Kerry Group Full-Year Report 2022

Group reported revenue in the year increased by 19.3% to €8.8 billion. This reflected volume growth of 6.1%, increased pricing of 11.7%, favourable transaction currency of 0.2%, favourable translation currency of 6.8% and contribution from business acquisitions of 4.3%, partially offset by the impact of business disposals of 9.8%.
Group EBITDA increased by 12.9% to €1.2 billion, with an EBITDA margin of 13.9% (2021: 14.7%), as the dilution from the impact of passing through input cost inflation was partially offset by accretion from portfolio developments, operating leverage, mix and efficiency initiatives.

Constant currency adjusted earnings per share increased by 7.3% to 440.6 cent (2021: 12.1% increase). Basic earnings per share was 341.9 cent (2021: 430.6 cent) as the prior year included a credit from the sale of the Consumer Foods Meats and Meals business. The Board recommends a final dividend of 73.4 cent per share, an increase of 10.0% on the final 2021 dividend. Together with the interim dividend of 31.4 cent per share, this brings the total dividend for the year to 104.8 cent, an increase of 10.1% on 2021.

Research and development expenditure amounted to €303m (2021: €297m) and net capital expenditure was €217m (2021: €315m) as the Group continued to invest in its strategic priorities of Taste, Nutrition and Emerging Markets. Free cash flow for the year was €640m (2021: €566m) representing cash conversion of 82%.

Good progress was made in the year against the Beyond the Horizon sustainability strategy and commitments. Kerry increased its nutritional reach to 1.2 billion consumers globally. The Group achieved a 48% reduction in Scope 1 & 2 carbon emissions1, while strong progress was made in reducing food waste in Kerry’s operations by 32%1.