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Annual report and accounts 2022

Transformational changes  
of the US business as we continue its 
integration into Froneri
	 Partial recovery of out of home markets 
post-COVID-19
	 Navigated the challenge of cost 
inflation through making efficiencies 
and sales pricing
	 Maintained our focus and investment 
on growing our A-brands
	 ESG is embedded in to the business 
with a commitment to ambitious short 
and mid-term targets 
	 Achieved targets for calorie, fat 
and sugar reduction for all our kids’ 
products
	 Reached 12% of branded sales from 
plant-based products
	 Market-leading innovation
Overview
01	
2022 highlights
02	
Group at a glance
	
Consolidated management report
06	 Chairman’s statement
08	 Business model
10	
CEO review
12	
Consumer trends and  
	
market overview
16	
Financial review
Find out more: pages 10-11
Operational
2022 highlights
*	
Free cash flow is a non-GAAP measure. 
It is deﬁned on the face of the 
Consolidated cash ﬂow statement. 
2020
3,973
2021
4,240
2022
5,074
Revenue
€5,074m
2020
276
2021
233
2022
414
Operating profit
€414m
2020
522
2021
326
2022
116
Free cash flow* 
€116m
Financial
Loss before tax
€35m
ESG report
22	
ESG overview
25	
Environment
27	
Social
30	
Governance
Financial statements
40	 Consolidated income  
statement
41	
Consolidated statement  
of comprehensive income
42	
Consolidated statement  
of financial position
43	
Consolidated statement  
of changes in equity
44	
Consolidated cash flow  
statement
45	
Notes (forming part of the 
financial statements)
96	
Independent auditors’ report
159
2021
35
2022
2020
107
Froneri 
Annual report and accounts 2022
01
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Find out more at: froneri.com
Our 
purpose
To become  
the world’s  
best ice cream  
company for  
all consumers, 
customers and 
employees

Our goal
To grow our 
business through 
celebrated brands 
and own label 
products, bringing 
excitement to our 
consumers and 
customers
	 Owned and controlled in equal shares 
between the private equity firm PAI 
Partners and Nestlé SA
	 Group formed in 2016 as a result of  
a merger of the entire activities of R&R 
Ice Cream plc and part of the 
ice cream and frozen food businesses  
of Nestlé
	 Headquartered in the UK, with its 
registered office in Luxembourg
	 Highly attractive brand and  
product portfolio
	 Operates 30 factories across  
six continents
	 Froneri offices
	 Froneri distribution markets 
24
Number of countries 
we operate in
About us
Our leading brands
Froneri is 
a global 
pureplay 
ice cream 
company
12,000+
employees worldwide
Froneri is driving the 
growth in the dynamic 
premium and snacking ice 
cream segments. With our 
strong set of core brands, 
we are the #1 or #2 player  
in the majority of markets
in which we operate
Find out more at: froneri.com
Our locations & markets
#1 or #2
Find out more at: froneri.com
Brands listed are registered trademarks of the respective brand owners. 
All brands (except Nuii® and Connoisseur®) used under license by Froneri.
At a glance
Froneri 
Annual report and accounts 2022
02
03
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview

Consolidated 
management 
report
06	 Chairman’s statement
08	 Business model
10	 CEO review
12	 Consumer trends and market overview
16	 Financial review
Froneri Lux Topco S.à r.l.
Registered office: 9 rue de Bitbourg, L-1273 Luxembourg
R.C.S. Luxembourg: B 241537
Froneri 
Annual report and accounts 2022
04
05
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview

Chairman’s statement
Performance
2022 has been a year where the 
resilience of the Froneri business has 
once again been demonstrated. I am 
proud to say that Froneri has delivered.
Despite the significant challenges 
facing all food businesses in 2022, 
we have shown healthy growth and 
met our EBITDAE* targets. In the wake 
of rising input costs, we have had to 
increase our sales prices several times. 
We have been largely successful in 
mitigating the cost price increases 
through higher sales prices, thanks to 
the strength of our brands, and being 
leaner than ever. We have increased 
market share in most of the countries 
in which we operate, supported by 
higher investment in our brands 
through marketing spend, product 
innovation and quality, underpinned by 
strong market presence in the growing 
snacking segment of the market. 
Froneri’s out of home markets have 
continued to recover following the 
COVID-19 pandemic, resulting in higher 
absolute gross profit year-on-year, 
due to the continuing recovery and the 
favourable impact this has on sales and 
margin mix. However, gross margin % 
is down slightly due to a lag in passing 
cost price increases on to customers. 
We believe there is still rebound left to 
come as these markets have not yet 
fully returned to pre-pandemic levels.
We are investing heavily in our US 
operations and some elements 
have been completed in 2022. Such 
positive transformational change 
would not be possible were it not 
for two factors: first, the significant 
integration experience of the Froneri 
team gleaned from all the previous 
post-acquisition implementations; 
and second, the expertise and energy 
of the local US management team 
who have been positively unwavering 
throughout. We have also, to date, 
called on the support of over 100 
Froneri specialists from other markets 
to support with this transformation. 
There are few players in our industry 
globally who could mobilise and deliver 
in this way. I thank everybody involved. 
Indeed, I thank all our employees 
and associates globally for their 
contributions in making Froneri the 
leading pureplay ice cream business in 
the world.
*	
EBITDAE is a non-GAAP measure. EBITDAE 
is EBITDA before exceptional items (as 
defined in note 3 of the consolidated 
financial statements).
Governance
The Board remains committed to 
maintaining the highest standards of 
corporate governance in line with best 
practice. We continuously strive to 
strengthen our governance. We have 
made further progress on ESG and 
have strengthened our management 
board, also improving the gender 
mix. We have supplemented our 
existing internal audit framework 
with additional control procedures 
and have rolled out a balance sheet 
reconciliation tool to most countries in 
the year, giving us greater control and 
oversight across the Group.
Sustainability
The Group will always aim to operate 
in an environmentally responsible 
manner. Compliance with relevant 
legislation and regulations is thorough, 
and the adoption of responsible and 
conscientious standards where no 
legislation exists is an integral part of 
business strategy. 
The Group recognises that its 
activities have an impact on the 
environment. To reduce this impact, 
it sets environmental objectives and 
targets relating to energy reduction 
(electricity, gas and water usage). Our 
ongoing Group and US transformation 
projects include investment in 
modern, efficient machinery which 
will significantly reduce our carbon 
footprint. ESG strategy is, and will 
always be, one of our key areas  
of focus. 
I thank all of our employees  
and associates globally for  
their contributions in making 
Froneri the leading pureplay  
ice cream business in the world.” 
“
Patrice Bula
Chairman
UN Sustainable 
Development Goals 
adopted
9
In 2022, Froneri continued the 
rollout of its ESG strategy aligned 
to the adoption of nine of the 17 UN 
Sustainable Development Goals that 
Froneri feels are most relevant to 
the business and its ESG impacts. 
The strategy also features eleven 
ESG-related milestones and we 
have publicly committed to several 
challenging goals, five by the end 
of 2023 and six by the end of 2025; 
targets that we are well on track to 
achieve.
12% of our branded sales now come 
from plant-based products, a market-
leading proportion that we expect will 
only increase over the coming years. 
Additionally, I am excited by our 
technical training programme for new 
recruits, enrolling them in the Froneri 
ice cream academies all over the 
world to become experts, ready for 
deployment to other Froneri markets. 
Board evaluation
We can rely on a robust Board 
structure at Froneri, with four 
Board committees: (i) the M&A and 
Finance Committee; (ii) the Audit 
Committee; (iii) the Nomination and 
Remuneration Committee; and (iv) the 
Environmental, Social and Governance 
(ESG) Committee. We have excellent 
continuity across our Committees, 
which has contributed to the success 
we have seen in the year. I thank all 
Board and Committee members for 
their invaluable contributions during 
the year.
The Board delegates day-to-day 
management to the management 
board, led by Ibrahim Najafi, CEO. We 
believe that no management team 
in the world can match the level of 
pureplay ice cream experience we 
have on our management board. 
This has been further strengthened 
this year with the appointments to the 
management board of Heidi Zuber, 
who replaces Russell Kronenburg as 
Chief HR Officer, and Chontelle Wright, 
who was appointed as Group General 
Counsel. I thank Russell for his loyal 
service and I congratulate Heidi and 
Chontelle on their promotions. 
Looking ahead
Again, I look forward with 
great excitement. With the US 
transformational investment being 
well on track, I expect 2023 to be 
another year of sales and profitability 
growth. 
We expect some pressure on volume 
during 2023 as consumers contend 
with cost-of-living crises. However, 
we anticipate the continued trend 
towards premiumisation and snacking 
to offset this impact. Our premium and 
snacking brands such as Drumstick, 
extrême, Häagen-Dazs (in the US), 
Nuii, Oreo and Outshine are well-
positioned to take advantage of this 
continuing trend. We continue to focus 
our capital expenditure on increasing 
our ability to support this growth.
We are actively working to mitigate 
further price increases due to input 
cost inflation. However, we may 
need to pass price increases on to 
our customers should input costs 
continue to rise. We will continue to 
focus on our core strategy of sell more, 
buy better and take costs out. 
Our values will be at the heart of 
everything we do and I have every 
confidence that together we will be 
successful in achieving our goal  
of becoming the world’s best ice 
cream company.
Patrice Bula 
Chairman
of branded sales 
are plant-based
12%
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
06
07

Business model
Our aim is to  
build the world’s 
best ice cream 
company.
The “Dynamic Cycle” is the  
flying wheel that drives  
Froneri’s strategy and guides  
the unrelenting focus on 
operational excellence. 
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c
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Building the world’s  
best ice cream company 
1
2
3
4
Investment 
in brands
People  
& values
Operational 
standards
Ways of
working
Customer 
engagement
Product 
innovation
Customer  
service
Ice cream  
knowledge
ESG 
Employee 
engagement
Safety
 
Quality 
Efficiency
Business  
cadence
Benchmarking 
Roll up our 
sleeves
Find out more at: froneri.com
Froneri 
Annual report and accounts 2022
08
09
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview

CEO review
2022 was another milestone year in 
the life of Froneri as we continue to 
build the best pureplay ice cream 
company in the world, through 
relentless focus on our model to sell 
more, buy better and take costs out.
Sell More, Buy Better,  
Take Costs Out
Our top line has grown by 19.7% in 2022, 
following on from the growth in 2021. 
Our A-brands have been crucial to 
Froneri, enabling results to remain 
strong despite challenging market 
conditions in 2022. These A-brands are 
our major cross-border international 
brands which represent 66% of 
our portfolio. These include major 
recognisable ice cream brands such 
as Cadbury, Connoisseur, Drumstick, 
extrême, Häagen-Dazs (in the US), 
Maxibon, Milka, Mövenpick, Nuii, 
Oreo and Outshine, positioned in 
the fastest-growing premium and 
snacking sectors of the market. We 
stepped up our investment behind the 
A-brands through a combination of 
increased marketing support, product 
innovation, product quality and 
manufacturing capability.
We have continued to deliver market-
leading innovation with examples 
including: the launch of the extrême 
Cookie Cone in 2022 (and the 
Häagen-Dazs Butter Cookie Cone 
in early 2023); leveraging the Nuii 
and extrême product portfolio into 
new territories; and the launch of 
the exciting Oreo range in the US 
market. This innovation, supported by 
increased marketing support behind 
those A-brands, has driven sales and 
delivered market share growth in a 
large majority of the countries in which 
we operate.
As Patrice has commented, sales price 
increases have been unavoidable 
given the rising cost prices of key 
ingredients, packaging materials and 
energy. The sales price increases have 
benefited our top line. However, there 
has been some lag in our passing of 
those cost price increases onto our 
customers, suppressing 2022 gross 
margin. We have sought to recover 
any unmitigable cost prices from our 
customers and have a strong track 
record of doing so.
Our out of home markets have 
continued their recovery from 
COVID-19 and we anticipate further 
recovery in 2023.
We have increased our efforts to Buy 
Better as we look to offset input cost 
increases through leveraging the scale 
of our operations, as well as improving 
certainty of supply and quality of 
ingredients. For some ingredients we 
have chosen to backward integrate 
supply to safeguard either availability, 
quality, or cost. Further, we have 
worked with our suppliers on key 
focus areas such as cyber security 
and ESG, reducing the risk of supply 
interruptions and improving overall 
value for money. We will continue to 
focus on all of these areas into 2023 
and beyond.
We have put significant effort into 
our Take Costs Out programme 
for our operations and overheads. 
We have improved the efficiency 
of our operations through SKU 
rationalisation, factory benchmarking, 
process improvements and targeted 
capital investments. Our overheads 
are tightly controlled allowing us to 
keep overheads in absolute terms 
relatively flat, thereby reducing 
overheads as a percentage of sales. 
Performance
Revenue has increased by 19.7% 
and we have achieved EBITDAE from 
continuing operations of €830 million, 
an increase of 15.5% on 2021, and 
an EBITDAE margin of 16.4% (2021: 
16.9%). Whilst absolute EBITDAE has 
increased, EBITDAE margin % and 
gross margin % have declined due to 
not having fully recovered cost price 
increases within the year. 
The revenue growth has been 
achieved entirely through pricing and 
mix, outperforming the market in a 
vast majority of the countries in which 
we operate. Our volumes – in pallet 
terms – have been flat (0.3% down), 
but we have benefited from a sales mix 
benefit as a result of the market shift 
towards snacking and premiumisation. 
A-brands showed a 32.7% revenue 
increase from €2,526 million in 2021 to 
€3,352 million in 2022. The continued 
recovery from COVID-19 in our out of 
home (“OOH”) markets sees year-on-
year sales growth in this area of 32.3%.
We’ve outperformed 
the market in the 
majority of countries 
in which we operate.” 
Ibrahim Najafi
Chief Executive Officer
EBITDAE and Operating Profit growth 
has been driven primarily by growth 
in the US, although this has been 
supported by growth in virtually all the 
Group’s markets in 2022. 
Our operating cash flow has been 
strong. Free cash flow was lower due 
to the capital investment we have 
made in the US and rising interest 
rates. Froneri generated €116 million 
of free cash flow before financing and 
exceptional items. 
US Integration
The integration and development of 
the US business, acquired in January 
2020, has been a key focus throughout 
2022 and we continue to see further 
significant upside potential in the US 
market. All four of our US factories are 
partway through major transformations 
and, despite some delays from the 
COVID-19-impacted global supply 
chain, the significant investment and 
improvement plan continues into 2023.
Consumer demand exceeded our 
supply capabilities in 2021 and H1 2022. 
We relied heavily on manufacturing 
volume from other Froneri markets 
whilst the US transformation and 
investment in capacity has been 
ongoing. This continuing US investment 
means we will be much better placed 
to meet demand in 2023 and beyond 
with local US production, allowing us to 
continue to improve service levels to 
our customers.
The relaxation of COVID-19-related 
travel restrictions finally allowed us 
to migrate our US business onto the 
Froneri Group IT platform. This migration 
was complex, requiring significant 
internal and external resource. Despite 
the complexity of the project with four 
production plants, several RDCs and 
the set-up of new back-office teams,  
I am pleased to report that the project 
is running on plan and within budget. 
It will leave our US business in a far 
stronger position for the future and 
unlock benefits of benchmarking and 
reporting.
Our strategy and priorities  
for 2023
We will continue to focus on our 
A-brands and our strategic private 
label customers. We expect growth  
to be supported by a further recovery 
of out of home markets to pre-
pandemic levels. 
Revenue will benefit from the full year 
impact of sales price increases passed 
through in 2022. We will mitigate 
against further cost price increases 
wherever we are able. Where we are 
unable, we will have no option but  
to seek to pass these increases on  
to customers.
We aim to unlock the untapped 
potential in the US market for 
snacking and premium ice cream, 
and we will continue our investment 
and transformation programme 
in our factories to deliver our 
capacity, quality and efficiency 
ambition. The major transformational 
capital programme in the US is 
expected to conclude in 2023 with 
the commissioning of a further 14 
production lines. By the end of 2023, 
we will have invested a total of close 
to €700 million in US capital projects 
since acquisition of that business in 
January 2020.
We will continue to drive our ESG 
agenda. Growing responsibly 
and responding transparently to 
stakeholder expectations means 
upholding robust, globally-consistent 
standards and behaviours. We will 
continue to work with the CDP-
accredited Carbon Trust on our SBTi 
targets and to finalise the rollout of our 
carbon emissions tool. 
 
Ibrahim Najafi 
Chief Executive Officer
“
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
10
11

Consumer trends and market
We analyse our markets between the 
take home ice cream segment, where 
products are purchased from retailers 
for consumption at home, and the out 
of home segment, where ice cream 
products are purchased for immediate 
consumption. Froneri’s take home 
market is larger than its out of home 
market, though both are substantial in 
most of the Group’s key territories. The 
share of private label is significantly 
smaller than the share of brand in 
aggregate – although certain key Froneri 
countries do have a substantial private 
label presence. Overall, Froneri holds 
the number two position by revenue 
in the global markets (ranking only 
behind Unilever) and at least a top three 
position in all the countries in which the 
Group operates. Froneri is the largest 
global producer of private label ice 
cream. Approximately 87% of Group ice 
cream sales are from branded products 
including iconic ice cream brands such 
as Häagen-Dazs (in the US), Mövenpick, 
extrême, Drumstick, Outshine, Nuii, 
Maxibon, Pirulo, Oreo, Milka and 
Cadbury.
The market has shown consistent 
growth over several decades. 
Drivers of the market growth include 
snacking, “premiumisation”, innovation, 
convenience and accessibility. 
Froneri is well positioned to benefit 
from the continued growth in these 
markets, through its focus on product 
development to anticipate and react 
to changing consumer trends (such 
as snack indulgence, wellbeing and 
food activism), introducing new 
products with innovative flavours and 
inclusion combinations, and expanding 
the product range across branded 
and private label offerings. Product 
premiumisation and the positioning 
of ice cream as an affordable luxury 
snack have been key in driving growth in 
developed markets. 
The acquisition of the Dreyer’s business 
in the US in 2020 significantly increased 
the Group’s geographic footprint and 
scale; the US is the largest retail ice 
cream market globally. New brands 
have been introduced to the business 
through the acquisition including 
Häagen-Dazs, a super-premium brand. 
Froneri is now applying its extensive 
ice cream knowledge to the Dreyer’s 
business, while also contributing 
the Froneri way of working (including 
best practices and cost structure 
optimisation) and its proven innovation 
capabilities to drive further growth in 
the US. Since 1 January 2022, Froneri 
secured the rights to produce and sell 
Mondelez ice cream products in the US. 
As well as investing in product 
innovation in growing segments of 
the market, Froneri is investing in the 
international positioning of its brands. 
Developing markets in both Europe and 
the rest of the world also represent a 
significant growth opportunity. 
Whilst there is seasonality in ice 
cream, our geographical and product 
diversification, particularly into the US 
take home market, has enabled us to 
be less dependent on the European 
summer.
The scale of Froneri’s operations 
means that it is well placed to maintain 
its competitiveness in all its markets. 
This will also be an important factor in 
the ability of the Group to deliver the 
strategic objectives of being able to 
buy better and take costs out of the 
business, and to generate strong cash 
flows, in order to continue to invest in its 
brands, the quality of its products and 
customer relationships.
The scale of Froneri’s operations 
means that it is well placed to 
maintain its competitiveness  
in all its markets. 
Brand case study
The extrême 
Journey
An impactful brand 
rejuvenation 
across all markets
Fantastic growth of the extrême 
brand in 2022, driven by a full brand 
renovation and, for the first time in 
the history of the brand, a consistent 
execution across all selling markets 
with the same design, innovations 
and communication strategy.
The first consumer touchpoint that 
was rejuvenated was the packaging 
design, both in retail and impulse 
channels, with a new look that 
encapsulates the brand strategy: 
modernisation, indulgence, impact 
and a clear view at the flavour offer.
Consistent with the new look, the 
whole brand has been rejuvenated 
through communications, with a new 
TV campaign, outdoor, with a massive 
visibility in the streets, in public 
transport and in stores. The digital 
channel has increasingly become 
one of the key levers for recruitment 
with a strategy on key social media 
platforms such as Instagram and 
TikTok, helping to recruit younger 
targets.
The results are amazing
+27% value growth in France, the main 
market for the brand, where extrême 
has been the biggest contributor 
to ice cream market growth in 2022, 
as well as the first brand in terms of 
recruitment, boosting its penetration 
by 20%! Across the board, all extrême 
selling markets are delivering above 
2021 results.
The brand image has also been 
benefiting from the renovation, 
with a massive recruitment of 
younger targets, the awareness and 
attractivity of the brand that has been 
tremendously improved: extrême 
entered the ranking of the favourite 
brands for 18-24 years old, in third 
place behind Nike and Pringles, also  
in France.
A strong innovation strategy
The launch of Froneri innovation 
cookie cone across Europe delivered 
a very high incrementality: 50% of 
cookie cone buyers were not buying 
extrême brand or cones before. The 
range and its uniqueness are driving 
new consumers towards the segment, 
especially younger targets, with a 157 
index on 20-30 years old vs families.
New design
Social media voice
Multiple communication 
touchpoints
Brand consistency 
across all markets
Consumer trends and market overview
of Group sales  
are from branded 
products
83%
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
12
13

Brand case study
Snacking Trend 
Boosts OREO®
US Launch
2022 has seen the hugely successful 
launch and rollout of the Oreo brand 
in the US with significant investment 
behind innovation, quality, brand and 
communication. 
The exciting new US range emulates 
proven bestsellers from our global Oreo 
ice cream portfolio including the iconic 
ice cream sandwich, bar and cone 
formats.
The results speak for themselves 
with an impressive 3% share of 
the family snacking segment, with 
outperformance on distribution targets 
with high trial and strong repeats.
The launch was supported by a new 
communications platform which 
celebrates the fandom of the Oreo 
brand and has subsequently rolled out 
globally with focus on digital and social 
channels.
The launch, focus and ambition to 
build the Oreo brand in ice cream has 
been bolstered by the strong snacking 
trend. Post pandemic has reframed the 
snacking landscape as we see growth 
& frequency of indulgent snacks rising. 
Millennials and Gen Z audiences are 
gaining more spending power and 
driving growth in the frozen category.
Froneri has accelerated the snacking 
ice cream growth in the US market 
with sales of snacking in the category 
increasing from 41% to 43%
52%
of consumers like to 
eat snacks that add 
excitement to their daily 
diet, +3pts vs 2019
17%
buy more larger-sized 
packages with the 
intention of sharing, 
+2pts vs 2018
25%
of consumers are 
snacking more 
frequently, +5pts 
vs 2016
67%
eat snacks for 
enjoyment, not 
because they are 
hungry, +3pts vs 2019
26%
are eating indulgent 
snacks more often 
as a comfort food, 
+7pts vs 2019
More appealing
More frequent
More occasions
Post-pandemic has reframed eating indulgent 
snacks to be more commonplace
Gen Z and Millennials are fanatical for snacks!
5+ 
snacks/day
vs current 
average of  
2.7 snacks/day
18-24
25-34
34-44
+7pts
+7pts
+13pts
compared to 2018
Froneri 
Annual report and accounts 2022
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
15
14

Financial review
Overview
For the year ended 31 December 
2022, Froneri generated revenue of 
€5,074 million (2021: €4,240 million), 
an EBITDAE of €830 million (2021: €718 
million), operating profit of €414 million 
(2021: €233 million), a loss before tax 
of €35 million (2021: €159 million) and 
free cash flow before acquisitions, 
financing and exceptional items*  
of €116 million (2021: €326 million). At 
31 December 2022, the Group had net 
liabilities of €339 million (2021: €386 
million). The decrease in net liabilities 
results from favourable movements 
in the currency translation reserve, 
but partially offset by the loss after 
taxation for the year.
In 2022, Froneri incurred €63 million 
of total exceptional costs (2021: €148 
million) which included restructuring 
and integration costs of €45 million 
(2021: €13 million), product recall costs 
of €2 million (2021: €51 million) and 
€15 million (2021: €72 million) of asset 
impairments. These are described 
further in note 4 to the consolidated 
financial statements.
Revenue
Revenue for the year ended  
31 December 2022 was €5,074 million 
(2021: €4,240 million), an increase of 
19.7%. The geographic split of revenue 
was €2,204 million (2021: €1,863 million) 
in Europe, €2,022 million (2021: €1,642 
million) in the US and €848 million 
(2021: €735 million) in the rest of  
the world.
The Group’s global A-brand sales 
increased by 32.7%, mainly due to 
price pass through, market share 
improvements and foreign exchange 
impacts. The Group’s private label 
brands showed year-on-year 
growth, driven by the stronger retail 
performance in a number of territories.
There has been some market recovery 
from COVID-19 in 2022, particularly 
in out of home markets. We expect 
further recovery in 2023 with trading 
not yet back up to pre-pandemic levels. 
Our sales in European markets have 
also improved in 2022 versus 2021 after 
a product recall issue that significantly 
adversely impacted revenues in 2021.
The sales and EBITDAE of the US 
business continues to gain momentum 
as our ongoing investments in the 
factories, innovation and media result 
in strong market performance, with 
sales and EBITDAE outperforming prior 
year, helped also by EUR:USD exchange 
rates (Froneri was the market leader in 
the US with market share by value of 
22.4% for the year, compared to 21.7% 
for 2021).
The top eight markets accounted 
for 77.9% (2021: 77.3%) of total Group 
revenue. Those markets comprised the 
US, Australia, France, Germany, Italy, 
Spain, Switzerland and the UK.
Profitability
EBITDAE for the year ended 31 
December 2022 was €830 million (2021: 
€718 million). The geographic split of 
EBITDAE was €437 million (2021: €378 
million) in Europe, €242 million (2021: 
€209 million) in US and €151 million 
(2021: €131 million) in the rest of  
the world.
Operating profit (after exceptional 
items) for the year ended 31 December 
2022 was €414 million (2021: €233 
million). Loss before tax for the year 
ended 31 December 2022 was €35 
million (2021: €159 million).
Ivar Blanken
Chief Financial Officer
Exceptional items 
Exceptional costs of €63 million were 
incurred in 2022 (2021: €148 million). 
These largely related to one-off 
operational and transitional costs 
associated with transforming the US 
business and asset impairments. The 
exceptional costs in the prior year 
primarily related to asset impairments 
and costs associated with a product 
recall (see note 4). Cash outflows 
relating to these exceptional items 
amounted to €69 million in 2022 (2021: 
€68 million).
Cash flows
Froneri generated €116 million of 
free cash flow before financing and 
exceptional items. Operating cash 
flow of €603 million was €672 million 
before exceptional cash flows. 2022 
operating cash flow was adversely 
impacted by €158 million inventory 
outflow, the majority of which was due 
to a requirement to purchase inventory 
from Nestlé as we neared the end of 
the Transitional Services Arrangement 
and higher cost of goods. Set against 
the operating cash flow were net 
capex payments of €355 million, net 
interest payments of €176 million and 
tax payments of €41 million. The capex 
payments primarily relate to the US 
transformation project.
In 2021, Froneri generated €326 million 
of free cash flow before financing and 
exceptional items. Operating cash 
flow of €717 million was €785 million 
before exceptional cash flows. Within 
this, inventory outflows were much 
lower than 2022 at €65 million. 2021 net 
capex was €236 million, net interest 
payments were €120 million and tax 
payments were €103 million.
Capital structure
Please see notes 20, 24 and 25 for 
a summary of the debt and equity 
structure of the Group at the year end. 
In 2020, the Group entered into a €6.2 
billion equivalent financing package 
through a Senior Facilities Agreement 
and Second Lien Facility Agreement. 
The facilities comprised: a €2,180 
million senior term loan facility and 
a USD 2,670 million senior term loan 
facility, both with maturity dates of 
January 2027; second lien term loan 
facilities of €245 million and USD 245 
million, with maturities of January 
2028; a shareholder loan of USD 600 
million, with a maturity of December 
2029; and a USD 600 million multi-
currency revolving credit facility, with 
a maturity of July 2026. The Group also 
entered into a series of cross-currency 
interest rate swaps, swapping USD 
510 million to GBP and USD 325 million 
to AUD, in order to better match the 
underlying cash flow generation of 
the Group. The revolving credit facility 
remains undrawn at 31 December 2022.
During 2021, the Group was able to use 
its free cash to repay early the second 
lien term loan facilities of €245 million 
and USD 245 million. There have been 
no significant changes to the capital 
structure in 2022.
EBITDAE in 2022, 
up from €718m
€830m
revenue growth
19.7%
A-brand sales 
increased by 32.7%.” 
“
*	
Free cash flow before acquisitions, 
financing and exceptional items is a non-
GAAP measure. It is defined on the face of 
the Consolidated cash flow statement.
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
16
17

Principal exchange rates
Froneri reports its results in Euros, its presentational currency. In the year ended 31 December 2021, the Group operated in 
sixteen other currencies and the principal exchange rates in use are shown below:
Currency
Symbol
31 December 
2021
1 January – 
31 December 
2021 average
Argentinian Peso
ARS
116.130*
 116.130*
Australian Dollar
AUD
1.565
1.574
Bulgarian Lev
BGN
1.956
1.956
Brazilian Real
BRL
6.332
6.380
Swiss Franc
CHF
1.037
1.081
Egyptian Pound
EGP
17.850
18.610
British Pound Sterling
GBP
0.840
0.860
Israel New Shekel
ILS
3.523
3.813
New Zealand Dollar
NZD
1.663
1.672
Philippine Peso
PHP
57.965
58.262
Polish Zloty
PLN
4.599
4.565
Romanian Leu
RON
4.948
4.921
Serbian Dinar
RSD
117.582
117.573
Russian Rouble
RUB
84.070
87.072
South African Rand
ZAR
18.129
17.474
US Dollar
USD
1.137
1.183
The principal exchange rates in use in the year ended 31 December 2022 and as at 31 December 2022 are shown below:
Currency
Symbol
31 December 
2022
1 January – 
31 December 
2022 average
Argentinian Peso
ARS
189.916*
189.916*
Australian Dollar
AUD
1.571
1.517
Bulgarian Lev
BGN
1.956
1.956
Brazilian Real
BRL
5.657
5.440
Swiss Franc
CHF
0.990
1.005
Egyptian Pound
EGP
26.350
20.267
British Pound Sterling
GBP
0.884
0.852
Israel New Shekel
ILS
3.755
3.529
New Zealand Dollar
NZD
1.686
1.658
Philippine Peso
PHP
59.578
57.288
Polish Zloty
PLN
4.690
4.651
Romanian Leu
RON
4.947
4.931
Serbian Dinar
RSD
117.322
117.459
Russian Rouble
RUB
75.655
72.569
South African Rand
ZAR
18.175
17.160
US Dollar
USD
1.070
1.054
*	
Due to the adoption of IAS 29 Hyperinflation, the year end rate is used for all conversions of the Argentinian Peso.
Going concern
At 31 December 2022, the Group had 
net liabilities of €339 million (2021:  
€386 million).
The Board of Managers have 
considered this position, together with 
the Company and the Group’s budgets 
and forecasts and positive net current 
assets position. Additionally, the 
shareholder loan note and shareholder 
loan cannot be called for repayment by 
the shareholders until the obligations 
under the Senior Facilities Agreement 
have been satisfied. These forecasts 
were then subject to a range of 
sensitivities including a severe but 
plausible scenario together with the 
likely effectiveness of mitigating 
actions. Such sensitivities include 
any impact of further restrictions 
due to COVID-19 and the impact of 
supply chain problems or continued 
increases in raw material prices. Under 
these sensitivities, after considering 
also mitigating actions the Board 
of Managers would take, the Group 
continues to have a sufficient level of 
liquidity to continue in operation and 
meet its liabilities as they fall due. After 
making appropriate enquiries, the 
Board of Managers consider that the 
Company has adequate resources to 
continue in operational existence for 
the foreseeable future and therefore 
adopt the going concern basis for 
the preparation of the financial 
statements.
Key Performance Indicators 
(“KPIs”)
In addition to the measures discussed 
above, there are a number of key 
performance indicators being used 
across the Group on a daily, weekly 
and monthly basis. These monitor 
performance of the operations 
compared to budget, prior year 
and compared to forecast, where 
appropriate.
The KPIs monitored on a regular 
basis incorporate both financial and 
non-financial measures and cover all 
functions of the business.
KPIs monitored on a daily basis, 
amongst most of the Group’s 
businesses, are:
•	 Safety
•	 Production volume
•	 Sales volume and value
•	 Order intake
KPIs monitored weekly/monthly are the 
above plus: 
•	 Reportable accidents
•	 Sales, gross margins and EBITDAE 
margins
•	 Sales and standard margin by brand
•	 Profit and cash generation
•	 Inventory levels
•	 Quality measures, such as 
customer complaints
•	 Raw materials and packaging 
buying prices
•	 Write-offs of raw materials and 
finished goods
•	 Variances of operational 
performance and costs to standard
•	 IT and security measures
•	 Capital expenditure
•	 Absenteeism 
•	 Service levels
•	 Market share
•	 Brand support and media share of 
voice
•	 Factory waste – landfill vs recycled
•	 Water discharged
Ivar Blanken
Chief Financial Officer
Financial review continued
There has been some market 
recovery from COVID-19 in 
2022, particularly in out of  
home markets. We expect 
further recovery in 2023  
with trading not yet back  
at pre-pandemic levels.”
“
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
18
19

Brand case study
Let the joy 
shine through
Outshine is the largest brand in 
the wellbeing category with 61.5% 
share, accounting for USD 500.0 
million RSV and growth outpaces the 
category with a +17.4% year-on-year 
increase. Sales are underpinned by a 
strong base trend on the core SKUs 
harnessed by the surge in choiceful 
snacking. Also driving the trend is the 
growth in plant-based and Outshine 
is the biggest brand in plant-based in 
the US ice cream category with a lower 
carbon emission than an average  
ice cream.
The Outshine brand position is 
positive, real, bold and vibrant which 
creates a very strong sentiment 
towards the brand of 87%. These 
values are echoed through the 
successful brand campaign featuring 
the strapline “Let the joy shine 
through” which delivers very high 
engagement and benchmarking 
tracking scores.
Supporting the Outshine brand 
are some positive ESG initiatives 
which include donating to the Fruit 
Tree Planting Foundation as well as 
partnering with ZOEASIS to feature the 
Outshine Giving Tree - an activation 
focusing on gratitude and joy.
Find out more at: froneri.com
Outshine is the world’s leading plant-based 
ice cream brand. 
Outshine partnered with 
ZOEASIS to feature the 
Outshine Giving Tree – an 
activation that focused  
on gratitude and joy.
Environmental, 
Social and 
Governance 
(“ESG”)
22	 ESG overview
25	 Environment
27	 Social
30	 Governance
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
20
21

Our goals
ESG overview
To focus our ESG activity we have 
committed to eleven ambitious 
short and mid-term targets:
 
By the end of 2023:
•	 100% of our children’s portfolio meeting <110Kcal, <12g Sugar, <3.8g 
saturated fat per portion
•	 100% of palm oil sustainably-sourced (RSPO) and all our own 
factories RSPO certified (excluding US which will be 2024)
•	 Reduce by 200 million single use plastic spoons, straws, cups and 
lids compared with 2019 
•	 28% reduction in lost time injuries and 41% reduction in high-risk 
incidents versus our baseline year of 2019
•	 More than 90% of all branded products fewer than 250Kcal  
per serving.
 
By the end of 2025:
•	 100% of our packaging designed for recycling with compostable, 
biodegradable or reusable packaging
•	 40% of management positions are held by females
•	 100% paper, cardboard and sticks sourced from responsibly 
managed forests or from recycled material
•	 100% of the waste produced by our factories is recovered  
or recycled
•	 No plastic novelties in any of our children’s products
•	 A target of 82% employee satisfaction, indicating a strong belief of 
Froneri Values via employee survey data. 
In addition to the above, we are 
also committed to achieving  
net zero emissions by 2050.
100% 
sustainably-sourced palm oil 
Reduced vs 2019 by 
200m 
single use plastic spoons, 
straws, cups and lids in out  
of home
40% 
of management are female 
 
100% 
of the waste produced by  
our factories recovered  
or recycled
Our approach
ESG is embedded in 
how we do business 
at Froneri.
Our global ESG strategy provides the framework 
through which we address the issues that matter 
most to our business and stakeholders, and is 
integral to fulfilling our vision to build the world’s 
best ice cream company. 
It encompasses five key areas of action, 
supported by eleven ambitious goals. We focus 
on improving our environmental impact, taking 
care of our people and communities, optimising 
our products, ensuring strong governance 
and raising standards in our supply chain. We 
are increasingly integrating our ESG strategy 
into the way we do business, empowering our 
employees to act and collaborating with our 
partners and suppliers to optimise our positive 
impact. Importantly, our strategy will also help us 
contribute to the global, UN-led push for a fairer, 
more sustainable world.
Accountability for ESG issues goes right to the 
top of our organisation, with our Board taking 
overall responsibility. The Board has created 
a dedicated ESG Committee to define and 
oversee our ESG strategy, which is executed by 
our Management Board members and Country 
Managers, who plan, monitor and report on 
initiatives. 
In 2021, we created a working group dedicated 
specifically to our carbon emissions project, 
supported by representatives from across 
our Company. This group will play a key role 
in monitoring our performance, reporting 
our progress transparently and identifying 
opportunities for improvement.
Improving our
environmental impact 
We aim to grow our business 
while improving our 
environmental footprint, 
conserving natural resources 
and reducing waste. We develop 
practical solutions to improve 
our efficiency and reduce our 
impact on the environment, 
going beyond compliance where 
possible, and always striving to 
address consumers’ concerns.
 
 
 
 
Taking care of our people
and communities 
We are committed to enabling 
our employees to thrive in a 
diverse, inclusive workplace, 
keeping them healthy and 
safe, while providing numerous 
opportunities for learning 
and development. The Froneri 
“ways of working” provide 
employees with hands-on 
experience, expanded leadership 
responsibilities and stretch 
assignments to grow careers 
faster than traditional career 
pathing. We work with our 
suppliers to protect workers’ 
rights and help ensure safe 
working conditions in our supply 
chain and support our local 
communities. 
 
 
 
Optimising our products 
We listen to our consumers and 
aim to provide the full range of 
exciting ice cream options they 
desire, drawing on in-depth ice 
cream knowledge and a deep 
sense of responsibility. Our 
diverse, expanding product 
ranges respond to evolving 
dietary preferences, sustainability 
concerns and lifestyle 
aspirations, while continuing to 
deliver high quality and taste 
appeal. We have a particular focus 
on optimising children’s products 
and providing responsible treat 
options, while also encouraging 
parents to remember that ice 
cream remains an indulgent treat. 
Mindful of nutrition, we provide 
transparent, factual nutrition and 
health information, comply with 
responsible marketing standards, 
and encourage consumers to 
make informed decisions about 
their diet. 
 
 
 
 
Ensuring strong governance 
Good, strong governance is 
fundamental to achieving our ESG 
objectives and we have taken 
care to embed accountability 
for ESG issues at every level 
within the business. We take a 
considered approach, striving 
to achieve the right balance 
between commercial obligations 
and legal responsibilities, and 
evolving our frameworks and 
policies to ensure compliance 
with key legal requirements. 
 
 
 
 
 
Raising standards in our
supply chain
We are continuously building 
our understanding of the social 
and environmental impacts 
of our supply chain to better 
manage risk, improve standards 
and increase resilience. This 
will help empower our brands to 
make ESG advances and take 
action informed by accurate, 
in-depth risk analysis. Building 
on important advances in raw 
material sourcing and plastic 
reduction and collaborating with 
our suppliers, we aim to keep 
expanding our supply chain 
sustainability efforts. 
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
23
22

Our ambition
We aim to grow our operations 
sustainably and raise efficiency 
while improving our environmental 
footprint, lowering our greenhouse 
gas emissions, conserving natural 
resources and reducing waste. 
Our approach
We take every opportunity to reduce 
the climate and environmental impacts 
of our products and packaging, always 
striving to address customers’ and 
consumers’ climate and environmental 
concerns. At an operational level, we 
continuously work to improve the 
sustainability performance of our 
production, distribution and sales 
operations. We develop practical, 
well-researched solutions, leveraging 
industry best practice and expert 
advice to deliver carbon, waste and 
cost savings.
Energy and carbon
Building on good progress in key 
production countries, after the 
successful programme run in Poland 
in 2021 as a pilot, we’ve rolled out 
the carbon emissions measure 
to all Froneri countries (excluding 
US). We now have a unique internal 
database per country, site, product 
and Scope 1, 2 and 3. We’ve partnered 
with an accredited CDP partner 
(CarbonTrust) to run a full verification 
of Froneri carbon emission measures. 
CarbonTrust will support Froneri 
in defining its final Science Based 
Targets initiatives (SBTi) for a full 
external report (including US) by early 
2024.
In parallel to the SBTi finalisation, 
Froneri is using its existing tool to work 
on a Group-wide carbon reduction 
programme. In particular, we’ll focus 
on reducing energy use, improving 
energy efficiency and increasing 
our use of renewables, supported 
by a Group-wide renewable energy 
target ahead of our long-term target 
to achieve net zero emissions by 
2050. Currently, we have a number of 
sites sourcing renewable electricity, 
including through on-site renewable 
energy installations. For example, 
our site in Rome uses roof-mounted 
solar panels and in Italy, Germany and 
California, our sites are producing 
electricity and heat efficiently through 
co-generation, and selling excess 
electricity to national grids.
Saving water and improving  
water quality
We are investing in a major new water 
treatment plant in France, where we’ll 
treat water, before returning it safely 
to public water supplies. In France and 
the UK, we are harvesting rainwater, 
making the most of the weather in 
these countries to reduce our reliance 
on local water availability. Within our 
operations, we are improving water 
use efficiency, reviewing how best to 
clean production lines with less water 
and fewer chemicals.
Waste
In 2022, we continued our efforts 
to target reductions in operational, 
product and packaging waste. Within 
our operations, we currently recycle 
or reuse 91.2% of our waste, and 
we’re always looking for ways to make 
further progress. For example, waste 
ice cream from our production line in 
some countries is typically provided 
free to farmers as pig food. This 
is just one example of the circular 
economy in action – one company’s 
waste becomes a useful resource for 
another.
Environment – 
Improving  
our impact
ESG overview continued
Our progress during 2022
In 2022, we continued to make 
progress on bold new recipes, 
healthier choices and plastic 
reduction, while creating a  
robust and holistic ESG strategy.
 
Key highlights include:
•	 Reduced our total safety incidents by 26%, and as part of our 
initiative to target hand injuries we reduced these types of 
incidents by 5%, and arm injuries by 6%.
•	 100% of our children’s portfolio meeting <110Kcal, <12g Sugar,  
<3.8g saturated fat per portion.
•	 Since 2019, we’ve reduced our plastic packaging utilisation by 2.270 
tonnes and transitioned to recyclable another 1.830 tonnes of 
plastic.
•	 All Froneri manufacturing outside of the US that uses palm oil and 
palm oil derivatives is certified by the RSPO.
•	 As part of our engagement with our employees, we improved our 
employee experience from 63% in 2021 to 66% in 2022.
•	 As a responsible company, we do not direct any communication to 
children below 13 years of age and as a new policy starting January 
2023, we’re enlarging this commitment to children below 16 years of 
age. All our products’ packaging provides a transparent information 
on nutrition to help inform decisions. In 2022, Froneri has added 
the NutriScore information on its kids’ range in several European 
countries.
•	 Froneri has grown its plant-based sales by +13% YoY reaching 12%  
of total branded sales.
•	 Under our governance framework, we continued to invest in leading 
solutions aimed at enhancing our cyber security controls to protect 
our business.
•	 Finally, we continued to enhance and deepen our brand social 
partnerships as well as deliver relevant local country community 
initiatives. This included, but was not limited to, the support of 
WildArk (koala rewilding project in Australia, started in 2022), 
continuing our USD 1.0 million commitment over three years to 
support organisations that uplift underrepresented creatives 
and tastemakers in the US with Häagen-Dazs, supporting ocean 
conservation with extrême and Drumstick.
Reduced our total  
safety incidents by 
26%
Employee experience 
66%
Plant-based sales  
grown YoY by
 +13% 
reaching 12% of its  
total branded sales
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
24
25

Our ambition
We strive to create diverse, inclusive 
workplaces where every one of our 
12,000+ employees is valued. Aligned 
with our values, Froneri is committed 
to empowering our people through 
equal opportunities, protecting their 
rights and prioritising their health, 
safety and wellbeing and focusing on 
personal development. We support 
and encourage our employees in 
contributing to our communities. 
We aim to improve the nutritional 
profile of our products and grow 
our portfolio of responsible and 
ecologically-conscious treats, while 
maintaining the same great quality 
and taste appeal. We strive to provide 
transparent, factual nutrition and 
health information on our packaging, 
comply with responsible marketing 
standards and encourage consumers 
to make informed dietary decisions. 
We take pride in the efforts we have 
made to change our manufacturing 
processes, equipment and packaging 
that have contributed to reducing our 
carbon footprint.
Our approach
As a global organisation comprised 
of multiple companies worldwide, 
we’ve worked hard to create and 
nurture a sense of identity among all 
our employees by building the Froneri 
brand. We focus on attracting the right 
talent for our diverse operations and 
promote the growth and development 
of our people. We’ve supported 
our employees through a continual 
rapid pace of change, most recently 
in the United States, and provided 
unprecedented opportunities to learn 
and develop, to help them embrace 
our values. Beyond a steadfast 
commitment to fulfilling our rapidly 
evolving legal and compliance 
obligations, Froneri is continuously 
evaluating evolving socio-economic 
issues to further focus its corporate 
responsibility efforts, including on 
topics including gender and racial 
equality.
Prioritising workplace safety
Keeping our people safe is our top 
priority. To promote a culture of 
safety, we uphold high standards 
underpinned by robust policies and 
procedures. Lessons learned and best 
practices are shared across factories 
and across countries to ensure we 
are continuously improving our safety 
performance. Froneri frequently 
exceeds local requirements in setting 
its safety strategy and expectations. 
We constantly engage with all our 
employees and contractors on health 
and safety, by providing hands-on 
and classroom training, as well as 
discussing all recent safety issues 
and trends weekly at all levels. In 
2022, we rolled out Ammonia Safety 
Training at all factories which will 
continue throughout 2023. We share 
best practices across countries 
and markets with varying safety 
requirements to help raise our 
performance overall. Increasingly, 
employee wellbeing, and particularly 
mental wellbeing and resilience, will 
become part of each country’s health 
and safety plans. 
Working for equality and 
diversity 
Creating a diverse, inclusive work 
environment is fundamental to 
attracting and retaining talented 
employees. Empowering our teams to 
contribute richer ideas and building 
our capacity for creativity and 
innovation have been instrumental to 
our success. 
Social – Supporting 
our people and 
communities
We strive to create 
diverse, inclusive 
workplaces where 
every one of our  
12,000+ employees  
is valued.”
“
Plastic
As part of our efforts to improve the 
sustainability and recyclability of our 
packaging, particularly children’s 
packaging, we have a major focus 
on reducing plastic use. Working 
together with our customers, brands 
and suppliers, we continue to explore 
sourcing more recycled and bio-based 
plastic content, while trialling more 
sustainable packaging alternatives to 
ensure they deliver the same benefits 
in terms of protecting and preserving 
food for as long as possible. 
Responsible sourcing
We work together with our industry 
to improve the sustainability of key 
ingredients such as palm oil, vanilla 
and cocoa, through multi-stakeholder 
initiatives and working groups, such as 
the Roundtable for Sustainable Palm 
Oil (RSPO). For some ingredients, such 
as coconut oil and vanilla, there may 
not yet be an industry-level approach, 
so for these commodities, we’re 
building an in-depth understanding of 
the issues and working with suppliers 
to improve standards. Palm oil is one of 
the world’s most versatile, productive 
and affordable vegetable oils. It’s 
found in many everyday food products, 
including ice cream. However, its 
rapid expansion in recent decades 
has led to challenges including 
deforestation, biodiversity loss, land 
rights controversies and poor labour 
conditions. 
We’ve finalised a strong step on our 
cocoa supply certification. By Q1 
2023, 95% of our A-brands will be 
using certified cocoa (RFA, Cocoa 
Life - excluding US). We’re committed 
to bringing our recently acquired US 
business to the same level of cocoa 
RFA certification; we’ve already started 
with the new Häagen-Dazs butter 
cookie range launch in January 2023.
To help ensure that the palm oil (and 
palm oil derivatives) in our products is 
responsibly sourced. We fully support 
its mission to create traceable, 
transparent and sustainable palm 
supply chains. Working closely with 
our suppliers, we have achieved 
RSPO-certified palm oil for European 
products, and 83% of our products 
overall. That’s 19,340 tonnes of palm 
oil. We continue to work towards using 
only sustainably-sourced palm oil 
and palm oil derivatives across all our 
products and are on track to achieve 
this in 2023 in all territories except the 
US, where we hope to achieve this in 
2024.
We work together with  
our industry to improve  
the sustainability of key 
ingredients such as palm  
oil, vanilla and cocoa...”
“
Environment continued
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
26
27

Children’s nutrition 
To provide more responsible children’s 
treats, while still delivering the same 
ice cream experiences kids love and 
the same level of adventure - we have 
a robust nutrition policy in place. Our 
“Road to 100%” plan, launched in 2019, 
guides our efforts to achieve our calorie, 
fat and sugar reduction targets for all 
our kids’ products, while maintaining 
great quality, flavour and choice. Our 
product development teams make 
sure that any new products respect 
our targets from the outset. We’re 
also working across our business and 
collaborating with suppliers to re-
imagine existing products, focusing on 
reducing calories and total sugars per 
serving (which automatically reduces 
saturated fatty acids) and adjusting 
portion sizes. Overall, in just two years, 
Working for equality and 
diversity continued 
We hire local Country Managers 
in each market, allowing us to stay 
close to consumers’ evolving needs 
and providing opportunities for local 
people to thrive within a dynamic 
global business. In particular, we’re 
increasingly exploring how we can 
best encourage gender diversity and 
empower women across our business. 
Five of our country managers are 
women, including in several major 
markets, while the head of our largest 
European factory is also a woman, 
as well as two factories in the United 
States, creating strong role models for 
promising female talent. 
Giving back to local communities
We have a duty of care to behave 
responsibly in the communities 
where we operate. We seek to create 
the maximum positive impact in our 
communities, responding to social 
challenges at a local level. Häagen-
Dazs US is committed to supporting 
underrepresented tastemakers 
through five individual NGOs in the 
United States who are dedicated 
to different tastemaker activities 
from the arts, music, food and more. 
Our Australian business has strong 
relationships with Foodbank Victoria, 
WildArk, and participates in Clean Up 
Australia day. 
We have a duty of care 
to behave responsibly 
in the communities 
where we operate.” 
“
we’ve made significant progress – by 
the end of 2022, we have achieved 
our 100% target globally. We disclose 
all the nutritional information of our 
children’s products transparently, and 
adhere to all responsible marketing 
standards, with no communications or 
packaging designed to attract children. 
We’re increasingly extending our 
commitments on children’s nutrition to 
our broader ice cream portfolio with an 
upper limit for energy per serving. 
We’ve already achieved more than 90% 
of all branded products with fewer than 
250Kcal per serving, and wherever 
possible, we will work on reducing 
portion size for adults’ products.
Brand case study
Social commitment 
2022: 
Our social commitment:  
We protect our big blue
Supported NGO:  
Coral Guardian
Project:  
Deep Coral
Coral Guardian & Deep Coral  
project purpose: 
Protect and restore coral ecosystems 
hand-in-hand with local communities, 
while educating about marine 
protection. Deep Coral is a project 
based in the Mediterranean Sea, in 
Spain, restoring high-depth coral 
ecosystems.
 
 
Partner NGO: Clean Up Australia
A campaign and a range of limited 
edition ice creams launched with 
Drumstick and Clean up Australia to 
support and encourage action to 
clean up local Australian beaches.
Year 2 of Coral Guardian support
740kg
of waste cleaned from  
the sea bed 
 
72 
corals cared for in nursery 
 
64 
corals transplanted in their 
natural environment
Social continued
We achieved
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
28
29

its suppliers operate in an ethically 
and socially-responsible manner. To 
bring additional rigour to this audit 
programme the Group selected 
Meriuex as our supplier audit partner. 
The Group is similarly committed to 
conducting business in a way that 
is consistent with universal values 
on human rights and complying with 
the Human Rights Act 1998. The 
Group ensures that appropriate 
consideration is given to human 
rights issues in the formulation of its 
policies and processes. This is most 
pertinent in the Group’s approach to 
supply chain management (and the 
consideration of an ethical trading 
stance in that respect) and overseas 
employment policies and practices. 
Where appropriate, this can take 
the form of charitable donations, 
supporting employees in fundraising 
or volunteering for local good causes, 
and community partnering. In addition, 
employee welfare measures are 
monitored in regular KPIs, such as 
absenteeism, the extent of vacant 
positions and working hours. 
There have been no instances of non-
compliance with these policies noted 
in the year.
Principal risks and uncertainties 
The Board of Managers consider the 
potential impact of business risks 
regularly at Board meetings. Actions to 
mitigate the risks are also discussed. 
The more significant risks and 
uncertainties faced by the Group are 
set out below:
•	 Currency exposure. The Group now 
operates in 17 currencies as set 
out in the exchange rates tables. 
Since the Group reports in Euros, 
any strengthening of the Euro 
relative to the local currency that 
the subsidiaries operate in would 
adversely affect the contribution 
from those countries to Group 
profitability. After the Euro, the 
key currencies in use by or in the 
Group’s largest markets are US 
Dollar, British Pound Sterling, 
Australian Dollar and Swiss Franc. 
The spread of currencies across 
the Group provides an element 
of diversification to reduce the 
exposure to currency fluctuation. 
There are varying degrees of 
restrictions in place by the different 
local central banks, which limit the 
amount of local currency that may 
be exchanged and/or repatriated.
•	 Interest rate risk. Risk of interest 
rates of Froneri external debt 
changing.
•	 Price and supply fluctuations. 
Whilst the Group looks to 
hedge most of the raw material 
requirements for a term of up 
to one year, any unhedged raw 
materials, including dairy which it 
can potentially only partially hedge, 
may present risk.
•	 Acquisitions integration. Whilst 
the Group undertakes detailed 
due diligence ahead of any 
acquisition, there is the potential 
that acquisitions may expose 
it to additional unforeseen risk. 
The scale of the US business 
transformation in particular 
requires careful integration of 
systems, processes and cultures.
•	 Deliberate contamination of food 
or raw materials during production. 
The Group has controls in place to 
physically segregate and secure 
its physical production areas 
and has testing procedures to 
check finished goods. The Group 
continues to take actions to 
improve physical security access 
across its facilities. There remains 
however a risk that deliberate 
contamination could occur. 
•	 Health & Safety regulations. There 
are strict controls and trainings 
provided on health and safety in our 
factories. Machines are renewed 
and refitted to be health and safety 
compliant. There is a risk of health 
and safety incident in production 
sites and/or distribution leading 
to serious illness, injury and/or 
death, which could cause negative 
publicity, penalties, production 
disruptions.
•	 Ineffective IT disaster recovery 
processes or cyberattack. Whilst 
the Group has IT recovery and crisis 
management plans in place, there 
remains a risk that loss of/issue with 
the Group’s IT systems could disrupt 
the Group’s business resulting 
in financial loss or reputational 
damage; that cyber-attack disrupts 
business, resulting in financial loss 
and reputational damage; or that 
third party software or service 
provider could lead to a breach of 
Froneri through its supply chain.
Each Group business must implement 
their own local anti-bribery policy 
which incorporates the Group’s 
minimum policy requirements, whilst 
being sensitive to local customs. 
All employees are trained on the 
requirements periodically. Country 
Managers, Heads of Finance and 
Managers are responsible for 
implementing their own local policies 
including appropriate practices, 
processes, controls and training. 
Froneri operates in certain territories 
which present a higher risk of bribery 
and corruption than others due to 
the particular political and social 
landscape. Before doing business in 
any new territory, we assess the risks 
associated with that territory from a 
bribery and corruption perspective to 
identify and implement any controls 
required to manage the risks of 
operating in that territory proportionate 
to the bribery and corruption risk.
Each Froneri business must have 
adequate anti-bribery and corruption 
procedures and due diligence in place 
relating to employees, agents and 
distributors, suppliers, customers and 
any associated persons. Additional 
due diligence is performed on those 
employees who have access to 
Company funds or hold a position of 
seniority. The Group also has clear 
guidelines in place regarding gifts  
and hospitality and charitable and 
political donations.
All employees are encouraged to raise 
concerns about suspected bribery 
or corruption, either through their 
usual chain of command, through 
Group legal or through the third party 
whistleblowing hotline, as appropriate.
There have been no instances of non-
compliance with the policy noted in 
the year.
Business ethics and human rights
Froneri is committed to conducting 
business in an ethically and socially-
responsible manner and treating 
employees, customers, suppliers 
and shareholders in a fair, open and 
honest manner. The Group is regularly 
audited, by both independent auditors 
and customers. 
We have committed to a programme of 
auditing our top suppliers at a Group 
and country level to cover areas like 
consumer safety, compliance to our 
specification and verification of ethical 
and environmental commitments. 
This further helps Froneri ensure that 
Our ambition
Growing responsibly and responding 
transparently to stakeholder 
expectations means upholding robust, 
globally-consistent standards and 
behaviours. Good, strong governance 
is also fundamental to achieving our 
ESG objectives and ensuring the safety 
and quality of our products. We aim 
to build and maintain a world-class 
governance system, empowering our 
country teams to deliver our strategy 
responsibly and ethically at a local level.
Our approach
We integrate our values into the way we 
do business, embedding accountability 
for ESG issues at every level of our 
Group. Striving for excellence, we 
seek to maintain the right balance 
between commercial obligations and 
legal responsibilities. In particular, we 
continuously evolve our frameworks 
and policies to ensure compliance 
with all relevant laws and regulations 
and promote informed decision-
making. In 2020, we incorporated ESG 
considerations within investment 
decisions and we further embedded 
ESG reporting and tracking in our 
weekly KPI review meetings.
Importantly, our decentralised model 
allows for country-specific flexibility in 
developing appropriate, contextually 
relevant governance, supported by 
Group-level guidelines and standards. 
This inherent agility enables us 
to respond quickly to consumer 
trends, supply chain disruption 
and unforeseen events such as 
the COVID-19 pandemic, rapidly 
implementing relevant measures to 
address ESG issues. We recognise that 
operating a decentralised structure 
also creates some risks in terms of 
ensuring transparency at a Group level 
over country-specific compliance 
issues and take every care to manage 
risk as transparently as possible.
Managing risk
We monitor and manage risks at both 
a group and country level, keeping a 
detailed risk register for each country, 
and regularly reviewing risk severity 
in order to develop or adapt relevant 
policies, practices and training.
Internal audit
Our internal audit reviews are 
overseen by the Audit Committee. In 
2022, we completed twelve internal 
audits of countries and Group 
functions, taking action to address 
and improve any instances of non-
compliance with our policies. 
Human rights and modern 
slavery
We respect the human rights of 
everyone touched by our business 
and seek to conduct our business 
in line with the Universal Declaration 
of Human Rights and recognised 
best practice guidance, including 
the UN’s Guiding Principles on 
Business and Human Rights and the 
OECD Guidelines for Multinational 
Enterprises. We integrate human and 
labour rights concerns into all our 
policies, and have a dedicated modern 
slavery policy in place, governing our 
approach to preventing slavery in our 
business and supply chain. In addition, 
our “supplier code of conduct” 
sets out clear requirements for our 
suppliers in protecting workers’ rights.
Anti-bribery and corruption 
policy
It is Froneri’s policy to conduct all its 
business in an honest and ethical 
manner. We take a zero-tolerance 
approach to bribery and corruption 
and are committed to acting 
professionally, fairly and with integrity 
in all our business dealings and 
relationships wherever we operate.
Governance – 
Ensuring best 
practice
We integrate  
our values into 
the way we  
do business, 
embedding 
accountability  
for ESG issues  
at every level  
of our Group.”
“
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
30
31

Financial risk management 
policies and objectives
The Group finances its activities with a 
combination of bank loans, shareholder 
loan notes, cash and revolving credit 
facilities. Other financial assets and 
liabilities arise directly from the Group’s 
operating activities.
The main risks associated with the 
Group’s financial assets and liabilities 
are set out as below (please refer to 
note 25 for a more detailed narrative):
•	 The Group’s functional currency 
is the Euro. Each of its trading 
operations typically buys and sells 
the majority of goods denominated 
in the local currency. As a result, the 
value of the Group’s local currency 
revenues, purchases, financial 
assets and liabilities and cash flows 
can be affected significantly by 
movements in the exchange rates 
of the local currency compared to 
the Euro. The size of the US, UK, 
Swiss and Australian operations, 
in particular, means that market 
movement in the US Dollar, British 
Pound Sterling, Swiss Franc 
and Australian Dollar can have a 
significant impact on the reported 
results and financial assets and 
liabilities of the Group. Additionally, 
the Group has an ongoing 
obligation to pay licence fees for 
intellectual property from Nestlé in 
Swiss Francs, thus increasing the 
Group’s exposure to that currency. 
•	 The Group’s financial assets and 
liabilities may also be impacted 
by political interventions by 
local central banks. However, 
such interventions are viewed 
as uncommon. From 2018 to 
2022, Argentina has been a 
hyperinflationary economy and 
as a result the Group has applied 
hyperinflation accounting, which is 
described in note 27 to the financial 
statements. 
•	 Post-refinancing in January 2020, 
the Group’s term loans are now 
denominated in Euros and US Dollars, 
with certain US Dollar loans swapped 
into British Pound Sterling and 
Australian Dollars. Whilst the Group 
believes that it has put in place an 
effective hedging strategy regarding 
those liabilities, there remains the risk 
of mismatch between the underlying 
cash flows, assets and liabilities of 
the Group’s trading subsidiaries and 
the Group’s loan note liabilities and 
debt servicing obligations.
•	 The Group’s shareholder loan 
notes bear interest at fixed rates. 
Consequently, there is no interest 
rate risk on these instruments. 
However, the Group’s other debt 
facilities (including the Group’s 
term loans) are largely at variable 
interest rates, and therefore carry 
interest rate risk. A significant 
proportion of the interest on the 
new US Dollar-denominated debt 
facilities is fixed through floating to 
fixed interest rate swaps.
Principal risks and uncertainties 
continued
•	 Seasonality. The ice cream market 
is characterised by fluctuations 
in sales, although these largely 
equalise over the course of a year. 
Ice cream sales are inextricably 
linked with the seasons and 
therefore any climate changes have 
the potential to impact on business. 
The Group operates primarily in the 
northern hemisphere; however, 
its operations in South America, 
Australia, New Zealand and South 
Africa provides some risk mitigation 
in respect of seasonality.
•	 Competition and consumer demand 
in the ice cream industry. The Group 
operates in highly competitive 
markets, often competing with 
other substantial multinational 
businesses, and with large, 
profitable retail customers and 
its failure to compete effectively 
could result in a material adverse 
effect on its results. Accelerated 
inflation worldwide could negatively 
affect both net sales and EBITDA. 
Increased cost of living could 
decrease consumer demand for 
our products and negatively affect 
profitability.
•	 Economic conditions. The Group 
derives most of its profits from 
sales activities in Europe, (in 
particular, from Germany, France, 
Italy, Spain, Switzerland and the 
UK), in Australia and following the 
acquisition of Dreyer’s, in the US.
•	 Health pandemics. Froneri 
continues to monitor the ongoing 
COVID-19 situation. Local lockdowns 
could continue to impact market 
demand, particularly for ice cream 
consumed out of the home. This 
creates additional challenges for 
our supply chain and employees. 
•	 Geopolitics and sanctions. The 
Group has a subsidiary in Russia. 
This may result in reputational 
damage and sanctions implications 
should this relationship fail to be 
treated in accordance with various 
international regulations.
The Board considers that its scale of 
operations provides significant buffer 
to the risks outlined and has strategies 
to manage these risks and remains 
confident in the Group’s ability to 
mitigate any significant effect.
Brand case study
2022 brand 
purpose
activation
USD 500K Financial commitment: 
USD 100K each to five NGOs in the United States that are 
dedicated to different tastemaker activities from the arts, 
music, food and more. 
Partner and feature NGO partners in  
Häagen-Dazs activities: 
Allies in Arts’ mural commission for a Häagen-Dazs shop, 
new product photoshoots, talent sourcing and more.
Tastemaker collaborations: 
Partner with up-and-coming tastemakers on packaging 
design, social content, paid media and custom dessert  
for Häagen-Dazs shops.
Funded college USD 25K scholarship to four 
rising, underrepresented fashion students. 
Featured in City Sweets PR, and financial  
support for annual Gala fundraiser.
Featured Free the Work network via  
Häagen-Dazs’ social & PR platforms.
Supplied baked goods for the Häagen-Dazs 
NYC activation. Häagen-Dazs sponsored HBK’s 
PROOF Pitch Showcase.
Häagen-Dazs Scholarship underwrites a year of 
tuition and housing for one (or more) student(s). 
Elevate the next generation of tastemakers, 
allowing them to shape culture and share 
what luxury means to them and their craft. 
Governance continued
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
33
32

Timeline
Timeline
Working with tax authorities
The Group operates a transparent 
approach to its interaction with all tax 
authorities. Froneri is committed to 
meeting its compliance obligations 
in a timely manner, making accurate 
returns and providing adequate 
disclosure on returns and in relation to 
specific transactions. Any inadvertent 
errors made, should they occur, 
will be fully disclosed as soon as 
reasonably practicable after they 
are identified. The Group undertakes 
regular meetings with tax authorities 
to discuss tax matters and business 
developments.
Uncertain tax positions (“UTPs”)
Froneri performs regular assessments 
to identify and quantify UTPs. Such 
assessments are always completed 
in accordance with the relevant 
accounting standards and are 
discussed in detail with Froneri 
management and our auditors.
Further details of the Group’s risks and 
management policy, including hedging 
policies, are provided in the relevant 
notes to the consolidated financial 
statements.
Research and development
There are numerous ongoing research 
and development projects at each of 
the Group’s main locations, primarily 
concentrated on new ice cream 
designs and recipes. 
Financial instruments
Financial instruments are set out in 
note 25 to the annual report.
Proposed dividend
The Board of Managers does not 
recommend the payment of a dividend.
Purchase of own shares
As at 31 December 2022, the Company 
does not hold any of its own shares. 
Share cancellations
During the year, 56,351 class A Preference 
shares and 4,065 class CA Ordinary 
shares, both with nominal values of 
€0.001, were redeemed with a total 
repurchase price of €3.00 and then 
cancelled.
The Board of Managers
The Board is responsible for the overall 
operations of the Group, including 
the approval of the strategic plan, 
annual budget, changes to the Group’s 
financing arrangements, acquisitions 
and disposals, material contracts and 
significant capital expenditure and 
contractual commitments. 
Managers who held office during the 
year and up to the date of signing the 
financial statements were:
•	 Patrice Bula (Current Chairman)
•	 Ibrahim Najafi (Chief Executive 
Officer)
•	 Sanjay Bahadur
•	 Frédéric Stévenin 
•	 Colm O’Sullivan
•	 Martin Glenn
•	 Guillaume Leblanc
•	 Laurent Freixe.
Patrice Bula was Executive Vice 
President at Nestlé SA, responsible 
for the Strategic Business Units, 
Marketing, Sales and Nespresso up 
to his retirement from that role at the 
end of February 2021. Prior to this, 
he held various management roles 
within Nestlé including roles in China, 
Germany, southern Africa, Japan, 
the Czech Republic and Slovakia. He 
has been with Nestlé since 1980. He 
is currently serving on the Boards of 
Novartis AG and Schindler AG.
Ibrahim Najafi has served as Chief 
Executive Officer of R&R since July 
2013. On the merger of the former R&R 
and Nestlé businesses, which created 
Froneri, he became CEO of Froneri. 
Previously he was R&R’s European 
Chief Executive Officer and Group 
Chief Operating Officer from 2009 and 
2006, respectively.
Sanjay Bahadur is Nestlé’s Deputy 
Executive Vice President of Group 
Strategy and Business Development. 
Prior to this, he was Senior Vice 
President and Global Head of Nestlé’s 
Acquisition and Business Development 
department. He also served as CFO of 
the Greater China Region from 2004, 
CFO of Turkey & Central Asia Region from 
1998 and CFO of Nestlé Hong Kong from 
1994 to 1998. He joined Nestlé in 1982. 
Frédéric Stévenin first joined PAI in 
1993 and spent five years in the Food 
& Beverage Sector Team. In 1998, he 
joined Deutsche Bank / Bankers Trust 
in the European Acquisition Finance 
Group as a Director and subsequently 
as Managing Director. In June 2001, he 
returned to PAI, where he has been 
involved in transactions including 
Panzani, Amora Maille, Antargaz, Yoplait, 
Panzani-Lustucru, Saeco, Chr. Hansen, 
UB, Kaufman & Broad, Cerba, Marcolin, 
DomusVi, B&B Hotel, Ethypharm, 
Atos Medical, Labeyrie, Refresco and 
Tropicana.
Financial risk management 
policies and objectives
continued
The Group aims to mitigate liquidity 
risk by managing cash generation 
and applying cash collection targets 
throughout the Group. The Group 
has a Group treasury function which 
mitigates currency risk through natural 
hedging opportunities where possible. 
Investment is carefully controlled, with 
authorisation limits operating up to 
Group Board level.
Tax policies and objectives
Approach to tax strategy
Froneri is a leading ice cream company 
and our focus will always be to create 
the very best ice cream products 
possible, to both satisfy and excite the 
consumer. The primary role of the tax 
function within Froneri is to ensuring 
a strong level of tax compliance 
across all areas of taxation. Providing 
a strong base of compliance allows 
the business to focus on making the 
best ice cream products possible. 
Froneri has a responsibility towards 
all its stakeholders to ensure that it 
behaves in a responsible way on tax 
matters and to ensure that the right 
amount of tax is paid in each country. 
This includes the responsibility to 
Froneri’s shareholders to make sure 
Froneri does not pay excessive levels 
of tax and that double taxation is 
avoided whenever possible. Decisions 
within Froneri are commercially driven 
and the role of the tax function is to 
support the commercial operations.
Attitude to tax planning and risk
Froneri values certainty on tax-
related matters and will take steps to 
reduce tax risks where possible and 
practical. The Group aims to report the 
right and proper amount of tax due 
according to where value is created 
and is committed to paying taxes due 
and to ensuring compliance with all 
applicable legislative requirements 
in both the UK and globally. The 
Group only adopts tax planning 
arrangements to the extent that it 
supports commercial activities, and 
with the firm requirement that Froneri 
remains compliant with all relevant tax 
legislation. Where there is uncertainty 
over interpretation of tax law, Froneri 
will consult with external advisors 
and the relevant tax authority as 
necessary, to minimise uncertainty 
and risk.
Brand case study
Nuii increases 
its global social 
commitments
Nuii completed the critically 
endangered elephant p.e.a.c.e 
project in Namibia in 2022
2020:  
We started to build the 
education centre
2021: 
The education centre was 
completed and we began 
running workshops that are 
ongoing
2021–2022: One by one, we 
built 40 solar-powered water 
wells 
2022: We helped rebuild the 
education centre that was 
destroyed in a flood. Work on 
the wells is ongoing
March 22–May 22: Breaking 
ground at Upper Mongogarie, 
NSW
June 22–December 22: 
Ground clearing and tree 
planting of 25,000 trees
January 23–August 23: 
Closure installation, including 
pest control fencing
September 23–December 23: 
Koalas arrive at the Mongo 
Valley Wildlife Sanctuary
In Namibia, humans and elephants 
fight over the scarce amount of water. 
The elephants come to the villages in 
search of water and in defence,  
the villages kill the elephants to 
protect themselves. 
We built an education centre that 
is used to teach the communities 
about coexisting peacefully with the 
elephants, so they know how to  
protect themselves in case of an 
elephant encounter.
We also built 40 solar-powered water 
wells across two locations: where the 
elephants travel which is outside the 
villages, which stops them coming in 
close to people; and in the villages so 
the people have free access to water. 
We also rebuilt the education centre in 
2022 after a freak flood damaged it and 
washed a lot of it away. It is now almost 
finished - again! 
After the devastating bushfires in 
Australia in early 2020, the beloved 
koala suffered significantly with their 
habitats destroyed and loss of life. 
They are now officially “endangered”. 
In partnership with Connoisseur & 
Nuii, WildArk will build a first of its kind 
captive koala breeding programme in 
Mongo Valley, one hour South-East of 
Byron Bay in New South Wales. 
The enclosure will serve as a short-
term holding and breeding centre 
before the koalas are released into the 
wild sanctuary to continue breeding 
and repopulating.
We will also plant 25,000 eucalyptus 
trees over two years, creating a 
supportive habitat for koalas and other 
wildlife who are in the reserve.
Not only are we extremely proud of our wild places 
conservation work across the Froneri premium stick 
platform, we see positive brand benefits and commercial 
results that come from these initiatives. 
Connoisseur & Nuii join forces on a 
koala rewilding programme 2022/2023
Governance continued
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
34
35

Laurent Freixe is Executive Vice 
President and Chief Executive Officer 
of Zone Latin America at Nestlé. Prior 
to this, he has held several leadership 
positions within Nestlé as the CEO of 
Zone Europe and the CEO of the Iberian 
Region. He is currently serving on the 
Board of Cereal Partners worldwide 
as a representative of Nestlé and he 
is Chair of the Global Apprenticeship 
Network (GAN). Laurent is a member 
of the Executive Committee of the 
World Business Council for Sustainable 
Development.
Board Committees
There are four Board Committees in 
Froneri Lux Topco S.à r.l: (i) the M&A 
and Finance Committee; (ii) the Audit 
Committee; (iii) the Nomination and 
Remuneration Committee; and (iv) the 
Environmental, Social and Governance 
(ESG) Committee.
M&A and Finance Committee
The M&A and Finance Committee 
reports to the Board on opportunities 
to acquire or sell businesses and on the 
Group’s funding needs. Its members 
comprise Sanjay Bahadur, Patrice Bula, 
Frédéric Stévenin and Colm O’Sullivan. 
The M&A and Finance Committee 
meets on an as-needed basis.
Audit Committee
The Audit Committee reports to the 
Board on accounts and audit matters. 
Its members comprise Colm O’Sullivan, 
Frédéric Stévenin, Sanjay Bahadur, 
Laurent Freixe and Martin Glenn.
The Committee meets at least twice 
a year, at appropriate times in the 
reporting and audit cycle. In addition, 
the Committee meets at such other 
times as the Board or the Committee 
Chairman requires, or if requested by 
the Group’s external auditors. Only 
Committee members have the right to 
attend meetings but, in practice, other 
individuals, including members of the 
Group Board and other members of 
the Senior Finance team are invited 
to attend all or part of meetings as 
and when appropriate to their area of 
expertise. The external auditors also 
attend certain meetings.
The Committee’s responsibilities 
include overseeing the relationship 
with the external auditors. It meets with 
them regularly, reviews the audit plan 
and discusses audit findings with them. 
The Committee’s responsibilities also 
include the evaluation of management’s 
risk framework and communicating the 
importance of internal control and the 
management of risk including through 
the internal audit function.
Nomination and Remuneration 
Committee
The Nomination and Remuneration 
Committee oversees executive pay 
and appointments. The Committee 
comprises Patrice Bula, Laurent Freixe, 
Colm O’Sullivan and Frédéric Stévenin. 
Froneri’s CEO and Froneri’s HR Director 
attend by invitation. Only Committee 
members have the right to attend 
meetings, but other individuals are 
invited to attend from time-to-time, 
when appropriate. The Committee 
meets at least twice a year and at 
such other times, as required. Its 
responsibilities include considering 
and making recommendations on 
the appointment of the CEO and 
CFO, determining remuneration and 
performance packages of the Senior 
Management team, and determining 
aggregate annual salary increases.
ESG Committee
The ESG Committee assists the 
Board in developing and defining 
the Group’s strategy relating to ESG 
matters. In addition, the Committee 
monitors performance of the ESG 
strategy, develops and oversees 
the implementation of policies and 
procedures relating to ESG and makes 
recommendations in relation to internal 
controls relating to ESG. The Committee 
reports to the Board on ESG matters 
on a half-yearly basis. The Committee 
comprises Sanjay Bahadur, Martin 
Glenn, Laurent Freixe, Frédéric Stévenin 
and Colm O’Sullivan. The Committee 
meets at least twice per annum.
Political contributions
Neither the Company nor any of 
its subsidiaries made any political 
donations or incurred any political 
expenditure during the year ended 31 
December 2022.
Private equity reporting 
guidelines
The Board of Managers considers 
the Annual Report and financial 
statements to comply with all aspects 
of the Guidelines for Disclosure and 
Transparency in Private Equity.
The Group operates a framework 
for employee information and in 
line with the relevant regulations in 
each territory. Through 2022, the 
Group has issued information and 
updates on its website to ensure 
compliance. The Group promotes 
open communication from employees 
at all levels and provides channels 
through which employees can express 
views, anonymously if desired, and 
communicate regularly with Senior 
Management of the business. There 
are also a number of employee 
consultative committees and works 
councils to provide a forum for 
employees to air the views of their 
colleagues and discuss relevant issues. 
The Group gives full consideration 
to applications for employment from 
persons with disabilities where the 
candidate meets the requirements of 
the job. Opportunities are available to 
employees with disabilities for training, 
career development and promotion. 
The Group seeks to continue 
the employment of, and arrange 
appropriate training for, any of the 
Group’s employees who have become 
disabled during the year in which the 
Group employed them.
The Board of Managers continued
Frédéric has been in charge of the Food 
& Consumer team since 2003 and the 
Healthcare Sector team since 2007.
Colm O’Sullivan joined PAI in 2006 where 
he is a member of the Investment 
Committee. Since 2008, he has headed 
PAI’s UK office. He was previously at 
Deutsche Bank where he spent eight 
years in the Financial Sponsors’ Group. 
He joined the Froneri Board in 2013 when 
PAI acquired R&R. Colm is also currently a 
Non-executive Director of VPS, M Group 
Services, The Compleat Food Group 
and HKA. Historically, he has also been 
involved in several other PAI transactions 
including United Biscuits, Kwik Fit, 
Perstorp and Theramex.
Martin Glenn is Chairman of the Football 
Foundation, a public-private partnership 
between government and football to 
improve the provision of football facilities 
in England. He was Chief Executive of 
the English Football Association from 
2015 until 2019. Prior to that, he was 
CEO of United Biscuits, and CEO of the 
Birds Eye Iglo Group from 2006 to 2012 
and worked in the snack foods division 
of PepsiCo for 15 years in a variety of 
leadership roles. Martin is Chairman of 
Chapel Down, England’s leading wine 
company.
Guillaume Leblanc joined PAI in 2011 and 
is a member of the Business Services 
and Retail & Distribution teams. He is 
a Co-Head of the Investment Group. 
He has been involved in several 
transactions including AS Adventure, 
Euro Media Group, Froneri, Innovista 
Sensors, Refresco, Roompot and World 
Freight Company. Guillaume started his 
career at a private equity firm involved 
in growth capital transactions in the 
TMT industry. He graduated from HEC 
in 2008.
The Group promotes  
open communication from  
employees at all levels.”
“
The Group offers a bonus scheme 
to eligible employees which is based 
around four key performance targets 
for the business: EBITDAE; sales; 
A-brand sales and free cash flow. 
The scheme incentivises year-on-
year delivery of Froneri’s annual 
financial targets. This provides focus 
on key financial metrics and aligns 
the individuals’ contribution to their 
respective country performance. 
Certain individuals are incentivised 
based on Group performance as well  
as individual country performance.
 
Governance continued
Financial
statements
ESG  
report
Consolidated 
management 
report
Overview
37
Froneri 
Annual report and accounts 2022
36

Financial
statements
ESG
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Consolidated 
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report
Overview
Froneri 
Annual report and accounts 2022
38
39
Financial 
Statements
40	 Consolidated income  
statement
41
Consolidated statement  
of comprehensive income
42
Consolidated statement  
of financial position
43
Consolidated statement  
of changes in equity
44
Consolidated cash flow  
statement
45
Notes (forming part of the financial statements)
96
Independent auditors report
Froneri Lux Topco S.à r.l.
Registered office: 9 rue de Bitbourg, 
L-1273 Luxembourg
R.C.S. Luxembourg: B 241537
39

Financial
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Consolidated 
management 
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Overview
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Annual report and accounts 2022
40
41
Note
2022
€m
2021
€m
Continuing operations
Revenue
2
5,073.8
4,239.7
Cost of sales
(3,169.0)
(2,624.9)
Gross profit
1,904.8
1,614.8
Distribution expenses
(682.1)
(591.8)
Administrative expenses
(808.8)
(790.0)
Operating profit before exceptional items
477.3
380.5
Exceptional items – within Cost of sales
(22.5)
(42.0)
Exceptional items – within Distribution expenses
(8.3)
(9.8)
Exceptional items – within Administrative expenses (excl. impairments)
(17.5)
(23.6)
Exceptional items – impairments
(15.1)
(72.1)
Total exceptional items
4
(63.4)
(147.5)
Operating profit after exceptional items
5
413.9
233.0
Financial income
7
41.5
55.8
Financial expenses
7
(489.9)
(447.4)
Net financing expense
7
(448.4)
(391.6)
Loss before tax
(34.5)
(158.6)
Taxation
8
(11.0)
(71.4)
Loss from continuing operations
(45.5)
(230.0)
Loss for the year
(45.5)
(230.0)
Attributable to Equity holders of the Parent:
Loss for the year
(45.5)
(230.0)
The notes on pages 45 to 95 form an integral part of the consolidated financial statements.
Note
2022
€m
2021
€m
Loss for the year
(45.5)
(230.0)
Other comprehensive income/(expense)
Items that may be subsequently reclassified to profit or loss
Exchange differences on retranslation of foreign operations
37.8
181.5
Exchange differences on retranslation of net investment in foreign operation
3.5
13.3
Cancellation of preference share capital
–
0.1
Income from hedging 
0.3
2.8
Gain on cash flow hedge
48.9
7.8
Net investment hedging
(13.3)
(74.0)
Income tax relating to these items
8
(3.0)
(3.3)
74.2
128.2
Items that will never be reclassified to profit or loss
Remeasurements of defined benefit liability/asset before tax 
22
26.7
12.9
Income tax relating to these items
8
(3.3)
(1.3)
Impact of hyperinflation
27
(7.2)
(7.7)
16.2
3.9
Total other comprehensive income/(expense) for the year, net of tax
90.4
132.1
Total comprehensive income/(expense) for the year
44.9
(97.9)
Total comprehensive income/(expense) arises from:
Continuing operations
44.9
(97.9)
44.9
(97.9)
The total comprehensive income for the year is attributable to the equity holders of the Parent.
The notes on pages 45 to 95 form an integral part of the consolidated financial statements.
Consolidated statement of comprehensive Income
for the year ended 31 December 2022
Consolidated income statement 
for the year ended 31 December 2022

Financial
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Overview
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Annual report and accounts 2022
42
43
Note
2022 
€m
2021
 €m
Non-current assets
Intangible assets 
9
5,352.4
5,350.8
Property, plant and equipment 
10
1,507.0
1,277.6
Right-of-use assets
11
113.5
87.9
Trade and other receivables
17
13.1
21.7
Other financial assets
13
84.9
30.9
Deferred tax assets
14
122.0
91.3
7,192.9
6,860.2
Current assets
Inventories
15
656.6
492.7
Current tax receivables
16
30.6
42.8
Other financial assets
13
38.0
3.4
Trade and other receivables
17
474.0
465.0
Cash and cash equivalents
18
450.3
472.4
1,649.5
1,476.3
Assets classified as held for sale
19
4.4
2.2
Total current assets
1,653.9
1,478.5
Total assets
8,846.8
8,338.7
Current liabilities
Financial liabilities 
20
111.9
90.3
Trade and other payables
21
1,123.5
1,072.3
Current tax liabilities
16
52.4 
41.4
Provisions
23
15.0
28.8
1,302.8
1,232.8
Non-current liabilities
Financial liabilities
20
7,221.6
6,806.3
Trade and other payables
21
21.4
19.3
Employee benefits
22
23.9
48.2
Provisions
23
7.9
10.1
Deferred tax liabilities
14
608.2
607.8
7,883.0
7,491.7
Total liabilities
9,185.8
8,724.5
Net liabilities
(339.0)
(385.8)
Equity attributable to equity holders of the Parent
Share capital
24
0.1
0.1
Share premium
24
571.9
571.7
Merger reserve
24
87.9
87.9
Hedging reserve
24
45.0
(4.1)
Currency translation reserve
24
(77.7)
(98.0)
Accumulated losses
24
(966.2)
(943.4)
Total equity
(339.0)
(385.8)
The financial statements on pages 40 to 95 were approved by the Board of Managers on 17 April 2023 and signed on its 
behalf by:
Ibrahim Najafi
Manager
The notes on pages 45 to 95 form an integral part of the consolidated financial statements.
Share
capital
€m
 Merger 
Reserve
€m
Share
premium
€m
Currency 
translation 
reserve
€m
Hedging 
reserve
€m
Accumulated 
losses
€m
Total
equity
€m
Balance at 1 January 2021 
0.1
87.9
568.4
(227.7)
(14.0)
(708.3)
(293.6)
Total contributions by owners
Issue of shares (note 24)
–
–
3.3
–
–
–
3.3
Share-based payment (note 22)
–
–
–
–
–
2.4
2.4
Total contributions by owners
–
–
3.3
–
–
2.4
5.7
Comprehensive (expense)/income for 
the year
Loss for the year
–
–
–
–
–
(230.0)
(230.0)
Other comprehensive income (note 24)
–
–
–
129.7
9.9
(7.5)
132.1
Total comprehensive expense for  
the year
–
–
–
129.7
9.9
(237.5)
(97.9)
Balance at 31 December 2021
0.1
87.9
571.7
(98.0)
(4.1)
(943.4)
(385.8)
Balance at 1 January 2022
0.1
87.9
571.7
(98.0)
(4.1)
(943.4)
(385.8)
Total contributions by owners
Issue of shares (note 24)
–
–
0.2
–
–
–
0.2
Share-based payment (note 22)
–
–
–
–
–
1.7
1.7
Total contributions by owners
–
–
0.2
–
–
1.7
1.9
Comprehensive (expense)/income for 
the year
Loss for the year
–
–
–
–
–
(45.5)
(45.5)
Other comprehensive income (note 24)
–
–
–
20.3
49.1
21.0
90.4
Total comprehensive expense for the 
year
–
–
–
20.3
49.1
(24.5)
44.9
Balance at 31 December 2022
0.1
87.9
571.9
(77.7)
45.0
(966.2)
(339.0)
The notes on pages 45 to 95 form an integral part of the consolidated financial statements.
Consolidated statement of changes in equity
for the year ended 31 December 2022
Consolidated statement of financial position
at 31 December 2022

Financial
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Consolidated 
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Overview
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Annual report and accounts 2022
44
45
Notes
2022 
€m
2021* 
€m
Cash flows from operating activities
Loss before tax
(34.5)
(158.6)
Adjusted for:
Net financing expense
3
448.4
391.6
Depreciation and amortisation
3, 5
359.6
320.7
Impairment
3, 5
15.1
72.1
Loss on disposal of fixed assets
3, 5
2.6
16.8
Other adjusting item – within distribution expense 
3
(9.9)
–
Other non-cash items of income and expense
3.8
–
Cash flow before working capital and provisions
785.1
642.6
Decrease in trade and other receivables
5.0
27.5
Increase in inventories
(158.4)
(64.6)
Increase in trade and other payables
(14.3)
116.3
Decrease in provisions and employee benefits
(18.0)
(21.1)
Decrease in financial assets
3.8
16.4
Operating cash flow
603.2
717.1
Interest paid
(176.4)
(124.4)
Tax paid
(40.8)
(103.2)
Net cash generated from operating activities
386.0
489.5
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
8.4
2.3
Interest received
16.0
4.5
Acquisition of subsidiaries, net of cash acquired
–
8.0
Acquisition of property, plant and equipment
(347.7)
(226.2)
Acquisition of other intangible assets
9
(16.0)
(12.3)
Net cash used in investing activities
(339.3)
(223.7)
Net cash flow from operating and investing activities
46.7
265.8
Cash flows from financing activities
Net inflow from the issue of share capital
0.2
3.4
Proceeds from drawdown of new external debt
26
21.0
15.9
Repayment of external loans
26
(30.5)
(470.1)
Transaction costs in relation to new loans 
26
–
(2.2)
Payment of lease liabilities
26
(52.7)
(34.4)
Net cash flow from financing activities
(62.0)
(487.4)
Net decrease in cash and cash equivalents
(15.3)
(221.6)
Cash and cash equivalents at 1 January
472.4
697.8
Effect of exchange rate fluctuations on cash held
(9.1)
(3.8)
Cash and cash equivalents at 31 December
18
448.0
472.4
Memorandum:
Net cash flow from operating and investing activities
46.7
265.8
Acquisition of subsidiaries, net of cash acquired
–
(8.0)
Exceptional operating items – cash flows
69.3
67.9
Free cash flow before acquisitions and exceptional operating items
116.0
325.7
The notes on pages 45 to 95 form an integral part of the consolidated financial statements.
* The 2021 comparative period has been restated so the cash flows from operating activities are determined from Loss 
before tax rather than EBITDAE. A reconciliation from Loss before tax to EBITDAE is provided in Note 3. This change has no net 
impact on the Cash flow before working capital and provisions and other elements of the consolidated financial statements. 
1 Accounting policies
1.1 General
Froneri Lux Topco S.à r.l. (the “Company”) is a private Company limited by shares, incorporated, domiciled and registered in 
Luxembourg. The registered address is 9, Rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg. 
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the 
“Group”). The Group financial statements have been prepared and approved by the Board of Managers in accordance with 
International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), interpretations issued by the IFRS 
Interpretations Committee (IFRS IC), and Luxembourg law applicable to companies reporting under IFRS. The financial 
statements are subject to shareholder approval. 
The accounting policies set out below have, unless otherwise stated, been applied consistently to the year presented in 
these Group financial statements. 
The Group has also applied IAS 29 Financial Reporting in Hyperinflationary Economies to its Argentinian subsidiary. 
Accordingly, the results, cash flows and financial position of the Argentinian subsidiary have been expressed in terms of the 
measuring unit current at the reporting date. This is described further in notes 1.5 and 27 to the financial statements.
Judgements made by the Board of Managers that have significant effect on the financial statements and estimates with a 
significant risk of material adjustment in the next year are discussed in note 1.24.
Going concern
At 31 December 2022, the Group had net liabilities of €339.0 million (2021: €385.8 million). 
The Board of Managers have considered this position, together with the Company and the Group’s budgets and forecasts 
and positive net current assets position. Additionally, the shareholder loan note and shareholder loan cannot be called 
for repayment by the shareholders until the obligations under the Senior Facilities Agreement have been satisfied. These 
forecasts were then subject to a range of sensitivities including a severe but plausible scenario together with the likely 
effectiveness of mitigating actions. Such sensitivities includes any impact of further restrictions due to COVID-19, the 
geopolitical event in Russia and Ukraine and the impact of supply chain problems or continued increases in raw material 
prices. Under these sensitivities, after taking mitigating actions, the Group continues to have a sufficient level of liquidity 
to continue in operation and meet its liabilities as they fall due. After making appropriate enquiries, the Board of Managers 
consider that the Company has adequate resources to continue in operational existence for the foreseeable future and 
therefore adopt the going concern basis for the preparation of the financial statements. 
1.2 Measurement convention
The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated 
at their fair value: (a) all assets and liabilities subject to IFRS 3 Business Combinations in relation to the acquisition by Froneri 
Limited that created the Froneri Group of companies in 2016 and the acquisition by Froneri of the Israel and New Zealand 
business in 2019 and the US and Puerto Rico businesses in 2020; (b) employee benefits assets and liabilities relating to post-
employment arrangements; (c) derivative financial instruments; and (d) money market funds. 
Non-current assets and disposal groups held for sale, where applicable, are stated at the lower of previous carrying amount 
and fair value less costs to sell. 
1.3 Basis of consolidation
Subsidiaries and business combinations
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. 
In assessing control, the Group takes into consideration potential voting rights. The acquisition date is the date on which 
control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial 
statements from the date that control commences until the date that control ceases. Losses applicable to the non-
controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling 
interests to have a deficit balance. The accounting policies of subsidiaries are changed as necessary to align them with the 
policies adopted by the Group.
Transactions eliminated on consolidation
Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, 
are eliminated. 
Notes
(forming part of the financial statements)
Consolidated cash flow statement
for the year ended 31 December 2022

Financial
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Consolidated 
management 
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Overview
Froneri 
Annual report and accounts 2022
46
47
1 Accounting policies continued
1.4 Foreign currency
The functional currency of each Group entity is the currency of the primary economic environment in which the Group entity 
operates. The financial statements are presented in Euros, which is the presentational currency of the Group.
For Group entities which are not accounted for as entities operating in hyperinflationary economies, transactions in foreign 
currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at 
the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are 
retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising 
on translation are recognised in the income statement except for differences arising on the retranslation of a financial 
liability designated as a hedge of the net investment in a foreign operation that is effective, or qualifying cash flow hedges, 
which are recognised directly in other comprehensive income. Non-monetary assets and liabilities that are measured 
in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. 
Non‑monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the 
functional currency at foreign exchange rates ruling at the dates the fair value was determined.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are 
translated to the Group’s presentational currency, the Euro, at foreign exchange rates ruling at the balance sheet date. 
The revenues and expenses of foreign operations are translated at an average rate for the year (or relevant period, where 
shorter) where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.
The Group applies hedge accounting to foreign currency differences arising between the functional currency of the 
net assets of the UK and Australian operations and the Group’s functional currency (Euro). To the extent that the hedge 
is effective, foreign currency differences arising on the translation of a financial liability designated as a hedge of a net 
investment in a foreign operation are recognised in and accumulated in the currency translation reserve; any remaining 
differences are recognised in profit or loss. When the hedged net investment is disposed of, the relevant amount in the 
translation reserve is transferred to profit or loss as part of the gain or loss on disposal. For long-term loans denominated 
in a foreign currency with a fellow Group undertaking, where the loan will not be settled in the foreseeable future, it forms 
part of the net investment in the foreign associate and exchange differences on these loans are recognised in other 
comprehensive income.
1.5 Hyperinflationary economies
Several factors are considered when evaluating whether an economy is hyperinflationary, including the cumulative three-
year inflation and the degree to which the population’s behaviours and government policies are consistent with such 
a condition.
The balance sheet and results of the subsidiaries operating in hyperinflationary economies are restated for the changes in 
the general purchasing power of the local currency, using official indices at the balance sheet date, before translation into 
Euros and as a result, are stated in terms of the measuring unit current at the balance sheet date.
On initial application of hyperinflation, prior period gains and losses are recognised directly in equity. An impairment 
loss is recognised in the income statement if the restated amount of a non-monetary item exceeds its estimated 
recoverable amount.
Gains or losses on the net monetary position are recognised in the income statement.
All items recognised in the income statement are restated by applying the change in the general price index from the dates 
when the items of income and expenses were initially earned or incurred.
All items in the statement of cash flows are expressed in terms of the general price index at the end of the reporting year. 
As the presentation currency of the Group is that of a non-hyperinflationary economy, comparative amounts are not 
adjusted for changes in the price level in the current year. Differences between these comparative amounts and current 
hyperinflation adjusted equity balances are recognised in other comprehensive income. 
The Argentinian economy has been classified as hyperinflationary. Accordingly, the results, cash flows and financial position 
of the Group’s Argentinian subsidiary have been expressed in terms of the measuring unit at the reporting date. For further 
details, refer to note 27 to the financial statements.
1.6 Classification of financial instruments issued by the Group
Financial assets and liabilities are recognised in the Group’s consolidated statement of financial position when the Group 
becomes a party to the contractual provisions of the instrument. 
Financial assets are recognised and derecognised on a trade date where the purchase or sale of a financial asset is under 
a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned 
and are initially measured at fair value. All recognised financial assets that are within the scope of IFRS 9 are required to 
be subsequently measured at amortised cost or fair value on the basis of the entity’s business model for managing the 
financial assets and the contractual cash flow characteristics of the financial assets. 
Debt instruments which meet the following conditions are subsequently measured at amortised cost:
•	 the financial asset is held within a business model whose objective is to hold financial assets in order to collect 
contractual cash flows; and 
•	 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal 
and interest on the principal amount outstanding.
If the business model is to both hold and sell financial assets, these assets meet the criteria to be measured at fair value 
through other comprehensive income. All other financial assets are measured at fair value through profit and loss. In the 
current year, the Group does not have any financial assets designated as fair value through other comprehensive income. 
An instrument is a liability when the Group can be required to deliver either cash or another financial asset to the holder. An 
instrument is classified as equity when it represents a residual interest in the net assets of the Group. Financial instruments 
issued by the Group are treated as equity only to the extent they meet the following two conditions: 
•	 they include no contractual obligations upon the Group to deliver cash or other financial assets, or to exchange financial 
assets or financial liabilities under conditions that are potentially unfavourable to the Group; and 
•	 where the instrument will or may be settled in the Company’s own equity instruments, it is either a non-derivative that 
includes no obligation to deliver a variable number of the Company’s own equity instruments or is a derivative that will be 
settled by the Company’s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity 
instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. 
The Group derecognises a financial asset only when the contractual rights to the cash flows from the assets expire or when 
the financial assets and substantially all the risks and rewards of ownership of the asset transfer to another party. 
1.7 Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash 
and cash equivalents, trade and other payables, and loans and borrowings. 
Trade and other receivables
Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at 
amortised cost using the effective interest method, less any impairment losses. The effective interest is the rate that 
exactly discounts estimated future cash receipts (including all fees and premiums/discounts) excluding expected credit 
losses, through the expected life of the debt instrument. 
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the 
principal repayments, plus the cumulative amortisation using the effective interest method, adjusted for any loss allowance.
As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer 
segments, the provision for expected loss allowance based on past due status is not further distinguished between the 
Group’s different customer segments.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at 
amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, money market funds and call deposits. Bank overdrafts that are 
repayable on demand form an integral part of the Group’s cash management and are included as a component of cash and 
cash equivalents for the purpose only of the cash flow statement.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial 
recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any 
impairment losses.
Customer advances
The Group recognises financial assets related to customer advances. The agreements vary but mainly relate to cash 
advances in respect of customer contracts in the Group’s German and Brazilian out of home businesses and to the value of 
stock advanced to certain distribution customers in the Italian out of home business. The value of cash or stock advanced 
is recognised initially at cost. Subsequent to initial measurement, the assets are assessed for impairment for customers 
deemed at risk of recovery. Amounts are amortised to the profit and loss account within net sales over the respective 
contract period and based on the terms of the contract.
Notes continued
(Forming part of the financial statements)

Financial
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Overview
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Annual report and accounts 2022
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49
1 Accounting policies continued
1.8 Derivative financial instruments and hedging
Derivative financial instruments are measured at fair value. This fair value is determined on the basis of market data, available 
from external contributors. In the absence of an external benchmark, a valuation based on internal models recognised by 
market participants and favouring data directly derived from observable data such as Over The Counter quotations will 
be used.
The change in fair value of derivative financial instruments is recorded in the income statement, except when they are 
designated as hedging instruments in a cash flow hedge or net investment hedge. In this case, changes in the value of 
the hedging instruments are recognised directly in equity, excluding the ineffective portion of the hedges. Sources of 
ineffectiveness may include changes in credit risk of counterparties, change in the timing of the occurrence of the cash 
flows being hedged, change in the notional of the hedging instruments or items, i.e. the instruments are larger than the 
hedged items. 
The Group uses derivative financial instruments to manage and reduce its exposure to market risks arising from fluctuations 
in interest rates and foreign currency exchange rates. The use of derivative instruments is governed by Group policy for 
managing interest rate and currency risks. The Group’s derivative instruments include currency forwards and swaps, 
interest rate swaps and cross-currency interest rate swaps.
Hedging instruments: recognition and presentation 
Derivative instruments qualifying as hedging instruments are recognised in the consolidated statement of financial position 
and measured at fair value. However, their accounting treatment varies according to whether they are classified as (i) a 
fair value hedge of an asset or liability; (ii) a cash flow hedge; or (iii) a hedge of a net investment in a foreign operation. The 
fair value of the hedging instruments at 31 December 2022 reflects the cumulative change in the fair value of the hedging 
instruments since inception of the hedges.
1.9 Property, plant and equipment
Property, plant and equipment (“P,P&E”) are stated at cost less accumulated depreciation and accumulated 
impairment losses.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate 
items of property, plant and equipment.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an 
item of property, plant and equipment, less any estimated residual value. Land is not depreciated. The estimated useful lives 
are as follows:
•	 Buildings	
	
	
20 to 50 years
•	 Plant and equipment	
	
3 to 20 years
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.
Assets in the course of construction are stated at cost. Depreciation is not charged until assets are bought into use.
1.10 Business combinations
All business combinations are accounted for by applying the acquisition method. Business combinations are accounted for 
using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The 
Group measures goodwill at the acquisition date as:
•	 the fair value of the consideration transferred; plus 
•	 the recognised amount of any non-controlling interests in the acquiree; plus
•	 the fair value of the existing equity interest in the acquiree; less
•	 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. 
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Costs related to the 
acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any 
contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is 
classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to 
the fair value of the contingent consideration are recognised in profit or loss.
If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s 
employees (acquiree’s awards), then all or a portion of the amount of the acquirer’s replacement award is included in 
measuring the consideration transferred in the business combination. This determination is based on the market-based 
measure of the replacement awards compared with market-based measure of the acquiree’s awards and the extent to 
which the replacement awards to the pre-combination service. 
Determination of fair values on business combinations
Fair values have been determined for measurement and/or disclosure purposes based on the following methods.
Property, plant and equipment
The fair value of property, plant and equipment recognised as a result of a business combination is based on market values. 
The market value of property is the estimated amount for which a property could be exchanged on the date of valuation 
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had 
each acted knowledgeably, prudently and without compulsion. The market value of items of plant and equipment is based 
on the quoted market prices for similar items or depreciated replacement cost where quoted market prices are not available.
Intangible assets
The fair value of intangible assets is calculated using methods which reflect the value that the Group would have paid for 
the assets in an arm’s length transaction. Such methods include where appropriate, discounting estimated future net cash 
flows from the asset and applying multiples to royalty streams that could be obtained by licensing the intangible asset.
Inventories
The fair value of inventories acquired in a business combination is determined based on its estimated selling price in the 
ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the 
effort required to complete and sell the inventory.
Trade and other receivables
The fair value of trade and other receivables is estimated as the present value of the amounts to be received, determined at 
appropriate interest rates less allowance for expected credit losses and impairments. Discounting has not been applied to 
current receivables. 
Financial Instruments
The fair value of interest rate and foreign exchange derivatives is the estimated amount that the Group would receive or pay 
to terminate the derivative at the balance sheet date, taking into account current interest rates and foreign exchange rates 
and the current creditworthiness of the derivative counterparties.
Trade and other payables
The fair value of trade and other payables is estimated as the present value of the amounts to be paid, determined at 
appropriate interest rates. Discounting has not been applied to current payables.
1.11 Intangible assets and goodwill
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not 
amortised but is tested annually for impairment. 
Research and development
Expenditure on research activities is recognised in the income statement as an expense as incurred.
Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and 
the Group intends to and has the technical ability and sufficient resources to complete development, future economic 
benefits are probable, and if the Group can measure reliably the expenditure attributable to the intangible asset during its 
development. Development activities involve a plan or design for the production of new or substantially improved products 
or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of 
overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as 
an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less 
accumulated impairment losses.
Other intangible assets
Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred.
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated 
impairment losses.
Notes continued
(Forming part of the financial statements)

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1 Accounting policies continued
Amortisation 
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible 
assets unless such lives are indefinite. Goodwill is systematically tested for impairment at each balance sheet date. Other 
intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
•	 Customer relationships	 	
	
	
10 – 20 years
•	 Supplier relationships	
	
	
	
10 – 25 years
•	 Brands and trademarks	 	
	
	
15 – 20 years
•	 Computer software and development costs	
 3 – 8 years
1.12 Leases
Froneri is party to lease contracts across the Group, which relate to office buildings, plant equipment, vehicles, warehouses 
and distribution centres to facilitate the storage, processing and transportation of ice cream to its destination.
The Group elected to apply the following exemptions whereby the following leases will be charged to the Consolidated 
Income Statement:
•	 leases with a length of less than twelve months from the date of commencement; and 
•	 low value leases, defined as those where the price of the underlying asset as new is less than €5,000.
For all other lease agreements where a Group Company is the lessee, the Company recognises a right-of-use asset and a 
lease liability. 
Right-of-use assets are measured using the cost model and depreciated in accordance with IAS 16 Property, Plant and 
Equipment on a straight-line basis over the lease term. The lease liability is measured at the present value of the remaining 
lease payments discounted at the incremental borrowing rate. On application, the Group elected to measure the right-of-
use asset at an amount equal to the lease liability adjusted for accruals and prepayments. As a result of this, there was no 
difference between the asset and liability to be recognised in retained earnings.
The incremental borrowing rate is the rate of interest that the Company would need to pay to borrow over a similar term, and 
with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic 
environment. The all-in discount rate used comprises margin and floating rate. Applicable margins have been determined by 
reference to existing margins on third party loans which takes into account the credit worthiness of the entity. Floating rates 
have been sourced directly from Reuters for each applicable currency and relevant maturity which considers existing market 
conditions. At 31 December 2022, the weighted average incremental borrowing rate margin applied to the discount rates for 
new leases across the Group was 5.0% (2021: 3.5%).
The treatment of non-lease components are assessed by class of underlying asset present within the lease. For vehicles, 
plant and equipment the value of the non-lease components are included within the lease payment used to derive the lease 
liability. For buildings (including offices, warehouses and distribution centres), the non-lease components are not included 
in the lease payment.
Where agreements contain extension or termination options which can be implemented by both parties, it is assumed 
that the date at which the agreement can be terminated without penalty is the end of the lease agreement. Leases which 
contain purchase options are reassessed where the likelihood of exercising the purchase option changes. Residual value 
guarantees do not have a significant impact on the Group’s leasing arrangements.
The type of variable payment most prevalent within the Group are those present on vehicles relating to excess mileage, 
index-linked increases to building rental and annual percentage increases to certain buildings. These variable components 
are not considered to represent a significant financial risk to the Group in terms of volatility or quantum. 
Where variable payments detailed in the lease agreement are those which cannot be readily determined at the 
measurement point of the lease, such as payments triggered by driving excess kilometres on a lease car, these amounts 
are charged to the Income Statement as they take place. Leases that contain variable indexed payments will prompt 
a remeasurement of the lease liability at the point at which the information regarding a change in the underlying index 
becomes available to adjust the present value of the lease agreement. 
If a lease has been committed to but not yet commenced, this is included within the capital commitments detailed in note 28 
to the consolidated financial statements.
1.13 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in first-out or weighted average 
principle and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in 
bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost 
includes an appropriate share of overheads based on normal operating capacity.
1.14 Impairment excluding inventories
Financial assets (including receivables)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine if a provision 
needs to be made against the amount due for recovery. Under IFRS 9 a financial asset is impaired if, when considering the 
life of the amount receivable, we do not expect to recover the full amount of the balance. The impairment model reflects 
expected credit losses as opposed to incurred credit losses and is refreshed at each reporting date. 
The Group has applied the simplified approach to recognise the lifetime expected losses for its trade receivables as 
permitted by IFRS 9. This expected lifetime credit losses impairment model applies to the Group’s financial assets which are 
measured at amortised cost, which are primarily trade receivables.
There are no loans to related parties outside the Group to consider for calculating exposure to credit risk. Further 
information on credit risk is included in note 25 of these financial statements.
The expected credit losses on trade receivables are estimated using a provision matrix based on the individual country’s 
historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and 
an assessment of both the current as well as the forecast direction of conditions at the reporting date. This has been 
calculated on a country-by-country basis by local management.
Customer balances are considered for impairment by reference to the sales performance of the customer compared to the 
contracted targets as well as credit risk factors known about the customer and their expected performance.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash 
flows of that financial asset have occurred. Evidence that a financial asset is credit impaired includes observable data about 
the following events:
•	 significant financial difficulty of the customer;
•	 breach of contract or non-payment and past due balances; and
•	 bankruptcy of the customer or other financial reorganisation.
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial 
difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement 
activities under the Group’s recovery procedures, taking into account legal advice where appropriate and local regulatory 
requirements for writing off balances. Any recoveries made are recognised in the income statement.
Non-financial assets 
The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed 
at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the 
asset’s recoverable amount is estimated. For goodwill, and intangible assets that have indefinite useful lives or that are not 
yet available for use, the recoverable amount is estimated each year at the same time.
The recoverable amount of an asset or cash-generating unit (“CGU”) is the greater of its value in use and its fair value less 
costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax 
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For 
the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group 
of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets 
or groups of assets (the CGU). The goodwill acquired in a business combination, for the purpose of impairment testing, is 
allocated to CGUs. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to 
which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level 
at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to 
groups of CGUs that are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. 
Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated 
first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the 
other assets in the unit (group of units) on a pro rata basis.
Notes continued
(Forming part of the financial statements)

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1 Accounting policies continued
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in 
prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An 
impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An 
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that 
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
1.15 Employee benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a 
separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to 
defined contribution pension plans are recognised as an expense in the income statement in the periods during which 
services are rendered by employees.
Defined benefit plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation 
in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan 
by estimating the amount of future benefit that employees have earned in return for their service in the current and prior 
periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) are 
deducted. The Group determines the net interest on the net defined benefit liability/asset for the period by applying the 
discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined 
benefit liability/asset.
The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA that have maturity dates 
approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are 
expected to be paid.
Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets 
(excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognises them immediately 
in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in the 
income statement.
The calculation of the defined benefit obligations is performed by a qualified actuary using the projected unit credit method. 
When the calculation results in a benefit to the Group, the recognised asset is limited to the present value of benefits 
available in the form of any future refunds from the plan or reductions in future contributions, and takes into account the 
adverse effect of any minimum funding requirements.
The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain 
or loss on a settlement is the difference between the present value of the defined benefit obligation being settled as 
determined on the date of settlement and the cost of settling the obligation, including any plan assets transferred and any 
payments made directly by the Group in connection with the settlement.
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service 
is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans 
if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the 
employee and the obligation can be estimated reliably.
Share-based payment transactions
Share-based payment arrangements in which the Group receives goods or services as consideration for its own equity 
instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity 
instruments are obtained by the Group.
The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense, with 
a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The 
fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions 
upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of 
awards for which the related service and non-market vesting conditions are expected to be met, such that the amount 
ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market 
performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant 
date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences 
between expected and actual outcomes.
1.16 Provisions
A provision is recognised in the consolidated statement of position when the Group has a present legal or constructive 
obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits 
will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-
tax rate that reflects risks specific to the liability. 
1.17 Revenue
Revenue is recognised from the transfer of goods at a point in time when control of the goods transfers to the customer in 
accordance with IFRS 15: Revenue from Contracts with Customers. This is considered to occur when the buyer can direct 
the use of the goods, recovery of the consideration is probable, the associated costs and possible return of goods can be 
estimated reliably, and there is no continuing management involvement with the goods. For revenue included within the 
financial statements this is the point at which the customer assumes responsibility for the goods.
Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and 
allowances, trade discounts and volume rebates where these are not considered to be linked to a separate performance 
obligation. Where a contract contains a promotional period linked to the sale of goods over time, this is treated as a separate 
performance obligation due to the different recognition periods.
In assessing if amounts represent a separate performance obligation, the following factors have been considered: 
•	 if the customer could separately benefit from any promotion offered to them by Froneri relating to a sale.
•	 if the additional goods and/or service is separately identified in the sales contract.
•	 where incentives or penalties for the attainment of performance targets by customers are in place, these are considered 
to represent variable consideration. Such amounts are recognised at local management’s best estimate of the value to 
be received based on the probability of the targets being met. This is reassessed at each reporting period.
•	 discounts, credit notes, rebates, cash and price reductions are deducted from revenue as they do not represent distinct 
performance obligations. Where these are based on sales targets, revenue is recognised based on the likelihood of these 
targets being met, and where attainment is probable revenue is accrued for. This is reassessed each reporting period. 
1.18 Expenses
Variable lease payments
Payments made under lease arrangements which were not capitalised as part of recognition of the lease in accordance with 
IFRS 16 are recognised in the income statement in the period to which they relate within administrative expenses. Further 
detail on these payments is included in note 1.12 Leases.
Lease payments
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The 
finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the 
remaining balance of the liability.
Financing income and expenses
Financing expenses comprise interest payable, finance charges on shares classified as liabilities and finance leases 
recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign 
exchange losses that are recognised in the income statement (see foreign currency accounting policy). Borrowing costs 
that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be 
prepared for use, are capitalised as part of the cost of that asset. Financing income comprise interest receivable on funds 
invested, dividend income and net foreign exchange gains.
Interest income and interest payable is recognised in the income statement as it accrues, using the effective interest 
method. 
Dividend income is recognised in the income statement on the date the entity’s right to receive payments is established. 
1.19 Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except 
to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or 
substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial 
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: 
the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable 
profit other than in a business combination and differences relating to investments in subsidiaries to the extent that they 
will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of 
realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at 
the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against 
which the temporary difference can be utilised. 
Notes continued
(Forming part of the financial statements)

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1 Accounting policies continued
1.20 Non-current assets held for sale and discontinued operations
A non-current asset or a group of assets containing a non-current asset (a disposal group) is classified as held for sale if its 
carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate 
sale, and sale is highly probable within one year.
On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous 
carrying amount and fair value less costs to sell with any adjustments taken to the income statement. The same applies to 
gains and losses on subsequent remeasurement, although gains are not recognised in excess of any cumulative impairment 
loss. Any impairment loss on a disposal group is first allocated to goodwill, and then to remaining assets and liabilities on a 
pro rata basis; except that no loss is allocated to inventories, financial assets, deferred tax assets and employee benefit 
assets, which continue to be measured in accordance with the Group’s accounting policies. Intangible assets and property, 
plant and equipment once classified as held for sale or distribution are not amortised or depreciated.
A discontinued operation is a component of the Group’s business that represents a separate major line of business or 
geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a 
view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to 
be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative income 
statement is restated as if the operation has been discontinued from the start of the comparative period.
1.21 Adoption of new and revised accounting standards
The following standards issued by the International Accounting Standards Board and adopted by the EU have been adopted 
by the Group. There is no material impact on the Group in the current year:
•	 Property, Plant and Equipment: Proceeds before intended use – Amendments to IAS 16 
•	 Reference to the Conceptual Framework – Amendments to IFRS 3
•	 Onerous Contracts – Cost of Fulfilling a Contract – Amendments to IAS 37
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to 
significantly affect the current or future periods.
1.22 New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published and are 
not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, 
amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting 
periods and on foreseeable future transactions.
1.23 Non-GAAP measures
Exceptional items
The Group presents as exceptional items on the face of the income statement those material items of income or expense 
which, because of the nature and expected infrequency of the events giving rise to them, merit separate presentation. 
Typically, these would include M&A-related transaction costs, integration, transformation and restructuring costs and any 
material items that are one-off in nature. This allows users of the financial statements to better understand the elements 
of financial performance in the year, so as to better assess trends in financial performance. Where an income statement 
exceptional item would also give rise to a corresponding cash flow, it can be assumed that such cash flows have materially 
occurred in the same year as the income statement item, unless otherwise explained in the notes to the accounts. 
EBITDAE
The Group uses EBITDAE as a measure to monitor the performance of the Group. EBITDAE is a profitability measure, used by 
management as an alternative to the IFRS Operating Profit measure. The Group defines EBITDAE as operating result prior 
to net interest charges (or income), tax, depreciation and amortisation, and before exceptional items. The use of EBITDAE 
allows users to better understand the elements of financial performance and to better assess trends between periods.
1.24 Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect 
the reported values of assets, liabilities, revenues and expenses. The estimates and associated assumptions are based 
on historical experience and other judgements reasonable under the circumstances; the results of which form the basis 
of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 
Actual results may differ from those estimates. Significant areas of estimate for the Group are:
•	 Discount factors and future cash flow projections are critical estimates used in impairment models to assess the carrying 
value of the Group’s cash-generating units, including goodwill. The assumptions and sensitivities considered are set out 
in note 9 to the consolidated financial statements. 
•	 Discount rates, future salary increases and mortality rates are critical in valuation of defined benefit pension assets and 
liabilities, and similar post-retirement medical and other benefits. The actuarial assumptions and sensitivity analysis 
applied are set out in note 22 to the consolidated financial statements.
•	 Measurement of fair value of assets and liabilities acquired as part of business combinations. On the acquisition of 
businesses, significant judgements are required in respect of the fair value of intangible assets, such as customer 
relationships, the fair value of property, plant and equipment and other assets. In particular, significant judgements were 
made in respect of the valuation and useful economic lives attributed to customer relationships. These were valued using 
the excess earnings method (“MEEM”), including assumptions in respect of future cash flow projections and attrition 
rates of customers.
•	 The Group is required to estimate the corporation tax payable in each of the tax jurisdictions in which it operates. The 
recognition of tax benefits and assessment of provisions against tax benefits requires management to make estimates 
and judgements, based on tax rules which can be complex and subject to interpretation. Further details on uncertain tax 
positions are discussed in note 8 to the consolidated financial statements.
Notes continued
(Forming part of the financial statements)

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2 Revenue
All of the Group’s revenues for the year relate to the Group’s primary activity: the production, distribution and sale of ice 
cream, frozen food and chilled dairy products and occur at a point in time. The Group manages its businesses based on 
geographic segments as reported to the management board. 
2022 
€m
2021
€m
Revenue from continuing operations:
Europe
2,203.7
1,862.8
US
2,022.1
1,641.5
Rest of the world
848.0
735.4
5,073.8
4,239.7
EBITDAE from continuing operations:
Europe
436.7
378.3
US
242.0
209.2
Rest of the world
150.9
130.5
829.6
718.0
Refer to note 3 for a reconciliation of the loss for the year to EBITDAE.
3 Reconciliation of net result to EBITDAE (Non-GAAP measure)
The Group defines EBITDAE as operating result prior to net interest charges (or income), tax, depreciation and amortisation, 
and which excludes the effect of significant items of income and expenditure which might have an impact on the quality of 
earnings, such as restructuring costs, legal expenses and impairments (exceptional items). There are no adjustments for 
the full year effect of acquisitions, mergers or other similar corporate transactions.
The Group’s net result after taxation from continuing operations for the year reconciles to EBITDAE as follows:
2022 
€m
2021
€m
Loss for the year from continuing operations
(45.5)
(230.0)
Taxation expense
11.0
71.4
Loss before taxation from continuing operations
(34.5)
(158.6)
Net financing expense 
448.4
391.6
Exceptional items (excluding exceptional impairments)
48.3
75.4
Operating profit before exceptional items from continuing operations
462.2
308.4
Depreciation – of owned assets
141.1
137.1
Depreciation – of leased assets(1)
60.6
36.5
Other adjusting item – within distribution expense(1)
(9.9)
–
Impairment (reversal)/charge – property, plant and equipment and right-of-use assets
(1.9)
34.9
Amortisation – of acquired intangible assets
143.4
133.9
Amortisation – of other intangible assets (software)
14.5
13.2
Impairment of intangible assets
17.0
37.2
Loss on disposal of fixed assets and assets held for sale
2.6
16.8
EBITDAE from continuing operations
829.6
718.0
Total EBITDAE for the year
829.6
718.0
(1) Included within operating profit for the year ended 31 December 2022 is an adjusting net €0.6m gain in relation to right-of-use assets, of which €9.9 million is a 
credit to distribution costs and €9.3 million is a charge to depreciation expense.
Notes continued
(Forming part of the financial statements)
4 Exceptional items (Non-GAAP measure)
The table below shows an analysis of the items separately disclosed on the face of the consolidated income statement. The 
Group considers exceptional items by reference to their nature, size or incidence, for separate disclosure and reporting of 
the underlying operating results of the Group. Exceptional items for the year are as follows:
2022
Within 
Cost of sales 
€m
Within
Distribution 
expenses
€m
Within 
Administrative 
expenses
€m
Total
€m
Integration and restructuring costs 
21.9
8.1
14.7
44.7
Regulatory recall
0.4
0.1
1.5 
2.0
Other exceptional items
0.2
0.1
1.3
1.6
Sub-total excluding impairments
22.5
8.3
17.5
48.3
Tangible and intangible impairments
–
–
15.1
15.1
22.5
8.3
32.6
63.4
2021
Within 
Cost of sales 
€m
Within
Distribution 
expenses
€m
Within 
Administrative 
expenses
€m
Total
€m
M&A-related transaction costs
–
–
1.6
1.6
Integration and restructuring costs 
3.2
6.1
3.5
12.8
Regulatory recall
39.6
1.6
9.9
51.1
Other exceptional items
(0.8)
2.1
8.6
9.9
Sub-total excluding impairments
42.0
9.8
23.6
75.4
Tangible and intangible impairments
–
–
72.1
72.1
42.0
9.8
95.7
147.5
M&A-related transaction costs
In 2022, the Group recognised costs of €nil (2021: €1.6 million) in respect of transaction costs for merger and acquisition 
activity. 
Integration and restructuring costs
The Group has continued to implement a number of restructuring and integration projects across its countries. Total costs 
of €44.7 million have been incurred in the year, €32.0 million of which was in the US relating to the operations transformation 
plan and various TSA duplicated costs, and €12.1 million in Germany. The US transformation plan will continue into 2023, the 
duplicated costs will end when the final wind down elements of the TSA finish, and the Germany route-to-market project 
will complete in Q1 2023. In the prior year, €12.8 million was incurred; €10.0 million of which was in Germany. The costs include 
redundancy costs, incremental outsourcing costs and dual running costs.
Regulatory recall
During 2021, one of our suppliers informed us that a number of stabiliser batches provided to Froneri contained levels 
of Ethylene Oxide (“EO”) in excess of the Maximum Residue Limit permitted under European Regulations, resulting in a 
significant product recall for the Group. In 2022, €2.0 million (2021: €51.1 million) of costs in relation to the recall are included 
as exceptional items. See also note 29.
Other exceptional items
In 2022, other exceptional items include €1.6 million associated with an Australian legal claim; €9.8 million was recognised 
in 2021. 
Tangible and Intangible impairments
During 2022, impairments of €17.0 million were recognised in Germany and an impairment reversal of €1.8 million was made in 
the US. During 2021, impairments of €72.1 million were recognised, most notably in Philippines (€36.8 million), Germany (€15.0 
million) and Brazil (€10.0 million). See notes 9, 10 and 11 for further information.

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5 Operating profit after exceptional items 
Included in operating profit for the year are the following:
2022 
€m
2021
€m
Depreciation of property, plant and equipment:
–	 Owned assets
141.1
137.1
–	 Right-of-use assets
60.6
36.5
Impairment of property, plant and equipment and right-of-use assets
(1.9)
34.9
Amortisation of intangible assets
157.9
147.1
Impairment of intangible assets
17.0
37.2
Lease payments*
1.2
1.3
Research and development expensed as incurred
17.7
16.5
Net foreign exchange loss
28.4
1.7
Loss on disposal of fixed assets
2.6
16.8
Exceptional items – excluding impairments (as further described in note 4) 
48.3
75.4
* 	
Lease payments relate to those items not included in the calculation of the lease liability in accordance with IFRS 16. This includes short-term leases of 
€1.2 million (2021: €0.8 million), low-value leases and variable payments in relation to lease arrangements recognised in the consolidated statement of 
financial position of €0.7 million (2021: €0.5 million).
Auditors’ remuneration
2022
€m
2021 
€m
Audit services 
Audit of the Parent Company and these financial statements
1.5
0.6
Audit of the Company’s subsidiaries
2.2
2.3
Other services to the Company and its subsidiaries
Taxation advisory services 
0.1
0.3
All other services
0.1
0.2
6 Staff numbers and costs
The monthly average number of persons employed by the Group (including the Board of Managers) during the year, analysed 
by category, was as follows:
Average 
number of 
employees
2022
Average 
number of 
employees
2021
Production
7,959
7,758
Sales, marketing and distribution
3,965
4,013
Administrative and other roles
1,467
1,445
13,391
13,216
The aggregate payroll costs of these persons were as follows:
2022
€m
2021
€m
Wages and salaries
598.8
546.6
Social security costs
76.8
73.4
Other pension costs
31.2
27.6
Exceptional pension credit (note 22)
–
(3.7)
706.8
643.9
Notes continued
(Forming part of the financial statements)
The geographical location of employees at 31 December 2022 and 31 December 2021 is as follows:
Number of 
employees
 31 December 
2022
Number of 
employees
 31 December 
2021
US
3,262
2,747
Germany
1,567
1,707
Egypt
1,153
1,176
UK
882
836
Spain
710
639
Poland
630
649
France
618
653
Australia
444
432
Brazil
408
387
Italy
365
385
Russia
365
364
Switzerland
356
359
Israel
349
330
Adriatics
328
333
South Africa
304
357
New Zealand
261
293
Finland
166
176
Argentina
157
181
Philippines
141
163
Puerto Rico
79
74
Greece
70
73
Bulgaria
66
66
Austria
43
67
Romania
22
20
12,746
12,467
The emoluments granted to the members of management bodies in this capacity are as follows:
2022
€m
2021
€m
Emoluments – management bodies
0.5
0.4
The entity does not have a supervisory body. No advances and loans were granted to any member of the management body.

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Income tax recognised in other comprehensive income is as follows:
2022 
€m
2021 
€m
Deferred tax changes on remeasurements of defined benefit pension liability
(3.3)
(1.3)
Deferred tax on foreign exchange differences arising on retranslation of net investment in 
overseas subsidiaries
(2.9)
(2.6)
Deferred tax on remeasurements of credit and liquidity risk on hedging arrangement
(0.1)
(0.7)
Income tax recognised in other comprehensive income
(6.3)
(4.6)
Reconciliation of effective tax rate:
2022 
€m
2021
€m
Loss before taxation on continuing operations
34.5
158.6
Tax using the Group corporation tax rate of 24.94% (2021: 24.94%) 
8.6
39.6
Effect of tax rates in foreign jurisdictions
10.6
(5.6)
Impact of change of tax rate on deferred tax
(2.1)
(10.8)
Non-deductible expenses and non-chargeable income
(44.5)
(77.2)
Current period losses for which no deferred tax asset was recognised
(1.3)
(13.3)
Under/(over) recovery in prior periods – current tax
10.4
2.6
                                                              	
 – deferred tax
7.3
(6.7)
Total tax expense
(11.0)
(71.4)
Current tax charge
The total current tax expense of €73.1 million (2021: €91.5 million) mainly relates to corporation tax payable by 
overseas entities.
Deferred tax income
The total deferred tax income of €62.1 million (2021: €20.1 million) mainly relates to the utilisation of deferred tax liabilities 
on the amortisation of intangible and tangible assets, which have been recognised as a result of purchase price allocation 
exercises, offset by the utilisation of deferred tax losses against taxable profits arising in the year. Additionally, the fixed 
asset impairments in the year to 31 December 2022 of €15.1 million (2021: €72.1 million) have a deferred tax impact.
Uncertain tax positions
The Group is required to estimate the corporation tax payable in each of the tax jurisdictions in which it operates. The 
recognition of tax benefits and assessment of provisions against tax benefits requires management to make estimates and 
judgements, based on tax rules which can be complex and subject to interpretation. Actual tax liabilities may differ from 
the provisions, as a result of tax audits, dialogue with tax authorities or changes in tax legislation. The Group currently has 
provisions of €25.7 million (2021: €21.8 million) in relation to UTPs. Tax policies and procedures were introduced to further 
strengthen tax compliance across the Group’s businesses. The Group takes steps to reduce risk on tax matters, including 
active engagement with tax authorities, and by working with professional tax advisors. Where areas of tax uncertainty exist 
in relation to transfer pricing, the OECD’s work on the BEPS project has been closely reviewed to ensure transfer pricing risks 
are minimised. The Group will continue to examine all areas of taxation policy to ensure that all areas of tax uncertainty are 
identified and suitably managed.
In 2022, the majority of UTPs relate to areas of transfer pricing. This is in line with the 2021 position and reflects the 
subjective nature of transfer pricing, and the differing position taken by different tax authorities globally. While the OECD’s 
BEPS projects have provided a level of guidance to companies and tax authorities, a level of UTPs are expected to be 
required in the medium term, until greater alignment occurs between tax authorities on the interpretation of this guidance.
7 Financial income and expenses
Finance income and expenses recognised in the consolidated income statement are as follows:
2022 
€m
2021 
€m
Financial income
Net monetary gain in hyperinflationary economies*
10.8
7.7
Net gain on financial instruments designated as fair value through profit or loss
12.6
–
Foreign exchange gain
2.0
42.6
Other interest income
15.6
4.6
Interest income on bank deposits
0.5
0.9
Total financial income
41.5
55.8
Financial expenses
Interest expense on shareholder loan notes
188.3
169.8
Interest expense on term loans
157.6
127.6
Foreign exchange loss
30.4
44.3
Interest expense on overdrafts and other short-term borrowings
10.1
7.2
Write-off of unamortised transaction costs related to term loans 
–
6.9
Accrued dividend returns on Preference shares
11.6
10.5
Interest expense on lease liabilities
9.1
6.0
Interest expense on shareholder loans
61.5
50.2
Other interest expenses
7.0
8.4
Amortisation of financing costs
11.5
11.8
Loss on derivative financial instruments
2.8
4.7
Total financial expenses
489.9
447.4
Net financing expense
448.4
391.6
* 	
The net monetary gain of € 10.8 million (2021: €7.7 million) is as a result of applying IAS 29 – financial reporting in hyperinflationary economies in Argentina (see 
note 27).
8 Taxation 
Taxation income and expenses recognised in the consolidated income statement are as follows:
2022 
€m
2021
€m
Current tax expense
Current tax on loss for the year
(83.5)
(94.1)
Adjustments for prior years
10.4
2.6
Current tax expense
(73.1)
(91.5)
Deferred tax income
Origination and reversal of temporary differences
54.8
26.8
Adjustment for prior years
7.3
(6.7)
Deferred tax income
62.1
20.1
Total tax expense
(11.0)
(71.4)
Income tax expense is attributable to:
Loss from continuing operations
(11.0)
(71.4)
Notes continued
(Forming part of the financial statements)

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In relation, to the intangible assets acquired as part of the Dreyer’s transaction in 2020, the following weighted average 
useful economic lives remain at 31 December:
2022
Years 
2021
Years 
Customer & supplier relationships
16.7
18.1
Goodwill is not amortised but systematically tested for impairment at each balance sheet date. Finite life intangible assets 
are tested when there is an indication of impairment. The annual impairment tests are performed at the cash-generating 
unit (“CGU”), or groups of CGU level. The Group defines its CGUs for goodwill impairment testing based on the way it monitors 
and derives economic benefits from the acquired goodwill. The impairment tests are performed by comparing the carrying 
value of the assets of these CGUs with their recoverable amount, based on their value in use, which corresponds to their 
future projected cash flows discounted at an appropriate pre-tax rate of return. The cash flows correspond to estimates 
made by Group management in financial plans and business strategies covering a period of three years. They are then 
projected to perpetuity using a multiple which corresponds to a steady growth rate. The Group assesses the uncertainty 
of these estimates by making sensitivity analyses. The discount rate reflects the current assessment of the time value of 
money and the risks specific to the CGU (essentially country risk). The business risk is included in the determination of the 
cash flows. Both the cash flows and the discount rates include inflation.
The following eight CGUs have been considered as significant with regards to the total goodwill for which detailed results 
are presented hereafter: US, United Kingdom, Australia, Germany, France, New Zealand, Switzerland and Spain.
Goodwill
2022
€m
Goodwill
2021
€m
US
1,850.0
1,741.6
UK
362.7
381.9
Australia
277.1
278.2
Germany
234.3
234.3
France
223.8
223.8
New Zealand
91.6
92.9
Switzerland
77.7
74.1
Spain
75.2
75.2
Subtotal
3,192.4
3,102.0
as % of total carrying amount
93.2%
92.9%
Other CGUs
232.9
238.3
Total
3,425.3
3,340.3
For each CGU, the recoverable amount is higher than its carrying value. The recoverable amount has been determined based 
upon a value-in-use calculation. Cash flows have been projected over the next five years and have then been extrapolated 
using a steady terminal growth rate and discounted at a weighted average rate.
9 Intangible assets
Goodwill
€m
Customer 
& supplier 
relationships
€m
Brands and 
trademarks 
€m
Software
€m
Total
€m
Cost
Balance at 1 January 2021
3,220.2
2,126.5
149.3
89.5
5,585.5
Other additions
–
0.3
–
12.0
12.3
Impact of hyperinflation
1.6
1.2
–
0.2
3.0
Effect of movements in foreign exchange
158.0
133.1
3.0
0.2
294.3
Disposals
–
–
–
(0.2)
(0.2)
Balance at 31 December 2021
3,379.8
2,261.1
152.3
101.7
5,894.9
Balance at 1 January 2022
3,379.8
2,261.1
152.3
101.7
5,894.9
Other additions
–
0.5
–
15.5
16.0
Impact of hyperinflation
2.7
2.0
–
0.3
5.0
Effect of movements in foreign exchange
85.0
75.4
(1.9)
(0.3)
158.2
Disposals
–
–
–
–
–
Balance at 31 December 2022
3,467.5
2,339.0
150.4
117.2
6,074.1
Accumulated amortisation and impairment 
Balance at 1 January 2021
23.0
264.5
24.2
30.0
341.7
Amortisation for the year
–
125.1
8.8
13.2
147.1
Impact of hyperinflation 
1.6
1.2
–
0.2
3.0
Effect of movements in foreign exchange
(0.4)
15.0
0.3
0.4
15.3
Impairment charge
15.3
21.9
–
–
37.2
Disposals
–
–
–
(0.2)
(0.2)
Balance at 31 December 2021 
39.5
427.7
33.3
43.6
544.1
Balance at 1 January 2022
39.5
427.7
33.3
43.6
544.1
Amortisation for the year
–
134.5
8.9
14.5
157.9
Impact of hyperinflation 
2.7
2.0
–
0.3
5.0
Effect of movements in foreign exchange
–
(1.4)
(0.6)
(0.3)
(2.3)
Impairment charge
–
17.0
–
–
17.0
Balance at 31 December 2022
42.2
579.8
41.6
58.1
721.7
Net book value
At 1 January 2021 
3,197.2
1,862.0
125.1
59.5
5,243.8
At 31 December 2021 and 1 January 2022
3,340.3
1,833.4
119.0
58.1
5,350.8
At 31 December 2022
3,425.3
1,759.2
108.8
59.1
5,352.4
Amortisation and impairment charge
The amortisation and impairment charge is recognised in administrative expenses.
Excluding the intangible assets acquired as part of the Dreyer’s transaction in 2020, the remaining weighted average useful 
economic lives of the intangible assets at 31 December were:
2022
Years
2021
Years
Customer relationships
9.0
9.4
Brands and trademarks
12.6
15.9
Software
3.0
2.7
Notes continued
(Forming part of the financial statements)

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The recoverable amount would equal the carrying value if the annual sales growth rate assumptions were reduced or the 
pre-tax discount rates applied were increased throughout the forecasting period as per the below:
Reduction to annual 
sales growth 
Increase to pre-tax 
discount rate 
US
2.6% 
3.2%
UK
2.7% 
3.5%
Australia
4.4% 
7.8%
Germany
4.0% 
8.7%
France
6.4% 
9.3%
New Zealand
1.8% 
2.3%
Switzerland
11.3% 
20.4%
Spain
7.8% 
12.8%
Other
5.2% to 21.0% 
8.4% to 71% 
10 Property, plant and equipment 
Land and
 buildings
€m
Plant and
 equipment
€m
Under 
construction
€m
Total
€m
Cost
Balance at 1 January 2021
551.0
932.5
109.8
1,593.3
Other additions
1.3
42.3
203.6
247.2
Movement in assets under construction
6.8
86.4
(93.2)
–
Impact of hyperinflation
4.4
5.2
–
9.6
Transfer to assets held for sale
(2.0)
–
–
(2.0)
Disposals
(1.7)
(31.5)
(0.8)
(34.0)
Effect of movements in foreign exchange
19.6
34.8
8.9
63.3
Balance at 31 December 2021
579.4
1,069.7
228.3
1,877.4
Balance at 1 January 2022
579.4
1,069.7
228.3
1,877.4
Other additions
4.2
75.9
286.2
366.3
Movement in assets under construction
15.9
107.8
(123.7)
–
Impact of hyperinflation
7.5
9.2
–
16.7
Transfer to assets held for sale
(1.5)
(1.1)
–
(2.6)
Reclassifications 
2.1
(2.1)
–
–
Disposals
(4.0)
(35.5)
(0.1)
(39.6)
Effect of movements in foreign exchange
6.0
(8.5)
7.1
4.6
Balance at 31 December 2022
609.6
1,215.4
397.8
2,222.8
9 Intangible assets continued
The following table summarises the key assumptions for each significant CGU:
Period of 
cash flow 
projections
Annual sales
 growth
Annual 
margin
Long term 
growth rate
Pre-tax 
discount rate
US
5 years
2.0% to 11.1% 
Improvement
2.0%
7.5%
UK
5 years
2.0% to 10.9% 
Stable
2.0%
8.3%
Australia
5 years
2.5% to 8.1% 
Improvement 
2.5%
7.6%
Germany
5 years
2.0% to 12.9% 
Improvement 
2.0%
7.2%
France
5 years
1.6% to 6.1% 
Improvement 
1.6%
7.7%
New Zealand
5 years
2.1% to 8.1% 
Improvement 
2.1%
7.7%
Switzerland
5 years
1.0% to 4.9% 
Improvement 
1.0%
6.9%
Spain
5 years
1.7% to 7.9% 
Improvement 
1.7%
8.9%
Other
5 years
1.8% to 81.0% 
Various
1.8% to 7.0% 7.3% to 70.1% 
In the prior year, the following key assumptions were used:
Period of 
cash flow 
projections
Annual sales 
growth
Annual 
margin
Long term 
growth rate
Pre-tax 
discount rate
US
5 years
2.3% to 17.3% 
Improvement
2.3%
5.1%
UK
5 years
2.0% to 2.4%
Stable
2.0%
5.3%
Australia
5 years
2.4% to 7.9%
Stable
2.4%
5.3%
Germany
5 years
2.0% to 12.9%
Improvement
2.0%
4.7%
France
5 years
1.3% to 17.6%
Stable
1.3%
4.9%
New Zealand
5 years
2.0% to 8.7%
Improvement
2.0%
5.5%
Switzerland
5 years
1.0% to 15.0%
Improvement
1.0%
4.5%
Spain
5 years
1.7% to 23.8%
Improvement
1.7%
5.5%
Other
5 years
1.4% to 25.7%
Various
1.4% to 7.2% 4.7% to 25.6%
The next largest country in the “other” category above is the Italy CGU which had a carrying value of goodwill of €62.2 million 
at 31 December 2022 (2021: €62.2 million).
The pre-tax discount rates have been computed based on external sources of information.
The cash flows for the first three years were based upon financial plans approved by management which are consistent with 
the Group’s approved strategy for this period. They are based on past performance and current initiatives. The years 4 to 5 
and terminal growth rates have been determined to reflect the long-term view of the nominal evolution of the business with 
consideration given to economic forecasts of each respective country.
No goodwill impairment charges have been recognised in the year (2021: €15.3 million in relation to the Philippines CGU). 
Furthermore, in the year €17.0 million (2021: €21.9 million) impairments of customer relationship intangibles have been 
recognised in Germany (2021: Philippines €6.9 million and Germany €15.0 million). For all other CGUs, management believes 
that no reasonably possible change in any of the above key assumptions would cause the CGUs’ recoverable amount to fall 
below the carrying value of the CGUs.
Notes continued
(Forming part of the financial statements)

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11 Right-of-use assets
Land and
 buildings
€m
Plant and
 equipment
€m
Motor 
Vehicles
€m
Total
€m
Cost
Balance at 1 January 2021 
110.5
16.1
44.4
171.0
Other additions 
6.1
2.8
7.0
15.9
Reclassifications
(0.2)
(0.2)
0.4
–
Lease liability adjustments
6.2
(0.1)
1.1
7.2
Disposals
(6.9)
(4.3)
(6.6)
(17.8)
Effect of movements in foreign exchange
3.8
0.1
0.7
4.6
Balance at 31 December 2021
119.5
14.4
47.0
180.9
Balance at 1 January 2022 
119.5
14.4
47.0
180.9
Other additions
68.2
6.3
5.7
80.2
Lease liability adjustments
6.1
0.3
1.6
8.0
Disposals
(8.1)
(3.7)
(9.7)
(21.5)
Effect of movements in foreign exchange
(0.5)
(0.3)
(0.3)
(1.1)
Balance at 31 December 2022
185.2
17.0
44.3
246.5
Accumulated depreciation and impairment 
Balance at 1 January 2021
39.5
7.5
19.7
66.7
Depreciation charge for the year
19.9
4.2
12.4
36.5
Impairment charge
4.5
0.4
0.2
5.1
Disposals
(6.9)
(3.9)
(6.4)
(17.2)
Reclassifications
–
(0.4)
0.4
–
Effect of movements in foreign exchange
1.5
0.1
0.3
1.9
Balance at 31 December 2021 
58.5
7.9
26.6
93.0
Balance at 1 January 2022
58.5
7.9
26.6
93.0
Depreciation charge for the year
45.7
3.8
11.1
60.6
Disposals
(7.7)
(3.7)
(9.6)
(21.0)
Effect of movements in foreign exchange
0.6
–
(0.2)
0.4
Balance at 31 December 2022
97.1
8.0
27.9
133.0
Net book value
At 1 January 2021 
71.0
8.6
24.7
104.3
At 31 December 2021 & 1 January 2022 
61.0
6.5
20.4
87.9
At 31 December 2022
88.1
9.0
16.4
113.5
Impairments
During the year ended 31 December 2022, no impairments were recognised (2021: €4.7 million in Brazil and €0.4 million in the 
Philippines). The impairments arose when comparing the carrying value of the assets with their recoverable amount, based 
on their value in use, which corresponds to their future projected cash flows over the remaining useful economic life of the 
assets, discounted at an appropriate pre-tax rate of return.
10 Property, plant and equipment continued
Land and
 buildings
€m
Plant and
 equipment
€m
Under 
construction
€m
Total
€m
Accumulated depreciation and impairment 
Balance at 1 January 2021
89.8
335.5
1.6
426.9
Depreciation charge for the year
25.1
112.0
–
137.1
Impact of hyperinflation
4.4
5.2
–
9.6
Impairments
8.9
20.3
0.6
29.8
Disposals
(0.4)
(14.5)
–
(14.9)
Transfer to assets held for sale
(0.3)
–
–
(0.3)
Reclassification
(0.2)
0.2
–
–
Effect of movements in foreign exchange
1.2
10.4
–
11.6
Balance at 31 December 2021
128.5
469.1
2.2
599.8
Balance at 1 January 2022
128.5
469.1
2.2
599.8
Depreciation charge for the year
24.5
116.6
–
141.1
Impact of hyperinflation
7.5
9.2
–
16.7
Impairments
–
(1.9)
–
(1.9)
Disposals
(1.2)
(25.0)
–
(26.2)
Reclassification
2.1
(0.9)
(1.2)
–
Effect of movements in foreign exchange
(4.2)
(9.7)
0.2
(13.7)
Balance at 31 December 2022
157.2
557.4
1.2
715.8
Net book value
At 1 January 2021
461.2
597.0
108.2
1,166.4
At 31 December 2021 and 1 January 2022
450.9
600.6
226.1
1,277.6
At 31 December 2022
452.4
658.0
396.6
1,507.0
Impairments
During the year, property, plant and equipment impairment reversals totalling €1.9 million were recognised, most notably in 
the US (€1.8 million).
During 2021, property, plant and equipment impairments totalling €29.8 million were recognised, most notably in Philippines 
(€14.7 million), the US (€7.5 million) and Brazil (€5.3 million). The impairments arose when performing detailed analysis 
comparing the carrying value of the assets with their recoverable amount, based on their value in use, which corresponds to 
their future projected cash flows over the remaining useful economic life of the assets, discounted at an appropriate pre-tax 
rate of return.
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
68
69
12 Investments in subsidiaries
The Group and Company have investments in subsidiaries as set out in the table below. The table is arranged by continent, 
then alphabetically by country and entity. The functional currency of each subsidiary is shown. 
Subsidiaries
Registered address
Activity
Currency
Country of 
incorporation
Ownership 
interest
Europe:
Froneri Austria GmbH
Europaplatz 4  
4020 Linz
T
EUR
Austria
100%
Froneri Bulgaria EOOD
261 Lomsko shose Blvd.  
District Vrabnitsa 1220 Sofia
T
BGN
Bulgaria
100%
Froneri Finland Oy
PL 35, 02151 ESPOO  
Finland
T
EUR
Finland
100%
Froneri Development Center 
Glaces SAS
Zone Industrielle No2  
Rue Charles TELLIER  
F – 60000 BEAUVAIS
R
EUR
France
100%
Froneri Beauvais SAS 
Zone Industrielle No2  
Rue Charles TELLIER  
F – 60000 BEAUVAIS
T
EUR
France
100%
Froneri Dange SAS 
La Taille du Moulin à Vent –  
86220 DANGE SAINT  
ROMAIN
T
EUR
France
100%
Froneri Holdings France SAS 
Le Labour – B.P. 13, 33870  
Vayres
H
EUR
France
100%
Froneri Vayres SAS 
Le Labour – B.P. 13, 33870  
Vayres
T
EUR
France
100%
Froneri France SAS
Le Labour – B.P. 13, 33870 
Vayres
T
EUR
France
100%
Confitesse Backwaren Vertrieb 
GmbH
Wasserweg 39,  
64521 Groß-Gerau
T
EUR
Germany
100%
Durigon Gelato GmbH
Eduard-Pestel Str 15, 49080  
Osnabrück, Germany
D
EUR
Germany
100%
Erlenbacher Backwaren GmbH
Wasserweg 39,  
64521 Groß-Gerau
T
EUR
Germany
100%
Froneri Deutschland Holding GmbH Nordwestring 201 D-90419  
Nürnberg
H
EUR
Germany
100%
Froneri Erlenbacher Immobilien 
GmbH & Co oHG
Wasserweg 39,  
64521 Groß-Gerau
P
EUR
Germany
100%
Froneri Schöller GmbH
Nordwestring 201 D-90419  
Nürnberg
T
EUR
Germany
100%
Froneri Schöller Immobilien GmbH 
& Co oHG
Nordwestring 201 D-90419  
Nürnberg
P
EUR
Germany
100%
Froneri Schöller Produktions GmbH
Nordwestring 201 D-90419  
Nürnberg
T
EUR
Germany
100%
Janny’s Eis Franchise GmbH
Hittfelder Kirchweg 21,  
D-21220 Seevetal-Maschen
T
EUR
Germany
100%
Froneri Ice Cream Deutschland 
GmbH
Eduard-Pestel Str 15, 49080  
Osnabrück Germany
T
EUR
Germany
100%
Froneri Deutschland GmbH
Nordwestring 201 D‑90419  
Nürnberg
H
EUR
Germany
100%
R&R Holdings Deutschland GmbH
Eduard-Pestel Str 15, 49080  
Osnabrück Germany
H
EUR
Germany
100%
Froneri Hellas Ice-Cream SA
3, Kerkyras str., 17778  
Tavros, Attika, Greece
T
EUR
Greece
100%
R&R Ice Cream Ireland Limited*
25 – 28 North Wall Quay,  
Dublin 1, D01 H104
D
EUR
Ireland
100%
Subsidiaries
Registered address
Activity
Currency
Country of 
incorporation
Ownership 
interest
Eskigel Srl
Via Augusto Vanzetti no.11,  
05100 Terni
T
EUR
Italy
100%
Froneri Italy Srl
Via Asi Consortile 7, n.16  
Cap 03013, Ferentino (Fr)
T
EUR
Italy
100%
Froneri Lux Finco S.à r.l.
9, Rue de Bitbourg, L-1273  
Luxembourg, Grand Duchy  
of Luxembourg
H
EUR
Luxembourg
100%
Froneri Polska Sp zoo 
Ul. Wojska Polskiego 3,  
39‑300 Mielec
T
PLN
Poland
100%
Froneri Ice Cream Romania SRL
Bucuresti-Ploiesti 1A,  
Cladirea B, Parter, Sector 1,  
Bucuresti, 013681
T
RON
Romania
100%
Froneri Rus LLC
Russian Federation, 115054,  
Moscow,  
Kosmodamianskaya  
naberezhnaya, 52, bld. 1,  
4 floor, ap. 2, office 4
T
RUB
Russia
100%
Froneri Adriatic doo Stari Banovci 
Stari Banovcit, Banovacka  
47, 22300, Belgrade, Stara  
Pazova
T
RSD
Serbia
100%
Froneri Iberia SL 
Zona Industrial Araia, C/ 
Intxerdui, 5, 01250 ARAIA  
(Álava)
T
EUR
Spain
100%
Froneri Switzerland SA
Blumenfeldstrasse 15,  
9403 Goldach,  
Switzerland
T
CHF
Switzerland
100%
Froneri Limited
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
H
EUR
United 
Kingdom
100%
Froneri International Limited 
Richmond House, Leeming  
Bar, Northallerton, North 
Yorkshire, DL7 9UL
H
EUR
United 
Kingdom
100%
Froneri South Africa Holdings 
Limited
Richmond House, Leeming Bar, 
Northallerton, North  
Yorkshire, DL7 9UL
H
ZAR
United 
Kingdom
100%
Froneri UK Finco (NZD) Limited
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
H
NZD
United 
Kingdom
100%
Froneri UK Finco Limited
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
H
USD
United 
Kingdom
100%
R&R Ice Cream UK Limited
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
T
GBP
United 
Kingdom
100%
Richmond Foods Limited
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
D
GBP
United 
Kingdom
100%
Richmond Ice Cream Limited*
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
D
GBP
United 
Kingdom
100%
Ruby Acquisitions Limited
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
H
GBP
United 
Kingdom
100%
Windsor Creameries 
Manufacturing Limited*
Richmond House, Leeming  
Bar, Northallerton, North  
Yorkshire, DL7 9UL
D
GBP
United 
Kingdom
100%
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
70
71
Subsidiaries
Registered address
Activity
Currency
Country of 
incorporation
Ownership 
interest
Dreyer’s Grand Ice Cream Holdings 
Inc
The Corporation Trust  
Company, Corporation Trust  
Center, 1209 Orange Street,  
Wilmington, DE 19801
H
USD
United States
100%
Dreyer’s Grand Ice Cream, Inc
The Corporation Trust  
Company, Corporation Trust  
Center, 1209 Orange Street,  
Wilmington, DE 19801
T
USD
United States
100%
The Häagen-Dazs Shoppe 
Company, Inc
The Corporation Trust  
Company, 820 Bear Tavern  
Road, 3rd Floor West  
Trenton, NJ 08628
T
USD
United States
100%
H – denotes an intermediate holding or financing Company
D – denotes a dormant Company
P – denotes a property investment Company
R – denotes a research and development Company
T – denotes a Company with the principal activity of the production, distribution and/or sale of ice cream and/or frozen confectionary and desserts. 
* 
The Ireland entity R&R Ice Cream Ireland Limited was dissolved during the year. The UK entities Richmond Ice Cream Limited and Windsor Creameries 
Manufacturing Limited entered into the process of being dissolved during the year and were dissolved on 24 January 2023.
Activities in the Philippines also include the manufacture and sale of chilled dairy products. 
Noga Ice Creams Limited Partnership is a limited partnership.
Ownership interest in the above entities are all Ordinary shares. Froneri Lux Topco S.à r.l. has 100% of the voting rights in all 
entities presented.
Certain local Managers hold 0.002% of the ordinary share capital in Froneri Philippines Inc.
All entities in the table above have been included in the Group consolidation.
13 Other financial assets
2022
€m
2021
€m
Non-current 
Customer advances
16.7
19.0
Other financial assets
11.0
11.4
Derivative financial instruments
57.2
0.5
84.9
30.9
Current 
Customer advances
3.1
3.4
Derivative financial instruments
34.9
–
38.0
3.4
The Group recognises financial assets related to customer advances. The agreements vary but mainly relate to cash 
advances in respect of customer contracts in the Group’s German and Brazilian out of home businesses and to the value of 
stock advanced to certain distribution customers in the Italian out of home business. The value of cash or stock advanced 
is recognised initially at cost. Subsequent to initial measurement, the assets are assessed for impairment for customers 
deemed at risk of recovery. Amounts are amortised to the profit and loss account within net sales over the respective 
contract period and based on the terms of the contract. 
Subsidiaries
Registered address
Activity
Currency
Country of 
incorporation
Ownership 
interest
Africa:
Froneri Ice Cream Egypt SAE
Plot No.5, 1st Industrial  
Zone, 6 October City, Giza
T
EGP
Egypt
100%
Froneri South Africa (Pty) Limited 
14 Spanner Road, Clayville,  
Olifantsfontein, Gauteng  
1665
T
ZAR
South Africa
100%
Rest of the world:
Froneri Argentina SA
Av. Leandro N. Alem 356,  
Piso 13º – Buenos Aires,  
Argentina 
T
ARS
Argentina
100%
Australasian Food Group Pty Ltd
254 Wellington Road,  
Mulgrave, Victoria 3170
T
AUD
Australia
100%
Mulgrave LeaseCo Pty Ltd
254 Wellington Road,  
Mulgrave, Victoria 3170
D
AUD
Australia
100%
New Holdco Pty Ltd
254 Wellington Road,  
Mulgrave, Victoria 3170
H
AUD
Australia
100%
Food MezzCo Pty Limited
254 Wellington Road,  
Mulgrave, Victoria 3170
H
AUD
Australia
100%
Peters Food Group Pty Limited
254 Wellington Road,  
Mulgrave, Victoria 3170
H
AUD
Australia
100%
Riviera (Aus) Pty Ltd
254 Wellington Road,  
Mulgrave, Victoria 3170
H
AUD
Australia
100%
Riviera Holdings (Aus) Pty Ltd
254 Wellington Road,  
Mulgrave, Victoria 3170
H
AUD
Australia
100%
Froneri Brasil Distribuidora de 
Sorvetes e Congelados Ltda 
Estrada dos Bandeirantes  
4935, Jacarepaguá, CEP  
22775-113, Rio de Janeiro 
T
BRL
Brazil
100%
Froneri Israel Ltd
Hamelacha 6, Lod, Israel
H
ILS
Israel
100%
Noga Ice Cream Ltd
Hamelacha 6, Lod, Israel
T
ILS
Israel
100%
Noga Ice Creams Limited 
Partnership
Hamelacha 6, Lod, Israel
H
ILS
Israel
100%
Froneri NZ Ltd
113 Carbine Road, Mount  
Wellington, Auckland 1060,  
New Zealand
H
NZD
New Zealand
100%
Tip Top Ice Cream Company Ltd
113 Carbine Road, Mount  
Wellington, Auckland 1060,  
New Zealand
T
NZD
New Zealand
100%
Tip Top Investments Ltd
113 Carbine Road, Mount  
Wellington, Auckland 1060,  
New Zealand
H
NZD
New Zealand
100%
Froneri Philippines Inc
National Highway, Barangay  
Tibag, Pulilan, Bulacan,  
Philippines, 3005
T
PHP
Philippines
99.998%
Payco Foods Corporation
Carr. #2 km 15.1, Calle C #42  
Zona Industrial Corujo  
Bayamon PR 00961
T
USD
Puerto Rico
100%
Froneri US, Inc.
5929 College Avenue,  
Oakland, CA 94618
H
USD
United States
100%
Notes continued
(Forming part of the financial statements)
12 Investments in subsidiaries continued

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
72
73
15 Inventories
2022 
€m
2021 
€m
Raw materials and consumables
173.7
130.1
Work in progress
0.4
5.1
Finished goods
482.5
357.5
656.6
492.7
There are no inventories expected to be recovered in more than 12 months (2021: none).
Raw materials, consumables and changes in finished goods, and work in progress recognised as cost of sales in the year 
amounted to €2,334.8 million (2021: €1,858.7 million). The accumulated write-down of inventories to net realisable value 
amounted to €38.1 million (2021: €33.5 million) as at the year end.
16 Current tax receivables and liabilities
2022 
€m
2021
€m
Current tax receivables
30.6
42.8
Current tax liabilities
(52.4)
(41.4)
Net current tax (liabilities)/assets
(21.8)
1.4
17 Trade and other receivables
2022
€m
2021
€m
Current
Trade receivables due from third parties
378.3
363.0
Trade receivables due from related parties
3.1
5.0
Prepayments and other receivables
92.6
97.0
474.0
465.0
Non-current
Prepayments and other receivables
13.1
21.7
Included within trade and other receivables are expected credit losses and impairments of €27.8 million (2021: €30.0 million).
18 Cash and cash equivalents
2022 
€m
2021 
€m
Cash and cash equivalents per consolidated statement of financial position
450.3
472.4
Bank overdrafts
(2.3)
–
Cash and cash equivalents per cash flow statement
448.0
472.4
Included within cash and cash equivalents are €42.2m of restricted cash balances (2021: €nil). The remaining balances are 
unrestricted and comprise cash balances, money market funds, overdrafts and call deposits.
 
14 Deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following: 
Assets
2022 
€m
Assets 
2021 
€m
Liabilities
2022
€m
Liabilities 
2021
€m
Net (assets)/
liabilities
2022 
€m
Net (assets)/
liabilities
2021 
€m
Property, plant and equipment
–
–
88.6
77.9
88.6
77.9
Other intangible assets
(1.3)
(1.3)
503.3
523.9
502.0
522.6
Inventories
(3.7)
(6.1)
7.1
0.8
3.4
(5.3)
Leased assets
(3.4)
(6.8)
–
–
(3.4)
(6.8)
Employee benefits
(17.7)
(17.9)
0.4
0.8
(17.3)
(17.1)
Provisions
(15.5)
(14.6)
0.2
0.2
(15.3)
(14.4)
Tax value of losses carried forward
(22.7)
(26.6)
0.1
–
(22.6)
(26.6)
Other items
(57.7)
(18.0)
8.5
4.2
(49.2)
(13.8)
Net tax (assets)/liabilities
(122.0)
(91.3)
608.2
607.8
486.2
516.5
Movement in net deferred tax assets and liabilities during the year:
31 December 
2021
€m
Recognised
in income
€m
Recognised
in equity
€m
Foreign 
exchange 
movement
€m
31 December 
2022 
€m
Property, plant and equipment
77.9
8.3
–
2.4
88.6
Other intangible assets
522.6
(41.4)
–
20.8
502.0
Inventories
(5.3)
9.1
–
(0.4)
3.4
Leased assets
(6.8)
3.5
–
(0.1)
(3.4)
Employee benefits
(17.1)
(2.9)
3.3
(0.6)
(17.3)
Provisions
(14.4)
(1.8)
–
0.9
(15.3)
Tax value of losses carried forward
(26.6)
3.8
–
0.2
(22.6)
Other items
(13.8)
(40.7)
3.0
2.3 
(49.2)
Deferred tax (assets)/liabilities
516.5
(62.1)
6.3
25.5
486.2
Net deferred tax liabilities of €97.3 million (2021: €101.6 million) are expected to be settled within 12 months.
IAS 12 requires Froneri to recognise deferred tax assets, subject to a “probable profits” test. Where it is probable that there 
will be sufficient future profits to utilise either temporary differences or carried forward tax losses, then such deferred tax 
assets are recognised. To assess the availability of future profits, both future forecasts and historical performance are 
considered. Where this “probable profits” test is not met, then a deferred tax asset will not be recognised.
Analysis of unrecognised deferred tax assets:
Trading 
 losses
€m
Tax credits  
and other
€m
Total gross 
value 
€m
Gross unrecognised deferred tax assets at 31 December 2022:
Indefinite life
406.7
128.5
535.2
Time limited
77.0
70.2
147.2
483.7
198.7
682.4
Gross unrecognised deferred tax assets at 31 December 2021:
Indefinite life
388.7
151.5
540.2
Time limited
73.6
82.8
156.4
462.3
234.3
696.6
Of the unrecognised deferred tax assets in 2022 with a time limited life, 42% of these are expected to expire within 5 years 
or less. It is commonplace for other conditions to exist which may impact the life of such assets, such as change of control 
conditions. Therefore, there is a level of uncertainty over the future life of such assets.
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
74
75
Term bank loans are presented net of transaction costs of €45.1 million (2021: €55.0 million).
On 29 January 2020, the Group entered into a new Senior Facilities Agreement and Second Lien Facility Agreement. The new 
debt facilities were entered into to refinance the existing term loan facilities and complete the acquisition of Dreyer’s (which 
completed on 31 January 2020). 
As at 31 December 2022, the Group has:
•	 USD 2.6 billion (2021: USD 2.7 billion) and €2.2 billion (2021: €2.2 billion) first lien term loans, maturing January 2027 (total 
outstanding €4.6 billion at 31 December 2022 (2021: €4.5 billion)). The USD element has interest payable at 6.634%. The 
Euro element has interest payable at 2.756%.
•	 several cross-currency interest rate swaps, swapping USD 818.3 million to circa GBP 382.6 million (and circa AUD 475.7 
million (USD 826.7 million to circa GBP 386.5 million AUD 480.5 million).
•	 a €600.0 million revolving credit facility (2021: €600.0 million), maturing July 2026; none of which was drawn at 31 December 
2022 (2021: none).
•	 a USD 600.0 million shareholder PIK loan plus accrued interest. The total amount outstanding at 31 December 2022 was 
€723.7 million (2021: €624.3 million).
•	 €1.56 billion (2021: €1.39 billion) shareholder loans plus accrued interest of €0.17 billion (2021: €0.16 billion).
•	 €30.2 million of other external debt which represents loans secured on property, plant and equipment (2021: €16.2 million).
USD 245.0.0 million and €245.0 million second lien term loans were repaid during the year ended 31 December 2021.
Fair value of borrowings
The fair value is not materially different from its carrying amount for the majority of borrowings, because the interest payable 
is either close to market rates or the borrowings are of a short-term nature. The difference in relation to term bank loans is 
shown in the table below.
Terms and debt repayment schedule:
Fair Value
Carrying Value
2022
€m
2021
€m
2022
€m
2021
€m
Term bank loans(a)
4,392.9
4,409.7
4,616.7
4,495.0
Other external debt
30.1
16.2
 30.2
16.2
Shareholder loan notes
1,651.3
1,518.6
1,735.9
1,547.6
Shareholder loan
688.5
612.6
723.7
624.3
Preference shares
102.2
94.0
107.4
95.8
Lease liabilities
132.2
107.1
132.2
107.1
6,997.2
6,758.2
7,346.1
6,886.0
Note (a): Borrowings exclude transaction costs
The balances above have been recalculated from their local currencies at the applicable exchange rates at the balance 
sheet date. Accrued interest balances have been excluded in the case of the term loans. In the case of the shareholder loan 
notes and the Preference shares, accrued returns are included because these returns are accrued, rather than paid in cash, 
and compound into the principal at each anniversary.
Summary of external net debt
The Group’s financial liabilities includes amounts due to its shareholders, Nestlé SA and PAI Partners, in respect of 
shareholder loan notes of various forms, and also Preference shares.
19 Assets classified as held for sale
The Group’s assets held for sale primarily comprise surplus properties which are being marketed for sale. The Group 
measures the fair value of these assets by reference to third party valuation reports. Change to the underlying fair value 
measurement in the year are shown in the table below.
2022 
€m
2021 
€m
Property, plant and equipment
4.4
2.2
The reconciliation of assets classified as held for sale from the start to the end of the year is as follows. 
2022 
€m
2021 
€m
At 1 January 
2.2
1.1
Transfers from property, plant and equipment
2.6
1.7
Disposed
(0.2)
(0.6)
Effect of movements in foreign exchange
(0.2)
–
At 31 December 
4.4
2.2
20 Financial liabilities
This note provides information about the contractual terms of the Group’s financial liabilities, which are measured at 
amortised cost. For more information about the Group’s exposure to interest rate and foreign currency risk, see note 25.
2022 
€m
2021
€m
Non-current liabilities
Term bank loans
4,591.8
4,471.5
Less: unamortised transaction costs
(45.1)
(55.0)
4,546.7
4,416.5
Shareholder loan
723.7
624.3
Shareholder loan notes
1,735.9
1,547.6
Lease liabilities
84.3
75.6
Preference share capital and interest
107.4
95.8
Derivative financial instrument
–
33.1
Other external debt
23.6
13.2
Other financial liabilities
–
0.2
7,221.6
6,806.3
Current liabilities
Bank overdrafts
2.3
–
Term bank loans
24.9
23.5
Other external debt
6.6
3.0
Current portion of lease liabilities
47.9
31.5
Derivative financial instrument
–
8.6
Other financial liabilities
1.7
0.4
Accrued interest on term bank loans
28.5
23.3
111.9
90.3
Total financial liabilities
7,333.5
6,896.6
Add back: unamortised transaction costs
45.1
55.0
7,378.6
6,951.6
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
76
77
22 Employee Benefits
Employee remuneration
The Group’s salaries and wages costs of €598.8 million (2021: €546.6 million) and welfare expenses (comprising social 
security and pensions costs) of €108.0 million (2021: €101.0 million) represent a total of €706.8 million (2021: €647.6 million). 
Employee remuneration is allocated by function to the appropriate expense headings.
Froneri Lux Topco S.à r.l. employee benefit scheme
During the year ended 31 December 2020, the Group launched an equity settled share-based payment scheme in which 
certain employees were eligible to subscribe for D Shares in Froneri Lux Topco S.à r.l., the ultimate holding Company of the 
Group. Under the scheme, employees must be employed by the Group at a defined exit date to realise a return of value on 
the shares granted. The return is determined as the share proceeds received as a result of an exit event (e.g. sale of the 
Group) and after the subscription value and a return of 12% has been paid to the holders of the Ordinary and Preference 
share capital. The return is calculated based on an equity value hurdle and a ratchet mechanism, which produces a 
calculation percentage depending on whether a target return is achieved.
At 1 January 2022, there were 3,759,148 D Shares in total allocated to individuals in the scheme.
In 2022, 60,419 D Shares were bought back from leavers. 65,298 D Shares were issued to individuals, 52,796 at a value of €2.26 
per share and 12,502 at a value of €3.17 per share (2021: 1,130,462 D Shares in total, comprising of 492,864 at a value of €0.40 
per share and 637,598 at a value of €3.00 per share). At 31 December 2022 there were 3,764,027 D Shares in total allocated to 
individuals in the scheme (2021: 3,759,148). A further 57,919 of issued D Shares remain in the Employee Benefit Trust, as yet 
unallocated to individuals.
The fair value of the shares subscribed is calculated using the Monte Carlo model. The shares were subscribed in July 2022 
and August 2022. The tranches are expected to vest on 31 March 2024 (2021: 31 December 2023), the Group’s current best 
estimate of an exit event. As a non-listed entity, the Group has used the historic volatility of a listed comparator Group over 
the expected term of the award, with adjustment to derive volatility assumptions of 27% (2021: 30%). The model assumes 
that the dividend yield is zero and a risk-free rate has been used based on the returns on zero coupon German government 
debt and zero coupon US government debt, as applicable, with redemption rates commensurate to the expected term of 
the award.
The resultant aggregate fair value of the awards less the subscription price, a net of €8.3 million (2021: €7.9 million), is being 
charged to the income statement to the estimated exit date of 31 March 2024 (2021:31 December 2023) over a weighted 
average vesting period of 3.62 years (2021: 3.42 years). A charge of €1.7 million (2021: €2.4 million) has been included in 
administrative expenses in respect of this scheme in the year. 
Pension and post-employment medical and other benefit plans
The Group’s net employee benefit liabilities as at 31 December 2022 amounted to €23.9 million (2021: €48.2 million), including 
€15.4 million (2021: €40.6 million) in respect of defined benefit pension plans. One employee benefit asset of €1.5 million was 
recognised in the financial statements as at 31 December 2022 (31 December 2021: €3.1 million). 
The Group has defined benefit plans in 16 of its territories and the schemes are different across the territories. The plans 
are either externally funded (in the form of independently administered funds) or unfunded. Actuarial advice is provided by 
external consultants and by actuaries employed by the Group in respect to these plans. The actuarial assumptions used 
to calculate the defined benefit obligations vary according to the economic conditions of the country in which the plan is 
located and as a result the detail has been presented in aggregation and on a weighted average basis where appropriate.
As at 31 December 2022, the Group’s plans in respect of Switzerland represent 36.9% (2021: 62.0%) of the total net defined 
benefit obligations; the next most significant scheme in the Group is in France which represents 16.8% (2021: 10.0%). 
The pension plan obligations in Switzerland are met via a contract with a collective foundation that offers a fully insured 
solution to provide a contribution-based cash balance retirement plan. Contributions are age-related and expressed as a 
percentage of pensionable salary.
Pension costs charged to the income statement consist of service cost (current and past service cost, gains and losses 
arising from curtailment and settlement), administration costs (other than costs of managing plan assets), and net interest 
expense or income, which is presented as part of net financial income/(expense). The actual return less interest income on 
plan assets, changes in actuarial assumptions, and differences between actuarial assumptions and what has occurred are 
reported in other comprehensive income.
20 Financial liabilities continued
To better illustrate the Group’s external third party net borrowings, the table below summarises the Group’s net external 
financial liabilities:
2022 
€m
2021 
€m
Non-current financial liabilities
Term bank loans (net of transaction costs)
4,546.7
4,416.5
Lease liabilities 
84.3
75.6
Derivative financial instruments
–
33.1
Other external debt
23.6
13.2
Other financial liabilities
–
0.2
4,654.6
4,538.6
Current liabilities
Bank overdrafts
2.3
–
Term bank loans
24.9
23.5
Other external debt
6.6
3.0
Current portion of lease liabilities
47.9
31.5
Other financial liabilities
1.7
0.4
Derivative financial instrument
–
8.6
Accrued interest
28.5
23.3
111.9
90.3
Cash and cash equivalents
450.3
472.4
Net borrowings from third parties
4,316.2
4,156.5
Lease Liabilities
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the 
Group’s treasury function.
21 Trade and other payables
2022 
€m
2021
€m
Current
Trade payables due to related parties (note 30)
69.3
136.0
Trade payables due to third parties
400.9
378.0
Other payables, accrued expenses and deferred income
653.3
558.3
1,123.5
1,072.3
Non-current
Other payables, accrued expenses and deferred income
21.4
19.3
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
78
79
Analysis of assets and liabilities recognised in the consolidated statement of financial position
2022 
€m
2021 
€m
Funded obligations
Present value of funded obligations
136.9
181.2
Fair value of plan assets
(141.2)
(147.4)
Net funded obligations (asset)/liability
(4.3)
33.8
Other
Unfunded obligations
15.2
13.6
Unrecognised assets and minimum funding requirements
13.0
0.8
Total defined benefit liability
23.9
48.2
Movement in present value of defined benefit plan obligations
Post-
employment 
medical and 
other benefits
€m
Defined 
benefit 
retirement 
plans
€m
Total
€m
Balance at 1 January 2021
8.5
187.6
196.1
Currency retranslations
–
5.0
5.0
Service cost 
0.3
5.0
5.3
Interest cost
0.5
1.0
1.5
Actuarial gains
(2.1)
(3.6)
(5.7)
Benefits paid on funded defined benefit plans
–
(5.5)
(5.5)
Benefits paid on unfunded defined benefit plans
(0.1)
(0.2)
(0.3)
Exceptional defined benefit credit
–
(3.7)
(3.7)
Other movement
–
2.1
2.1
Balance at 31 December 2021
7.1
187.7
194.8
– of which funded defined benefit plans
2.5
178.7
181.2
– of which unfunded defined benefit plans
4.6
9.0
13.6
Balance at 1 January 2022
7.1
187.7
194.8
Currency retranslations
0.4
5.4
5.8
Service cost 
(0.1)
6.5
6.4
Interest cost
0.6
1.4
2.0
Actuarial gains
0.9
(48.9)
(48.0)
Benefits paid on funded defined benefit plans
–
(11.6)
(11.6)
Benefits paid on unfunded defined benefit plans
(0.1)
(0.3)
(0.4)
Reclassifications 
1.2
–
1.2
Other movement
–
1.9
1.9
Balance at 31 December 2022
10.0
142.1
152.1
– of which funded defined benefit plans
2.3
134.6
136.9
– of which unfunded defined benefit plans
7.7
7.5
15.2
22 Employee Benefits continued
Risks related to defined benefit plans
The main risks to which the Group is exposed in relation to operating defined benefit plans:
•	 Investment risk: this is the risk that the pension plan investments do not meet the expected returns over the medium to 
long term. The structure of the portfolios is reviewed and asset-liability matching analyses are performed on a regular 
basis. In Switzerland, there is a guaranteed return on account balances of at least 0.0% (2021: 0.0%) per annum on the total 
account balance as well as the rate set by government of 1.0% (2021: 1.0%) on the mandatory benefits. In order to minimise 
the risks, the Group has entered into a contract with an insurance provider which, in return for a premium, guarantees the 
benefits promised in the plan over the period of the contract. The Group retains overall responsibility for deciding on such 
fundamental aspects as the level and structure of plan benefits at each contract renewal and remains responsible for 
providing benefits to members if the insurance contract is cancelled or the insurer is unable to meet its obligations. 
•	 Mortality risk: the assumptions adopted by the Group make allowance for future improvements in life expectancy. 
However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the plans 
and consequently increases in the plans’ liabilities. In Switzerland, the pension plan offers a lifelong pension in lieu of 
the cash balance lump sum upon retirement. The plan has defined rates for converting the lump sum to a pension and 
there is a risk that the members live longer than implied by their conversion rates. In order to minimise this risk, mortality 
assumptions are reviewed on a regular basis.
Asset-liability management and funding arrangement
The Group has funded defined benefit plans in seven of its territories. The total excess of liabilities over funded obligations 
at 31 December 2022 amounted to €8.7 million (2021: €34.6 million), stated net of unrecognised assets amounting to €13.0 
million (2021: €0.8 million). 
In the case of the funded plans, plan trustees are responsible for determining the mix of asset classes and target allocations 
of the Group plans with the support of investment advisors and external consultants. The overall investment policy and 
strategy for the Group’s funded defined benefit plans is guided by the objective of achieving an investment return which, 
together with the contributions paid, is sufficient to maintain reasonable control over the various funding risks of the plans. 
In Switzerland, the Group has entered into a contract with an insurance provider which, in return for a premium, guarantees 
the benefits promised in the plan over the period of the contract. At 31 December 2022, the Switzerland plan represented 
67.9% (2021: 63.9%) and 70.4% (2021: 68.3%) of the Group’s total funded plan assets and obligations. 
Unfunded obligations
The Group has unfunded defined benefit pension plans in 11 of its territories. The total unfunded obligations at 31 December 
2022 amounted to €15.2 million (2021: €13.6 million). These obligations are mainly in respect of defined benefit pension plan 
arrangements and post-employment medical arrangements in Brazil and France, representing 69.4% of the total unfunded 
obligations (2021: Brazil and France, representing 65.3%).
Pension expense in the profit and loss account
2022 
€m
2021 
€m
Defined benefit expenses
6.5
5.0
Exceptional defined benefit credit
–
(3.7)
Defined contribution expense
24.7
22.6
31.2
23.9
The exceptional defined benefit credit of €3.7 million in the year ended 31 December 2021 arose on the defined benefit 
arrangement in Switzerland. 
Amounts recognised in other comprehensive income
2022 
€m
2021 
€m
Return on plan assets, excluding interest income
(9.1)
7.2
Actuarial gains arising on scheme liabilities
48.0
5.7
Unrecognised asset movements 
(12.2)
–
26.7
12.9
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
80
81
Actuarial assumptions
The following are the principal actuarial assumptions at the reporting date (expressed as weighted averages of the present 
value of liabilities of the pensions funds of the Group as at 31 December 2022 and 2021):
2022
2021
Discount rate at 31 December 
2.7%
1.0%
Future salary increases
1.9%
1.8%
Future price inflation increases
1.6%
1.2%
In respect of the Group’s pension plan in Switzerland, the principal actuarial assumptions at 31 December 2022 were: 
discount rate of 2.2% (2021: 0.2%); future salary increases of 1.6% (2021: 1.5%); and future price inflation of 1.3% (2021: 1.0%). 
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard 
actuarial mortality tables (for example, PER2020_Col_1er.orden for Spain and BVG/LPP 2020 for Switzerland) and include 
an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65-year old to live for a 
number of years as follows – a current pensioner aged 65: 22 years (2021: 22 years) (male); 24 years (2021: 23 years) (female).
Sensitivity analysis
The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table 
summarises how the impact on the defined benefit obligation at the end of the reporting year would have (increased)/
decreased as a result of a change in the respective assumptions:
2022
€m
2021
€m
Discount rate: minus 50 basis points
(9.7)
(18.9)
Discount rate: plus 50 basis points
8.6
15.2
Future salary increases: minus 50 basis points
3.1
4.1
Future salary increases: plus 50 basis points
(3.2)
(4.1)
Mortality: rate less 1 year
2.4
2.9
Mortality: life expectancy plus 1 year
(2.5)
(2.9)
The above sensitivities are based on the average duration of the benefit obligation determined at the date of the last full 
actuarial valuation for each plan at 31 December 2022 and 31 December 2021, and are applied to adjust the defined benefit 
obligation at the end of the reporting year for the assumptions concerned. Whilst the analysis does not take account 
of the full distribution of cash flows expected under the plan, it does provide an approximation to the sensitivity of the 
assumptions shown.
Funding
The weighted average duration of the defined benefit obligation at the end of the reporting year is 16.4 years (2021: 19.0 years).
Defined contribution plans 
The Group operates a number of defined contribution pension plans.
The total expense relating to these plans in the current year was €24.7 million (2021: €22.6 million). 
22 Employee Benefits continued
Movement in fair value of defined benefit plan assets
Defined benefit 
retirement 
plans
€m
Balance at 1 January 2021
132.2
Currency retranslations
3.8
Interest income
1.0
Actual return on plan assets excluding interest income
7.2
Employee contributions
3.6
Employer contributions
5.3
Benefits paid on funded defined benefit plans
(5.5)
Other
(0.2)
Balance at 31 December 2021
147.4
Balance at 1 January 2022
147.4
Currency retranslations
4.3
Interest income
1.4
Actual return on plan assets excluding interest income
(9.1)
Employee contributions
3.5
Employer contributions
5.4
Benefits paid on funded defined benefit plans
(11.6)
Other
(0.1)
Balance at 31 December 2022
141.2
Plan assets
The major categories of plan assets as a percentage of total plan assets of the Group’s defined benefit schemes were 
as follows:
2022
%
2021
%
Cash and cash equivalents
2.1
1.0
Equity instruments
28.4
30.2
Debt instruments of which government bonds
34.8
36.5
Real estate
16.6
15.0
Hedge funds
0.8
3.9
Private equity
5.3
3.0
Alternative investments
12.0
10.4
Total
100.0
100.0
Equity, debt instruments and commodities represent 63.2% (2021: 66.7%) of the plan assets. Almost all of them are quoted in 
an active market. Real estate, hedge funds and private equity investments represent 22.7% (2021: 32.3%) of the plan assets. 
Almost all of them are either not quoted or quoted in a market which is not active.
The Group expects to contribute €6.2 million (2021: €6.3 million) to its funded defined benefit plans in 2023.
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
82
83
24 Share Capital and Reserves
Share capital – 31 December 2022
Called up 
share 
capital
€m
Share 
premium 
account
€m
Total
€m
Shares issued for cash:
•	 44,747,557 A Shares of €0.001 each, 40,375,000 issued for €0.001 each and 
4,372,557 issued for €39.76 each
0.1
173.8
173.9
•	 44,747,557 B Shares of €0.001 each, 40,375,000 issued for €0.001 each and 
4,372,557 issued for €39.76 each
–
173.9
173.9
•	 4,559,307 CA Shares of €0.001 each, issued for €39.76 each
–
181.8
181.8
•	 982,779 CB Shares of €0.001 each, issued for €39.76 each
–
39.1
39.1
•	 3,821,946 D Shares of €0.001 each, 3,121,550 issued for €0.40 each, 637,598 
issued for €3.00 each, 50,296 issued for €2.26 each and 12,502 issued for 
€3.17 each
–
3.3
3.3
On issue at 31 December 2022, fully paid
0.1
571.9
572.0
Share capital – 31 December 2021
Called up 
share 
capital
€m
Share 
premium 
account
€m
Total
€m
Shares issued for cash:
•	 44,747,557 A Shares of €0.001 each, 40,375,000 issued for €0.001 each and 
4,372,557 issued for €39.76 each
0.1
173.8
173.9
•	 44,747,557 B Shares of €0.001 each, 40,375,000 issued for €0.001 each and 
4,372,557 issued for €39.76 each
–
173.9
173.9
•	 4,563,372 CA Shares of €0.001 each, issued for €39.76 each
–
181.8
181.8
•	 982,779 CB Shares of €0.001 each, issued for €39.76 each
–
39.0
39.0
•	 3,759,148 D Shares of €0.001 each, 3,121,550 issued for €0.40 each and  
637,598 issued for €3.00 each
–
3.2
3.2
On issue at 31 December 2021, fully paid
0.1
571.7
571.8
Ordinary shares
The Company has the following classes of Ordinary shares: A Shares, B Shares, CA Shares, CB Shares and D Shares. The 
rights attached to each of these classes of shares is as follows.
Voting rights
The A and B Ordinary shares are entitled to voting rights, with one vote per share. The CA, CB and D Ordinary shares do not 
have any voting rights.
Income rights
Any sums which the Company may lawfully distribute to the holders of the A, B, CA, CB and D Ordinary shares shall be 
distributed in accordance with the provisions relating to capital rights which are set out below.
Capital rights
On a return of capital, on a winding-up or otherwise, the assets of the Company available for distribution shall be 
applied in priority to any payment to the other shareholders, in paying to the holders of the A Preference shares and B 
Preference shares an amount reflecting the amount subscribed (including share premium), plus a return of 12% per annum 
compounding annually on each anniversary of the merger completion date.
23 Provisions
Integration 
and 
restructuring 
provisions
€m
Employee 
benefits 
provisions
€m
Litigation 
& Other 
provisions
€m
Total
€m
Balance at 1 January 2021 
36.0
6.0
12.2
54.2
Provisions made during the year
12.1
0.4
10.0
22.5
Provisions used during the year
(33.1)
(0.2)
(4.8)
(38.1)
Reclassifications
0.3
–
(0.3)
–
Foreign currency adjustment
0.1
–
0.2
0.3
Balance at 31 December 2021 
15.4
6.2
17.3
38.9
Non-current
3.3
4.9
1.9
10.1
Current
12.1
1.3
15.4
28.8
Balance at 31 December 2021 
15.4
6.2
17.3
38.9
Balance at 1 January 2022 
15.4
6.2
17.3
38.9
Provisions made during the year
11.7
0.5
–
12.2
Provisions used during the year
(15.2)
(0.5)
(11.8)
(27.5)
Reclassifications
–
(0.3)
(0.9)
(1.2)
Effects of movement in foreign exchange
0.1
–
0.4
0.5
Balance at 31 December 2022 
12.0
5.9
5.0
22.9
Non-current
1.1
5.5
1.3
7.9
Current
10.9
0.4
3.7
15.0
Balance at 31 December 2022 
12.0
5.9
5.0
22.9
Integration and restructuring costs
Provisions relating to restructuring and redundancies arise from the consolidation of operations, the implementation of 
operational improvements, realignment of the business model, manufacturing footprint and structural costs, and similar 
restructuring activities. Provisions made during the year primarily relate to continued reorganisation of operations in 
Germany (€11.4 million). Provisions utilised during the year relate to Germany (€10.3m), and France (€4.2million).
Employee benefits provisions
Provisions for employee benefits relate to various in-work employment benefits.
In Australia, the Group holds provisions in respect of employee long service leave, whereby employees are entitled to 
13 weeks of holiday after 15 years of service, and employees are entitled to a pro rata payment if they leave employment after 
seven years.
Litigation & other provisions
Provisions for litigation costs relate to non-recurring legal cases and fees which are significant and unusual on the grounds 
of their magnitude or incidence. These circumstances behind these provisions are inherently uncertain as to potential risks, 
timing of financial impact and amount. The primary utilised provision during the year related to an Australian legal claim 
(€8.1 million) and we do not expect further costs beyond 2022.
The impact of discounting on provisions is not material.
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
84
85
In the year ended 31 December 2021, Ordinary and Preference shares were issued and cancelled in Froneri Lux Topco S.à r.l., 
as set out below:
2021
€m
31,113 CB Shares of €0.001 each, issued for €39.76 each
1.2
492,864 D Shares of €0.001 each, issued for €0.40 each
0.2
637,598 D Shares of €0.001 each, issued for €3.00 each
1.9
Total ordinary shares
3.3
431,334 B Preference shares of €0.001 each, issued for €1.00 each
0.4
Total issued
3.7
8,397 CA Shares of €0.001 each, cancelled
–
116,422 A Preference shares of €0.001 each, cancelled
–
Total cancelled
–
The total authorised capital of the Company amounted to €9.8 million.
Dividends
No dividends were declared or recognised during the year (2021: none).
Legal reserve
In accordance with Luxembourg Company Law, the Parent Company, Froneri Lux Topco S.à r.l. is required to transfer a 
minimum of 5% of its net profit for each financial year to a legal reserve. This requirement ceases to be necessary once the 
balance on the legal reserve reaches 10% of the issued share capital. As at 31 December 2022, the legal reserve amounts to 
€nil (2021: €nil).
Other reserves
Merger 
Reserve
€m
Currency 
translation 
reserve
€m
Hedging 
reserve
€m
Accumulated 
losses
€m
Balance at 1 January 2021
87.9
(227.7)
(14.0)
(708.3)
Total contributions by and distributions to owners
Share-based payment (note 22)
–
–
–
2.4
Total contributions by owners
–
–
–
2.4
Comprehensive (expense)/income for the year
Loss for the year
–
–
–
(230.0)
Exchange differences on retranslation of foreign operations
–
179.7
–
1.8
Exchange differences on net investment in foreign operations
–
13.3
–
–
Reclassification of foreign currency differences on loss of 
significant influence
–
13.3
–
(13.3)
Cancellation of Preference share capital
–
–
–
0.1
Gain on hedging
–
–
2.8
–
Gain on cash flow hedge
–
–
7.8
–
Net investment hedging
–
(74.0)
–
–
Remeasurement of defined benefit liability/asset before tax
–
–
–
12.9
Impact of hyperinflation
–
–
–
(7.7)
Income tax on other comprehensive income
–
(2.6)
(0.7)
(1.3)
Total comprehensive expense for the year 
–
129.7
9.9
(237.5)
Balance at 31 December 2021 
87.9
(98.0)
(4.1)
(943.4)
24 Share Capital and Reserves continued
The remaining assets available for distribution after payment to the holders of the A Preference shares and B Preference 
shares shall be distributed as follows:
•	 First, to the holders and the A Shares, B Shares, CA Shares and CB Shares until they have received such sum, which, 
when added to all of the amounts previously paid by the Company, is equal to the amount subscribed therefore plus such 
amount as is necessary to give the shareholders an amount equal to 12% per annum, compounding annually on each 
anniversary of the merger completion date; 
	– Thereafter, if the applicable ratchet (defined in the Company’s Articles of Association) results in the value attributable 
to the A, B, CA and CB Ordinary shares (on the one hand) and the D Shares (on the other) being reallocated in 
accordance with the tables and provisions of the ratchet article, in accordance with the terms of the ratchet article; or
	– If the application of the ratchet article does not result in any change to the value attributable to the A, B, CA and 
CB Ordinary shares (on the one hand) and the D Shares (on the other), among the holders of the A, B, CA, CB and 
D Ordinary shares pro rata to the number of A, B, CA, CB and D Ordinary shares (treating them together, for these 
purposes, as a single class) held by each such holder.
•	 The ratchet conditions are dependent on the cash-on-cash return for the shareholders and the date of the exit event by 
comparison to the anniversary of the subscription date; and
•	 The percentage entitlement of the holders of the D Shares shall be contingent on (and determined by) the aggregate 
entitlement of the holders of the A, B, CA, CB with any pro rata reductions to these shareholders returns being applied to 
the returns for the holders of D Shares.
Preference shares
The A Preference shares and B Preference shares are redeemable at any time at the option of the Company, subject to 
investor consent and the terms of the Group’s financing obligations. The Preference shares are also redeemable in the event 
of an exit. There is no premium on redemption. The holders of Preference shares are entitled to receive cumulative dividends 
on redemption and are not entitled to vote at meetings of the Company. The economic features of the shares are the same 
as the shareholder loan notes. These shares are presented as debt within financial liabilities (note 20).
Issue and cancellation of shares 
In the year ended 31 December 2022, Ordinary shares were issued and cancelled and Preference shares were cancelled in 
Froneri Lux Topco S.à r.l., as set out below:
2022
€m
12,502 D Shares of €0.001 each, issued for €3.17 each
–
50,296 D Shares of €0.001 each, issued for €2.26 each
0.1
Total issued
0.1
4,065 CA Shares of €0.001 each, cancelled
–
56,351 A Preference shares of €0.001 each, cancelled
–
Total cancelled
–
The total authorised capital of the Company amounts to €9.8 million.
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
86
87
Interest rate risk
The Group has significant levels of floating rate borrowings and is therefore exposed to the impact of interest rate 
fluctuations.
The Group’s policy on interest rate risk is designed to limit the Group’s exposure to fluctuating interest rates. The Group’s 
shareholder loan notes bear interest at fixed rates; consequently there is no interest rate risk on these instruments. A 
significant proportion of the interest on the USD-denominated debt facilities is fixed through floating-to-fixed swaps.
Froneri International Limited currently holds interest rate swaps totalling USD 1,940.0 million and €1,100.0 million. Currently 
these are valued at an asset position of USD 27.8 million and €20.9 million with the offset as a cash flow hedging reserve. 
Cash at bank earns interest at floating rates based on market rates.
Foreign currency risk
The Group is exposed to foreign currency risk on sales, purchases and borrowings that are denominated in a currency other 
than the respective functional currencies of Group entities. The currencies giving rise to these risks are primarily US Dollars 
(USD), Pounds Sterling (GBP), Australian Dollars (AUD) and Swiss Franc (CHF). There are 16 functional currencies within the 
Group, other than the Euro. 
On 29 January 2020, the Group entered into a €6.2 billion equivalent financing package through a Senior Facilities Agreement 
and Second Lien Facility Agreement. The debt facilities were entered into to refinance the existing term loan facilities and 
complete the acquisition of Nestlé’s US and Puerto Rico ice cream business. The facilities as at 31 December 2022 comprise: a 
€2,180.0 million senior term loan facility and a USD 2,603.3 million senior term loan facility, both with maturity dates of 31 January 
2027; shareholder loans of USD 600.0 million and €1,240.0 million, with a maturity of 12 December 2029 and 31 January 2030; and 
a €600.0 million multi-currency revolving credit facility, with a maturity of July 2026. During the year ended 31 December 2021, 
second lien term loan facilities of €245.0 million and USD 245.0 million were repaid.
In 2020, the Group also entered into a series of cross-currency interest rate swaps, swapping USD 510.0 million to 
GBP 390.4 million and USD 325.0 million to AUD 485.4 million, in order to better match the underlying cash flows of the Group. 
The Group also typically uses contracts to mitigate foreign currency exposure on trading. At 31 December 2022, there were 
71 such contracts (2021: 39 contracts) outstanding. The Board of Managers believe that the foreign exchange exposure 
in this regard does not present a material risk. The net fair value of these contracts at 31 December 2022 was an asset of 
€3.2 million (2021: liability of €1.2 million). 
From time to time, if the Group has significant cash balances held within the Group holding companies, it enters into foreign 
exchange swap contracts to make sure it has resources in the currencies it needs at that time. These are typically of a one 
to three-month duration. At 31 December 2022, it had ten such swaps outstanding (2021: nil) and the fair value of those 
swaps was a net financial asset of €6.7 million (2021: €nil). 
Liquidity risk
The Group is exposed to the risk that it is unable to meet its commitments as they fall due. The Group has financial 
conditions imposed by its lenders which it must achieve in order to maintain its current level of borrowings. A single net debt 
covenant is tested quarterly. There have been no breaches of the covenants throughout the year.
The Group ensures that it has sufficient cash and available funding through regular cash flow and covenant forecasting. The 
Group has €448.0 million cash and cash equivalents and the Group has access to a revolving credit facility of €600.0 million, 
expiring in July 2026. This is available to finance working capital requirements and for general corporate purposes. 
Capital management
One of the Group’s objectives is to safeguard its ability to continue as a going concern in order to provide returns to 
shareholders and benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. 
The Group manages its capital structure and makes appropriate decisions based on the current economic conditions and 
strategic objectives of the Group.
The Group’s capital comprises equity and long-term debt. The equity comprises fully paid up Ordinary shares (see note 24). 
The long-term debt predominantly comprises: the senior term loan facilities, shareholder loan notes, Preference shares 
and finance leases (see note 20). Intra-year funding requirements are managed through the Group’s cash position and 
its undrawn revolving credit facility. At 31 December 2022, the Group had €600.0 million (2021: €600.0 million) of undrawn 
revolving credit facilities. There are no significant restrictions on the utilisation of the revolving credit facility. 
Merger 
Reserve
€m
Currency 
translation 
reserve
€m
Hedging 
reserve
€m
Accumulated 
losses
€m
Balance at 1 January 2022 
87.9
(98.0)
(4.1)
(943.4)
Total contributions by and distributions to owners
Share-based payment (note 22)
–
–
–
1.7
Total contributions by owners
–
–
–
1.7
Comprehensive (expense)/income for the year
Loss for the year
–
–
–
(45.5)
Exchange differences on retranslation of foreign operations
–
33.0
–
4.8
Exchange differences on net investment in foreign operations
–
3.5
–
–
Gain on hedging
–
–
0.3
–
Gain on cash flow hedge
–
–
48.9
–
Net investment hedging
–
(13.3)
–
–
Remeasurement of defined benefit liability/asset before tax
–
–
–
26.7
Impact of hyperinflation
–
–
–
(7.2)
Income tax on other comprehensive income
–
(2.9)
(0.1)
(3.3)
Total comprehensive expense for the year
–
20.3
49.1
(24.5)
Balance at 31 December 2022
87.9
(77.7)
45.0
(966.2)
Merger reserve
The merger reserve arises on the Group reorganisations that have taken place, firstly in 2016 and then the subsequent 
reorganisation during 2020. The reorganisations have been accounted for as a common control transaction.
Currency translation reserve
The translation reserve comprises all foreign exchange differences arising since incorporation, from the translation of 
the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net 
investment in certain foreign subsidiaries.
Hedging reserve
The hedging reserve includes the cash flow hedge reserve and the costs of hedging reserve. The cash flow hedge reserve 
is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash flow 
hedges. Amounts are subsequently reclassified to profit or loss as appropriate.
25 Financial Instruments
25(a) General 
The Group’s financial assets comprise cash at bank, customer advances and trade receivables. The Group’s financial 
liabilities comprise bank and other borrowings, financial lease obligations and trade and other payables. Exposure to 
credit, interest rate and currency risks arises in the normal course of the Group’s business. Derivatives are used to manage 
exposure to fluctuations in exchange rates and interest rates.
Credit risk
Credit risk arises on cash and cash equivalents and derivative financial instruments with banks and financial institutions, as 
well as on credit exposures to customers. See Note 25(c) for analysis of the trade receivables balance.
The Group limits counterparty exposures by monitoring each counterparty carefully and, where possible, setting credit 
limits by reference to published ratings. The Group limits its exposure to individual financial institutions by spreading forward 
foreign exchange contracts and surplus cash deposits between several institutions.
The credit quality of customers is assessed considering their financial position, past experience and other factors. Credit 
limits are set for customers and regularly monitored. The Company aims to ensure that the maximum exposure to one 
financial institution does not exceed €150.0 million.
Notes continued
(Forming part of the financial statements)
24 Share Capital and Reserves continued
Other reserves continued

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
88
89
Credit quality of financial assets and impairment losses
The ageing of trade and other receivables at 31 December was:
2022 
€m
2021 
€m
Not past due
393.4
401.5
Past due 0-30 days
50.5
37.6
Past due 31-60 days
6.8
6.8
Past due 61-120 days
3.6
3.5
More than 120 days
32.8
37.3
487.1
486.7
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2022 
€m
2021 
€m
Balance at 1 January 
30.0
34.3
Impairment loss recognised
2.8
2.1
Impairment allowance utilised 
(4.8)
(5.2)
Unused amounts reversed in the year
(0.2)
(1.7)
Foreign exchange movement
–
0.5
Balance at 31 December 
27.8
30.0
A loss allowance account for trade receivables is used to estimate and record impairment losses which is considered to 
represent management’s best estimate of the value of receivables recoverable over the life of the asset. 
The Group also has other financial assets in respect of customer advances (see note 13). The agreements vary but mainly 
relate to cash advances in respect of customer contracts in the Group’s German and Brazilian out of home businesses and 
to the value of stock advanced to certain distribution customers in the Italian out of home business. In both cases, these 
customer arrangements are subject to credit checks and annual review of credit risk based on amounts outstanding at 
the year end. There are total impairment provisions of €8.5 million (2021: €8.5 million) against total balances of €28.2 million 
(2021: €30.9 million).
25 (d) Liquidity risk
Financial risk management 
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The following 
are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of 
netting agreements: 
25 Financial Instruments continued
The AUD and GBP legs of the cross-currency interest rate swaps allow the Group to match EBITDAE and cash flows to its 
borrowings and debt service obligations, in particular to provide a net investment hedge in respect of potential foreign 
exchange movements. 
The Group’s policy is to budget sufficient headroom in order to maintain compliance with the covenant set out in the Senior 
Facilities Agreement such that any unforeseen circumstances are unlikely to result in a breach of that covenant. The 
financial covenant in the Senior Facilities Agreement has not been tested in the year.
There has been no change in the objectives, policies or processes in respect of capital management during the year ended 
31 December 2022.
25 (b) Fair values of financial instruments
The Group has various financial instruments that require use of valuation techniques to determine fair value. The techniques 
used in the fair value hierarchy can include:
•	 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
•	 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly 
(i.e., as prices) or indirectly (i.e., derived from prices) and 
•	 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Group has no financial instruments that fall into Level 1 of the fair value hierarchy.
Given the straightforward nature of the Group’s financial instruments (assets and liabilities) and the short time period that 
had elapsed between when the Group’s financing arrangements were put in place, the Group has adopted book values as 
the closest approximation to fair value in the case of its financial instruments except for the derivative financial instruments. 
The cross-currency interest rate swaps and the interest rate swaps were new financial instruments in 2020. 
The derivative financial instruments have been valued according to Level 2 of the hierarchy, by reference to published 
market prices of exchange rates. At 31 December 2022, the Group recognised net financial asset related to derivatives of 
€92.1 million (2021: €41.2 million liability).
At inception on 31 January 2020, the Group recognised a fair value of €14.2 million in relation to the eight cross-currency interest 
rate swaps. This arose principally as a result of the lifetime credit risk of these instruments, as calculated at 31 January 2020. 
Since the derivatives were on market, this amount was offset in the financial statements, to bring the value of these derivatives 
at inception to zero, with the €14.2 million to be unwound to the consolidated statement of profit or loss across the tenure of 
the derivatives. At 31 December 2022, the remaining fair value to be unwound is €5.9million (2021: €8.7 million).
25 (c) Credit risk
Exposure to credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its 
contractual obligations and arises principally from the Group’s receivables from customers.
The Group’s exposure to credit risk at 31 December 2022 was in respect of trade and other receivables, arising from its 
ongoing trading operations. Where appropriate, the Group uses credit insurance to mitigate credit risk on its key customers 
in the retail channel. The Group does not hold collateral as security against credit risk. The concentration of credit risk for 
trade and other receivables at 31 December by geographic region was:
2022 
€m
2021 
€m
Europe
196.5
179.6
US
135.9
178.9
Rest of the world
154.7
128.2
487.1
486.7
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
90
91
31 December 2021
Carrying 
amount
€m
Contractual 
cash flows*
€m
1 year 
or less
€m
1 to
 <2 years
€m
2 to
 <5 years
€m
5 years and
 over
€m
Term loans 
4,440.0
Add back: Transaction costs
55.0
4,495.0
4,495.0
23.5
23.5
70.5
4,377.5
Term loans – interest accrued
23.3
713.1
121.6
140.0
413.5
38.0
Shareholder loan notes
1,392.1
1,392.1
–
–
–
1,392.1
Shareholder loan notes – interest accrued
155.5
2,522.7
–
–
–
2,522.7
Nestlé finance loan 
576.1
576.1
–
–
–
576.1
Nestlé finance loan – interest accrued
48.2
672.2
–
–
–
672.2
Preference shares classed as debt
86.2
86.2
–
–
–
86.2
Preference shares – interest accrued
9.6
156.2
–
–
–
156.2
CCIRS derivative
38.0
38.0
–
–
38.0
–
Interest rate swap & forward derivative
3.2
3.2
3.7
(0.5)
–
–
Lease liabilities 
107.1
130.8
35.7
25.0
35.4
34.7
Other external debt
16.2
17.6
3.5
3.5
10.6
–
Other financial liabilities
0.6
0.6
0.4
0.2
–
–
Trade payables, other payables and 
amounts due to related parties
1,091.6
1,091.6
1,072.3
1.9
13.4
4.0
8,042.7
11,895.4
1,260.7
193.6
581.4
9,859.7
*	
Contractual cash flows represent undiscounted amounts.
25 (e) Market risk
Financial risk management 
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will 
affect the Group’s income or the value of its holdings of financial instruments.
In managing market risks, the Group aims to minimise the impact of short-term fluctuations on the Group’s earnings. 
Over the longer term, however, permanent changes in foreign exchange rates and interest rates will have an impact on 
consolidated earnings. Froneri are managing the effects of IBOR reforms. In 2021, the Group amended the terms of our 
Senior Facilities Agreement replacing GBP LIBOR with SONIA. Derivatives contracts referencing GBP LIBOR have also been 
transitioned to SONIA. The Group is not aware of any immediate plans to discontinue EURIBOR or BBSY. The Group will need to 
amend the terms of the Senior Facilities Agreement and amend derivative contracts before USD LIBOR publication is ceased 
in June 2023.
Market risk – foreign currency risk
The Group’s exposure to foreign currency risk, including via derivative financial instruments, is as follows. This is based on 
the carrying amount for monetary financial instruments and the notional for derivatives.
25 Financial Instruments continued 
31 December 2022
Carrying 
amount
€m
Contractual 
cash flows*
€m
1 year 
or less
€m
1 to
 <2years
€m
2 to
 <5years
€m
5 years and
 over
€m
Term loans 
4,571.6
Add back: Transaction costs
45.1
4,616.7
4,612.6
24.9
24.9
4,562.8
–
Term loans – interest accrued
28.5
1,053.3
248.1
276.7
528.5
–
Shareholder loan notes
1,561.5
1,561.5
–
–
–
1,561.5
Shareholder loan notes – interest accrued
174.4
2,353.3
–
–
–
2,353.3
Nestlé finance loan 
667.8
667.8
–
–
–
667.8
Nestlé finance loan – interest accrued
55.9
561.4
–
–
–
561.4
Preference shares classed as debt
96.6
96.6
–
–
–
96.6
Preference shares – interest accrued
10.8
145.6
–
–
–
145.6
CCIRS derivative
(35.3)
(35.3)
–
–
(35.3)
–
Interest rate swap & forward derivative
(56.7)
(56.7)
(28.9)
(27.8)
–
–
Lease liabilities
132.2
154.8
54.5
38.4
33.0
28.9
Other external debt
30.2
30.2
6.6
6.6
17.0
–
Other financial liabilities
1.7
1.7
1.7
–
–
–
Bank overdrafts 
2.3
2.3
2.3
–
–
–
Trade payables, other payables and 
amounts due to related parties
1,139.2
1,139.2
1,123.5
15.7
–
–
8,425.8
12,288.3
1,432.7
334.5
5,106.0
5,415.1
*	
Contractual cash flows represent undiscounted amounts
Transaction costs of €80.8 million were incurred as part of the Group’s restructuring and the US acquisition in 2020. €9.9 
million (2021: €11.8 million) has been amortised in the year. In 2021, the carrying value of the unamortised transaction costs 
relating to the second lien term loans of €6.9 million was written off when the loans were settled.
Notes continued
(Forming part of the financial statements)

Financial
statements
ESG
report
Consolidated 
management 
report
Overview
Froneri 
Annual report and accounts 2022
92
93
26 Notes to the cash flow statement
Reconciliation of cash and cash equivalents to net borrowings:
2022
€m
2021
€m
Net outflow of cash and cash equivalents 
(15.3)
(221.6)
Decrease in leases
52.7
34.4
Decrease in borrowings
11.8
454.2
Other non-cash movements
(343.8)
(259.5)
FX movements
(189.9)
(211.0)
Increase in borrowings net of cash
(484.5)
(203.5)
Total net borrowings at 1 January (excluding transaction costs)
(6,413.6)
(6,210.1)
Total net borrowings at 31 December (excluding transaction costs)
(6,898.1)
(6,413.6)
Analysis of movement in borrowings
As at
1 January 
2022
€m
Cash 
flows
€m
FX
movements(b)
€m
Other
 non-cash
movements(c)
€m
As at
31 December
2022
€m
Bank overdrafts
–
(2.3)
–
–
(2.3)
Cash and bank deposits
472.4
(13.0)
(9.1)
–
450.3
Net cash and cash equivalents
472.4
(15.3)
(9.1)
–
448.0
Shareholder loan notes
(1,547.6)
–
–
(188.3)
(1,735.9)
Shareholder loan
(624.3)
–
(37.9)
(61.5)
(723.7)
Term loans
(4,495.0)
25.3
(144.4)
(2.6)
(4,616.7)
Preference shares classified as liabilities
(95.8)
–
–
(11.6)
(107.4)
Lease liabilities
(107.1)
52.7
1.5
(79.3)
(132.2)
Other external debt
(16.2)
(13.5)
–
(0.5)
(30.2)
Total net borrowings excluding transaction  
costs(a)
(6,413.6)
49.2
(189.9)
(343.8)
(6,898.1)
(a)	 Borrowings exclude derivative finance instruments.
(b)	 FX movements relate primarily to the USD tranches of the term loans and shareholder loan.
(c)	 Other non-cash movements mainly relate to interest accrued on the Nestlé and PAI shareholder loan notes, accrued dividends in respect of the Preference 
shares and new IFRS 16 lease obligations. 
Total net borrowings are made up of external net borrowings of €4,153.8 million (€4,198.9 million gross of unamortised 
transaction costs) and related party borrowings of €2,567.0 million (shareholder loan notes, shareholder loan and Preference 
shares). Offsetting the term loans value at 31 December 2022 in the consolidated statement of financial position is 
€45.1 million of unamortised transaction costs (2021: €55.0 million).
27 Effects of hyperinflation
The Group considers that Argentina became a hyperinflationary economy on 1 July 2018, when the cumulative three-year 
increase in the Consumer Price Index exceeded 100%. Consequentially, the Group has applied IAS 29 Financial Reporting 
in Hyperinflationary Economies to its Argentinian subsidiary from 1 January 2018. In the year ended 31 December 2022, this 
has resulted in a reduction of the 12-month sales by €0.8 million (2021: increase of €1.4 million), and a non-monetary gain 
of €10.8 million (2021: €7.7 million) due to hyperinflating the underlying values to their current purchasing power, which was 
recognised in other finance income. The impact of €7.2 million (2021: €7.7 million) for the restatement of non-monetary 
assets and liabilities with the price index at the beginning of the year was recorded in equity.
28 Capital commitments
At 31 December 2022, the Group has entered into contractual commitments to purchase property, plant and equipment for 
€9.6 million (2021: €9.6 million), for which no provision has been made. 
25 Financial Instruments continued 
The Group is exposed to foreign currency risk on sales, purchases and borrowings that are denominated in a currency 
other than the respective functional currencies of Group entities. The currencies giving rise to these risks are primarily 
US Dollars (USD), Pounds Sterling (GBP), Australian Dollars (AUD), Swiss Francs (CHF), New Zealand Dollars (NZD) and 
Brazilian Reals (BRL).
Market risk – foreign currency risk
USD
€m
GBP
€m
CHF
€m
AUD
€m
BRL
€m
NZD
€m
Other
€m
Total
€m
At 31 December 2022
Cash and cash equivalents
(28.6)
(7.2)
15.0
16.0
7.6
9.6
112.8
125.2
Trade receivables and other 
receivables
138.3
18.6
19.7
49.9
25.9
18.5
73.5
344.4
Term loans
(2,436.7)
–
–
–
–
–
–
(2,436.7)
CCIRS principal
764.6
(432.6)
–
(302.9)
–
–
–
29.1
Shareholder loan notes
(723.7)
–
–
–
–
–
–
(723.7)
Interest rate swaps
(30.2)
–
–
–
–
–
–
(30.2)
Other external debt
26.0
–
–
–
–
–
–
26.0
Trade payables and other payables
(362.9)
(57.0)
(112.9)
(85.4)
(33.5)
(23.4)
(111.8)
(786.9)
(2,653.2)
(478.2)
(78.2)
(322.4)
–
4.7
74.5
(3,452.8)
At 31 December 2021
Cash and cash equivalents
(6.6)
(6.4)
92.0
31.2
4.3
16.9
90.5
221.9
Trade receivables and other 
receivables
181.1
19.6
15.8
25.9
24.5
20.1
72.6
359.6
Term loans
(2,313.5)
–
–
–
–
–
–
(2,313.5)
CCIRS principal
727.2
(460.1)
–
(307.1)
–
–
–
(40.0)
Shareholder loan notes
(624.3)
–
–
–
–
–
–
(624.3)
Interest rate swaps
(2.0)
–
–
–
–
–
–
(2.0)
Other external debt
(16.2)
–
–
–
–
–
–
(16.2)
Trade payables and other payables
(382.1)
(36.5)
(106.0)
(63.8)
(23.6)
(24.9)
(111.2)
(748.1)
(2,436.4)
(483.4)
1.8
(313.8)
5.2
12.1
51.9
(3,162.6)
Sensitivity analysis
A 10% weakening of the following currencies against the Euro at 31 December in each year would have increased/
(decreased) equity and profit or loss by the amounts shown below. This calculation assumes that the change occurred at 31 
December and had been applied to risk exposures existing at that date. 
This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant.
Equity
2022
€m
Equity
2021
€m
Profit or loss 
2022
€m
Profit or loss 
2021
€m
USD
(101.8)
(105.3) 
3.1
0.8
GBP
(8.6)
(23.0)
(1.5)
(0.3)
CHF
(20.8)
(10.8)
(1.8)
(1.3)
EGYP £
(4.9)
(7.4)
(0.6)
(1.1)
Other
(18.1)
(24.1)
(9.2)
(0.9)
A 10% strengthening of the above currencies against the Euro at 31 December each year would have had the equal but 
opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.
Market risk – Interest rate risk
The Group has significant levels of floating rate borrowings and is therefore exposed to interest rate fluctuations.
If interest rates were greater than 1%, it is estimated that on an annualised 2022 basis, an increase or decrease of one 
percentage point in the interest rate charge on borrowings (excluding leases) would correspondingly decrease or increase 
the Group’s loss before tax by approximately €39.5 million (2021: €41.6 million).
Notes continued
(Forming part of the financial statements)

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Annual report and accounts 2022
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95
31 Ultimate Parent Company 
At the year end, the Company was the ultimate Parent Company of the Froneri Group of companies. 
No other Group financial statements include the results of the Company. 
In the Board of Managers’ opinion, there is no ultimate controlling party. 
32 Post balance sheet events
There are no significant post balance sheet events.
29 Contingencies
From time to time, in the normal course of trading, the Group may become subject to claims from third parties. The 
nature of such claims means they can take a long time to resolve. It is the Group’s policy to investigate claims, and if a 
financial settlement is considered probable and the amount reliably estimable, provision is made. There are no significant 
contingencies at 31 December 2022 or 31 December 2021.
Included within exceptional items (see Note 4), the Group recognised significant amounts in 2021 and smaller amounts 
in 2022 relating to costs pertaining to a regulatory recall. A claim has been lodged against a supplier not only in respect 
of these costs, but also for loss of profits and reputational damage. The Group expects to recover a significant amount 
through this claim and the matter is currently progressing through the supplier’s insurance. As at 31 December 2022, the 
Group is not in a position to disclose the amount expected to be recovered under this claim as this may impact the dispute 
resolution.
30 Related parties
Nestlé SA
Nestlé SA and its subsidiaries are a significant shareholder in the Ordinary shares of the Company and an investor in 
the Company’s shareholder loan notes (see Note 20). Nestlé SA and its subsidiaries and affiliates are also a key trading 
partner for the Group in respect of (inter alia): licensing arrangements for key brands and trademarks, products and other 
intellectual property; raw materials and other production inputs; and transitional service arrangements between Nestlé SA 
and its subsidiaries and the former Nestlé businesses within the Froneri Group.
Transactions with Nestlé SA and its subsidiaries and affiliates in the year ended 31 December were as follows:
2022
€m
2021
€m
Transitional services arrangements
23.4
27.3
Licence fees 
190.2
174.5
Purchase of raw materials and other inputs 
32.3
34.3
Other transactions
(2.5)
(5.5)
Income from logistics services
(7.5)
(6.7)
Ice cream sales to Nestlé
(3.2)
(4.5)
232.7
219.4
In the consolidated statement of financial position at 31 December 2022, trade and other receivables include amounts due 
from Nestlé SA Group of €3.1 million (2021: €5.0 million), trade and other payables include amounts due to Nestlé SA Group 
of €69.3 million (2021: €136.0 million). All transactions with related parties during the normal course of business are at arm’s 
length.
In addition, at 31 December 2022, €867.9 million (2021: €773.8 million) of the shareholder loan notes (including accrued 
interest) are payable to Nestlé SA and its subsidiaries and affiliates. At 31 December 2022, a shareholder PIK loan of €723.7 
million (2021: €624.3 million), including accrued interest, is payable to Nestlé SA and its subsidiaries and affiliates.
PAI Partners 
PAI Partners is a significant shareholder in the Ordinary shares of the Company and an investor in the Company’s 
shareholder loan notes. In the consolidated statement of financial position at 31 December 2022, €867.9 million (2021: €773.8 
million) of the shareholder loan notes (including accrued interest) are payable to PAI Partners (or funds managed by PAI 
Partners). In the consolidated statement of financial position at 31 December 2022 and 31 December 2021, there are no 
balances within trade and other receivables and trade and other payables include amounts due from or due to PAI Partners.
Transactions with key management personnel
The aggregate remuneration of the key management personnel of the Group for the year was as follows:
2022
€m
2021
€m
Remuneration
6.6
4.2
Contributions to defined contribution pension schemes
0.5
0.5
Share-based payment benefits
1.6
1.6
8.7
6.3
The Board of Managers’ remuneration is disclosed in note 6 to these financial statements.
As at 31 December 2022 there exists a loan, made on market terms, between Froneri Polska and a member of key 
management personnel which falls outside the ordinary course of the business. The total value of the loan was €1.0 million 
(2021: €1.0 million).
Notes continued
(Forming part of the financial statements)

Financial
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management 
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Froneri 
Annual report and accounts 2022
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Froneri 
Annual report and accounts 2022
98
Printed by a carbon balanced, FSC®-recognised printer, certified to 
ISO 14001 environmental management system using 100% renewable 
energy. This product has been made of material from well-managed, 
FSC®-certified forests and other controlled sources. Both paper and 
production are measured and carbon balanced, based on a third party, 
audited, calculation.
100% of the inks used are HP Indigo ElectroInk which complies with 
RoHS legislation and meets the chemical requirements of the Nordic 
Ecolabel (Nordic Swan) for printing companies, 95% of press chemicals 
are recycled for further use and, on average 99% of any waste 
associated with this production will be recycled and the remaining 1% 
used to generate energy. 
The printer contributes to the World Land Trust’s ‘Conservation 
Coast’ project in Guatemala. This scheme supports many landowners 
and local communities to register and obtain their own land and 
thereby protect thousands of acres of threatened coastal forest. The 
local organisation FUNDAECO works with over 3000 families to help 
transform local livelihoods through job creation and ecotourism.

www.froneri.com