Slide 1: Cranswick
CRANSWICK
Slide 2: Agenda
AGENDA BUSINESS UPDATE Adam Couch, CEO FINANCIAL HIGHLIGHTS Mark Bottomley, CFO RESOLUTIONS AND VOTING 52 weeks ended 26 March 2022 = 2
Slide 3: Business Update - A Couch
A COUCH BUSINESS .U “fF
Slide 4: Over the last five years we have delivered
OVER THE LAST FIVE YEARS WE HAVE DELIVERED ad GROWTH THROUGH ACQUISITION £120m invested in six new businesses OPERATIONAL PERFORMANCE % ao ENHANCED OUR INCREASED OUR PIG FIXED ASSETS BASE PROCESSING OPERATIONS From 46k to 62k pigs per week Over £400m of capital expenditure afi INCREASED REVENUE From
Slide 5: Our long-term trading record
OUR LONG-TERM TRADING RECORD 1990 - 2022 ADJUSTED PROFIT BEFORE TAX? (£M) DIVIDEND PER SHARE (pence) 32 YEARS OF UNBROKEN DIVIDEND GROWTH REVENUE 1 dudes AS stmovemantsonbilogie atte and acquiion elated aetaton 52 weeks ended 26 March 2022 Sy 5
Slide 6: Share price performance
SHARE PRICE PERFORMANCE Share Price (p) Share Price (p) (rebased to Cranswick) 2016 2017 2018 2019 2020 2021 2022 —— Cranswick —— FTSEAIl Share —— FTSE 350 Food Producers 52 weeks ended 26 March 2022 ne 6
Slide 7: FY22 Highlights
FY22 HIGHLIGHTS Revenue above £2bn, with adjusted operating margin maintained at 7.0% Unprecedented industry wide labour and supply chain challenges being well managed with excellent customer service levels maintained Ongoing cost inflation being proactively managed and recovered Total capital expen
Slide 8: War in Ukraine - offering humanitarian support
WAR IN UKRAINE - OFFERING HUMANITARIAN SUPPORT WHILST MANAGING THE BUSINESS IMPACTS HUMANITARIAN SUPPORT Providing additional support to our permanent Ukrainian colleagues with family still in Ukraine 30 Ukrainian butchers in the business on the Seasonal Worker visa scheme - visas extended until at
Slide 9: Accelerating our sustainability focus
ACCELERATING OUR SUSTAINABILITY FOCUS SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION CARBON NEUTRAL SITES al SCIENCE BASED TARGETS VALIDATED NET ZERO TARGET FOR 2040 PLASTIC REDUCTION CONTINUES FOOD WASTE TARGETS MET SUPPORTING OUR COMMUNITIES. 52 weeks ended 26 March 2022 9
Slide 10: Our strategy and growth agenda
OUR STRATEGY AND GROWTH AGENDA OUR PURPOSE Feeding the nation with authentically made, sustainably produced food; created with passion CONSOLIDATION DIVERSIFICATION INTERNATIONAL DEVELOPING NEW OPPORTUNITIES DRIVE THE CORE EXPANDING OUR OFFER Completion of cooked bacon facility Expansion of Eye poul
Slide 11: A year of strategic progress
A YEAR OF STRATEGIC PROGRESS INVESTMENT IN RAMONA AND PREMIUM BREADED GROVE PET VERTICAL INTEGRATION ATLANTICA POULTRY | FOODS Acquisition of Grove Pet Foods Continued: Growth in Convenience Premium breaded poultry facility “oA loted on 28 January 2022 ontinued investment accelerated by two sales co
Slide 12: Summary and outlook
SUMMARY AND OUTLOOK STRONG PERFORMANCE ONGOING INVESTMENT POSITIVE OUTLOOK Strong revenue growth Expansion of Eye Poultry facility Inflation being well managed Positive earnings momentum Investment in Breaded Poultry facility Growth strategy on track Robust financial position Benefits of vertical su
Slide 13: Financial Highlights - Mark Bottomley
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Slide 14: Financial highlights
FINANCIAL HIGHLIGHTS REVENUE (£M) +5.8% ADJUSTED PROFIT BEFORE TAX (£M)' 45.6% 2022 1369 2020 1,667.2 ADJUSTED EARNINGS PER SHARE (P)' 43.1% DIVIDEND PER SHARE (P) +8,0% 2022 75.6 8 8 3 } 7 2020 60.4 FREE CASH FLOW (&M) -£22.5m NET DEBT (€M)? +£13.6m 1060 2022 92.4 202 2020 115.8 1. Excludes IAS 41
Slide 15: FY22 Summary
FY22 SUMMARY Revenue 2,008.5 1,898.4 45.8% Like-for-like revenue growth! - - +5.3% Adjusted gross margin? 14.0% 14.2% 9bps Adjusted operating profit? 140.6 132.5 +6.1% Adjusted operating margin? 7.0% 7.0% +2bps Adjusted profit before tax? 136.9 129.7 +5.6% Effective tax rate 20.3% 19.4% +90bps Adjus
Slide 16: Capex programme continues
CAPEX PROGRAMME CONTINUES FRESH PORK - significant investment in automation and sustainability initiatives with £5.6m spent on a new automated Deboflex leg boning Fresh Pork 26. FOB line and £4.5m on acquiring the Ballymena site Convenience 14.3 13.9 CONVENIENCE - projects included the start of a ma
Slide 17: Balance sheet & cash flow
BALANCE SHEET & CASH FLOW BALANCE SHEET (2M) Property, plant & equipment 434.8 376.7 Intangible assets 231.3 203.8 Right-of-use assets 65.5 68.8 Biological assets 53.4 435 Working capital 10.9 86.3 Net debt (106.0) (92.4) Tax, grants, provisions, pensions (21.0) (0.6) Net assets’ 768.9 686.1 KEY MET
Slide 18: Cash allocation (£M)
CASH ALLOCATION (£M) FREE CASH ACQUISITION / CASH INFLOW / BANKING FACILITY _ | FY22 158.4 2.4 8.5 32.8 (5.3) £250m revolving credit facility with five major banks FY21 180.9 71 10.7 27.9 71.2 Includes committed FY20 115.8 971 76.2 22.6 (80.1) overdraft of £20m FYI9 873 78.0 3.0 Pal (15.8) Option to
Slide 19: FY23 Q1 trading update
FY23 Q1 TRADING UPDATE A POSITIVE START TO THE YEAR CURRENT TRADING ~ Reported revenue 7.6% ahead - Like-for-like' revenue up 5.8% - Strong growth in core UK market partly offset by lower export revenue - UK revenue ahead across all 4 food categories - Substantial and widespread cost inflation being
Slide 20: Resolutions
RESOLU ~ we
Slide 21: Resolutions and voting
RESOLUTIONS AND VOTING FOR AGAINST | ABSTAIN MILLIONS OF SHARES 1. To receive and adopt the Strategic Report and the Report of the Directors and the Accounts for the 52 weeks ended 26 March 2022 43.5 0.2 0.1 2. Toreceive and approve the Remuneration Committee Report for the 52 weeks ended 26 March 2
Slide 22: Resolutions and voting
RESOLUTIONS AND VOTING FOR AGAINST | ABSTAIN MILLIONS OF SHARES 4. Tore-elect Mark Bottomley as a Director 42.4 1.4 0.0 5. To re-elect Jim Brisby as a Director 42.4 1.4 0.0 6. To re-elect Adam Couch as a Director 42.7 11 0.0 7. Tore-elect Pam Powell as a Director 43.0 0.8 0.0 52 weeks ended 26 March
Slide 23: Resolutions and voting
RESOLUTIONS AND VOTING FOR AGAINST | ABSTAIN MILLIONS OF SHARES 8. Tore-elect Mark Reckitt as a Director 43.0 0.8 0.0 9. To re-elect Tim Smith as a Director 42.0 1.8 0.0 10. To re-elect Liz Barber as a Director 43.3 0.5 0.0 ll. To re-appoint PricewaterhouseCoopers LLP as auditors 43.7 0.1 0.0 52 wee
Slide 24: Resolutions and voting
RESOLUTIONS AND VOTING FOR AGAINST | ABSTAIN MILLIONS OF SHARES 12. To authorise the Directors to determine the auditors’ remuneration 43.8 0.0 0.0 13. To authorise the Directors to allot shares A2.7 11 0.0 14. To authorise the Directors to disapply pre-emption rights 43.6 0.0 0.2 15. To authorise t
Slide 25: Resolutions and voting
RESOLUTIONS AND VOTING FOR AGAINST | ABSTAIN MILLIONS OF SHARES 16. To authorise the Company to purchase its own shares 43.5 0.3 0.0 17. To authorise the Directors to call a general meeting on not less than 14 days notice 40.3 3.5 0.0 18. To authorise the Directors to amend the Articles of Associati
Slide 26: Cranswick
CRANSWICK