
21.8
24.2
Member aged 65 in 2045 (2044)
23.9
26.3
23.7
26.2
An allowance has been made for cash commutation in line with emerging scheme experience. Other demographic assumptions
for\u00a0the 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 13 September 2025 is:
Change in assumption
Impact on scheme liabilities
Discount rate
increase/decrease by 0.1%
increase/decrease by 1.1%
Inflation
increase/decrease by 0.1%
increase by 0.9%/decrease by 0.5%
Rate of real increase in salaries
increase/decrease by 0.1%
increase/decrease by 0.1%
Rate of mortality
members assumed to live one year longer/less
increase/decrease by 2.7%
A sensitivity to the rate of increase in pensions in payment and pensions in deferment is represented by the inflation sensitivity,
as\u00a0all\u00a0pensions 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\u00a0the 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.
13. Employee entitlements continued
Balance sheet
2025
2024
UK
Overseas
Total
UK
Overseas
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equities
733
159
892
898
160
1,058
Government bonds
378
135
513
568
154
722
Corporate and other bonds
1,198
68
1,266
872
40
912
Property
70
40
110
242
35
277
Cash and other assets
1,222
35
1,257
1,157
41
1,198
Scheme assets
3,601
437
4,038
3,737
430
4,167
Scheme liabilities
(2,034)
(376)
(2,410)
(2,307)
(390)
(2,697)
Aggregate net surplus
1,567
61
1,628
1,430
40
1,470
Irrecoverable surplus
\u2013
(38)
(38)
\u2013
(38)
(38)
Net pension asset
1,567
23
1,590
1,430
2
1,432
Analysed as
Schemes in surplus
1,586
73
1,659
1,454
52
1,506
Schemes in deficit
(19)
(50)
(69)
(24)
(50)
(74)
1,567
23
1,590
1,430
2
1,432
Unfunded liability included in the present value
of scheme liabilities above
(19)
(35)
(54)
(24)
(34)
(58)
* 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 \u00a383m (2024 \u2013 \u00a399m) of derivative instruments, \u00a31,034m (2024 \u2013 \u00a3597m) of corporate debt instruments
and\u00a0\u00a31,534m (2024 \u2013 \u00a31,559m) of government debt.
Corporate and other bonds assets of \u00a31,198m (2024 \u2013 \u00a3872m) include \u00a3258m (2024 \u2013 \u00a349m) 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 \u00a3492m (2024 \u2013 \u00a3828m)
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% (2024 \u2013 20%) in respect of active participants, 21% (2024 \u2013 22%) for deferred
participants and 59% (2024 \u2013 58%) for pensioners.
The weighted average duration of the defined benefit scheme liabilities at the end of the year is 11 years for both UK and overseas
schemes (2024 \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 within this note for further details.
13. Employee entitlements continued
Income statement
The charge to the income statement for employee benefit schemes comprises:
2025
2024
Note
\u00a3m
\u00a3m
Charged to operating profit:
Defined benefit schemes
\u2022Current service cost
3
(31)
(31)
Defined contribution schemes
3
(115)
(103)
Total operating cost
(146)
(134)
Reported in other financial income:
Net interest income on the net pension asset
69
75
Interest charge on irrecoverable surplus
4
(2)
(2)
Net financial income from employee benefit schemes
67
73
Net impact on profit before tax
(79)
(61)
Cash flow
Group cash flow in respect of employee benefits schemes comprises contributions paid to funded schemes of \u00a37m (2024 \u2013 \u00a39m)
and\u00a0benefits paid in respect of unfunded schemes of \u00a32m (2024 \u2013 \u00a32m). Contributions to funded defined benefit schemes are subject
to periodic review. Contributions to defined contribution schemes amounted to \u00a372m (2024 \u2013 \u00a365m).
Total contributions to funded schemes and benefit payments by the Group in respect of unfunded schemes in 2026 are currently
expected to be approximately \u00a3nil in the UK and \u00a35m overseas, totalling \u00a35m (2024 \u2013 UK \u00a31m, overseas \u00a39m, totalling \u00a310m).
As part of the triennial funding valuation of the UK Scheme as at 5 April 2023, which was finalised with the independent Trustee
Board\u00a0in September 2023, the Company agreed an abatement of all UK employer contributions to the UK Scheme, covering both
the\u00a0defined 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:
2025
2024
Other comprehensive income
\u00a3m
\u00a3m
(Return)/loss on scheme assets excluding amounts included in net interest in the income statement
(137)
182
Actuarial gains/(losses) arising from changes in financial assumptions
313
(140)
Actuarial (losses)/gains arising from changes in demographic assumptions
(3)
6
Experience losses on scheme liabilities
(19)
(10)
Change in unrecognised surplus
1
\u2013
Remeasurements of the net pension asset
155
38
13. Employee entitlements continued
Reconciliation of change in assets and liabilities
2025
2024
2025
2024
2025
2024
assets
assets
liabilities
liabilities
net
net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
4,167
3,962
(2,697)
(2,549)
1,470
1,413
Current service cost
\u2013
\u2013
(31)
(31)
(31)
(31)
Employee contributions
6
6
(6)
(6)
\u2013
\u2013
Employer contributions
7
9
\u2013
\u2013
7
9
Abatement of employer contributions to defined
contribution schemes
(44)
(38)
\u2013
\u2013
(44)
(38)
Benefit payments
(160)
(157)
162
159
2
2
Interest income/(expense)
191
206
(122)
(131)
69
75
(Return)/loss on scheme assets less interest
income
(137)
182
\u2013
\u2013
(137)
182
Actuarial gains/(losses) arising from changes in
financial assumptions
\u2013
\u2013
313
(140)
313
(140)
Actuarial (losses)/gains arising from changes in
demographic assumptions
\u2013
\u2013
(3)
6
(3)
6
Experience losses on scheme liabilities
\u2013
\u2013
(19)
(10)
(19)
(10)
Effect of movements in foreign exchange
8
(3)
(7)
5
1
2
At end of year
4,038
4,167
(2,410)
(2,697)
1,628
1,470
Reconciliation of change in irrecoverable surplus
2025
2024
Note
\u00a3m
\u00a3m
At the beginning of the year
(38)
(36)
Change recognised in other comprehensive income
1
\u2013
Interest charge on irrecoverable surplus
4
(2)
(2)
Effect of movements in foreign exchange
1
\u2013
At end of year
(38)
(38)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-800": { "value": "
Defined contribution schemes
The Group operates a number of defined contribution schemes for which the charge was \u00a358m in the UK and \u00a357m overseas,
totalling \u00a3115m (2024 \u2013 UK \u00a354m, overseas \u00a349m, totalling \u00a3103m ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-802": { "value": "
14. Deferred tax assets and liabilities
Property,
plant and
equipment
Intangible
assets
Employee
benefits
Financial
assets and
liabilities
Provisions
and other
temporary
assets
Leases
Tax value
of carry-
forward
losses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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 other
comprehensive income or 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
Amount charged/(credited) to the Income
Statement
27
4
\u2013
\u2013
10
18
(32)
27
Amount charged/(credited) to other
comprehensive income or to equity
\u2013
\u2013
37
(11)
(1)
\u2013
\u2013
25
Acquired through business combinations
4
2
\u2013
\u2013
(1)
\u2013
\u2013
5
Effect of changes in tax rates on the income
statement
(2)
(1)
\u2013
\u2013
\u2013
1
\u2013
(2)
Effect of hyperinflationary economies taken
to Other Comprehensive Income
24
\u2013
\u2013
\u2013
3
1
\u2013
28
Effect of hyperinflationary economies taken
to operating profit
10
\u2013
\u2013
\u2013
4
\u2013
\u2013
14
Effect of movements in foreign exchange
(6)
(1)
\u2013
\u2013
2
\u2013
\u2013
(5)
At 13 September 2025
351
113
383
(24)
(92)
(87)
(93)
551
Provisions and other temporary differences include provisions of \u00a3(121)m (2024 \u2013 \u00a3(118) m), biological assets of \u00a349m (2024 \u2013 \u00a3 35m),
tax credits of \u00a3(12)m ( 2024 \u2013 \u00a3(10)m) and other temporary differences of \u00a3(8) m (2024 \u2013 \u00a3(16)m).
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:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
(230)
(223)
Deferred tax liabilities
781
682
551
459
Deferred tax assets have not been recognised in respect of tax losses of \u00a3344m (2024 \u2013 \u00a3328m). Of these tax losses, \u00a3159m
(2024 \u2013 \u00a3187m) will expire at various dates between 2025 and 2030 (2024: 2024 and 2029). Tax losses not recognised include capital
losses in Ireland and Australia of \u00a316m and \u00a396m respectively (2024 \u2013 \u00a316m and \u00a386m). Deferred tax assets have also not been
recognised in respect of other temporary differences of \u00a3284m (2024 \u2013 \u00a3237m). Of this, \u00a3102m ( 2024 \u2013 \u00a388m) relates to\u00a0property,
plant and equipment and leases in Germany which were derecognised following the impairment in 2022. In the current year,
temporary differences also arose as a result of restructuring activity and impairment of property, plant and equipment in Azucarera
of\u00a0which \u00a3100m (2024 \u2013 \u00a3nil) were unrecognised.
The above noted 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 \u00a32,972m (2024 \u2013 \u00a32,476m), resulting in temporary
differences of \u00a31,426m (2024 \u2013 \u00a31,514m). No deferred tax has been provided in respect of these differences since the timing
of\u00a0the\u00a0reversals 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-801": { "value": "
14. Deferred tax assets and liabilities
Property,
plant and
equipment
Intangible
assets
Employee
benefits
Financial
assets and
liabilities
Provisions
and other
temporary
assets
Leases
Tax value
of carry-
forward
losses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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 other
comprehensive income or 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
Amount charged/(credited) to the Income
Statement
27
4
\u2013
\u2013
10
18
(32)
27
Amount charged/(credited) to other
comprehensive income or to equity
\u2013
\u2013
37
(11)
(1)
\u2013
\u2013
25
Acquired through business combinations
4
2
\u2013
\u2013
(1)
\u2013
\u2013
5
Effect of changes in tax rates on the income
statement
(2)
(1)
\u2013
\u2013
\u2013
1
\u2013
(2)
Effect of hyperinflationary economies taken
to Other Comprehensive Income
24
\u2013
\u2013
\u2013
3
1
\u2013
28
Effect of hyperinflationary economies taken
to operating profit
10
\u2013
\u2013
\u2013
4
\u2013
\u2013
14
Effect of movements in foreign exchange
(6)
(1)
\u2013
\u2013
2
\u2013
\u2013
(5)
At 13 September 2025
351
113
383
(24)
(92)
(87)
(93)
551
Provisions and other temporary differences include provisions of \u00a3(121)m (2024 \u2013 \u00a3(118) m), biological assets of \u00a349m (2024 \u2013 \u00a3 35m),
tax credits of \u00a3(12)m ( 2024 \u2013 \u00a3(10)m) and other temporary differences of \u00a3(8) m (2024 \u2013 \u00a3(16)m).
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:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
(230)
(223)
Deferred tax liabilities
781
682
551
459
Deferred tax assets have not been recognised in respect of tax losses of \u00a3344m (2024 \u2013 \u00a3328m). Of these tax losses, \u00a3159m
(2024 \u2013 \u00a3187m) will expire at various dates between 2025 and 2030 (2024: 2024 and 2029). Tax losses not recognised include capital
losses in Ireland and Australia of \u00a316m and \u00a396m respectively (2024 \u2013 \u00a316m and \u00a386m). Deferred tax assets have also not been
recognised in respect of other temporary differences of \u00a3284m (2024 \u2013 \u00a3237m). Of this, \u00a3102m ( 2024 \u2013 \u00a388m) relates to\u00a0property,
plant and equipment and leases in Germany which were derecognised following the impairment in 2022. In the current year,
temporary differences also arose as a result of restructuring activity and impairment of property, plant and equipment in Azucarera
of\u00a0which \u00a3100m (2024 \u2013 \u00a3nil) were unrecognised.
The above noted 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 \u00a32,972m (2024 \u2013 \u00a32,476m), resulting in temporary
differences of \u00a31,426m (2024 \u2013 \u00a31,514m). No deferred tax has been provided in respect of these differences since the timing
of\u00a0the\u00a0reversals 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-806": { "value": "
15. Trade and other receivables
2025
2024
Note
\u00a3m
\u00a3m
Trade receivables
27
1,206
1,271
Other receivables
239
213
Accrued income
32
21
27
1,477
1,505
Prepayments and other non-financial receivables
215
192
1,692
1,697
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade
and\u00a0other receivables, see note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-805": { "value": "
15. Trade and other receivables
2025
2024
Note
\u00a3m
\u00a3m
Trade receivables
27
1,206
1,271
Other receivables
239
213
Accrued income
32
21
27
1,477
1,505
Prepayments and other non-financial receivables
215
192
1,692
1,697
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade
and\u00a0other receivables, see note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-804": { "value": "
15. Trade and other receivables
2025
2024
Note
\u00a3m
\u00a3m
Trade receivables
27
1,206
1,271
Other receivables
239
213
Accrued income
32
21
27
1,477
1,505
Prepayments and other non-financial receivables
215
192
1,692
1,697
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade
and\u00a0other receivables, see note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-803": { "value": "
15. Trade and other receivables
2025
2024
Note
\u00a3m
\u00a3m
Trade receivables
27
1,206
1,271
Other receivables
239
213
Accrued income
32
21
27
1,477
1,505
Prepayments and other non-financial receivables
215
192
1,692
1,697
The directors consider that the carrying amount of receivables approximates fair value. For details of credit risk exposure on trade
and\u00a0other receivables, see note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-807": { "value": "
16. Assets classified as held for sale
2025
2024
\u00a3m
\u00a3m
Property, plant and equipment
24
\u2013
Investment properties
8
\u2013
Inventories
3
\u2013
35
\u2013
In the current year, property, plant and equipment held for sale primarily relates to \u00a319m of assets that will be sold as part of the
closure of the Ryvita production facility at Bardney. See note 9 for further details of impairment losses recognised in respect of these
assets. Investment properties held for sale primarily relate to \u00a36m of non-operating properties in Australia that will be sold in the next
financial year. Inventories and property, plant and equipment of \u00a33m relate to a business in AB Mauri China that will be disposed
in\u00a0the\u00a0next financial year. There are no material liabilities associated with this business.
The Group had no assets or liabilities classified as held for sale in the prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-808": { "value": "
17. Inventories
2025
2024
\u00a3m
\u00a3m
Raw materials and consumables
496
474
Work in progress
100
103
Finished goods and goods held for resale
2,573
2,365
3,169
2,942
Write-down of inventories
(159)
(141)
Amount of inventories recognised as an expense
11,682
12,147
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-809": { "value": "
18. Biological assets
Growing cane
Livestock
Total
\u00a3m
\u00a3m
\u00a3m
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
Transferred to inventory
(113)
(10)
(123)
Purchases
\u2013
6
6
Other disposals
\u2013
(7)
(7)
Changes in fair value
140
9
149
Effect of movements in foreign exchange
1
\u2013
1
At 13 September 2025
112
8
120
18. Biological assets continued
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 13 September 2025:
South Africa
Malawi
Zambia
Eswatini
Tanzania
Expected areas to harvest (hectares)
6,433
17,575
15,283
10,484
9,366
Estimated yield (tonnes cane/hectare)
61.9
100.1
118.8
97.6
78.9
Average maturity of growing cane
45.6%
68.1%
65.7%
67.7%
46.2%
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%
A 1% change in the unobservable inputs could increase or decrease the fair value of growing cane as follows:
2025
2024
+1%
(1)%
+1%
(1)%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Estimated sucrose content
1.5
(1.5)
1.3
(1.3)
Estimated sucrose price
1.9
(1.9)
1.6
(1.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-811": { "value": "
19. Cash, cash equivalents and current asset investments
2025
2024
Note
\u00a3m
\u00a3m
Current asset investments
\u2013
334
Cash and cash equivalents
Cash at bank and in hand
464
551
Cash equivalents
593
772
Cash and cash equivalents in the balance sheet
26, 27
1,057
1,323
Reconciliation to the cash flow statement
Bank overdrafts
20, 26
(131)
(88)
Cash and cash equivalents in the cash flow statement
926
1,235
Cash, cash equivalents and current asset investments in the balance sheet
1,057
1,657
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-810": { "value": "
19. Cash, cash equivalents and current asset investments
2025
2024
Note
\u00a3m
\u00a3m
Current asset investments
\u2013
334
Cash and cash equivalents
Cash at bank and in hand
464
551
Cash equivalents
593
772
Cash and cash equivalents in the balance sheet
26, 27
1,057
1,323
Reconciliation to the cash flow statement
Bank overdrafts
20, 26
(131)
(88)
Cash and cash equivalents in the cash flow statement
926
1,235
Cash, cash equivalents and current asset investments in the balance sheet
1,057
1,657
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-813": { "value": "
20. Loans and overdrafts
2025
2024
Note
\u00a3m
\u00a3m
Current loans and overdrafts
Secured loans
65
3
Unsecured loans and overdrafts
193
156
26
258
159
Non-current loans
Secured loans
\u2013
60
Unsecured loans
26
409
394
409
454
27
667
613
2025
2024
Note
\u00a3m
\u00a3m
Secured loans
\u2022Other floating rates
65
63
Unsecured loans and overdrafts
\u2022Bank overdrafts
19
131
88
\u2022GBP floating rate
27
44
\u2022GBP fixed rate
393
391
\u2022USD floating rate
10
9
\u2022EUR floating rate
\u2013
4
\u2022Other floating rate
39
9
\u2022Other fixed rate
2
5
27
667
613
Secured loans comprise amounts borrowed from commercial banks and are secured by charges over the assets of subsidiaries.
Bank\u00a0overdrafts generally bear interest at floating rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-812": { "value": "
20. Loans and overdrafts
2025
2024
Note
\u00a3m
\u00a3m
Current loans and overdrafts
Secured loans
65
3
Unsecured loans and overdrafts
193
156
26
258
159
Non-current loans
Secured loans
\u2013
60
Unsecured loans
26
409
394
409
454
27
667
613
2025
2024
Note
\u00a3m
\u00a3m
Secured loans
\u2022Other floating rates
65
63
Unsecured loans and overdrafts
\u2022Bank overdrafts
19
131
88
\u2022GBP floating rate
27
44
\u2022GBP fixed rate
393
391
\u2022USD floating rate
10
9
\u2022EUR floating rate
\u2013
4
\u2022Other floating rate
39
9
\u2022Other fixed rate
2
5
27
667
613
Secured loans comprise amounts borrowed from commercial banks and are secured by charges over the assets of subsidiaries.
Bank\u00a0overdrafts generally bear interest at floating rates.
27. Financial instruments
a) Carrying amount and fair values of financial assets and liabilities
2025
2024
\u00a3m
\u00a3m
Financial assets
Financial assets at amortised cost
Cash and cash equivalents
1,057
1,323
Current asset investments
\u2013
334
Trade and other receivables
1,477
1,505
At fair value through other comprehensive income
Investments
35
30
At fair value through profit or loss
Derivative assets not designated in a cash flow hedging relationship:
\u2022currency derivatives
7
6
\u2022commodity derivatives
\u2013
1
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments:
\u2022currency derivatives
10
10
\u2022interest rate derivatives
\u2013
1
\u2022commodity derivatives
6
10
Total financial assets
2,592
3,220
Financial liabilities
Financial liabilities at amortised cost
Trade and other payables
(2,537)
(2,435)
Secured loans
(65)
(63)
Unsecured loans and overdrafts*
(602)
(550)
Lease liabilities
(3,019)
(3,065)
Deferred consideration
(6)
(11)
At fair value through profit and loss
Derivative liabilities not designated in a cash flow hedging relationship:
\u2022currency derivatives
(20)
(18)
Designated cash flow hedging relationships
Derivative liabilities designated and effective as cash flow hedging instruments:
\u2022currency derivatives
(122)
(66)
\u2022commodity derivatives
(16)
(13)
Total financial liabilities
(6,387)
(6,221)
Net financial liabilities
(3,795)
(3,001)
* Unsecured loans and overdrafts include the 2034 public bond whose carrying value of \u00a3395m differs to its fair value of \u00a3399m. Fair value has been derived using
the observable market price for the bond which is a level 1 fair value measure in the fair value hierarchy as set out below. The prior year comparative fair value
amount for the 2034 public bond has been amended from \u00a3345m to \u00a3424m to reflect the appropriate level 1 fair value measure. Except for the 2034 public
bond, the fair value of all other financial assets and liabilities approximates their carrying value.
27. Financial instruments continued
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.
2025
2024
Contractual
/notional
amounts
Level 1
Level 2
Total
Contractual/
notional
amounts
Level 1
Level 2
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Currency derivatives
1,048
\u2013
17
17
1,305
\u2013
16
16
Interest rate derivatives
\u2013
\u2013
\u2013
\u2013
400
\u2013
1
1
Commodity derivatives
125
1
5
6
169
1
10
11
1,173
1
22
23
1,874
1
27
28
Financial liabilities
Currency derivatives
3,787
\u2013
(142)
(142)
3,460
\u2013
(84)
(84)
Commodity derivatives
171
1
(17)
(16)
219
\u2013
(13)
(13)
3,958
1
(159)
(158)
3,679
\u2013
(97)
(97)
27. Financial instruments continued
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.
2025
2024
Currency
derivatives
Interest
rate
derivatives
Commodity
derivatives
Total
Currency
derivatives
(excluding
cross-
currency)
Cross-
currency
swaps
Interest
rate
derivatives
Commodity
derivatives
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
44
(1)
2
45
(28)
(2)
(2)
30
(2)
Losses/(gains) recognised in
the hedging reserve
78
1
(41)
38
68
\u2013
1
6
75
Amount removed from the
hedging reserve and included
in the income statement:
\u2022revenue
6
\u2013
3
9
8
\u2013
\u2013
(5)
3
\u2022cost of sales
\u2013
\u2013
49
49
\u2013
\u2013
\u2013
(28)
(28)
\u2022other financial (income)/
expense
\u2013
\u2013
\u2013
\u2013
(1)
2
\u2013
\u2013
1
Amounts removed from the
hedging reserve and included
in a non-financial asset:
\u2022inventory
(32)
\u2013
(2)
(34)
18
\u2013
\u2013
(9)
9
Deferred tax
(9)
\u2013
(2)
(11)
(21)
\u2013
\u2013
8
(13)
Closing balance
87
\u2013
9
96
44
\u2013
(1)
2
45
Cash flow are expected to
occur:
\u2022within six months
48
\u2013
9
57
26
\u2013
\u2013
2
28
\u2022between six months and
one year
37
\u2013
\u2013
37
18
\u2013
(1)
\u2013
17
\u2022between one and two
years
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
87
\u2013
9
96
44
\u2013
(1)
2
45
The closing balance of \u00a396m (2024 \u2013 \u00a345m) and net movement in the year of \u00a351m (2024 \u2013 \u00a347m) are all attributable
to\u00a0equity\u00a0shareholders.
The balance remaining in the commodity cash flow hedge reserve from hedging relationships for which hedge accounting is no longer
applied is \u00a31m (2024 \u2013 \u00a31m).
The balance in the cost of hedging reserve was not significant at 13 September 2025 or 14 September 2024.
d) Financial risk identification and management
The Group is exposed to the following financial risks from the use of financial instruments:
\u2022 market risk;
\u2022 credit risk; and
\u2022 liquidity 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\u00a0reflect changes in market conditions and the Group\u2019s activities. The Group, through its policies and procedures, aims to develop
a\u00a0disciplined 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,\u00a0where appropriate, options. These teams work closely with Group Treasury and report regularly to executive management.
27. Financial instruments continued
Treasury activities and commodity hedging are conducted within a clearly defined framework of Board-approved policies
and\u00a0guidelines to manage the Group\u2019s financial and commodity risks. Group Treasury works closely with the Group\u2019s commercial
and\u00a0procurement 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\u00a0sterling, these borrowings may be designated as net investment hedges. This enables gains and losses arising on retranslation
of\u00a0these foreign currency borrowings to be charged to other comprehensive income, providing a partial offset in equity against
the\u00a0gains and losses arising on translation of the net assets of foreign operations.
The Group previously held cross-currency interest rate swaps to hedge its fixed rate non-sterling debt which matured during
the\u00a0prior\u00a0year. These\u00a0were reported as cash flow hedges and net investment hedges. The effective portion of changes in fair value
of\u00a0the hedging instrument relating to net investment hedges has been retained in equity.
The Group does not actively hedge the translation impact of foreign exchange rate movements on the income statement
(other\u00a0than\u00a0via 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\u00a0designation is that any foreign exchange movements arising within the borrowing entity and/or the lending entity are accounted
for directly within other comprehensive income on consolidation.
A net foreign exchange loss of \u00a31m (2024 \u2013 \u00a3nil) on retranslation of these loans has been taken to the translation reserve on
consolidation, all of which was attributable to equity shareholders.
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\u00a0underlying market prices change. The Group is exposed to changes in the market price of commodities, interest rates and
foreign\u00a0exchange 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 and 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\u00a0the 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\u00a0be 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.
27. Financial instruments continued
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 \u00a324m
(2024 \u2013 \u00a319m) and \u00a3(22)m (2024 \u2013 \u00a3(16)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 13 September 2025, \u00a3395m (59%) (2024 \u2013 \u00a3396m and 65%) of total debt was subject to fixed rates of interest, the majority
of\u00a0which 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\u00a0to\u00a0six\u00a0months by reference to the relevant market rate for the currency of the cash placing or investment.
(iii) Foreign currency risk
The Group conducts business worldwide and consequently in many foreign currencies. As a result, it is exposed to movements
in\u00a0foreign currency exchange rates which affect the Group\u2019s transaction costs. The Group also publishes its financial statements
in\u00a0sterling 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) of this note.
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\u00a0also 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\u00a0on\u00a0its 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\u00a0proportion 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\u00a0the 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; and
\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.
27. Financial instruments continued
The table below illustrates the effects of hedge accounting on the consolidated balance sheet and consolidated income statement
by\u00a0disclosing separately by risk category, and each type of hedge, the details of the associated hedging instrument and hedged item.
2025
Contract
notional
Carrying
amount
assets/
(liabilities)
Furthest
maturity
date
Hedge
ratio
Change in fair
value of hedging
instrument used to
determine hedge
ineffectiveness
Change in fair
value of hedged
item used to
determine hedge
effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022currency derivatives
3,520
(109)
Sep-26
100%
(125)
125
\u2022commodity derivatives
294
(10)
Sep-26
100%
(11)
11
Non-current
Designated cash flow hedging relationships
\u2022currency derivatives
1
(3)
Aug-27
100%
5
(5)
2024
Contract
notional
Carrying
amount
assets/
(liabilities)
Furthest
maturity
date
Hedge
ratio
Change in fair value
of hedging
instrument used to
determine hedge
ineffectiveness
Change in fair value
of hedged item used
to determine hedge
effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022currency derivatives
3,449
(56)
Sep-25
100%
(63)
63
\u2022commodity derivatives
343
(2)
Aug-25
100%
(1)
1
\u2022interest rate derivatives
400
1
Sep-25
100%
1
(1)
Non-current
Designated cash flow hedging relationships
\u2022currency derivatives
20
\u2013
May-27
100%
\u2013
\u2013
\u2022commodity derivatives
2
\u2013
Nov-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\u00a0hedging instrument is analysed on an ongoing basis. Sources of possible ineffectiveness include changes in forecast transactions
as\u00a0a\u00a0result of timing or value or, in certain cases, different indices linked to the hedged item and the hedging instrument. As at 13
September 2025, \u00a33,521m of forward foreign currency contracts designated as cash flow hedges were outstanding (2024 \u2013 \u00a33,471m),
largely in relation to purchases of USD (\u00a32,929m) and sales of EUR (\u00a3319m) with a mix of other currency hedges with varying
maturities up to August 2027. Weighted average hedge rates for these contracts are GBPUSD: 1.312, EURUSD: 1.134 and GBPEUR:
1.141. Commodity derivatives designated as cash flow hedges related to a range of underlying hedged items, with varying maturities
up to September 2026.
27. Financial instruments continued
The analysis of the Group\u2019s foreign currency exposure to financial assets and liabilities by currency of denomination is as follows:
2025
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
1
411
19
23
454
Trade and other receivables
\u2013
39
22
12
73
1
450
41
35
527
Financial liabilities
Trade and other payables
(24)
(351)
(36)
(8)
(419)
Unsecured loans and overdrafts
\u2013
\u2013
\u2013
(1)
(1)
(24)
(351)
(36)
(9)
(420)
Currency derivatives
Gross amounts receivable
88
3,412
223
429
4,152
Gross amounts payable
(10)
(167)
(296)
(208)
(681)
78
3,245
(73)
221
3,471
55
3,344
(68)
247
3,578
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
Average rate
Closing rate
2025
2024
2025
2024
US dollar
1.31
1.26
1.36
1.32
Euro
1.18
1.17
1.16
1.19
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\u00a0functional 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 sensitivity analysis later in this section). This sensitivity is presented before taxation and non-controlling interests.
27. Financial instruments continued
2025
2024
Impact on
profit for the
period
Impact on
total equity
Impact on
profit for the
period
Impact on total
equity
10% strengthening of non-functional currencies
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling
1
8
1
7
US dollar
83
390
29
333
Euro
13
(13)
22
8
Other
26
31
23
31
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\u00a0the 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.
2025
2024
impact on
profit for the
period
impact on
profit for the
period
10% strengthening of sterling against
\u00a3m
\u00a3m
US dollar
(28)
(26)
Euro
(20)
(38)
Other
(27)
(39)
g) Credit risk
Credit risk is the risk that counterparties to financial transactions cannot perform according to the terms of the contract.
The\u00a0Group\u2019s\u00a0businesses are principally exposed to counterparty credit risk when dealing with their customers, suppliers
and\u00a0from\u00a0financial\u00a0institutions.
The immediate credit exposure of financial derivatives is represented by those financial derivatives that have a net positive fair value
by counterparty at 13 September 2025. The Group considers its maximum exposure to credit risk to be:
2025
2024
Note
\u00a3m
\u00a3m
Cash and cash equivalents
19
1,057
1,323
Current asset investments
19
\u2013
334
Trade and other receivables
15
1,477
1,505
Investments
35
30
Derivative assets at fair value through profit and loss
7
6
Derivative assets in designated cash flow hedging relationships
16
21
2,592
3,219
The Group uses changes in credit ratings and other metrics to identify significant changes to the financial profile of its counterparties.
27. Financial instruments continued
Counterparty risk profile and management
The table below analyses the Group\u2019s current asset investments, cash equivalents and derivative assets by credit exposure:
2025
Derivatives
Current asset
investments
Cash
equivalents
Currency
derivatives
Interest rate
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
389
\u2013
\u2013
\u2013
389
AA
\u2013
\u2013
1
\u2013
\u2013
1
A
\u2013
136
15
\u2013
6
157
BBB
\u2013
3
\u2013
\u2013
\u2013
3
BB
\u2013
10
1
\u2013
\u2013
11
Not rated
\u2013
55
\u2013
\u2013
\u2013
55
Total
\u2013
593
17
\u2013
6
616
2024
Derivatives
Current asset
investments
Cash
equivalents
Currency
derivatives
Interest rate
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
90
\u2013
\u2013
\u2013
90
AA
30
\u2013
\u2013
\u2013
\u2013
30
A
304
641
3
1
6
955
BBB
\u2013
5
3
\u2013
\u2013
8
BB
\u2013
14
\u2013
\u2013
\u2013
14
Not rated
\u2013
22
\u2013
\u2013
\u2013
22
Total
334
772
6
1
6
1,119
Cash of \u00a3464m (2024 \u2013 \u00a3551m) 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\u00a0established credit policy applied by each business under which the credit status of each new customer is reviewed before credit
is\u00a0advanced. 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\u00a0Group 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\u00a0considerations such as the current status of the relationship with the customer, the geographical location of each customer
and\u00a0days\u00a0past due (where applicable).
Expected losses are determined based on the historical experience of write-offs compared to the level of trade receivables.
These\u00a0historical loss expectations are adjusted for current and forward-looking information where it is identified to be significant.
The\u00a0Group considers factors such as national economic outlooks and bankruptcy rates of the countries in which its goods are
sold\u00a0to\u00a0be the most relevant factors. Where the impact of these is assessed as significant, the historical loss expectations
are\u00a0amended\u00a0accordingly.
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.
27. Financial instruments continued
Trade receivables are written off when there is no reasonable expectation of recovery, indicators of which may include the failure
of\u00a0the 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:
2025
2024
\u00a3m
\u00a3m
UK
517
547
Europe & Africa
393
389
The Americas
235
214
Asia Pacific
332
355
1,477
1,505
Trade receivables can be analysed as follows:
2025
2024
\u00a3m
\u00a3m
Not overdue
1,021
1,095
Up to one month past due
147
141
Between one and two months past due
22
19
Between two and three months past due
9
11
More than three months past due
34
32
Expected loss provision
(27)
(27)
1,206
1,271
Trade receivables are stated net of the following expected loss provision:
2025
2024
\u00a3m
\u00a3m
Opening balance
27
28
Increase charged to the income statement
7
7
Amounts released
(4)
(3)
Amounts written off
(3)
(4)
Effect of movements in foreign exchange
\u2013
(1)
Closing balance
27
27
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\u00a0performed 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.
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.
27. Financial instruments continued
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) of this note.
The following table analyses the contractual undiscounted cash flows relating to financial liabilities at the balance sheet date and
compares them to carrying amounts:
2025
Due
within 6
months
Due
between 6
months
and 1 year
Due
between 1
and 2
years
Due
between 2
and 5
years
Due after
5 years
Contracted
amount
Carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
21
(2,494)
(43)
\u2013
\u2013
\u2013
(2,537)
(2,537)
Secured loans
20
(65)
\u2013
\u2013
\u2013
\u2013
(65)
(65)
Unsecured loans and overdrafts
20
(173)
(19)
(36)
(30)
(440)
(698)
(602)
Lease liabilities
11
(240)
(242)
(475)
(1,222)
(1,962)
(4,141)
(3,019)
Deferred consideration
22
(1)
(4)
\u2013
\u2013
(1)
(6)
(6)
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2022Currency derivatives (net payments)
(81)
(41)
(2)
\u2013
\u2013
(124)
(142)
\u2022Commodity derivatives (net payments)
(17)
(1)
\u2013
\u2013
\u2013
(18)
(16)
Total financial liabilities
(3,071)
(350)
(513)
(1,252)
(2,403)
(7,589)
(6,387)
2024
Due within
6 months
Due
between 6
months
and 1 year
Due
between 1
and 2 years
Due
between 2
and 5 years
Due after 5
years
Contracted
amount
Carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
21
(2,356)
(80)
\u2013
\u2013
\u2013
(2,436)
(2,435)
Secured loans
20
(3)
(1)
(17)
(47)
(19)
(87)
(63)
Unsecured loans and overdrafts
20
(147)
(9)
(22)
(31)
(450)
(659)
(550)
Lease liabilities
11
(225)
(232)
(443)
(1,201)
(2,153)
(4,254)
(3,065)
Deferred consideration
22
(1)
(5)
(5)
\u2013
\u2013
(11)
(11)
Derivative financial liabilities
\u2022Currency derivatives (net payments)
(47)
(28)
\u2013
\u2013
\u2013
(75)
(84)
\u2022Commodity 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)
The above tables do not include forecast data for liabilities which may be incurred in the future but which were not contracted
at 13 September 2025.
The principal reasons for differences between carrying values and contractual undiscounted cash flows are coupon payments
on\u00a0the\u00a0fixed 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.
27. Financial instruments continued
i) Borrowing facilities
The Group has substantial borrowing facilities available to it totalling \u00a32,047m (2024 \u2013 \u00a32,009m). The undrawn committed facilities
at\u00a013 September 2025 amounted to \u00a31,545m (2024 \u2013 \u00a31,532m). Uncommitted facilities at 13 September 2025 totalled \u00a3382m
(2024 \u2013 \u00a3343m) of which \u00a3217m (2024 \u2013 \u00a3207m) was undrawn.
In addition to the above facilities there are also \u00a3239m (2024 \u2013 \u00a3210m) of undrawn and available credit lines for the purposes
of\u00a0issuing 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 28 for a summary of the Group\u2019s guarantees.
The terms of a bank loan with a carrying value of \u00a365m require the Group to comply with certain financial covenants related to the
ratio of net debt to EBITDA at each annual and interim reporting date. Due to construction delays in completion of the asset to which
the loan relates, the Group has agreed, subsequent to the balance sheet date, a waiver for the covenant test for August 2025 and
February 2026.
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 \u00a311,059m
(2024 \u2013 \u00a311,186)m.
The consolidated statement of changes in equity provides details on equity and note 20 provides details of loans and overdrafts.
Short\u00a0and 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\u00a0committed 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 1.5x whilst financial
leverage consistently below 1.0x may indicate a surplus capital position. The Board monitors return on capital by division and
determines the overall level of dividends payable to shareholders. Surplus capital may be returned to shareholders by special
dividends or share buybacks, subject to the Board\u2019s discretion.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-818": { "value": "
21. Trade and other payables
2025
2024
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables
1,185
1,159
Accruals
1,352
1,276
2,537
2,435
Deferred income and other non-financial payables
531
499
3,068
2,934
The carrying amount of payables approximates 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\u00a0the 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\u00a0the\u00a0Group\u2019s normal operating cycle.
At year end, the carrying amounts of financial liabilities that are part of a supplier financing arrangement was \u00a3125m (2024 \u2013 \u00a390m)
of\u00a0which \u00a363m has been paid to suppliers by the third party bank. The range of payment due dates for trade payables that are part
of\u00a0supplier financing arrangements is 30 days to 120 days. The range of payment due dates for comparable trade payables that are
not part of\u00a0supplier financing arrangements is also 30 days to 120 days", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-817": { "value": "
21. Trade and other payables
2025
2024
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables
1,185
1,159
Accruals
1,352
1,276
2,537
2,435
Deferred income and other non-financial payables
531
499
3,068
2,934
The carrying amount of payables approximates 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\u00a0the 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\u00a0the\u00a0Group\u2019s normal operating cycle.
At year end, the carrying amounts of financial liabilities that are part of a supplier financing arrangement was \u00a3125m (2024 \u2013 \u00a390m)
of\u00a0which \u00a363m has been paid to suppliers by the third party bank. The range of payment due dates for trade payables that are part
of\u00a0supplier financing arrangements is 30 days to 120 days. The range of payment due dates for comparable trade payables that are
not part of\u00a0supplier financing arrangements is also 30 days to 120 days", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-816": { "value": "
21. Trade and other payables
2025
2024
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables
1,185
1,159
Accruals
1,352
1,276
2,537
2,435
Deferred income and other non-financial payables
531
499
3,068
2,934
The carrying amount of payables approximates 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\u00a0the 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\u00a0the\u00a0Group\u2019s normal operating cycle.
At year end, the carrying amounts of financial liabilities that are part of a supplier financing arrangement was \u00a3125m (2024 \u2013 \u00a390m)
of\u00a0which \u00a363m has been paid to suppliers by the third party bank. The range of payment due dates for trade payables that are part
of\u00a0supplier financing arrangements is 30 days to 120 days. The range of payment due dates for comparable trade payables that are
not part of\u00a0supplier financing arrangements is also 30 days to 120 days", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-815": { "value": "
21. Trade and other payables
2025
2024
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables
1,185
1,159
Accruals
1,352
1,276
2,537
2,435
Deferred income and other non-financial payables
531
499
3,068
2,934
The carrying amount of payables approximates 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\u00a0the 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\u00a0the\u00a0Group\u2019s normal operating cycle.
At year end, the carrying amounts of financial liabilities that are part of a supplier financing arrangement was \u00a3125m (2024 \u2013 \u00a390m)
of\u00a0which \u00a363m has been paid to suppliers by the third party bank. The range of payment due dates for trade payables that are part
of\u00a0supplier financing arrangements is 30 days to 120 days. The range of payment due dates for comparable trade payables that are
not part of\u00a0supplier financing arrangements is also 30 days to 120 days", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-814": { "value": "
21. Trade and other payables
2025
2024
\u00a3m
\u00a3m
Current \u2013 trade and other payables
Trade payables
1,185
1,159
Accruals
1,352
1,276
2,537
2,435
Deferred income and other non-financial payables
531
499
3,068
2,934
The carrying amount of payables approximates 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\u00a0the 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\u00a0the\u00a0Group\u2019s normal operating cycle.
At year end, the carrying amounts of financial liabilities that are part of a supplier financing arrangement was \u00a3125m (2024 \u2013 \u00a390m)
of\u00a0which \u00a363m has been paid to suppliers by the third party bank. The range of payment due dates for trade payables that are part
of\u00a0supplier financing arrangements is 30 days to 120 days. The range of payment due dates for comparable trade payables that are
not part of\u00a0supplier financing arrangements is also 30 days to 120 days", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-819": { "value": "
22. Provisions
Restructuring
Onerous
contracts
Deferred
consideration
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 14 September 2024
23
13
11
91
138
Created
61
1
\u2013
53
115
Utilised
(24)
(13)
(4)
(22)
(63)
Released
(8)
\u2013
(1)
(20)
(29)
At 13 September 2025
52
1
6
102
161
Current
51
1
4
35
91
Non-current
1
\u2013
2
67
70
52
1
6
102
161
Financial liabilities within provisions comprised deferred consideration in both years (see note 27).
Restructuring
Restructuring provisions include business restructure costs, including redundancy, associated with the Group\u2019s announced
reorganisation plans. Provisions raised this year include \u00a332m in Azucarera as part of the permanent closure of the La Baneza
factory\u00a0and the reconfiguration of the Miranda site, see note 2 for further details. Other restructuring provisions raised include costs
of\u00a0restructure in Grocery and Retail which are largely expected to be utilised in the next financial year.
Onerous contracts
Onerous contract provisions related to potential losses to be incurred on fixed-price agreements in Sugar as a result of\u00a0the\u00a0decline
in\u00a0the European market sugar price in the previous financial year have been utilised in the current financial year as these contracts
were executed. New contracts since then have been negotiated at the lower market sugar price.
Deferred consideration
Deferred consideration comprises estimates of amounts due to the previous owners of businesses acquired by the Group which
are\u00a0often 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\u00a0timing of the utilisation of these provisions is more uncertain given the nature of the claims and the period of the warranties.
In\u00a0August 2025, the Group announced the closure of our Vivergo bioethanol plant resulting in a provision for closure costs of \u00a324m
related to contract termination, redundancy and demolition costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-820": { "value": "
23. Share capital and reserves
Share capital
At 13 September 2025, the Company\u2019s issued and fully paid share capital comprised 715,863,867 ordinary shares of 5 15\u204422p each
carrying one vote per share (2024 \u2013 744,303,807). Total nominal value was \u00a340m (2024 \u2013 \u00a342m). The Company repurchased and
cancelled 28,439,940 shares during the year at a cost of \u00a3603m (2024 \u2013 23,649,281 shares at a cost of \u00a3562m).
At 13 September 2025, the Company had completed the latest share buyback programme and therefore no current liability was
recognised in accruals in respect of shares yet to be delivered (2024 \u2013 \u00a36m).
Other reserves
\u00a3173m of other reserves arose from the cancellation of the share premium account by the Company in 1993. \u00a32m arose in 2010
following redemption of two million \u00a31 deferred shares at par. \u00a34m has arisen since 2023 following the purchase and subsequent
cancellation of shares (2024 \u2013 \u00a33m).
The remaining \u00a32m comprises a \u00a32m unrealised gain on investments held at fair value through other comprehensive income, net
of\u00a0\u00a3nil deferred tax (2024 \u2013 \u00a34m, \u00a35m 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 related to effective cash flow
hedges, net of\u00a0amounts 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-821": { "value": "
Share capital
At 13 September 2025, the Company\u2019s issued and fully paid share capital comprised 715,863,867 ordinary shares of 5 15\u204422p each
carrying one vote per share (2024 \u2013 744,303,807). Total nominal value was \u00a340m (2024 \u2013 \u00a342m). The Company repurchased and
cancelled 28,439,940 shares during the year at a cost of \u00a3603m (2024 \u2013 23,649,281 shares at a cost of \u00a3562m).
At 13 September 2025, the Company had completed the latest share buyback programme and therefore no current liability was
recognised in accruals in respect of shares yet to be delivered (2024 \u2013 \u00a36m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-822": { "value": "
Other reserves
\u00a3173m of other reserves arose from the cancellation of the share premium account by the Company in 1993. \u00a32m arose in 2010
following redemption of two million \u00a31 deferred shares at par. \u00a34m has arisen since 2023 following the purchase and subsequent
cancellation of shares (2024 \u2013 \u00a33m).
The remaining \u00a32m comprises a \u00a32m unrealised gain on investments held at fair value through other comprehensive income, net
of\u00a0\u00a3nil deferred tax (2024 \u2013 \u00a34m, \u00a35m 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 related to effective cash flow
hedges, net of\u00a0amounts 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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-823": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:GBP" } }, "f-824": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "abfplc:DeferredTaxOnOtherInvestmentReserveMovements", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:GBP" } }, "f-825": { "value": "
24. Acquisitions, disposals and closures
Acquisitions
2025
No material or significant businesses were acquired in the year.
2024
In the first half, Capsicana, a provider of Latin American products including tortillas, pastes, kits and seasoning mixes, was acquired
in\u00a0Grocery. Also in the first half, Ingredients 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 recognised in the income statement through
profit on disposal of business.
In the second half, Ingredients 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, Grocery acquired The Artisanal Group, a leading manufacturer and wholesaler of high-quality baked goods
in\u00a0Australia, for \u00a335m.
Disposals and closures
2025
No material or significant businesses were disposed of in the first half of the year.
In the second half, Sugar disposed of the previously moth-balled sugar operations in Mozambique resulting in a loss of \u00a37m.
The\u00a0overall loss on disposal was \u00a312m which includes foreign exchange losses of \u00a35m that have been recycled to the income
statement on disposal.
Also in the second half, in Ingredients, AB Mauri completed the sale of its 90% equity interest in AB Mauri Shanghai resulting
in\u00a0a\u00a0profit on disposal of \u00a37m.
In August 2025, the Group announced the closure of our Vivergo bioethanol plant. This resulted in plant write-downs of \u00a36m
and\u00a0closure costs of \u00a324m related to contract termination, redundancy and demolition costs.
2024
Sugar sold its remaining assets in north China for \u00a324m net of restructuring costs. Profit on sale was \u00a312m compared to assets of
\u00a312m. Sugar also disposed of a 30% associate interest in South Africa resulting in the release of a \u00a35m non-cash provision and a \u00a32m
charge for the closure of a small joint venture in South Africa. In addition to acquisition of the remaining stake in Roal as noted above,
Ingredients also released \u00a34m of surplus provisions relating to closed factories in China", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-826": { "value": "
25. Share-based payments
The annual charge in the income statement for equity-settled share-based payments schemes was \u00a318m ( 2024 \u2013 \u00a331m ). 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\u00a0period.
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\u00a0one-year performance period.
Associated British Foods plc Restricted Share Plan (\u2018the 2022 RSP\u2019)
The 2022 RSP was approved and adopted by the Company at the AGM held on 9 December 2022. It takes the form of conditional
allocations of shares which are released subject to remaining in service and performance underpins, typically over a three-year
vesting\u00a0period.
Further information regarding the operation of the above plans can be found in the Remuneration Report on pages 114 to 139.
Total conditional allocations under the Group\u2019s equity-settled share-based payment plans are as follows:
Balance
outstanding at the
beginning of the
period
Granted/awarded
Vested
Expired/lapsed
Balance
outstanding at the
end of the period
2025
6,523,541
2,703,465
(1,596,177)
(1,792,134)
5,838,695
2024
6,977,182
2,170,822
(1,202,101)
(1,422,362)
6,523,541
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 13 September 2025 the Trust held 3,949,894
(2024 \u2013 4,348,890) ordinary shares of the Company. The market value of these shares at the year end was \u00a378m (2024 \u2013 \u00a395m).
The\u00a0Trust has waived its right to dividends. Movements in the year were a release of 1,596,177 shares and the purchase of 1,264,579
shares (2024 \u2013 release of 1,202,101 shares and the purchase of 815,999 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\u00a0of\u00a0grant and discounting for the fact that dividends are not paid during the vesting period. The weighted average fair value
of\u00a0the\u00a0conditional shares allocated during the year was 2,021p (2024 \u2013 2,196p) and the weighted average share price was 2,173p
(2024 \u2013 2,362p). The dividend yield used was 2.5% (2024 \u2013 2.5%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-827": { "value": "
26. Analysis of net debt
At 14
September
2024
Cash flow
Acquisition
and disposals
New leases,
non-cash
items and
transfers
Exchange
adjustments
At 13
September
2025
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Short-term loans
(71)
(2)
\u2013
(53)
(1)
(127)
Long-term loans
20
(454)
6
\u2013
53
(14)
(409)
Lease liabilities
11
(3,065)
351
\u2013
(281)
(24)
(3,019)
Total liabilities from financing activities
(3,590)
355
\u2013
(281)
(39)
(3,555)
Cash at bank and in hand, cash
equivalents and overdrafts
1,235
(281)
\u2013
\u2013
(28)
926
Current asset investments
19
334
(334)
\u2013
\u2013
\u2013
\u2013
Net debt including lease liabilities
(2,021)
(260)
\u2013
(281)
(67)
(2,629)
Add back: lease liabilities
3,019
Net cash before lease liabilities
390
At 16
September
2023
Cash flow
Acquisition
and disposals
New leases,
non-cash
items and
transfers
Exchange
adjustments
At 14
September
2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Short-term loans
(99)
50
(25)
\u2013
3
(71)
Long-term loans
20
(394)
(66)
\u2013
\u2013
6
(454)
Lease liabilities
11
(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
19
\u2013
334
\u2013
\u2013
\u2013
334
Net debt including lease liabilities
(2,265)
639
(33)
(301)
(61)
(2,021)
Add back: lease liabilities
3,065
Net cash before lease liabilities
1,044
Reconciliation of cash and short term debt to balance sheet
2025
2024
Note
\u00a3m
\u00a3m
Cash and cash equivalents
19
1,057
1,323
Overdrafts
(131)
(88)
Cash at bank and in hand, cash equivalents and overdrafts
926
1,235
Current loans and overdrafts
20
(258)
(159)
Add back: overdrafts
131
88
Short-term loans
(127)
(71)
Roll forward of the liabilities associated with interest paid
2025
2024
Note
\u00a3m
\u00a3m
Opening balance
(25)
(25)
Interest expense
4
(132)
(135)
Interest paid
143
140
Interest capitalised
4
(11)
(5)
Closing balance
(25)
(25)
", "dimensions": { "concept": "abfplc:DisclosureOfAnalysisOfNetDebt", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-828": { "value": "
a) Carrying amount and fair values of financial assets and liabilities
2025
2024
\u00a3m
\u00a3m
Financial assets
Financial assets at amortised cost
Cash and cash equivalents
1,057
1,323
Current asset investments
\u2013
334
Trade and other receivables
1,477
1,505
At fair value through other comprehensive income
Investments
35
30
At fair value through profit or loss
Derivative assets not designated in a cash flow hedging relationship:
\u2022currency derivatives
7
6
\u2022commodity derivatives
\u2013
1
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments:
\u2022currency derivatives
10
10
\u2022interest rate derivatives
\u2013
1
\u2022commodity derivatives
6
10
Total financial assets
2,592
3,220
Financial liabilities
Financial liabilities at amortised cost
Trade and other payables
(2,537)
(2,435)
Secured loans
(65)
(63)
Unsecured loans and overdrafts*
(602)
(550)
Lease liabilities
(3,019)
(3,065)
Deferred consideration
(6)
(11)
At fair value through profit and loss
Derivative liabilities not designated in a cash flow hedging relationship:
\u2022currency derivatives
(20)
(18)
Designated cash flow hedging relationships
Derivative liabilities designated and effective as cash flow hedging instruments:
\u2022currency derivatives
(122)
(66)
\u2022commodity derivatives
(16)
(13)
Total financial liabilities
(6,387)
(6,221)
Net financial liabilities
(3,795)
(3,001)
* Unsecured loans and overdrafts include the 2034 public bond whose carrying value of \u00a3395m differs to its fair value of \u00a3399m. Fair value has been derived using
the observable market price for the bond which is a level 1 fair value measure in the fair value hierarchy as set out below. The prior year comparative fair value
amount for the 2034 public bond has been amended from \u00a3345m to \u00a3424m to reflect the appropriate level 1 fair value measure. Except for the 2034 public
bond, the fair value of all other financial assets and liabilities approximates their carrying value.
27. Financial instruments continued
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-829": { "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.
2025
2024
Contractual
/notional
amounts
Level 1
Level 2
Total
Contractual/
notional
amounts
Level 1
Level 2
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Currency derivatives
1,048
\u2013
17
17
1,305
\u2013
16
16
Interest rate derivatives
\u2013
\u2013
\u2013
\u2013
400
\u2013
1
1
Commodity derivatives
125
1
5
6
169
1
10
11
1,173
1
22
23
1,874
1
27
28
Financial liabilities
Currency derivatives
3,787
\u2013
(142)
(142)
3,460
\u2013
(84)
(84)
Commodity derivatives
171
1
(17)
(16)
219
\u2013
(13)
(13)
3,958
1
(159)
(158)
3,679
\u2013
(97)
(97)
27. Financial instruments continued
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.
2025
2024
Currency
derivatives
Interest
rate
derivatives
Commodity
derivatives
Total
Currency
derivatives
(excluding
cross-
currency)
Cross-
currency
swaps
Interest
rate
derivatives
Commodity
derivatives
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
44
(1)
2
45
(28)
(2)
(2)
30
(2)
Losses/(gains) recognised in
the hedging reserve
78
1
(41)
38
68
\u2013
1
6
75
Amount removed from the
hedging reserve and included
in the income statement:
\u2022revenue
6
\u2013
3
9
8
\u2013
\u2013
(5)
3
\u2022cost of sales
\u2013
\u2013
49
49
\u2013
\u2013
\u2013
(28)
(28)
\u2022other financial (income)/
expense
\u2013
\u2013
\u2013
\u2013
(1)
2
\u2013
\u2013
1
Amounts removed from the
hedging reserve and included
in a non-financial asset:
\u2022inventory
(32)
\u2013
(2)
(34)
18
\u2013
\u2013
(9)
9
Deferred tax
(9)
\u2013
(2)
(11)
(21)
\u2013
\u2013
8
(13)
Closing balance
87
\u2013
9
96
44
\u2013
(1)
2
45
Cash flow are expected to
occur:
\u2022within six months
48
\u2013
9
57
26
\u2013
\u2013
2
28
\u2022between six months and
one year
37
\u2013
\u2013
37
18
\u2013
(1)
\u2013
17
\u2022between one and two
years
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
87
\u2013
9
96
44
\u2013
(1)
2
45
The closing balance of \u00a396m (2024 \u2013 \u00a345m) and net movement in the year of \u00a351m (2024 \u2013 \u00a347m) are all attributable
to\u00a0equity\u00a0shareholders.
The balance remaining in the commodity cash flow hedge reserve from hedging relationships for which hedge accounting is no longer
applied is \u00a31m (2024 \u2013 \u00a31m).
The balance in the cost of hedging reserve was not significant at 13 September 2025 or 14 September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-830": { "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;
\u2022 credit risk; and
\u2022 liquidity 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\u00a0reflect changes in market conditions and the Group\u2019s activities. The Group, through its policies and procedures, aims to develop
a\u00a0disciplined 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,\u00a0where appropriate, options. These teams work closely with Group Treasury and report regularly to executive management.
27. Financial instruments continued
Treasury activities and commodity hedging are conducted within a clearly defined framework of Board-approved policies
and\u00a0guidelines to manage the Group\u2019s financial and commodity risks. Group Treasury works closely with the Group\u2019s commercial
and\u00a0procurement 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\u00a0sterling, these borrowings may be designated as net investment hedges. This enables gains and losses arising on retranslation
of\u00a0these foreign currency borrowings to be charged to other comprehensive income, providing a partial offset in equity against
the\u00a0gains and losses arising on translation of the net assets of foreign operations.
The Group previously held cross-currency interest rate swaps to hedge its fixed rate non-sterling debt which matured during
the\u00a0prior\u00a0year. These\u00a0were reported as cash flow hedges and net investment hedges. The effective portion of changes in fair value
of\u00a0the hedging instrument relating to net investment hedges has been retained in equity.
The Group does not actively hedge the translation impact of foreign exchange rate movements on the income statement
(other\u00a0than\u00a0via 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\u00a0designation is that any foreign exchange movements arising within the borrowing entity and/or the lending entity are accounted
for directly within other comprehensive income on consolidation.
A net foreign exchange loss of \u00a31m (2024 \u2013 \u00a3nil) on retranslation of these loans has been taken to the translation reserve on
consolidation, all of which was attributable to equity shareholders.
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\u00a0underlying market prices change. The Group is exposed to changes in the market price of commodities, interest rates and
foreign\u00a0exchange 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 and 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\u00a0the 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\u00a0be 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.
27. Financial instruments continued
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 \u00a324m
(2024 \u2013 \u00a319m) and \u00a3(22)m (2024 \u2013 \u00a3(16)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 13 September 2025, \u00a3395m (59%) (2024 \u2013 \u00a3396m and 65%) of total debt was subject to fixed rates of interest, the majority
of\u00a0which 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\u00a0to\u00a0six\u00a0months by reference to the relevant market rate for the currency of the cash placing or investment.
(iii) Foreign currency risk
The Group conducts business worldwide and consequently in many foreign currencies. As a result, it is exposed to movements
in\u00a0foreign currency exchange rates which affect the Group\u2019s transaction costs. The Group also publishes its financial statements
in\u00a0sterling 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) of this note.
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\u00a0also 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\u00a0on\u00a0its 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\u00a0proportion 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\u00a0the 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; and
\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.
27. Financial instruments continued
The table below illustrates the effects of hedge accounting on the consolidated balance sheet and consolidated income statement
by\u00a0disclosing separately by risk category, and each type of hedge, the details of the associated hedging instrument and hedged item.
2025
Contract
notional
Carrying
amount
assets/
(liabilities)
Furthest
maturity
date
Hedge
ratio
Change in fair
value of hedging
instrument used to
determine hedge
ineffectiveness
Change in fair
value of hedged
item used to
determine hedge
effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022currency derivatives
3,520
(109)
Sep-26
100%
(125)
125
\u2022commodity derivatives
294
(10)
Sep-26
100%
(11)
11
Non-current
Designated cash flow hedging relationships
\u2022currency derivatives
1
(3)
Aug-27
100%
5
(5)
2024
Contract
notional
Carrying
amount
assets/
(liabilities)
Furthest
maturity
date
Hedge
ratio
Change in fair value
of hedging
instrument used to
determine hedge
ineffectiveness
Change in fair value
of hedged item used
to determine hedge
effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022currency derivatives
3,449
(56)
Sep-25
100%
(63)
63
\u2022commodity derivatives
343
(2)
Aug-25
100%
(1)
1
\u2022interest rate derivatives
400
1
Sep-25
100%
1
(1)
Non-current
Designated cash flow hedging relationships
\u2022currency derivatives
20
\u2013
May-27
100%
\u2013
\u2013
\u2022commodity derivatives
2
\u2013
Nov-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\u00a0hedging instrument is analysed on an ongoing basis. Sources of possible ineffectiveness include changes in forecast transactions
as\u00a0a\u00a0result of timing or value or, in certain cases, different indices linked to the hedged item and the hedging instrument. As at 13
September 2025, \u00a33,521m of forward foreign currency contracts designated as cash flow hedges were outstanding (2024 \u2013 \u00a33,471m),
largely in relation to purchases of USD (\u00a32,929m) and sales of EUR (\u00a3319m) with a mix of other currency hedges with varying
maturities up to August 2027. Weighted average hedge rates for these contracts are GBPUSD: 1.312, EURUSD: 1.134 and GBPEUR:
1.141. Commodity derivatives designated as cash flow hedges related to a range of underlying hedged items, with varying maturities
up to September 2026.
27. Financial instruments continued
The analysis of the Group\u2019s foreign currency exposure to financial assets and liabilities by currency of denomination is as follows:
2025
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
1
411
19
23
454
Trade and other receivables
\u2013
39
22
12
73
1
450
41
35
527
Financial liabilities
Trade and other payables
(24)
(351)
(36)
(8)
(419)
Unsecured loans and overdrafts
\u2013
\u2013
\u2013
(1)
(1)
(24)
(351)
(36)
(9)
(420)
Currency derivatives
Gross amounts receivable
88
3,412
223
429
4,152
Gross amounts payable
(10)
(167)
(296)
(208)
(681)
78
3,245
(73)
221
3,471
55
3,344
(68)
247
3,578
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
Average rate
Closing rate
2025
2024
2025
2024
US dollar
1.31
1.26
1.36
1.32
Euro
1.18
1.17
1.16
1.19
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\u00a0functional 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 sensitivity analysis later in this section). This sensitivity is presented before taxation and non-controlling interests.
27. Financial instruments continued
2025
2024
Impact on
profit for the
period
Impact on
total equity
Impact on
profit for the
period
Impact on total
equity
10% strengthening of non-functional currencies
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling
1
8
1
7
US dollar
83
390
29
333
Euro
13
(13)
22
8
Other
26
31
23
31
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\u00a0the 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.
2025
2024
impact on
profit for the
period
impact on
profit for the
period
10% strengthening of sterling against
\u00a3m
\u00a3m
US dollar
(28)
(26)
Euro
(20)
(38)
Other
(27)
(39)
g) Credit risk
Credit risk is the risk that counterparties to financial transactions cannot perform according to the terms of the contract.
The\u00a0Group\u2019s\u00a0businesses are principally exposed to counterparty credit risk when dealing with their customers, suppliers
and\u00a0from\u00a0financial\u00a0institutions.
The immediate credit exposure of financial derivatives is represented by those financial derivatives that have a net positive fair value
by counterparty at 13 September 2025. The Group considers its maximum exposure to credit risk to be:
2025
2024
Note
\u00a3m
\u00a3m
Cash and cash equivalents
19
1,057
1,323
Current asset investments
19
\u2013
334
Trade and other receivables
15
1,477
1,505
Investments
35
30
Derivative assets at fair value through profit and loss
7
6
Derivative assets in designated cash flow hedging relationships
16
21
2,592
3,219
The Group uses changes in credit ratings and other metrics to identify significant changes to the financial profile of its counterparties.
27. Financial instruments continued
Counterparty risk profile and management
The table below analyses the Group\u2019s current asset investments, cash equivalents and derivative assets by credit exposure:
2025
Derivatives
Current asset
investments
Cash
equivalents
Currency
derivatives
Interest rate
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
389
\u2013
\u2013
\u2013
389
AA
\u2013
\u2013
1
\u2013
\u2013
1
A
\u2013
136
15
\u2013
6
157
BBB
\u2013
3
\u2013
\u2013
\u2013
3
BB
\u2013
10
1
\u2013
\u2013
11
Not rated
\u2013
55
\u2013
\u2013
\u2013
55
Total
\u2013
593
17
\u2013
6
616
2024
Derivatives
Current asset
investments
Cash
equivalents
Currency
derivatives
Interest rate
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
90
\u2013
\u2013
\u2013
90
AA
30
\u2013
\u2013
\u2013
\u2013
30
A
304
641
3
1
6
955
BBB
\u2013
5
3
\u2013
\u2013
8
BB
\u2013
14
\u2013
\u2013
\u2013
14
Not rated
\u2013
22
\u2013
\u2013
\u2013
22
Total
334
772
6
1
6
1,119
Cash of \u00a3464m (2024 \u2013 \u00a3551m) 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\u00a0established credit policy applied by each business under which the credit status of each new customer is reviewed before credit
is\u00a0advanced. 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\u00a0Group 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\u00a0considerations such as the current status of the relationship with the customer, the geographical location of each customer
and\u00a0days\u00a0past due (where applicable).
Expected losses are determined based on the historical experience of write-offs compared to the level of trade receivables.
These\u00a0historical loss expectations are adjusted for current and forward-looking information where it is identified to be significant.
The\u00a0Group considers factors such as national economic outlooks and bankruptcy rates of the countries in which its goods are
sold\u00a0to\u00a0be the most relevant factors. Where the impact of these is assessed as significant, the historical loss expectations
are\u00a0amended\u00a0accordingly.
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.
27. Financial instruments continued
Trade receivables are written off when there is no reasonable expectation of recovery, indicators of which may include the failure
of\u00a0the 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:
2025
2024
\u00a3m
\u00a3m
UK
517
547
Europe & Africa
393
389
The Americas
235
214
Asia Pacific
332
355
1,477
1,505
Trade receivables can be analysed as follows:
2025
2024
\u00a3m
\u00a3m
Not overdue
1,021
1,095
Up to one month past due
147
141
Between one and two months past due
22
19
Between two and three months past due
9
11
More than three months past due
34
32
Expected loss provision
(27)
(27)
1,206
1,271
Trade receivables are stated net of the following expected loss provision:
2025
2024
\u00a3m
\u00a3m
Opening balance
27
28
Increase charged to the income statement
7
7
Amounts released
(4)
(3)
Amounts written off
(3)
(4)
Effect of movements in foreign exchange
\u2013
(1)
Closing balance
27
27
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\u00a0performed 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.
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.
27. Financial instruments continued
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) of this note.
The following table analyses the contractual undiscounted cash flows relating to financial liabilities at the balance sheet date and
compares them to carrying amounts:
2025
Due
within 6
months
Due
between 6
months
and 1 year
Due
between 1
and 2
years
Due
between 2
and 5
years
Due after
5 years
Contracted
amount
Carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
21
(2,494)
(43)
\u2013
\u2013
\u2013
(2,537)
(2,537)
Secured loans
20
(65)
\u2013
\u2013
\u2013
\u2013
(65)
(65)
Unsecured loans and overdrafts
20
(173)
(19)
(36)
(30)
(440)
(698)
(602)
Lease liabilities
11
(240)
(242)
(475)
(1,222)
(1,962)
(4,141)
(3,019)
Deferred consideration
22
(1)
(4)
\u2013
\u2013
(1)
(6)
(6)
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2022Currency derivatives (net payments)
(81)
(41)
(2)
\u2013
\u2013
(124)
(142)
\u2022Commodity derivatives (net payments)
(17)
(1)
\u2013
\u2013
\u2013
(18)
(16)
Total financial liabilities
(3,071)
(350)
(513)
(1,252)
(2,403)
(7,589)
(6,387)
2024
Due within
6 months
Due
between 6
months
and 1 year
Due
between 1
and 2 years
Due
between 2
and 5 years
Due after 5
years
Contracted
amount
Carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
21
(2,356)
(80)
\u2013
\u2013
\u2013
(2,436)
(2,435)
Secured loans
20
(3)
(1)
(17)
(47)
(19)
(87)
(63)
Unsecured loans and overdrafts
20
(147)
(9)
(22)
(31)
(450)
(659)
(550)
Lease liabilities
11
(225)
(232)
(443)
(1,201)
(2,153)
(4,254)
(3,065)
Deferred consideration
22
(1)
(5)
(5)
\u2013
\u2013
(11)
(11)
Derivative financial liabilities
\u2022Currency derivatives (net payments)
(47)
(28)
\u2013
\u2013
\u2013
(75)
(84)
\u2022Commodity 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)
The above tables do not include forecast data for liabilities which may be incurred in the future but which were not contracted
at 13 September 2025.
The principal reasons for differences between carrying values and contractual undiscounted cash flows are coupon payments
on\u00a0the\u00a0fixed 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.
27. Financial instruments continued
i) Borrowing facilities
The Group has substantial borrowing facilities available to it totalling \u00a32,047m (2024 \u2013 \u00a32,009m). The undrawn committed facilities
at\u00a013 September 2025 amounted to \u00a31,545m (2024 \u2013 \u00a31,532m). Uncommitted facilities at 13 September 2025 totalled \u00a3382m
(2024 \u2013 \u00a3343m) of which \u00a3217m (2024 \u2013 \u00a3207m) was undrawn.
In addition to the above facilities there are also \u00a3239m (2024 \u2013 \u00a3210m) of undrawn and available credit lines for the purposes
of\u00a0issuing 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 28 for a summary of the Group\u2019s guarantees.
The terms of a bank loan with a carrying value of \u00a365m require the Group to comply with certain financial covenants related to the
ratio of net debt to EBITDA at each annual and interim reporting date. Due to construction delays in completion of the asset to which
the loan relates, the Group has agreed, subsequent to the balance sheet date, a waiver for the covenant test for August 2025 and
February 2026.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-831": { "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\u00a0underlying market prices change. The Group is exposed to changes in the market price of commodities, interest rates and
foreign\u00a0exchange 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 and 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\u00a0the 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\u00a0be 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.
27. Financial instruments continued
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 \u00a324m
(2024 \u2013 \u00a319m) and \u00a3(22)m (2024 \u2013 \u00a3(16)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 13 September 2025, \u00a3395m (59%) (2024 \u2013 \u00a3396m and 65%) of total debt was subject to fixed rates of interest, the majority
of\u00a0which 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\u00a0to\u00a0six\u00a0months by reference to the relevant market rate for the currency of the cash placing or investment.
(iii) Foreign currency risk
The Group conducts business worldwide and consequently in many foreign currencies. As a result, it is exposed to movements
in\u00a0foreign currency exchange rates which affect the Group\u2019s transaction costs. The Group also publishes its financial statements
in\u00a0sterling 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) of this note.
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\u00a0also 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\u00a0on\u00a0its 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\u00a0proportion 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\u00a0the 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; and
\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.
27. Financial instruments continued
The table below illustrates the effects of hedge accounting on the consolidated balance sheet and consolidated income statement
by\u00a0disclosing separately by risk category, and each type of hedge, the details of the associated hedging instrument and hedged item.
2025
Contract
notional
Carrying
amount
assets/
(liabilities)
Furthest
maturity
date
Hedge
ratio
Change in fair
value of hedging
instrument used to
determine hedge
ineffectiveness
Change in fair
value of hedged
item used to
determine hedge
effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022currency derivatives
3,520
(109)
Sep-26
100%
(125)
125
\u2022commodity derivatives
294
(10)
Sep-26
100%
(11)
11
Non-current
Designated cash flow hedging relationships
\u2022currency derivatives
1
(3)
Aug-27
100%
5
(5)
2024
Contract
notional
Carrying
amount
assets/
(liabilities)
Furthest
maturity
date
Hedge
ratio
Change in fair value
of hedging
instrument used to
determine hedge
ineffectiveness
Change in fair value
of hedged item used
to determine hedge
effectiveness
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
Current
Designated cash flow hedging relationships
\u2022currency derivatives
3,449
(56)
Sep-25
100%
(63)
63
\u2022commodity derivatives
343
(2)
Aug-25
100%
(1)
1
\u2022interest rate derivatives
400
1
Sep-25
100%
1
(1)
Non-current
Designated cash flow hedging relationships
\u2022currency derivatives
20
\u2013
May-27
100%
\u2013
\u2013
\u2022commodity derivatives
2
\u2013
Nov-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\u00a0hedging instrument is analysed on an ongoing basis. Sources of possible ineffectiveness include changes in forecast transactions
as\u00a0a\u00a0result of timing or value or, in certain cases, different indices linked to the hedged item and the hedging instrument. As at 13
September 2025, \u00a33,521m of forward foreign currency contracts designated as cash flow hedges were outstanding (2024 \u2013 \u00a33,471m),
largely in relation to purchases of USD (\u00a32,929m) and sales of EUR (\u00a3319m) with a mix of other currency hedges with varying
maturities up to August 2027. Weighted average hedge rates for these contracts are GBPUSD: 1.312, EURUSD: 1.134 and GBPEUR:
1.141. Commodity derivatives designated as cash flow hedges related to a range of underlying hedged items, with varying maturities
up to September 2026.
27. Financial instruments continued
The analysis of the Group\u2019s foreign currency exposure to financial assets and liabilities by currency of denomination is as follows:
2025
Sterling
US dollar
Euro
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
1
411
19
23
454
Trade and other receivables
\u2013
39
22
12
73
1
450
41
35
527
Financial liabilities
Trade and other payables
(24)
(351)
(36)
(8)
(419)
Unsecured loans and overdrafts
\u2013
\u2013
\u2013
(1)
(1)
(24)
(351)
(36)
(9)
(420)
Currency derivatives
Gross amounts receivable
88
3,412
223
429
4,152
Gross amounts payable
(10)
(167)
(296)
(208)
(681)
78
3,245
(73)
221
3,471
55
3,344
(68)
247
3,578
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
Average rate
Closing rate
2025
2024
2025
2024
US dollar
1.31
1.26
1.36
1.32
Euro
1.18
1.17
1.16
1.19
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\u00a0functional 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 sensitivity analysis later in this section). This sensitivity is presented before taxation and non-controlling interests.
27. Financial instruments continued
2025
2024
Impact on
profit for the
period
Impact on
total equity
Impact on
profit for the
period
Impact on total
equity
10% strengthening of non-functional currencies
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling
1
8
1
7
US dollar
83
390
29
333
Euro
13
(13)
22
8
Other
26
31
23
31
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\u00a0the 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.
2025
2024
impact on
profit for the
period
impact on
profit for the
period
10% strengthening of sterling against
\u00a3m
\u00a3m
US dollar
(28)
(26)
Euro
(20)
(38)
Other
(27)
(39)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-832": { "value": "
g) Credit risk
Credit risk is the risk that counterparties to financial transactions cannot perform according to the terms of the contract.
The\u00a0Group\u2019s\u00a0businesses are principally exposed to counterparty credit risk when dealing with their customers, suppliers
and\u00a0from\u00a0financial\u00a0institutions.
The immediate credit exposure of financial derivatives is represented by those financial derivatives that have a net positive fair value
by counterparty at 13 September 2025. The Group considers its maximum exposure to credit risk to be:
2025
2024
Note
\u00a3m
\u00a3m
Cash and cash equivalents
19
1,057
1,323
Current asset investments
19
\u2013
334
Trade and other receivables
15
1,477
1,505
Investments
35
30
Derivative assets at fair value through profit and loss
7
6
Derivative assets in designated cash flow hedging relationships
16
21
2,592
3,219
The Group uses changes in credit ratings and other metrics to identify significant changes to the financial profile of its counterparties.
27. Financial instruments continued
Counterparty risk profile and management
The table below analyses the Group\u2019s current asset investments, cash equivalents and derivative assets by credit exposure:
2025
Derivatives
Current asset
investments
Cash
equivalents
Currency
derivatives
Interest rate
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
389
\u2013
\u2013
\u2013
389
AA
\u2013
\u2013
1
\u2013
\u2013
1
A
\u2013
136
15
\u2013
6
157
BBB
\u2013
3
\u2013
\u2013
\u2013
3
BB
\u2013
10
1
\u2013
\u2013
11
Not rated
\u2013
55
\u2013
\u2013
\u2013
55
Total
\u2013
593
17
\u2013
6
616
2024
Derivatives
Current asset
investments
Cash
equivalents
Currency
derivatives
Interest rate
swaps
Commodities
Total
Long term issuer rating
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2013
90
\u2013
\u2013
\u2013
90
AA
30
\u2013
\u2013
\u2013
\u2013
30
A
304
641
3
1
6
955
BBB
\u2013
5
3
\u2013
\u2013
8
BB
\u2013
14
\u2013
\u2013
\u2013
14
Not rated
\u2013
22
\u2013
\u2013
\u2013
22
Total
334
772
6
1
6
1,119
Cash of \u00a3464m (2024 \u2013 \u00a3551m) 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\u00a0established credit policy applied by each business under which the credit status of each new customer is reviewed before credit
is\u00a0advanced. 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\u00a0Group 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\u00a0considerations such as the current status of the relationship with the customer, the geographical location of each customer
and\u00a0days\u00a0past due (where applicable).
Expected losses are determined based on the historical experience of write-offs compared to the level of trade receivables.
These\u00a0historical loss expectations are adjusted for current and forward-looking information where it is identified to be significant.
The\u00a0Group considers factors such as national economic outlooks and bankruptcy rates of the countries in which its goods are
sold\u00a0to\u00a0be the most relevant factors. Where the impact of these is assessed as significant, the historical loss expectations
are\u00a0amended\u00a0accordingly.
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.
27. Financial instruments continued
Trade receivables are written off when there is no reasonable expectation of recovery, indicators of which may include the failure
of\u00a0the 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:
2025
2024
\u00a3m
\u00a3m
UK
517
547
Europe & Africa
393
389
The Americas
235
214
Asia Pacific
332
355
1,477
1,505
Trade receivables can be analysed as follows:
2025
2024
\u00a3m
\u00a3m
Not overdue
1,021
1,095
Up to one month past due
147
141
Between one and two months past due
22
19
Between two and three months past due
9
11
More than three months past due
34
32
Expected loss provision
(27)
(27)
1,206
1,271
Trade receivables are stated net of the following expected loss provision:
2025
2024
\u00a3m
\u00a3m
Opening balance
27
28
Increase charged to the income statement
7
7
Amounts released
(4)
(3)
Amounts written off
(3)
(4)
Effect of movements in foreign exchange
\u2013
(1)
Closing balance
27
27
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\u00a0performed 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.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-833": { "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.
27. Financial instruments continued
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) of this note.
The following table analyses the contractual undiscounted cash flows relating to financial liabilities at the balance sheet date and
compares them to carrying amounts:
2025
Due
within 6
months
Due
between 6
months
and 1 year
Due
between 1
and 2
years
Due
between 2
and 5
years
Due after
5 years
Contracted
amount
Carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
21
(2,494)
(43)
\u2013
\u2013
\u2013
(2,537)
(2,537)
Secured loans
20
(65)
\u2013
\u2013
\u2013
\u2013
(65)
(65)
Unsecured loans and overdrafts
20
(173)
(19)
(36)
(30)
(440)
(698)
(602)
Lease liabilities
11
(240)
(242)
(475)
(1,222)
(1,962)
(4,141)
(3,019)
Deferred consideration
22
(1)
(4)
\u2013
\u2013
(1)
(6)
(6)
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2022Currency derivatives (net payments)
(81)
(41)
(2)
\u2013
\u2013
(124)
(142)
\u2022Commodity derivatives (net payments)
(17)
(1)
\u2013
\u2013
\u2013
(18)
(16)
Total financial liabilities
(3,071)
(350)
(513)
(1,252)
(2,403)
(7,589)
(6,387)
2024
Due within
6 months
Due
between 6
months
and 1 year
Due
between 1
and 2 years
Due
between 2
and 5 years
Due after 5
years
Contracted
amount
Carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Trade and other payables
21
(2,356)
(80)
\u2013
\u2013
\u2013
(2,436)
(2,435)
Secured loans
20
(3)
(1)
(17)
(47)
(19)
(87)
(63)
Unsecured loans and overdrafts
20
(147)
(9)
(22)
(31)
(450)
(659)
(550)
Lease liabilities
11
(225)
(232)
(443)
(1,201)
(2,153)
(4,254)
(3,065)
Deferred consideration
22
(1)
(5)
(5)
\u2013
\u2013
(11)
(11)
Derivative financial liabilities
\u2022Currency derivatives (net payments)
(47)
(28)
\u2013
\u2013
\u2013
(75)
(84)
\u2022Commodity 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)
The above tables do not include forecast data for liabilities which may be incurred in the future but which were not contracted
at 13 September 2025.
The principal reasons for differences between carrying values and contractual undiscounted cash flows are coupon payments
on\u00a0the\u00a0fixed 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.
27. Financial instruments continued
i) Borrowing facilities
The Group has substantial borrowing facilities available to it totalling \u00a32,047m (2024 \u2013 \u00a32,009m). The undrawn committed facilities
at\u00a013 September 2025 amounted to \u00a31,545m (2024 \u2013 \u00a31,532m). Uncommitted facilities at 13 September 2025 totalled \u00a3382m
(2024 \u2013 \u00a3343m) of which \u00a3217m (2024 \u2013 \u00a3207m) was undrawn.
In addition to the above facilities there are also \u00a3239m (2024 \u2013 \u00a3210m) of undrawn and available credit lines for the purposes
of\u00a0issuing 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 28 for a summary of the Group\u2019s guarantees.
The terms of a bank loan with a carrying value of \u00a365m require the Group to comply with certain financial covenants related to the
ratio of net debt to EBITDA at each annual and interim reporting date. Due to construction delays in completion of the asset to which
the loan relates, the Group has agreed, subsequent to the balance sheet date, a waiver for the covenant test for August 2025 and
February 2026.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-834": { "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 \u00a311,059m
(2024 \u2013 \u00a311,186)m.
The consolidated statement of changes in equity provides details on equity and note 20 provides details of loans and overdrafts.
Short\u00a0and 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\u00a0committed 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 1.5x whilst financial
leverage consistently below 1.0x may indicate a surplus capital position. The Board monitors return on capital by division and
determines the overall level of dividends payable to shareholders. Surplus capital may be returned to shareholders by special
dividends or share buybacks, subject to the Board\u2019s discretion.
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": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-835": { "value": "11059000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2025-09-14T00:00:00", "unit": "iso4217:GBP" } }, "f-836": { "value": "11186000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00", "unit": "iso4217:GBP" } }, "f-838": { "value": "
28. Contingencies
Litigation and other proceedings against the Group are not considered material in the context of these financial statements.
As at 13 September 2025, Group companies have provided guarantees in the ordinary course of business amounting to \u00a3 1,558m
(2024 \u2013 \u00a31,695m).
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; 2024 \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 has been accepted and is now being reviewed by the Supreme Court
in\u00a0Thailand. The Group has not yet recorded an asset in respect of this matter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-837": { "value": "
28. Contingencies
Litigation and other proceedings against the Group are not considered material in the context of these financial statements.
As at 13 September 2025, Group companies have provided guarantees in the ordinary course of business amounting to \u00a3 1,558m
(2024 \u2013 \u00a31,695m).
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; 2024 \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 has been accepted and is now being reviewed by the Supreme Court
in\u00a0Thailand. The Group has not yet recorded an asset in respect of this matter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-840": { "value": "
29. 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 31. The Group has a related party relationship with its associates and joint ventures
(see\u00a0note 31) 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 94 and 95. Their interests in the Company, including family interests, are given on pages
136 and 137. Key management personnel are considered to be the directors. Their remuneration is disclosed in the Directors'
Remuneration Report on pages 114 to 139.
29. Related parties continued
Material transactions and year end balances with related parties were as follows:
2025
2024
Sub note
\u00a3'000
\u00a3'000
Charges to Wittington Investments Limited in respect of services provided by the
Company and its subsidiary undertakings
1,565
984
Sales to fellow subsidiary undertakings on normal trading terms
1
17
19
Sales to companies with common key management personnel on normal trading terms
2
13,309
9,740
Amounts due from companies with common key management personnel
2
795
770
Sales to joint ventures on normal trading terms
15,876
23,172
Sales to associates on normal trading terms
89,881
103,248
Purchases from joint ventures on normal trading terms
394,159
463,030
Purchases from associates on normal trading terms
36,906
76,185
Amounts due from joint ventures
1,790
3,899
Amounts due from associates
6,924
7,804
Amounts due to joint ventures
26,161
30,240
Amounts due to associates
720
1,219
Capital commitments from joint ventures
49
\u2013
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-839": { "value": "
29. 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 31. The Group has a related party relationship with its associates and joint ventures
(see\u00a0note 31) 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 94 and 95. Their interests in the Company, including family interests, are given on pages
136 and 137. Key management personnel are considered to be the directors. Their remuneration is disclosed in the Directors'
Remuneration Report on pages 114 to 139.
29. Related parties continued
Material transactions and year end balances with related parties were as follows:
2025
2024
Sub note
\u00a3'000
\u00a3'000
Charges to Wittington Investments Limited in respect of services provided by the
Company and its subsidiary undertakings
1,565
984
Sales to fellow subsidiary undertakings on normal trading terms
1
17
19
Sales to companies with common key management personnel on normal trading terms
2
13,309
9,740
Amounts due from companies with common key management personnel
2
795
770
Sales to joint ventures on normal trading terms
15,876
23,172
Sales to associates on normal trading terms
89,881
103,248
Purchases from joint ventures on normal trading terms
394,159
463,030
Purchases from associates on normal trading terms
36,906
76,185
Amounts due from joint ventures
1,790
3,899
Amounts due from associates
6,924
7,804
Amounts due to joint ventures
26,161
30,240
Amounts due to associates
720
1,219
Capital commitments from joint ventures
49
\u2013
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-841": { "value": "Wittington Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-842": { "value": "
30. Subsequent events
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-843": { "value": "
31. Group entities
Control of the Group
The Garfield Weston Foundation is an English charitable trust established in 1958 by the late W. Garfield Weston. The Foundation
has\u00a0no direct interest in the Company, but at 13 September 2025 was the beneficial owner of 683,073 shares
(2024 \u2013 683,073 shares) in Wittington representing 79.2% (2024 \u2013 79.2%) of that company\u2019s issued share capital and the Foundation
is therefore the Company\u2019s ultimate controlling party. At 13 September 2025, the trustees of\u00a0the Foundation comprised nine
grandchildren of the late W. Garfield Weston of whom five are children of the late Garry H. Weston.
The largest and smallest group in which the results of the Company are consolidated is that headed by Wittington, the accounts
of\u00a0which are available at Companies House, Crown Way, Cardiff CF14 3UZ. It is the ultimate holding company, is incorporated
in\u00a0Great\u00a0Britain and\u00a0is registered in England.
At 13 September 2025, Wittington, together with its subsidiary Howard Investments Limited, held 421,243,985 ordinary shares
(2024\u00a0\u2013 421,243,985) representing in aggregate 58.8% (2024 \u2013 56.6%) 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\u00a0acting in concert with Wittington
and the trustees of the Foundation and are therefore also treated as controlling shareholders of\u00a0the Company. Wittington, the trustees
of the Foundation and these individuals together comprise the controlling shareholders of\u00a0the Company and, at 13 September 2025,
have a combined interest in approximately 62.8% (2024 \u2013 60.3%) of the Company\u2019s voting rights. Information on the relationship
agreement between the Company and its controlling shareholders is set out on page 140\u00a0of the Directors\u2019 Report.
Subsidiary undertakings
A list of the Group\u2019s subsidiaries as at 13 September 2025 is given below. The entire share capital of subsidiaries is held within
the\u00a0Group except where ownership percentages are shown. These percentages give the Group\u2019s ultimate interest and therefore
allow for\u00a0situations 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\u00a0the Group\u2019s financial statements.
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
United Kingdom
England and 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 Mauri (UK) Limited
AB Mauri China Limited
AB Sugar China Holdings Limited
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 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 TZS Finance Limited (previously ABF Energy Limited)
ABF UK Finance Limited
ABF ZMW Finance Limited
ABN (Overseas) Limited
ABNA Feed Company Limited
ABNA Limited
Acetum (UK) Limited
AD Sherburn Limited
Agrilines Limited
Allied Bakeries Limited
Allied Grain (Scotland) Limited
Allied Grain (South) Limited
Allied Grain (Southern) Limited
Allied Grain Limited
Allied Mills (No.1) Limited\u00a0
Allied Mills Limited
Allinson Limited
Associated British Foods Pension Trustees Limited
Atrium 100 Properties Limited
Atrium 100 Stores Holdings Limited
Atrium 100 Stores Limited
Subsidiary undertakings
% effective
holding if not
100%
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
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
Patak (Spices) Limited
Patak Food Limited
Patak's Breads Limited
Patak's Foods 2008 Limited
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
Primary Diets 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 Jordans & Ryvita Company Limited
The Silver Spoon Company Limited
Tip Top Bakeries Limited
Trident Feeds Limited
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
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
Bright Street, Leigh, WN7 5QH
Romix Foods 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
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
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, 1428 Buenos
Aires, Argentina
AB Mauri Hispanoam\u00e9rica S.A.
Compa\u00f1\u00eda Argentina De Levaduras S.A.I.C.
Australia
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
Subsidiary undertakings
% effective
holding if not
100%
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
170 South Gippsland Highway, Dandenong, VIC 3175,
Australia
ABF Wynyard Park Limited Partnership
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
House -153/2, Road-2/2, Block-A, Section-12, Mirpur, Dhaka
1208, Bangladesh
Twinings Ovaltine Bangladesh Limited
Belgium
Demerstraat 66, 3500 Hasselt, Belgium
Primark SA
Industriepark 2d, 9820 Merelbeke, Belgium
AB Mauri Belgium NV
Brazil
Alameda Madeira 328, 20th Floor, Room 2005, Alphaville -
Barueri, Sao Paulo, 06454-010, Brazil
AB Enzimas Brasil Comercial Ltda
Avenida Dra. Ruth Cardoso, no. 7.221, 11th Floor, Room 1.101
(parte), Condom\u00ednio Edif\u00edcio Birmann 21, Pinheiros, City of S\u00e3o
Paulo, State of S\u00e3o Paulo, CEP 05425-902, Brazil
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.
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
Canada
McCarthy Tetrault LLP, Box 48, Suite 5300, TD Bank Tower,
Toronto, Ontario M5K 1E6 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.
Chuangxin Road, Tonggu Industry Zone, Sandu Town, Tonggu
County, Jiangxi Province, China
AB Agri Pumeixin Tech (Jiangxi) Co., Ltd.
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.
No. 2, Xiwang Avenue, Suiping Industrial Concentration Zone,
Zhumadian, Henan Province, China.
AB Agri Animal Nutrition Technology (Henan) Co., Ltd.
(previously ABNA (Shanghai) Feed Co., Ltd.)
No. 28, South Shunjin Road, Yintai District, Tongchuan,
Shaanxi Province, China
AB Agri Animal Nutrition (Shaanxi) Co., Ltd.
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 Tech (Jiangsu) Co., Ltd. (previously 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 2401, No. 2461, 24th Floor, No. 77 Jianguo Road,
Chaoyang District, Beijing, China
AB Mauri (Beijing) Food Sales and Marketing Company Limited
Room 2802, Raffles City Changning, No.1189 Changning
Road, Changning District, Shanghai 200051, China
AB Enzymes 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
Subsidiary undertakings
% effective
holding if not
100%
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.
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.
Colombia
Carrera 35 No. 34A \u2013 64, Palmira, Valle del Cauca, Colombia
Fleischmann Foods S.A.
Czech Republic
N\u00e1dra\u017en\u00ed 523, 349 01 St\u0159\u00edbro, Czech Republic
Bodit Tachov s.r.o.
N\u00e1rodn\u00ed 138/10, Nov\u00e9 M\u011bsto, Prague 1, 110 00, Czech
Republic
Primark Prodejny s.r.o.
Denmark
Skjernvej 42, Troestrup, 6920 Videb\u00e6k, Denmark
AB Neo A/S
Cowconnect ApS
Ecuador
Medardo \u00c1ngel Silva 13 y Panam\u00e1, Manzana 12, El Recreo,
Eloy Alfaro, Dur\u00e1n, Guayas, Ecuador
ABCALSA S.A.
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
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
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
Germany
Bredeneyer Str. 2b, 45133, Essen, Germany
Primark Handel Ltd. & Co. KG
Feldbergstr. 78, 64293, Darmstadt, Germany
AB Enzymes 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
Schauenburgerstr. 116, 24118, Kiel, Germany
IFCN GmbH (previously IFCN AG)
Wandsbeker Zollstrasse 59, 22041, Hamburg, Germany
ABF Deutschland Holdings GmbH
Ohly GmbH
Ohly Grundbesitz GmbH
Rheinische Presshefe- und Spritwerke GmbH
Vital Solutions 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
Hong Kong
Room 1919, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway
Bay, 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
First Floor, Regent Sunny Side, 80 Ft Road, 8th Block,
Koramangala, Bangalore, 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
Plot No. 218 & 219, Bommasandra Jigani Link Road, Rajapura
Hobli, Jigani Anekal Taluk, Bengaluru, Karnataka, 560105, India
AB Mauri India 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
Subsidiary undertakings
% effective
holding if not
100%
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 Della Palla 2, 20123, Milan, Italy
Primark Italy S.r.l.
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 Pantanaccio, SNC. 04100, Latina, Italy
Mapo 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 Nicola Piccinni 2, 20131, Milan, Italy
Twinings & Co Italia S.r.l.
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
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
Mexico
Avenida Javier Barros Sierra 495, Piso 7, Oficina 07-102, Col.
Santa Fe, Alvaro Obreg\u00f3n, Ciudad de Mexico, 01219, Mexico
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.
Netherlands
7122 JS Aalten, Dinxperlosestraatweg 122, Netherlands
Germains Seed Technology B.V.
Blaak 555, 3011GB, Rotterdam, Netherlands
AB Vista Europe 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.
New Zealand
57 Forge Road, Silverdale 0932, New Zealand
Dad\u2019s Pies Limited
Building 6, Level 2, Central Business Park, Ellerslie, Auckland
1051, New Zealand
Allied Foods (NZ) Limited
AusPac Ingredients NZ Limited
George Weston Foods (NZ) Limited
Nigeria
3/7 Metal Box Road, Ogba Ikeja, Lagos, Nigeria
Twinings Ovaltine Nigeria Limited
Pakistan
21 KM 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
Subsidiary undertakings
% effective
holding if not
100%
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, 014459, Romania
Primark Magazine S.R.L.
Rwanda
Nyarugenge District, Nyarugenge Sector, Kigali City, Rwanda
Illovo Sugar (Kigali) Limited
Singapore
9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
AB Mauri Investments (Asia) Pte Ltd
63 Chulia Street, OCBC Centre East, #15-01, 049514,
Singapore
AB Vista Asia Pte. Limited
Slovakia
Pribinova 34, Bratislava - mestska cast Stare Mesto, 811 09,
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
ABF Sugar Proprietary Limited (previously Illovo Sugar Africa
Proprietary Limited)
CGS Investments (Pty) Limited
East African Supply (Pty) Limited
Glendale Sugar (Pty) Ltd
Illovo Distributors (Pty) Limited
Illovo Sugar (South 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 Cardenal Marcelo Sp\u00ednola, 42, 28016 Madrid, Spain
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
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 Fraga, Huesca, Spain
Alternative Swine Nutrition, S.L.
Calle Escoles Pies 49, Planta Baja, 08017 Barcelona, Spain
DR Healthcare Espa\u00f1a, S.L.U.
Calle Escultor Coomonte No. 2, Entreplanta, Benavente,
Zamora, Spain
Agroteo S.A.
53%
Calle Levadura, 5, Villarrubia, 14710 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
Sweden
Scheeles v\u00e4g 5, 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
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.
Turkey
Aksakal Mahallesi, Kavakpinari, Kume Evleri No. 27, Bandirma/
Balikesir, 10245, Turkiye
Mauri Maya Sanayi A.S.
United Arab Emirates
Office No. LB180M02, Jebel Ali 17620, Dubai, 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
Subsidiary undertakings
% effective
holding if not
100%
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.
AB Enzymes, Inc.
AB Vista, Inc.
AB World Foods US, Inc.
ABF Ingredients North America, 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, 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%
31. Group entities continued
Joint ventures
A list of the Group\u2019s joint ventures as at 13 September 2025 is given below. All joint ventures are included in the Group\u2019s financial
statements using the equity method of accounting.
Joint ventures
% holding
United Kingdom
England and 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%
23 London Road, Downham Market, Norfolk, PE38 9BJ
Boston Seeds (No.2) Limited
50%
Boston Seeds Limited
50%
Farm Seeds 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%
1828 Tiejueshan Road, Huangdao District, Qingdao, Shandong
Province, China
Qingdao Xinghua Cereal Oil and Foodstuff Co., Ltd.
25%
9 Tonggang Road, Shage Village, Nanpu Town, Quangang Area,
Quanzhou, Fujian Province, China
Joint ventures
% holding
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 607, 6th Floor, 1379, Bocheng Road, Pudong New District,
Shanghai, China
AB Mauri Yihai Kerry Investment Company Limited
50%
Room 608, 6th Floor, 1379, Bocheng Road, Pudong New District,
Shanghai, China
AB Mauri Yihai Kerry Food Marketing (Shanghai) 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%
Xinsha Industrial Zone, Machong Town, Dongguan, Guangdong
Province, China
AB Mauri Yihai Kerry (Dongguan) Food Co., Ltd.
50%
France
59, Chemin du Moulin, 695701 Carron, Dardilly, France
Synchronis
50%
Germany
Brede 4, 59368, Werne, Germany
UNIFERM FI 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%
Netherlands
Kabelweg 57, 1014 BA, Amsterdam
Frontier Agriculture (Europe) B.V.
50%
Poland
ul. Wybieg 5/9, 61-315 Poznan, Poland
UNIFERM FI GmbH Sp\u00f3\u0142ka komandytowa (previously 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%
31. Group entities continued
Associates
A list of the Group\u2019s associates as at 13 September 2025 is given below. All associates are included in the Group\u2019s financial
statements using the equity method of accounting.
Associates
% holding
United Kingdom
England and Wales
Pacioli House, 9 Brookfield 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
ER House, Vivea Business Park, Moka, Mauritius
Sukpak Ltd
30%
Mexico
Jaime Balmes #8 Loc. 3-A , Los Morales Polanco, Mexico 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%
South Africa
7 Bishops Court, 10 Delamore Road, Hillcrest, Kwa-zulu Natal,
3610, South Africa
Czarnikow South Africa (Pty) Ltd
43%
Tanzania
9th Floor, Block number 1, 1008, Ohio, 12101, Ilala, 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
1450 Brickwell Ave, Ste 1580, Miami, FL, 33131, United States
Czarnikow Futures Inc.
43%
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%
31. Group entities continued
In accordance with section 479A of the Companies Act 2006 (the \u2018Act\u2019), and subject to compliance with the requirements of\u00a0that
section including the provision of a statutory guarantee from Associated British Foods plc, the following subsidiaries are\u00a0exempt from
the requirements of the Act relating to the audit of individual accounts in respect of the financial year ended 13 September 2025:
Company name
Company number
Company name
Company number
A.B. Exploration Limited
00487323
ABF UK Finance Limited
07267422
AB Mauri China Limited
12109070
ABF ZMW Finance Limited
13485724
AB Sugar China Holdings Limited
09468366
ABN (Overseas) Limited
00145374
ABF (No.1) Limited
04668120
Atrium 100 Properties Limited
04502487
ABF (No.2) Limited
03369799
Atrium 100 Stores Holdings Limited
04660969
ABF (No.3) Limited
00155305
Atrium 100 Stores Limited
05007953
ABF BRL Finance Ltd
11001902
British Sugar (Overseas) Limited
02400085
ABF Finance Limited
04659735
BSO (China) Limited
03799608
ABF Food Tech Investments Limited
00172141
G. Costa (Holdings) Limited
03679738
ABF Funding
05380813
Mountsfield Park Finance Limited
07882348
ABF HK Finance Limited
07761084
Primark Austria Limited
07770764
ABF Japan Limited
00492278
Primark US Holdings Limited
05659249
ABF PM Limited
00486887
Twining Crosfield & Co Limited
00144900
A.B.F. Properties Limited
00683361
Worldwing Investments Limited
02778854
ABF TZS Finance Limited
12997636
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:GBQKSY6W7G0OHCQ8OQ72", "period": "2024-09-15T00:00:00/2025-09-14T00:00:00" } }, "f-844": { "value": "
Subsidiary undertakings
% effective
holding if not
100%
United Kingdom
England and 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 Mauri (UK) Limited
AB Mauri China Limited
AB Sugar China Holdings Limited
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 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 TZS Finance Limited (previously ABF Energy Limited)
ABF UK Finance Limited
ABF ZMW Finance Limited
ABN (Overseas) Limited
ABNA Feed Company Limited
ABNA Limited
Acetum (UK) Limited
AD Sherburn Limited
Agrilines Limited
Allied Bakeries Limited
Allied Grain (Scotland) Limited
Allied Grain (South) Limited
Allied Grain (Southern) Limited
Allied Grain Limited
Allied Mills (No.1) Limited\u00a0
Allied Mills Limited
Allinson Limited
Associated British Foods Pension Trustees Limited
Atrium 100 Properties Limited
Atrium 100 Stores Holdings Limited
Atrium 100 Stores Limited
Subsidiary undertakings
% effective
holding if not
100%
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
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
Patak (Spices) Limited
Patak Food Limited
Patak's Breads Limited
Patak's Foods 2008 Limited
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
Primary Diets 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 Jordans & Ryvita Company Limited
The Silver Spoon Company Limited
Tip Top Bakeries Limited
Trident Feeds Limited
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
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
Bright Street, Leigh, WN7 5QH
Romix Foods 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
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
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, 1428 Buenos
Aires, Argentina
AB Mauri Hispanoam\u00e9rica S.A.
Compa\u00f1\u00eda Argentina De Levaduras S.A.I.C.
Australia
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
Subsidiary undertakings
% effective
holding if not
100%
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
170 South Gippsland Highway, Dandenong, VIC 3175,
Australia
ABF Wynyard Park Limited Partnership
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
House -153/2, Road-2/2, Block-A, Section-12, Mirpur, Dhaka
1208, Bangladesh
Twinings Ovaltine Bangladesh Limited
Belgium
Demerstraat 66, 3500 Hasselt, Belgium
Primark SA
Industriepark 2d, 9820 Merelbeke, Belgium
AB Mauri Belgium NV
Brazil
Alameda Madeira 328, 20th Floor, Room 2005, Alphaville -
Barueri, Sao Paulo, 06454-010, Brazil
AB Enzimas Brasil Comercial Ltda
Avenida Dra. Ruth Cardoso, no. 7.221, 11th Floor, Room 1.101
(parte), Condom\u00ednio Edif\u00edcio Birmann 21, Pinheiros, City of S\u00e3o
Paulo, State of S\u00e3o Paulo, CEP 05425-902, Brazil
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.
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
Canada
McCarthy Tetrault LLP, Box 48, Suite 5300, TD Bank Tower,
Toronto, Ontario M5K 1E6 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.
Chuangxin Road, Tonggu Industry Zone, Sandu Town, Tonggu
County, Jiangxi Province, China
AB Agri Pumeixin Tech (Jiangxi) Co., Ltd.
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.
No. 2, Xiwang Avenue, Suiping Industrial Concentration Zone,
Zhumadian, Henan Province, China.
AB Agri Animal Nutrition Technology (Henan) Co., Ltd.
(previously ABNA (Shanghai) Feed Co., Ltd.)
No. 28, South Shunjin Road, Yintai District, Tongchuan,
Shaanxi Province, China
AB Agri Animal Nutrition (Shaanxi) Co., Ltd.
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 Tech (Jiangsu) Co., Ltd. (previously 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 2401, No. 2461, 24th Floor, No. 77 Jianguo Road,
Chaoyang District, Beijing, China
AB Mauri (Beijing) Food Sales and Marketing Company Limited
Room 2802, Raffles City Changning, No.1189 Changning
Road, Changning District, Shanghai 200051, China
AB Enzymes 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
Subsidiary undertakings
% effective
holding if not
100%
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.
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.
Colombia
Carrera 35 No. 34A \u2013 64, Palmira, Valle del Cauca, Colombia
Fleischmann Foods S.A.
Czech Republic
N\u00e1dra\u017en\u00ed 523, 349 01 St\u0159\u00edbro, Czech Republic
Bodit Tachov s.r.o.
N\u00e1rodn\u00ed 138/10, Nov\u00e9 M\u011bsto, Prague 1, 110 00, Czech
Republic
Primark Prodejny s.r.o.
Denmark
Skjernvej 42, Troestrup, 6920 Videb\u00e6k, Denmark
AB Neo A/S
Cowconnect ApS
Ecuador
Medardo \u00c1ngel Silva 13 y Panam\u00e1, Manzana 12, El Recreo,
Eloy Alfaro, Dur\u00e1n, Guayas, Ecuador
ABCALSA S.A.
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
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
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
Germany
Bredeneyer Str. 2b, 45133, Essen, Germany
Primark Handel Ltd. & Co. KG
Feldbergstr. 78, 64293, Darmstadt, Germany
AB Enzymes 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
Schauenburgerstr. 116, 24118, Kiel, Germany
IFCN GmbH (previously IFCN AG)
Wandsbeker Zollstrasse 59, 22041, Hamburg, Germany
ABF Deutschland Holdings GmbH
Ohly GmbH
Ohly Grundbesitz GmbH
Rheinische Presshefe- und Spritwerke GmbH
Vital Solutions 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
Hong Kong
Room 1919, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway
Bay, 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
First Floor, Regent Sunny Side, 80 Ft Road, 8th Block,
Koramangala, Bangalore, 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
Plot No. 218 & 219, Bommasandra Jigani Link Road, Rajapura
Hobli, Jigani Anekal Taluk, Bengaluru, Karnataka, 560105, India
AB Mauri India 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
Subsidiary undertakings
% effective
holding if not
100%
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 Della Palla 2, 20123, Milan, Italy
Primark Italy S.r.l.
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 Pantanaccio, SNC. 04100, Latina, Italy
Mapo 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 Nicola Piccinni 2, 20131, Milan, Italy
Twinings & Co Italia S.r.l.
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
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
Mexico
Avenida Javier Barros Sierra 495, Piso 7, Oficina 07-102, Col.
Santa Fe, Alvaro Obreg\u00f3n, Ciudad de Mexico, 01219, Mexico
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.
Netherlands
7122 JS Aalten, Dinxperlosestraatweg 122, Netherlands
Germains Seed Technology B.V.
Blaak 555, 3011GB, Rotterdam, Netherlands
AB Vista Europe 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.
New Zealand
57 Forge Road, Silverdale 0932, New Zealand
Dad\u2019s Pies Limited
Building 6, Level 2, Central Business Park, Ellerslie, Auckland
1051, New Zealand
Allied Foods (NZ) Limited
AusPac Ingredients NZ Limited
George Weston Foods (NZ) Limited
Nigeria
3/7 Metal Box Road, Ogba Ikeja, Lagos, Nigeria
Twinings Ovaltine Nigeria Limited
Pakistan
21 KM 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
Subsidiary undertakings
% effective
holding if not
100%
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, 014459, Romania
Primark Magazine S.R.L.
Rwanda
Nyarugenge District, Nyarugenge Sector, Kigali City, Rwanda
Illovo Sugar (Kigali) Limited
Singapore
9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
AB Mauri Investments (Asia) Pte Ltd
63 Chulia Street, OCBC Centre East, #15-01, 049514,
Singapore
AB Vista Asia Pte. Limited
Slovakia
Pribinova 34, Bratislava - mestska cast Stare Mesto, 811 09,
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
ABF Sugar Proprietary Limited (previously Illovo Sugar Africa
Proprietary Limited)
CGS Investments (Pty) Limited
East African Supply (Pty) Limited
Glendale Sugar (Pty) Ltd
Illovo Distributors (Pty) Limited
Illovo Sugar (South 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 Cardenal Marcelo Sp\u00ednola, 42, 28016 Madrid, Spain
31. Group entities continued
Subsidiary undertakings
% effective
holding if not
100%
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 Fraga, Huesca, Spain
Alternative Swine Nutrition, S.L.
Calle Escoles Pies 49, Planta Baja, 08017 Barcelona, Spain
DR Healthcare Espa\u00f1a, S.L.U.
Calle Escultor Coomonte No. 2, Entreplanta, Benavente,
Zamora, Spain
Agroteo S.A.
53%
Calle Levadura, 5, Villarrubia, 14710 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
Sweden
Scheeles v\u00e4g 5, 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
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.
Turkey
Aksakal Mahallesi, Kavakpinari, Kume Evleri No. 27, Bandirma/
Balikesir, 10245, Turkiye
Mauri Maya Sanayi A.S.
United Arab Emirates
Office No. LB180M02, Jebel Ali 17620, Dubai, 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
Subsidiary undertakings
% effective
holding if not
100%
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.
AB Enzymes, Inc.
AB Vista, Inc.
AB World Foods US, Inc.
ABF Ingredients North America, 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, 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%
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32. 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\u00a0similar 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\u00a0relocations. Refits, extensions and downsizes are also
adjusted for if a store\u2019s retail square footage changes by 10%
or\u00a0more. 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\u00a0national 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\u00a0non-operating intangibles, transaction costs, amortisation
of\u00a0fair\u00a0value\u00a0adjustments made to acquired inventory, profits less
losses\u00a0on 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\u00a0the 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\u00a0a 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\u00a0fair value adjustments made to acquired inventory, profits less
losses on disposal of non-current assets, profits less losses
on\u00a0sale 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\u00a0the 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\u00a0note 7 of the financial
statements
Exceptional items
No direct
equivalent
Exceptional items are items of income and expenditure which
are\u00a0significant and unusual in nature and are considered of such
significance that they require separate disclosure on the face
of\u00a0the income statement.
Exceptional items are
included on the face of
the consolidated income
statement with further
detail provided in note
2\u00a0of the financial
statements
32. Alternative performance measures continued
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 that are considered hyperinflationary,
refer to \u2018Material Accounting policies\u2019. There are currently four
countries where the Group has operations in this position
\u2013 Argentina, Malawi, Turkey and Venezuela.
See note B
Effective tax rate
No direct
equivalent
This measure is the tax charge for the year expressed
as\u00a0a\u00a0percentage of profit before tax.
Whilst the Effective tax
rate is not disclosed in
the financial statements,
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\u00a0ordinary 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 interests in
new\u00a0businesses. 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 26 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 26 of the financial
statements
Adjusted EBITDA
Adjusted
operating profit
(non-IFRS)
measure
Adjusted EBITDA is stated before depreciation, amortisation
and\u00a0impairments 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
32. Alternative performance measures continued
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\u00a0the 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 (2024 \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\u00a0inaccessible cash, plus the qualifying credit facilities.
Cash, cash equivalents and current asset investments are set
out\u00a0in note 19.
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 20.
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\u00a0to be breached even in a severe downside scenario.
At\u00a013 September 2025, 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\u00a0elements are calculated in accordance with Adopted IFRS.
Average capital employed for each segment and for the Group
is\u00a0calculated by averaging capital employed for each period
of\u00a0the\u00a0year 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\u00a0elements are calculated in accordance with Adopted IFRS.
Average working capital for each segment and for the Group
is\u00a0calculated by averaging working capital for each period
of\u00a0the\u00a0year 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\u00a0a\u00a0percentage of revenue.
Consistent with the
definition given
32. Alternative performance measures continued
Note A
Retail
Grocery
Ingredients
Sugar
Agriculture
Central,
disposed
and closed
businesses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
External revenue from continuing businesses
9,489
4,125
2,041
2,054
1,616
134
19,459
Adjusted operating profit
1,126
478
257
(2)
25
(150)
1,734
Adjusted operating margin %
11.9%
11.6%
12.6%
(0.1%)
1.6%
8.9%
2024
External revenue from continuing businesses
9,448
4,242
2,134
2,328
1,650
271
20,073
Adjusted operating profit
1,108
511
233
213
41
(108)
1,998
Adjusted operating margin %
11.7%
12.1%
10.9%
9.1%
2.5%
10.0%
Note B
Retail
Grocery
Ingredients
Sugar
Agriculture
Central,
disposed
and closed
businesses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
External revenue from continuing businesses
at actual rates
9,489
4,125
2,041
2,054
1,616
134
19,459
2024
External revenue from continuing businesses
at actual rates
9,448
4,242
2,134
2,328
1,650
271
20,073
Impact of foreign exchange
(87)
(105)
(87)
(35)
(14)
(2)
(330)
External revenue from continuing businesses
at constant currency
9,361
4,137
2,047
2,293
1,636
269
19,743
% change at constant currency
+1%
in line
in line
(10%)
(1%)
(1%)
Retail
Grocery
Ingredients
Sugar
Agriculture
Central,
disposed
and closed
businesses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
Adjusted operating profit at actual rates
1,126
478
257
(2)
25
(150)
1,734
2024
Adjusted operating profit at actual rates
1,108
511
233
213
41
(108)
1,998
Impact of foreign exchange
(5)
(11)
(11)
(8)
(1)
\u2013
(36)
Adjusted operating profit at constant currency
1,103
500
222
205
40
(108)
1,962
% change at constant currency
+2%
(4%)
+16%
(101%)
(38%)
(12%)
Note C
2025
2024
Adjusted earnings per share (in pence)
174.9
196.9
Dividend relating to the period (in pence) - excluding special dividends
63.0
63.0
Dividend cover
3
3
Note D
2025
2024
From the cash flow statement
\u00a3m
\u00a3m
Purchase of property, plant and equipment
1,099
1,124
Purchase of intangibles
135
60
Capital expenditure
1,234
1,184
32. Alternative performance measures continued
Note E
2025
2024
From the cash flow statement
\u00a3m
\u00a3m
Purchase of property, plant and equipment
1,099
1,124
Purchase of intangibles
135
60
Purchase of subsidiaries
4
93
Purchase of other investments
6
4
Gross investment
1,244
1,281
Note F
2025
2024
\u00a3m
\u00a3m
Adjusted operating profit
1,734
1,998
Charged to adjusted operating profit:
Depreciation of property, plant and equipment and investment properties
588
555
Amortisation of operating intangibles
58
63
Depreciation of right-of-use assets and non-cash lease adjustments
305
294
Adjusted EBITDA
2,685
2,910
Net debt including lease liabilities
(2,629)
(2,021)
Financial leverage ratio
1.0x
0.7x
Note G
2025
2024
\u00a3m
\u00a3m
Adjusted EBITDA (see note F)
2,685
2,910
Repayment of lease liabilities net of incentives received
(328)
(308)
Working capital
(95)
305
Capital expenditure (see note D)
(1,234)
(1,184)
Purchase of subsidiaries
(4)
(93)
Sale of subsidiaries
(4)
24
Net interest paid
(94)
(69)
Income taxes paid
(298)
(340)
Share of adjusted profit after tax from joint ventures and associates
(106)
(120)
Dividends received from joint ventures and associates
108
105
Other
18
125
Free cash flow
648
1,355
Note H
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
1,057
1,323
Current asset investments
\u2013
334
Current loans and overdrafts
(258)
(159)
Non-qualifying non-current borrowings*
(16)
(63)
Estimated inaccessible cash
(53)
(66)
Qualifying credit facilities
1,500
1,500
Total liquidity
2,230
2,869
* At 13 September 2025, non-current borrowings on the face of the balance sheet included the \u00a3400m public bond due in 2034 (carrying value \u00a3393m)
as\u00a0qualifying borrowings.
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