Premier Foods Regulatory News (PFD)

16 November 2022

Premier Foods plc (the "Group" or the "Company")

Strong first half, expectations for full year on track

Headline measures (excluding The Spice Tailor)

Statutory measures (including The Spice Tailor)

Alternative performance measures above are defined and reconciled to statutory measures throughout

Headline results presented for FY22/23 H1 exclude ownership of The Spice Tailor. Statutory measures include one months' ownership of The Spice Tailor for FY22/23 H1.

Trading profit is stated including software amortisation; FY21/22 H1 comparative is re-stated accordingly

Reconciliations for Revenue and Trading profit between statutory and headline measures are provided in the appendices

"We have again made very good financial and strategic progress in the first half of this year, reporting strong Group and branded revenue growth in what continues to be a challenging environment. Our margins were in line with last year, and we delivered adjusted PBT growth of nearly 12% due to our consistently good trading performance and lower interest costs following our refinancing in H1 last year."

"We continue to deliver against our five pillar growth strategy: our UK Branded revenue has now grown 5% on average over the last three years; we continue to invest in our supply chain to drive efficiencies; revenue from extending our brands into new categories more than doubled, and International revenue increased by 11%8. Additionally, we have welcomed the highly complementary brand The Spice Tailor into our portfolio in the first half; our first acquisition for over 15 years."

"The financial resilience of the Group is illustrated by our strong underlying cash generation, our 2026 dated fixed rate bonds following our 2021 refinancing, continued commitment to a leverage target of 1.5x and limited direct exposure to the US Dollar."

"The current economic climate is undoubtedly challenging for consumers, and our broad range of affordable brands have always played a key role for families when times are tough. With people starting to eat out less, they often find the best restaurant in town is at home, where you can make nutritious and tasty meals more affordably. In this environment, our portfolio of brands continues to display strong momentum and are well placed to deliver further growth."

"As we look to the second half of the year, we will be launching more consumer insight driven new products such as Plantastic branded Millionaire Flapjacks, Mr Kipling Brownie Bites and pigs-in-blanket flavour Bisto granules for Christmas, in addition to further advertising behind our major brands. A big feature of our brand activation will be helping people cook and prepare affordable meals at home for just £1 per serving through our "Best Restaurant in Town" campaign."

"We continue to see further input cost inflation, which we expect to recover through a combination of cost savings and our annual price increase in quarter four this year. Following a strong first half and with good momentum as we enter H2, we are on track to deliver on expectations for FY22/23."

The Group unveiled its 'Enriching Life Plan' ESG strategy just over a year ago and has made strong progress. The 'Enriching Life Plan' is articulated through the three key strategic pillars of Product, Planet and People. The Group has set out a series of major sustainability targets under each pillar which can be found on the Company's website.

Under the product pillar, a unique, full range of non-HFSS (non-high fat, salt & sugar) Mr Kipling Deliciously Good cakes have been launched this year. A category first, not only do these cakes benefit from 30% less sugar and lower fat, they are also made with higher levels of fibre and fruit compared with the standard Mr Kipling range. Additionally, the percentage of total packaging and plastics which are recyclable across the Group have now reached 96% and 80% respectively. Progress in the planet workstreams includes the submission of emissions targets to SBTi for validation, and also being promoted to Tier 1 of the Business Benchmark on Farm Animal Welfare (BBFAW) for the first time. In the people pillar, mental health awareness training has been completed by 93% of the Group's management population, we have also agreed a new corporate charity partnership with FareShare and launched a colleague volunteering scheme.

Following the delivery of a strong financial performance in the first half of the year, the Group takes good momentum into H2 as it continues to successfully navigate the evolving macroeconomic climate. As it looks ahead to the second half, it has plans for more consumer-insight driven new product launches and further brand investment. With its leading portfolio of affordable brands, the Group considers it is well placed to perform well in the current challenging environment and it remains on track to deliver on expectations for the full year. In the medium term, the Group will continue to realise further shareholder value through the ongoing delivery of its five pillar growth strategy and its target of 1.5x Net debt/EBITDA remains unchanged.

The Group delivers growth and creates value, through its five pillar strategy, outlined below.

A presentation to investors and analysts will be webcast today at 9:00am GMT.

To register for the webcast follow the link: www.premierfoods.co.uk/investors/investor-centre

A recording of the webcast will be available on the Company's website later in the day.

A conference call for bond investors and analysts will take place today, 16 November 2022, at 1:30pm GMT. Dial in details are outlined below:

Telephone: 0800 640 6441 (UK toll free)

+44 20 3936 2999 (standard international access)

Access code: 474168

A factsheet providing an overview of the Half year results is available at:

www.premierfoods.co.uk/investors/results-centre

A Premier Foods image gallery is available using the following link:

www.premierfoods.co.uk/media/image-gallery/

Further information on the 'Best Restaurant in Town' can be found at:

www.bestrestaurantintown.co.uk/

As one of Britain's largest food producers, we're passionate about food and believe each and every day we have the opportunity to enrich life for everyone. Premier Foods employs over 4,000 people operating from 15 sites across the country, supplying a range of retail, wholesale, foodservice and other customers with our iconic brands which feature in millions of homes every day. 

Through some of the nation's best-loved brands, including Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr Kipling, Oxo and Sharwood's, we're creating great tasting products that contribute to healthy and balanced diets, while committing to nurturing our people and our local communities, and going further in the pursuit of a healthier planet, in line with our Purpose of 'Enriching Life Through Food'. 

Contacts:

Institutional investors and analysts:

Duncan Leggett, Chief Financial Officer

Richard Godden, Director of Investor Relations

Investor.relations@premierfoods.co.uk

Media enquiries:

Lisa Kavanagh, Director of Communications

Headland

- Ends -

This announcement may contain "forward-looking statements" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as "targets", "aims", "aspires", "assumes", "believes", "estimates", "anticipates", "expects", "intends", "hopes", "may", "would", "should", "could", "will", "plans", "predicts" and "potential", as well as the negatives of these terms and other words of similar meaning. Any forward-looking statements in this announcement are made based upon Premier Foods' estimates, expectations and beliefs concerning future events affecting the Group and subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Premier Foods Group's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. Premier Foods cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. Premier Foods will update this announcement as required by applicable law, including the Prospectus Rules, the Listing Rules, the Disclosure and Transparency Rules, London Stock Exchange and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

The table above is presented excluding the impact of The Spice Tailor, with the exception of Basic earnings per share

Group revenue (excluding The Spice Tailor) increased by 6.2% in the first half of the year, with branded revenue ahead 3.9% and non-branded revenue up 22.8%. Growth was consistently strong across the period, with quarter 1 and quarter 2 revenue growth of 6.0% and 6.4% respectively. Divisional contribution grew by 8.4% to £83.5m, as margins expanded by 40 basis points. Trading profit increased by 6.2% to £56.7m, with group and corporate costs rising, reflecting wage and salary inflation, additional strategic roles and a provision release in the prior year. Adjusted profit before tax and adjusted earnings per share increased by 11.9% and 11.4% respectively, reflecting lower interest costs. Basic earnings per share (including The Spice Tailor) increased by 68.0% from 2.5p to 4.2p in the period.

Group revenue including one month's contribution from The Spice Tailor increased by 6.6% in H1 and by 7.1% in Q2.

Trading performance

Grocery

The table above is presented excluding the impact of The Spice Tailor

Revenue in the Grocery business (excluding The Spice Tailor) increased by 6.7% in the first half of the year to £303.0m. Branded revenue grew by 4.6% to £256.1m while non-branded revenue increased by 19.5%. Divisional contribution was £70.2m, a 9.2% increase on the comparative period, with margins expanding by 50 basis points.

In the second quarter, Grocery revenue increased by 6.9%, demonstrating the consistency of top-line growth through the period, with branded revenue up 4.6% and non-branded revenue ahead 21.8%. Market share grew by 34 basis points in the first half of the year, illustrating the strength and resilience of the Group's portfolio as consumers budgets are becoming increasingly stretched. Non-branded revenue growth reflected strong pricing benefits, the recovery of out of home business to business volumes and contract wins.

The Group's branded growth model leverages the strength of its market leading brands, launching insightful new products, supporting the brands with emotionally engaging advertising and building strategic retail partnerships. Branded revenues in the UK have grown by 5.0% on a three-year compound annual growth rate basis, serving to illustrate the success of this strategy.

In the first half of the year, Batchelors, Loyd Grossman, Sharwood's, Homepride and Nissin all delivered particularly strong year on year growth. New product development, driven by key consumer trends included Homepride pasta bakes, Sharwood's East Asian cooking sauces, Batchelors pasta 'n' sauce chef specials and Ambrosia Deluxe custard pots.

One of the Group's key growth strategies' is to expand into adjacent categories, leveraging the Group's strong brand equities. In the first half of this year, revenues from products launched in new categories more than doubled. Significant contributors to this performance have been a range of ice-creams, extending the Mr Kipling, Ambrosia and Angel Delight brands and also ready to eat Porridge under the Ambrosia brand. In Ice-cream, the Group has become the launch customer's second largest branded supplier in the category and has already developed a 16% market share. Ambrosia Porridge has become a key brand in the ready to eat porridge category, with a 11% market share in one major retailer.

Further exciting product innovation still to come in H2 includes Plantastic protein pots and creamy pasta sauces, Sharwood's 60% less fat Poppadoms and Bisto Best meat free gravy.

Sweet Treats

Sweet Treats revenue increased by 5.1% in the first half of the year compared to the prior period. Branded revenue grew by 2.1% while non-branded revenue increased by over 35%. The particularly strong growth in non-branded revenue of 35.8% was due to pricing benefits of existing ranges and contract wins in pies and tarts and seasonal ranges.

Growth in the second quarter was similar to the first half, with revenue growing by 5.2%. Divisional contribution also increased year on year, up 4.7% to £13.3m, with margins in line with the prior period. Revenue growth reflected pricing to recover input cost inflation, partly offset by lower volumes due to less promotional activity in the period. Consequently, market share was also lower, although this is expected to be a temporary effect.

In the first half of the year, the newly launched non-HFSS (non-high fat, salt & sugar) Mr Kipling Deliciously Good cake range received a very strong response from consumers. This groundbreaking new range is a clear demonstration of how the Group is delivering against the Group's 'Enriching Life Plan' ESG strategy and offers consumers further healthier options to support healthier lifestyles. The range, which comes in seven different variants, is made with 30% less sugar and lower fat and benefits from a higher content of fibre and fruit compared with the standard Mr Kipling range. These cakes are the only full range which can be promoted on end of aisles and at front of store in large supermarkets, under new legislation. The Deliciously Good range was also pivotal in delivering weighted branded distribution growth (the number of major retailer listings, weighted by store size), in Sweet Treats for the 26 weeks to 1 October 2022 (Source: IRI).

The Sweet Treats business also benefitted from a fresh new TV campaign for Mr Kipling, the 'Piano' advert, continuing the strategy under the brand growth model of building emotional connections with consumers.

Looking ahead to the second half of the year, innovation to be launched to market includes Mr Kipling Brownie Bites, Cadbury celebration cakes, and Plantastic Millionaire Flapjacks, to expand the Group's presence in these parts of the cake market.

International

International performance was strong again, with revenue growth of 11%8 compared to the prior period. This growth was broad based across the Group's target markets of Australia, Canada, Europe, Ireland and the USA. The key focus brands which the Group considers possess the greatest potential for long-term international growth, are Sharwood's, Mr Kipling and The Spice Tailor. In the period, Sharwood's and Mr Kipling grew by 28% and 11% respectively.

The Group's strategy of building sustainable businesses in its target markets is progressing well. In Australia, the Mr Kipling and Cadbury cake brands have collectively delivered the Group's highest ever share of the cake market in recent months and reached 16.6% during H1. Additionally, and following the acquisition of The Spice Tailor, the International's business reach in the Australian ethnic cooking sauces market is significantly enhanced, and presents further opportunity for growth.

In Canada, revenue grew by over 40% in the period and 30 new product lines of Sharwood's and The Spice Tailor products have recently achieved new listings in a leading North American retailer. In the USA, Sharwood's revenue increased by well over 50%, due to healthier ranges performing strongly in market. The Mr Kipling test in the USA continues with encouraging rate of sale KPIs.

Ireland delivered strong revenue growth in major multiple retailers, especially through Nissin which grew 80%, although this was offset by some industry wide supply chain issues in the convenience channel of the market. Europe continues to deliver distribution gains for Sharwood's, entering the Netherlands for the first time and expanding presence in Spain and Germany.

Operating profit

Growth in Trading profit of £3.3m, to £56.7m, was offset by non-trading items of £4.7m, predominantly reflecting M&A advisory costs and other one-off supply chain charges. Brand amortisation was £10.3m in the first half of the year and movement in the fair valuation of foreign exchange and derivative contracts was a credit of £0.7m. Net interest on pensions and administrative expenses was a credit of £8.5m in the period. Other non-trading income of £2.6m in the prior period related primarily to the successful resolution of a legacy legal matter. Consequently, Operating profit for the first half was £50.9m compared to £51.3m in the comparative period.

Finance costs

Net finance cost was £8.8m in the period, a reduction of £11.8m compared to the prior period. This was primarily due to the accelerated amortisation of debt issuance costs (£4.3m) and the early redemption of the Group's now retired £300m 2023 dated Fixed Rate Notes (£4.7m) in the comparative period. Net regular interest, the definition used for adjusted earnings per share, was £9.7m in H1, £1.7m lower than the prior period. This reduction was principally due to lower Senior secured notes interest charges following redemptions of the Group's now retired 2022 Floating Rate Notes ("FRN"), partly offset by slightly higher SONIA on the Group's revolving credit facility and its debtors securitisation facility. Interest on the Group's Senior secured notes declined by £1.9m to £5.8m in the first half of the year compared to the prior period.

Taxation

The taxation charge for the 26 weeks ended 1 October 2022 of £6.0m (2021/22: £9.7m) comprised primarily a charge on operating activities of £8.0m (2021/22: £5.8m) and adjustments to remeasure the opening deferred tax balances, due to the increase in the rate of UK corporation tax from the current level of 19% to 25% effective from April 2023.

The Group currently retains brought forward losses which it can utilise to offset against future tax liabilities. Due to changes in tax legislation with respect to the offset of tax losses, the Group has now recommenced paying cash tax in low single digit £millions.

Earnings per share

The Group reported profit before tax of £42.1m in the period, an increase of £11.4m compared to FY21/22 H1. Profit after tax in the first half of the year grew by £15.1m to £36.1m and basic earnings per share increased by 68.0% to 4.2 pence.

Cash flow

The Group reported an outflow of cash during the period of £55.5m, largely due to £43.8m paid to acquire The Spice Tailor. Trading profit of £56.7m was £3.3m higher than the prior year for the reasons outlined above, while depreciation including software amortisation was £11.8m. The first half of the year saw a working capital outflow of (£28.6m), largely due to higher stock valuation levels reflecting inflation of raw materials and seasonal stock build requirements.

Net interest paid was £9.7m (FY21/22 H1: £14.6m), largely due to a lower coupon on the Group's Fixed Rate Notes. Pension deficit contribution payments were £18.9m in the period and administration cash costs were £1.8m, totalling £20.7m cash outflow to the schemes.

Capital expenditure in the period was £6.3m. In the full year, the Group expects capital expenditure to be approximately £30m, as it looks to accelerate investment across the supply chain in the medium term. Such investment is planned to be in both growth projects supporting the Group's innovation strategy and cost release projects to deliver efficiency savings. One of the key objectives of this programme, is that through improving operational efficiency, the resultant increase in gross margin provides additional funds for brand investment. This strategy of investing in supply chain infrastructure represents a virtuous cycle to provide the fuel for the Group's branded growth model. Projects completed in the first half of the year include automation solutions at the Group's cake manufacturing sites; an end of line auto case packer at the Stoke site was installed in addition to an auto palletiser at Carlton, South Yorkshire.

On a statutory basis, cash generated from operating activities was £6.9m (2021/22: £13.5m) after deducting net interest paid of £9.7m and tax of £0.4m. Cash generated from financing activities was £12.7m in the period after a £10.3m dividend payment to shareholders. A dividend match payment to the Group's pension schemes of £2.7m was made in the period. The cash generated from financing activities in the first half of the prior year included the proceeds from the issuance of the Group's £330m 2026 dated 3.5% Fixed Rate Notes in the period and the retirement of previously issued Fixed and Floating Rate Notes.

Net debt at 1 October 2022 was £337.7m, an decrease of £7.3m compared to FY21/22 H1 and an increase of £52.7m compared to 2 April 2022. As at 1 October 2022, the Group held cash and bank deposits of £23.8m and had drawn £25.0m on its £175m revolving credit facility.

Pensions

The combined RHM and Premier Foods' pension schemes were in a £961.8m surplus at 1 October 2022, a £16.9m increase compared to six months earlier. This is equivalent to a surplus of £721.3m net of a deferred tax charge of 25.0%. Asset values and liabilities fell in both sections of the schemes due to the hedging in place. Liabilities fell by more than assets in the Premier Foods section leading to an overall increase in the combined surplus. The movement in liabilities was impacted by the increase in discount rate applied, from 2.75% to 5.25%, reflecting recent rises in UK corporate bond yields. Asset values were lower across a number of asset classes, not least Government bonds, also due to recent market movements.

A deferred tax rate of 25.0% is deducted from the IAS19 retirement benefit valuation of the Group's schemes to reflect the fact that pension deficit contributions made to the Group's pension schemes are allowable for tax. The deferred tax rate has been increased from the 19.0% rate used for the prior period to 25.0% following the change in the UK's corporation tax rate, effective from April 2023.

Assets in the combined schemes decreased by £1,264.6m, or by 24.8%, to £3,835.4m in the period. RHM scheme assets reduced by £1,022.6m to £3,251.1m while the Premier Foods' schemes assets decreased by £242.0m to £584.3m. In the combined schemes, liabilities decreased by £1,281.5m, or 30.8%, to £2,873.6m. The RPI inflation rate assumption used increased by ten basis points to 3.7%, compared to 3.6% as at 2 April 2022.

There were no issues encountered by the pension scheme as a result of LDI asset collateral calls due to recent volatility in financial markets.

The Triennial actuarial valuation of the pension schemes as at 31 March 2022 remains ongoing and the Group will provide an update on the conclusion of this valuation in due course. The net present value of future pension deficit contributions to the end of the recovery periods, is in the range of £240-260m13.

Strong risk management is key to delivery of the business' strategic objectives. The Group has an established risk management process, the Executive Leadership Team performing a formal robust assessment of the principal risks bi-annually which is reviewed by the Board and Audit Committee. Risks are monitored at a segment and functional level throughout the year considering both internal and external factors.  The Group's principal risks and uncertainties were disclosed on page 51 to 57 of the annual report and accounts for the financial period ended 2 April 2022 and these remain relevant for the current period. The major strategic and operational risks are summarised under the headings of Macroeconomic and geopolitical instability, Impact of Government legislation, Market and retailer actions, Operational integrity, Legal compliance, Climate risk, Technology, Product portfolio, HR and employee risk, Strategy delivery. The Group notes the increase since the year end of the widely reported macro-economic and industry wide supply chain environment issues which it continues to navigate successfully through. In particular, the Group acknowledges risks around recent rises in input cost inflation and potential changes in consumer behaviour.

The Company's Half year results are presented for the 26 weeks ended 1 October 2022 and the comparative period, 26 weeks ended 2 October 2021. All references to the 'quarter', unless otherwise stated, are for the 13 weeks ended 1 October 2022 and the comparative periods, 13 weeks ended 2 October 2021.

The Company uses a number of alternative performance measures to measure and assess the financial performance of the business. The directors believe that these alternative performance measures assist in providing additional useful information on the underlying trends, performance and position of the Group. These alternative performance measures are used by the Group for reporting and planning purposes and it considers them to be helpful indicators for investors to assist them in assessing the strategic progress of the Group.

Additional notes:

Statement of directors' responsibilities

The directors confirm that these condensed interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

The maintenance and integrity of the Premier Foods plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that might have occurred to the interim financial statements since they were initially presented on the website.

The directors of Premier Foods plc are listed on pages 62-63 of the Premier Foods plc annual report and accounts for the 52 weeks period ended 2 April 2022. A list of current directors is maintained on the Premier Foods plc's website: www.premierfoods.co.uk

Approved by the Board on 16 November 2022 and signed on its behalf by:

Alex Whitehouse

Chief Executive Officer

Duncan Leggett

Chief Financial Officer

Independent review report to Premier Foods plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Premier Foods plc's condensed consolidated interim financial statements (the "interim financial statements") in the Half year results of Premier Foods plc for the 26 week period ended 1 October 2022 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim financial statements comprise:

The interim financial statements included in the Half year results of Premier Foods plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Half year results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with this ISRE. However, future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Half year results, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Half year results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Half year results, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Half year results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

London

16 November 2022

The following notes form an integral part of the condensed consolidated interim financial information.

The following notes form an integral part of the condensed consolidated interim financial information.