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2015 Annual Results Announcement

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A strong performance despite currency and commodity challenges.

George Weston, Chief Executive of Associated British Foods, said:

“We delivered a strong operational performance despite the challenges of food commodity deflation and big movements in exchange rates. The group continues to generate strong cash flows and to reduce net debt. While marginally down, our earnings per share result underlines the group’s strength.”

Financial Highlights

Actual Constant currency1
Group revenue £12.8bn -1% +2%
Adjusted operating profit £1,092m* -6% -4%
Adjusted profit before tax down 6% to £1,034m**
Adjusted earnings per share down 2% to 102.0p**
Dividends per share up 3% to 35.0p
Gross capital investment of £613m
Net debt reduced to £194m
After profits less losses on sale and closure of businesses and exceptional items, operating profit down 12% to £947m, profit before tax down 30% to £717m and basic earnings per share down 30% to 67.3p.

* before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and exceptional items.

** before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses and exceptional items.

All adjustments to profit measures are shown on the face of the consolidated income statement.

1 Constant currency is derived by translating the 2014 results at 2015 average exchange rates.

For further information please contact:

Associated British Foods:
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7638 9571

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Annual Results Announcement 2015

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