6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________

FORM 6-K

_______________________________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 _______________________________________________

For the month of August 2018

Commission File Number: 001-37669

_______________________________________________

Nomad Foods Limited

(Translation of registrant’s name in English)

_______________________________________________

No. 1 New Square

Bedfont Lakes Business Park

Feltham, Middlesex TW14 8HA

+ (44) 208 918 3200

(Address of Principal Executive Offices)

_______________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x           Form 40-F  o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Financial Results

On August 9, 2018, Nomad Foods Limited (the “Company”) issued a press release announcing its financial results for the three and six month period ended June 30, 2018 (“2Q 2018”). The press release is furnished as Exhibit 99.1 to this Report on Form 6-K. The Company also issued Condensed Consolidated Interim Financial Statements for 2Q 2018. The Condensed Consolidated Interim Financial Statements for 2Q 2018 are filed as Exhibit 99.2 to this Report on Form 6-K and are incorporated by reference into the registration statements on (i) Form S-8 filed with the Securities and Exchange Commission (the “Commission”) on May 3, 2016 (File No. 333-211095); (ii) Form F-3, initially filed with the Commission on March 30, 2017 and declared effective on May 2, 2017 (File No. 333-217044) and (iii) Form F-3 filed with the Commission on June 4, 2018, which was automatically effective upon filing with the Commission (File No. 333-225402).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NOMAD FOODS LIMITED
By:	/s/ Anja van Bergen-van Kruijsbergen
Name:	Anja van Bergen-van Kruijsbergen
Title:	General Counsel and Company Secretary

Dated: August 9, 2018

Exhibit Index

Exhibit Number	Exhibit Title
99.1	Press Release issued by Nomad Foods Limited on August 9, 2018 relating to the Company’s financial results for the three and six month periods ended June 30, 2018.
99.2	Condensed Consolidated Interim Financial Statements (unaudited) for the three and six months ended June 30, 2018.

EX-99.1

Exhibit 99.1

Nomad Foods Reports Second Quarter 2018 Financial Results

Company Raises 2018 Guidance

FELTHAM, England - August 9, 2018 - Nomad Foods Limited (NYSE: NOMD), today reported financial results for the three and six month periods ended June 30, 2018. Key operating highlights and financial performance for the second quarter 2018, when compared to the second quarter 2017, include:

• Reported revenue increased 6.6% to €488 million

• Organic revenue growth of 1.3%

• Reported Profit for the period of €31 million

• Adjusted EBITDA increased 12% to €89 million

• Reported EPS of €0.18; Adjusted EPS increased 22% to €0.28

• Company raises 2018 guidance to €365 to €370 million Adjusted EBITDA and €1.14 to €1.17 Adjusted EPS

Management Comments

Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “We reported solid second quarter results, highlighted by 1.3% organic revenue growth, 90 basis points of Adjusted EBITDA margin expansion and 22% Adjusted EPS growth. Performance was particularly encouraging given this year's earlier Easter timing and the highly publicized summer heat waves throughout Europe. Recent acquisitions are proving complementary. Goodfella's is performing well in our first few months of ownership and Aunt Bessie's, which closed on July 2nd, is expected to be immediately accretive. We are pleased with our year-to-date progress and are on pace to deliver another year of top and bottom line growth."

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “Second quarter results demonstrate the strength of our business model and the execution ability of our management team. We remain uniquely positioned to capitalize on the favorable macro trends occurring within the frozen food space and are excited by the potential of our portfolio in both the near and long-term."

Second Quarter of 2018 results compared to the Second Quarter of 2017

• Revenue increased 6.6% to €488 million. Organic revenue growth of 1.3% was comprised of 1.5% growth in price and a 0.2% decline in volume/mix. Revenue growth benefited 6.4 percentage points from the acquisition of Goodfella's and was offset by 1.1 percentage points from foreign exchange translation.

• Adjusted gross profit increased 6% to €154 million. Adjusted gross margin was unchanged at 31.5% as positive mix and improved pricing and promotional efficiency were offset by mix related to the acquisition of Goodfella’s.

• Adjusted operating expense increased 2% to €76 million. Advertising and promotion expense decreased 1% to €26 million. Indirect expense increased 4% to €50 million due to the acquisition of Goodfella's.

• Adjusted EBITDA increased 12% to €89 million.

• Adjusted Profit after tax increased 17% to €49 million reflecting interest savings. Adjusted EPS increased 22% to €0.28, reflecting Adjusted Profit growth and a lower share count resulting from prior year share repurchases.

First Six Months of 2018 results compared to the First Six Months of 2017

• Revenue increased 3.8% to €1,027 million. Organic revenue growth of 2.1% was comprised of 1.4% growth in price and 0.7% growth in volume/mix. Revenue growth benefited 3.0 percentage points from the acquisition of Goodfella's and was offset by 1.3 percentage points from foreign exchange translation.

• Adjusted gross profit increased 8% to €325 million. Adjusted gross margin expanded 120 basis points to 31.6% as positive mix and price increases more than offset currency-driven inflation.

• Adjusted Operating expense remained flat at €154 million. Advertising and promotion expense was flat at €56 million reflecting seasonally balanced spending in 2018 versus 2017 while Indirect expense was also flat at €98 million.

• Adjusted EBITDA increased 14% to €192 million.

• Adjusted Profit after tax increased 27% to €111 million reflecting interest rate savings and lower depreciation and amortization. Adjusted EPS increased 31% to €0.63, reflecting Adjusted Profit growth and a lower share count resulting from prior year share repurchases.

1

Exhibit 99.1

2018 Guidance

The Company is raising 2018 guidance to include the expected contribution from Aunt Bessie's, which was acquired on July 2, 2018. Management now expects Adjusted EBITDA of approximately €365 to €370 million and Adjusted EPS of approximately €1.14 to €1.17 per share. Full year guidance continues to assume organic revenue growth at a low-single digit percentage range.

Conference Call and Webcast

The Company will host a conference call with members of the executive management team to discuss these results today, Thursday, August 9, 2018 at 1:30 p.m. GMT time (8:30 a.m. Eastern time). Investors interested in participating in the live call can dial +1-800-289-0438 from the U.S. International callers can dial +1-323-794-2423.

In addition, the call will be broadcast live over the Internet hosted at the “Investor Relations” section of the Company’s website at http://www.nomadfoods.com. The webcast will be archived for 30 days.  A replay of the conference call will be available on the Company website for two weeks following the event and can be accessed by listeners in North America by dialing +1-844-512-2921 and by international listeners by dialing +1-412-317-6671; the replay pin number is 9559512.

Nomad Foods Contacts

Investor Relations Contacts

Taposh Bari, CFA

Nomad Foods Limited

+1-718-290-7950

John Mills

ICR, Partner

+1-646-277-1254

Media Contact

Felipe Ucros / Max Dutcher

Gladstone Place Partners

+1-212-230-5930

About Nomad Foods

Nomad Foods (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and across the broader food sector. The company's portfolio of iconic brands, which includes Birds Eye, Findus, Iglo Aunt Bessie's and Goodfella's, have been a part of consumers' meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com.

Non-IFRS Financial Information

Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and six months ended June 30, 2018 and for comparative purposes, the three and six months ended June 30, 2017.

Adjusted financial information for the three and six months ended June 30, 2018 and 2017 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for share based payment charges, M&A related costs, acquisition purchase price adjustments, exceptional items and foreign currency exchange charges/gains.

EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization. Adjusted EBITDA is EBITDA adjusted to exclude, when they occur, the impacts of exited markets, acquisition purchase price adjustments, trading day impacts, chart of account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, charges relating to the Founders Preferred Shares Annual Dividend Amount, charges relating to the redemption of warrants and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment charges and M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Adjusted EBITDA should not be considered as an alternative to profit/(loss) for the period, determined in accordance with IFRS, as an indicator of the Company’s operating performance.

2

Adjusted EPS is defined as basic earnings per share excluding, when they occur, the impacts of exited markets, acquisition purchase price adjustments, trading day impacts, chart of account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, unissued preferred share dividends, as well as certain other items considered unusual or non-recurring in nature. In addition, we exclude other adjustments such as the impact of share based payment charges and M&A related costs, because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.

Organic revenue for the three and six months ended June 30, 2018 and 2017 presented in this press release reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, chart of account (“CoA”) alignments, trading day impacts or any other event that artificially impact the comparability of our results.

Adjustments for currency translation are calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.

Adjusted and Organic non-IFRS financial information should be read in conjunction with the unaudited financial statements of Nomad Foods included in this press release as well as the historical financial statements of the Company previously filed with the SEC.

Nomad Foods believe its non-IFRS financial measures provide an important additional measure with which to monitor and evaluate the Company’s ongoing financial results, as well as to reflect its acquisitions. Nomad Foods’ calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The Adjusted and Organic financial information presented herein is based upon certain assumptions that Nomad Foods believes to be reasonable and is presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Company’s non-IFRS financial measures an alternative or substitute for the Company’s reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.

Please see on pages 8 to 16, the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the Adjusted and Organic financial information to the most directly comparable IFRS measure.

3

Nomad Foods Limited As Reported

Statements of Profit or Loss (unaudited)

Three months ended June 30, 2018 and June 30, 2017

	Three months ended June 30, 2018		Three months ended June 30, 2017
	€ millions		€ millions
Revenue	488.2		458.1
Cost of sales	(336.7	)	(313.8	)
Gross profit	151.5		144.3
Other operating expenses	(85.8	)	(75.3	)
Exceptional items	(6.1	)	(11.5	)
Operating profit	59.6		57.5
Finance income	—		5.0
Finance costs	(17.9	)	(37.3	)
Net financing costs	(17.9	)	(32.3	)
Profit before tax	41.7		25.2
Taxation	(10.7	)	(5.9	)
Profit for the period	31.0		19.3
Basic earnings per share
Profit for the period in € millions	31.0		19.3
Weighted average shares outstanding in millions	175.6		181.7
Basic earnings per share in €	0.18		0.11
Diluted earnings per share
Profit for the period in € millions	31.0		19.3
Weighted average shares outstanding in millions	175.6		181.7
Diluted earnings per share in €	0.18		0.11

4

Statements of Profit or Loss (unaudited)

Six months ended June 30, 2018 and June 30, 2017

	Six months ended June 30, 2018		Six months ended June 30, 2017
	€ millions		€ millions
Revenue	1,027.4		989.4
Cost of sales	(704.6	)	(689.0	)
Gross profit	322.8		300.4
Other operating expenses	(168.6	)	(156.2	)
Exceptional items	(7.6	)	(11.4	)
Operating profit	146.6		132.8
Finance income	3.1		5.6
Finance costs	(27.1	)	(54.0	)
Net financing costs	(24.0	)	(48.4	)
Profit before tax	122.6		84.4
Taxation	(29.2	)	(17.1	)
Profit for the period	93.4		67.3
Basic earnings per share
Profit for the period in € millions	93.4		67.3
Weighted average shares outstanding in millions	175.5		182.7
Basic earnings per share in €	0.53		0.37
Diluted earnings per share
Profit for the period in € millions	93.4		67.3
Weighted average shares outstanding in millions	175.5		182.7
Diluted earnings per share in €	0.53		0.37

5

Nomad Foods Limited As Reported

Statements of Financial Position

As at June 30, 2018 (unaudited) and December 31, 2017 (audited)

	As at June 30, 2018		As at December 31, 2017
	€ millions		€ millions
Non-current assets
Goodwill	1,828.8		1,745.6
Intangibles	1,880.8		1,724.4
Property, plant and equipment	321.0		295.4
Other receivables	3.2		4.3
Derivative financial instruments	24.5		18.6
Deferred tax assets	61.5		64.3
Total non-current assets	4,119.8		3,852.6
Current assets
Cash and cash equivalents	403.7		219.2
Inventories	333.5		306.9
Trade and other receivables	165.1		147.1
Indemnification assets	79.7		73.8
Derivative financial instruments	14.3		2.1
Total current assets	996.3		749.1
Total assets	5,116.1		4,601.7
Current liabilities
Trade and other payables	482.1		477.5
Current tax payable	177.5		145.3
Provisions	65.9		68.0
Loans and borrowings	6.2		3.3
Derivative financial instruments	1.7		7.8
Total current liabilities	733.4		701.9
Non-current liabilities
Loans and borrowings	1,761.1		1,395.1
Employee benefits	194.9		188.4
Trade and other payables	1.8		1.8
Provisions	64.7		72.8
Derivative financial instruments	44.0		61.4
Deferred tax liabilities	350.8		327.7
Total non-current liabilities	2,417.3		2,047.2
Total liabilities	3,150.7		2,749.1
Net assets	1,965.4		1,852.6
Equity attributable to equity holders
Share capital	—		—
Capital reserve	1,745.2		1,623.7
Share based compensation reserve	8.5		2.9
Founder Preferred Share Dividend reserve	372.6		493.4
Translation reserve	89.6		83.2
Cash flow hedging reserve	9.8		(3.0	)
Accumulated deficit	(260.3	)	(347.6	)
Total equity	1,965.4		1,852.6

6

Nomad Foods Limited As Reported

Statements of Cash Flows (unaudited)

For the six months ended June 30, 2018 and the six months ended June 30, 2017

	For the six months ended June 30, 2018		For the six months ended June 30, 2017
	€ millions		€ millions
Cash flows from operating activities
Profit for the period	93.4		67.3
Adjustments for:
Exceptional items	7.6		11.4
Non-cash fair value purchase price adjustment of inventory	2.1		—
Share based payment expense	6.4		2.1
Depreciation and amortization	21.2		21.8
Loss on disposal and impairment of property, plant and equipment	0.2		0.2
Finance costs	27.1		54.0
Finance income	(3.1	)	(5.6	)
Taxation	29.2		17.1
Operating cash flow before changes in working capital, provisions and exceptional items	184.1		168.3
(Increase)/decrease in inventories	(15.3	)	13.2
(Increase)/decrease in trade and other receivables	(27.1	)	6.9
(Decrease)/increase in trade and other payables	(5.9	)	11.7
Decrease in employee benefits and other provisions	(0.4	)	(0.9	)
Cash generated from operations before tax and exceptional items	135.4		199.2
Cash flows relating to exceptional items	(17.2	)	(46.4	)
Tax paid	(9.3	)	(14.5	)
Net cash generated from operating activities	108.9		138.3
Cash flows from investing activities
Purchase of subsidiaries, net of cash acquired	(237.0	)	—
Purchase of property, plant and equipment	(8.7	)	(16.8	)
Purchase of intangibles	(1.4	)	(2.5	)
Cash used in investing activities	(247.1	)	(19.3	)
Cash flows from financing activities
Issuance of new share capital	0.1		—
Repurchase of ordinary shares	—		(93.9	)
Issuance of new loan principal	354.8		1,470.5
Repayment of loan principal	(5.9	)	(1,469.5	)
Payment of finance leases	—		(1.6	)
Proceeds on settlement of derivatives	1.7		0.1
Payment of financing fees	(3.2	)	(13.6	)
Interest paid	(24.0	)	(25.2	)
Interest received	—		0.3
Net cash generated from/(used in) financing activities	323.5		(132.9	)
Net increase/(decrease) in cash and cash equivalents	185.3		(13.9	)
Cash and cash equivalents at beginning of period	219.2		329.5
Effect of exchange rate fluctuations	(0.8	)	(15.1	)
Cash and cash equivalents at end of period	403.7		300.5

7

Nomad Foods Limited

Adjusted Financial Information

(In € millions, except per share data)

The following table reconciles adjusted financial information for the three months ended June 30, 2018 to the reported results of Nomad Foods for such period.

Adjusted Statements of Profit or Loss (unaudited)

Three Months Ended June 30, 2018

€ in millions, except per share data	As reported for the three months ended June 30, 2018		Adjustments			As adjusted for the three months ended June 30, 2018
Revenue	488.2		—			488.2
Cost of sales	(336.7	)	2.1		(a)	(334.6	)
Gross profit	151.5		2.1			153.6
Other operating expenses	(85.8	)	9.9		(b)	(75.9	)
Exceptional items	(6.1	)	6.1		(c)	—
Operating profit	59.6		18.1			77.7
Finance income	—		—			—
Finance costs	(17.9	)	4.0			(13.9	)
Net financing costs	(17.9	)	4.0		(d)	(13.9	)
Profit before tax	41.7		22.1			63.8
Taxation	(10.7	)	(3.8	)	(e)	(14.5	)
Profit for the period	31.0		18.3			49.3
Weighted average shares outstanding in millions - basic	175.6					175.6
Basic earnings per share	0.18					0.28
Weighted average shares outstanding in millions - diluted	175.6					175.6
Diluted earnings per share	0.18					0.28

(a) Adjustments to add back the non-cash charge related to the increase in inventory fair value recorded as part of the Goodfella's Pizza purchase price accounting.

(b) Adjustment to add back the share based payment charge of €4.2 million and non-operating M&A related costs of €5.7 million.

(c) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(d) Adjustment to eliminate €1.7 million of costs incurred as part of the issuance of new debt drawn down on June 20, 2018, €1.3 million of non-cash foreign exchange translation losses and €1.0 million of foreign exchange losses on derivatives.

(e) Adjustment to reflect the tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises.

8

Nomad Foods Limited

Adjusted Financial Information

(In € millions)

The following table reconciles EBITDA and Adjusted EBITDA for the three months ended June 30, 2018 to the reported results of Nomad Foods for such period.

EBITDA and Adjusted EBITDA (unaudited)

Three Months Ended June 30, 2018

€ in millions	Three months ended June 30, 2018
Profit for the period	31.0
Taxation	10.7
Net financing costs	17.9
Depreciation	9.5
Amortization	1.7
EBITDA	70.8
Acquisition purchase price adjustments	2.1	(a)
Exceptional items	6.1	(b)
Other Adjustments	9.9	(c)
Adjusted EBITDA (d)	88.9

(a) Adjustment to add back the non-cash charge related to the increase in inventory fair value recorded as part of the Goodfella's Pizza purchase price accounting.

(b) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(c) Other adjustments include the elimination of share-based payment charges of €4.2 million and elimination of non-operating M&A related costs of €5.7 million.

(d) Adjusted EBITDA margin of 18.2% for the three months ended June 30, 2018 is calculated by dividing Adjusted EBITDA by revenue of €488.2 million per page 8.

9

Nomad Foods Limited

Adjusted Financial Information

(In € millions, except per share data)

The following table reconciles adjusted financial information for the three months ended June 30, 2017 to the reported results of Nomad Foods for such period.

Adjusted Statements of Profit or Loss (unaudited)

Three Months Ended June 30, 2017

€ in millions, except per share data	As reported for the three months ended June 30, 2017		Adjustments			As adjusted for the three months ended June 30, 2017
Revenue	458.1		—			458.1
Cost of sales	(313.8	)	—			(313.8	)
Gross profit	144.3		—			144.3
Other operating expenses	(75.3	)	0.8		(a)	(74.5	)
Exceptional items	(11.5	)	11.5		(b)	—
Operating profit	57.5		12.3			69.8
Finance income	5.0		(5.0	)		—
Finance costs	(37.3	)	22.4			(14.9	)
Net financing costs	(32.3	)	17.4		(c)	(14.9	)
Profit before tax	25.2		29.7			54.9
Taxation	(5.9	)	(6.7	)	(d)	(12.6	)
Profit for the period	19.3		23.0			42.3
Weighted average shares outstanding in millions - basic	181.7					181.7
Basic earnings per share	0.11					0.23
Weighted average shares outstanding inmillions - diluted	181.7					181.7
Diluted earnings per share	0.11					0.23

(a) Adjustment to add back the share-based payment charge.

(b) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(c) Adjustment to eliminate €19.5 million of costs incurred in conjunction with the refinancing on May 3, 2017, €3.5 million of non-cash foreign exchange translation losses and €5.6 million foreign exchange gains on derivatives.

(d) Adjustment to reflect the tax impact of the above at the applicable tax rate for each exceptional item, determined by the nature of the item and the jurisdiction in which it arises.

10

Nomad Foods Limited

Adjusted Financial Information

(In € millions)

The following table reconciles EBITDA and Adjusted EBITDA for the three months ended June 30, 2017 to the reported results of Nomad Foods for such period.

EBITDA and Adjusted EBITDA (unaudited)

Three Months Ended June 30, 2017

€ in millions	Three months ended June 30, 2017
Profit for the period	19.3
Taxation	5.9
Net financing costs	32.3
Depreciation	8.1
Amortization	1.4
EBITDA	67.0
Exceptional items	11.5	(a)
Other Adjustments	0.8	(b)
Adjusted EBITDA(c)	79.3

(a) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(b) Other adjustments include the elimination of the share-based payment charges of €0.8 million.

(c) Adjusted EBITDA margin 17.3% for the three months ended June 30, 2017 is calculated by dividing Adjusted EBITDA by revenue of €458.1 million per page 10.

11

Nomad Foods Limited

Adjusted Financial Information

(In € millions, except per share data)

The following table reconciles adjusted financial information for the six months ended June 30, 2018 to the reported results of Nomad Foods for such period.

Adjusted Statements of Profit or Loss (unaudited)

Six Months Ended June 30, 2018

€ in millions, except per share data	As reported for the six months ended June 30, 2018		Adjustments			As adjusted for the six months ended June 30, 2018
Revenue	1,027.4		—			1,027.4
Cost of sales	(704.6	)	2.1		(a)	(702.5	)
Gross profit	322.8		2.1			324.9
Other operating expenses	(168.6	)	14.6		(b)	(154.0	)
Exceptional items	(7.6	)	7.6		(c)	—
Operating profit	146.6		24.3			170.9
Finance income	3.1		(3.1	)		—
Finance costs	(27.1	)	0.1			(27.0	)
Net financing costs	(24.0	)	(3.0	)	(d)	(27.0	)
Profit before tax	122.6		21.3			143.9
Taxation	(29.2	)	(3.3	)	(e)	(32.5	)
Profit for the period	93.4		18.0			111.4
Weighted average shares outstanding in millions - basic	175.5					175.5
Basic earnings per share	0.53					0.63
Weighted average shares outstanding in millions - diluted	175.5					175.5
Diluted earnings per share	0.53					0.63

(a) Adjustments to add back the non-cash charge related to the increase in inventory fair value recorded as part of the Goodfella's Pizza purchase price accounting.

(b) Adjustment to add back the share-based payment charge of €6.4 million and non-operating M&A related costs of €8.2 million.

(c) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(d) Adjustment to eliminate €1.7 million of costs incurred in conjunction with the issuance of new debt drawn down on June 20, 2018, eliminate €0.2 million of non-cash foreign exchange translation losses and €4.9 million of foreign exchange gains on derivatives.

(e) Adjustment to reflect the tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises.

12

Nomad Foods Limited

Adjusted Financial Information

(In € millions)

The following table reconciles EBITDA and Adjusted EBITDA for the six months ended June 30, 2018 to the reported results of Nomad Foods for such period.

EBITDA and Adjusted EBITDA (unaudited)

Six Months Ended June 30, 2018

€ in millions	Six months ended June 30, 2018
Profit for the period	93.4
Taxation	29.2
Net financing costs	24.0
Depreciation	18.0
Amortization	3.2
EBITDA	167.8
Acquisition purchase price adjustments	2.1	(a)
Exceptional items	7.6	(b)
Other Adjustments	14.6	(c)
Adjusted EBITDA (d)	192.1

(a) Adjustment to add back the non-cash charge related to the increase in inventory fair value recorded as part of the Goodfella's Pizza purchase price accounting.

(b) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(c) Other adjustments include the elimination of the share-based payment charge of €6.4 million and non-operating M&A related costs of €8.2 million.

(d) Adjusted EBITDA margin of 18.7% for the six months ended June 30, 2018 is calculated by dividing Adjusted EBITDA by revenue of €1,027.4 million per page 12.

13

Nomad Foods Limited

Adjusted Financial Information

(In € millions)

The following table reconciles Adjusted financial information for the six months ended June 30, 2017 to the reported results of Nomad Foods for such period.

Adjusted Statements of Profit or Loss (unaudited)

Six Months Ended June 30, 2017

€ in millions, except per share data	As reported for the six months ended June 30, 2017		Adjustments			As Adjusted for the six months ended June 30, 2017
Revenue	989.4		—			989.4
Cost of sales	(689.0	)	—			(689.0	)
Gross profit	300.4		—			300.4
Other operating expenses	(156.2	)	2.1		(a)	(154.1	)
Exceptional items	(11.4	)	11.4		(b)	—
Operating profit	132.8		13.5			146.3
Finance income	5.6		(5.4	)		0.2
Finance costs	(54.0	)	21.4			(32.6	)
Net financing costs	(48.4	)	16.0		(c)	(32.4	)
Profit before tax	84.4		29.5			113.9
Taxation	(17.1	)	(9.1	)	(d)	(26.2	)
Profit for the period	67.3		20.4			87.7
Weighted average shares outstanding in millions - basic	182.7					182.7
Basic earnings per share	0.37					0.48
Weighted average shares outstanding in millions - diluted	182.7					182.7
Diluted earnings per share	0.37					0.48

(a) Adjustment to add back the share based payment charge.

(b) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(c) Adjustment to eliminate €19.5 million of costs incurred as part of the refinancing on the May 3, 2017, €2.5 million of foreign exchange translation losses and €6.0 million of foreign currency gains on derivatives.

(d) Adjustment to reflect the tax impact of the above at the applicable tax rate for each adjustment, determined by the nature of the item and the jurisdiction in which it arises.

14

Nomad Foods Limited

Adjusted Financial Information

(In € millions)

The following table reconciles EBITDA and Adjusted EBITDA for the six months ended June 30, 2017 to the reported results of Nomad Foods for such period:

EBITDA and Adjusted EBITDA (unaudited)

Six Months Ended June 30, 2017

€ in millions	Six months ended June 30, 2017
Profit for the period	67.3
Taxation	17.1
Net financing costs	48.4
Depreciation	18.0
Amortization	3.8
EBITDA	154.6
Exceptional items	11.4	(a)
Other Adjustments	2.1	(b)
Adjusted EBITDA(c)	168.1

(a) Adjustment to add back exceptional items. See Note 6, Exceptional items, within ‘Exhibit 99.2 - Condensed Consolidated Interim Financial Statements’ for a detailed list of exceptional items.

(b) Other adjustments include the elimination of the share-based payment charge.

(c) Adjusted EBITDA margin of 17.0% for the six months ended June 30, 2017 is calculated by dividing Adjusted EBITDA by revenue of €989.4 million per page 14.

15

Nomad Foods Limited

Adjusted Financial Information (continued)

Appendix 1: Reconciliation from reported to organic revenue growth

Year on Year Growth - June 30, 2018 compared with June 30, 2017:

	Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
	YoY Growth		YoY Growth
Reported Revenue Growth	6.6	%	3.8	%
Of which:
- Organic Revenue Growth	1.3	%	2.1	%
- Acquisitions	6.4	%	3.0	%
- Translational FX (a)	(1.1	)%	(1.3	)%
Total	6.6	%	3.8	%

(a) Translational FX is calculated by translating data of the current and comparative periods using a budget foreign exchange rate that is set once a year as part of the Company's internal annual forecast process.

16

Forward-Looking Statements

Forward-Looking Statements and Disclaimers

Certain statements in this announcement are forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts, including expectations regarding (i) the Company’s ability to expand its presence and market share in the frozen foods market; (ii) the success of the Company’s strategic initiatives including focus on core products, product enhancements and media investments; (iii) the timing and success of new product launches such as Veggie Power, Good For You, Pulses and PEASE; (iv) completion of successful acquisitions in the same and adjacent categories; (v) the future operating and financial performance of the Company including organic growth rate and our guidance with respect to Adjusted EBITDA and Adjusted EPS, gross margins and operating expenses; and (vi) synergies and other benefits from the Goodfella's and Aunt Bessie's acquisitions, including an increase in the size and scale of the Company’s U.K. business and the level of additional revenue, earnings and EBITDA generated by these businesses in 2018 . These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including (i) economic conditions, competition and other risks that may affect the Company’s future performance; (ii) the risk that securities markets will react negatively to actions by the Company; (iii) the ability to recognize the anticipated benefits to the Company of strategic initiatives; (iv) the successful completion of strategic acquisitions; (v) changes in applicable laws or regulations; and (vi) the other risks and uncertainties disclosed in the Company’s public filings and any other public disclosures by the Company. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This release and referenced conference call is provided for informational purposes only and does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

17

EX-99.2

Exhibit 99.2

Nomad Foods Limited

Condensed Consolidated Interim Financial Statements (unaudited)

For the three and six months ended June 30, 2018

Nomad Foods Limited—Board of Directors

Martin E. Franklin	(Co-Chairman)
Noam Gottesman	(Co-Chairman)
Ian Ashken	(Non-Executive Director)
Stéfan Descheemaeker	(Chief Executive Officer)
Mohamed Elsarky	(Non-Executive Director)
Jeremy Isaacs CBE	(Non-Executive Director)
Paul Kenyon	(Non-Executive Director)
James E. Lillie	(Non-Executive Director)
Lord Myners of Truro CBE	(Non-Executive Director and Lead Independent Director)
Victoria Parry	(Non-Executive Director)
Simon White	(Non-Executive Director)
Samy R. Zekhout	(Chief Financial Officer)

1

Nomad Foods Limited—Interim management report

General information

Nomad Foods Limited (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and in the future across the broader food sector. Nomad Foods Limited (the “Company” or “Nomad”) produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe. The Company’s portfolio of leading frozen food brands includes Birds Eye, Goodfella's, Aunt Bessie's, Iglo and Findus.

Nomad was incorporated in the British Virgin Islands on April 1, 2014. The address of Nomad’s registered office is Nemours Chambers, Road Town, Tortola, British Virgin Islands. The Company is domiciled for tax in the United Kingdom.

Results for the six months ended June 30, 2018

The Company’s financial results are discussed within the press release which accompanies these unaudited condensed consolidated interim financial statements.

Liquidity review

	For the six months ended June 30,
	2018	2017
	€m	€m
Net cash generated from operating activities	108.9	138.3
Cash used in investing activities	(247.1)	(19.3)
Net cash generated from/(used in) financing activities	323.5	(132.9)
Net increase/(decrease) in cash and cash equivalents	185.3	(13.9)
Cash and cash equivalents at end of period	403.7	300.5

Cash and cash equivalents has increased during the six months ended June 30, 2018 compared to the six months ended June 30, 2017. Net cash generated from operating activities has decreased by €29.4 million compared to the six months ended June 30, 2017, due primarily to timing in working capital cash outflows in the current period. Cash used in investing activities has increased by €227.8 million compared to the six months ended June 30, 2017, primarily as a result of the acquisition of the Goodfella's Pizza business on April 21, 2018. Net cash generated from financing activities has increased by €456.4 million compared to the net cash outflow in the six months ended June 30, 2017 due primarily to proceeds from the draw down of €354.8 million new Senior debt, as well as a decreased cash interest expense. The net cash outflow in the six months ended June 30, 2017 included a payment of €93.9 million for the repurchase of the Company's own shares and payments of €13.6 million for fees incurred as part of the refinancing of the Company's debt arrangements.

2

Nomad Foods Limited—Unaudited Condensed Consolidated Interim Statements of Financial Position

As of June 30, 2018 (unaudited) and December 31, 2017 (audited)

		June 30, 2018		December 31, 2017
	Note	€m		€m
Non-current assets
Goodwill		1,828.8		1,745.6
Intangibles		1,880.8		1,724.4
Property, plant and equipment		321.0		295.4
Other receivables		3.2		4.3
Derivative financial instruments	12	24.5		18.6
Deferred tax assets		61.5		64.3
Total non-current assets		4,119.8		3,852.6
Current assets
Cash and cash equivalents	10	403.7		219.2
Inventories		333.5		306.9
Trade and other receivables		165.1		147.1
Indemnification assets	11	79.7		73.8
Derivative financial instruments	12	14.3		2.1
Total current assets		996.3		749.1
Total assets		5,116.1		4,601.7
Current liabilities
Trade and other payables		482.1		477.5
Current tax payable		177.5		145.3
Provisions	13	65.9		68.0
Loans and borrowings	12	6.2		3.3
Derivative financial instruments	12	1.7		7.8
Total current liabilities		733.4		701.9
Non-current liabilities
Loans and borrowings	12	1,761.1		1,395.1
Employee benefits	14	194.9		188.4
Trade and other payables		1.8		1.8
Provisions	13	64.7		72.8
Derivative financial instruments	12	44.0		61.4
Deferred tax liabilities		350.8		327.7
Total non-current liabilities		2,417.3		2,047.2
Total liabilities		3,150.7		2,749.1
Net assets		1,965.4		1,852.6
Equity attributable to equity holders
Share capital	16	—		—
Capital reserve	16	1,745.2		1,623.7
Share based compensation reserve	15	8.5		2.9
Founder Preferred Shares Dividend reserve	17	372.6		493.4
Translation reserve		89.6		83.2
Cash flow hedging reserve		9.8		(3.0	)
Accumulated deficit		(260.3	)	(347.6	)
Total equity		1,965.4		1,852.6

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

3

Nomad Foods Limited—Unaudited Condensed Consolidated Interim Statements of Profit or Loss

For the three and six months ended June 30, 2018 and June 30, 2017

		For the three months ended June 30,						For the six months ended June 30,
		2018			2017			2018			2017
	Note	€m			€m			€m			€m
Revenue		488.2			458.1			1,027.4			989.4
Cost of sales		(336.7		)	(313.8		)	(704.6		)	(689.0		)
Gross profit		151.5			144.3			322.8			300.4
Other operating expenses		(85.8		)	(75.3		)	(168.6		)	(156.2		)
Exceptional items	6	(6.1		)	(11.5		)	(7.6		)	(11.4		)
Operating profit		59.6			57.5			146.6			132.8
Finance income	7	—			5.0			3.1			5.6
Finance costs	7	(17.9		)	(37.3		)	(27.1		)	(54.0		)
Net financing costs		(17.9		)	(32.3		)	(24.0		)	(48.4		)
Profit before tax		41.7			25.2			122.6			84.4
Taxation	8	(10.7		)	(5.9		)	(29.2		)	(17.1		)
Profit for the period		31.0			19.3			93.4			67.3
Earnings per share
Basic and diluted earnings per share	9	€	0.18		€	0.11		€	0.53		€	0.37

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

4

Nomad Foods Limited—Unaudited Condensed Consolidated Interim Statements of Comprehensive Income/(Loss)

For the three and six months ended June 30, 2018 and June 30, 2017

		For the three months ended June 30,				For the six months ended June 30,
		2018		2017		2018		2017
	Note	€m		€m		€m		€m
Profit for the period		31.0		19.3		93.4		67.3
Other comprehensive (loss)/income:
Actuarial (losses)/gains on defined benefit pension plans	14	(1.9	)	5.6		(9.0	)	5.6
Taxation credit/(charge) on measurement of defined benefit pension plans		0.6		(3.1	)	2.9		(3.1	)
Items not reclassified to the Statement of Profit or Loss		(1.3	)	2.5		(6.1	)	2.5
Gain/(loss) on investment in foreign subsidiary, net of hedge		1.8		0.2		6.4		(2.5	)
Effective portion of changes in fair value of cash flow hedges		18.2		(8.3	)	18.1		(14.0	)
Taxation (charge)/credit relating to components of other comprehensive income		(4.9	)	2.9		(5.3	)	4.5
Items that may be subsequently reclassified to the Statement of Profit or Loss		15.1		(5.2	)	19.2		(12.0	)
Other comprehensive income/(loss) for the period, net of tax		13.8		(2.7	)	13.1		(9.5	)
Total comprehensive income for the period		44.8		16.6		106.5		57.8

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

5

Nomad Foods Limited—Unaudited Condensed Consolidated Interim Statements of Changes in Equity

For the six months ended June 30, 2018

		Share capital	Capital reserve	Share based compensation reserve		Founder preferred shares dividend reserve		Translation reserve	Cash flow hedge reserve		Accumulated deficit reserve		Total
	Notes	€m	€m	€m		€m		€m	€m		€m		€m
Balance as of January 1, 2018		—	1,623.7	2.9		493.4		83.2	(3.0	)	(347.6	)	1,852.6
Profit for the period		—	—	—		—		—	—		93.4		93.4
Other comprehensive income/(loss)		—	—	—		—		6.4	12.8		(6.1	)	13.1
Total comprehensive income for the period		—	—	—		—		6.4	12.8		87.3		106.5
Founder Preferred Shares Annual Dividend Amount	17	—	120.8	—		(120.8	)	—	—		—		—
Vesting of Non-Executive Restricted Stock award	15	—	0.6	(0.8	)	—		—	—		—		(0.2	)
Issue of ordinary shares	16	—	0.1	—		—		—	—		—		0.1
Share based payment charge	15	—	—	6.4		—		—	—		—		6.4
Total transactions with owners, recognized directly in equity		—	121.5	5.6		(120.8	)	—	—		—		6.3
Balance as of June 30, 2018		—	1,745.2	8.5		372.6		89.6	9.8		(260.3	)	1,965.4

6

Nomad Foods Limited—Unaudited Condensed Consolidated Interim Statements of Changes in Equity (continued)

For the six months ended June 30, 2017

	Share capital	Capital reserve		Share based compensation reserve		Founder preferred shares dividend reserve	Translation reserve		Cash flow hedge reserve		Accumulated deficit reserve		Total
	€m	€m		€m		€m	€m		€m		€m		€m
Balance as of January 1, 2017	—	1,800.7		1.0		493.4	84.0		8.4		(485.0	)	1,902.5
Profit for the period	—	—		—		—	—		—		67.3		67.3
Other comprehensive (loss)/income for the period	—	—		—		—	(2.5	)	(9.5	)	2.5		(9.5	)
Total comprehensive (loss)/income for the period	—	—		—		—	(2.5	)	(9.5	)	69.8		57.8
Repurchase of ordinary shares	—	(93.9	)	—		—	—		—		—		(93.9	)
Vesting of Non-Executive Director restricted stock award	—	0.6		(0.7	)	—	—		—		—		(0.1	)
Share based payment charge	—	—		2.1		—	—		—		—		2.1
Total transactions with owners, recognized directly in equity	—	(93.3	)	1.4		—	—		—		—		(91.9	)
Balance as of June 30, 2017	—	1,707.4		2.4		493.4	81.5		(1.1	)	(415.2	)	1,868.4

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

7

Nomad Foods Limited—Unaudited Condensed Consolidated Interim Statements of Cash Flows

For the six months ended June 30, 2018 and June 30, 2017

		For the six months ended June 30,
		2018		2017
	Note	€m		€m
Cash flows from operating activities
Profit for the period		93.4		67.3
Adjustments for:
Exceptional items	6	7.6		11.4
Non-cash fair value purchase price adjustment of inventory		2.1		—
Share based payments expense	15	6.4		2.1
Depreciation and amortization	5	21.2		21.8
Loss on disposal and impairment of property, plant and equipment		0.2		0.2
Finance costs	7	27.1		54.0
Finance income	7	(3.1	)	(5.6	)
Taxation	8	29.2		17.1
Operating cash flow before changes in working capital, provisions and net of acquisitions		184.1		168.3
(Increase)/decrease in inventories		(15.3	)	13.2
(Increase)/decrease in trade and other receivables		(27.1	)	6.9
(Decrease)/increase in trade and other payables		(5.9	)	11.7
Decrease in employee benefits and other provisions		(0.4	)	(0.9	)
Cash generated from operations before tax and exceptional items		135.4		199.2
Cash flows relating to exceptional items	6	(17.2	)	(46.4	)
Tax paid		(9.3	)	(14.5	)
Net cash generated from operating activities		108.9		138.3
Cash flows from investing activities
Purchase of subsidiaries, net of cash acquired		(237.0	)	—
Purchase of property, plant and equipment		(8.7	)	(16.8	)
Purchase of intangibles		(1.4	)	(2.5	)
Cash used in investing activities		(247.1	)	(19.3	)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	16	0.1		—
Repurchase of ordinary shares	16	—		(93.9	)
Issuance of new loan principal	12	354.8		1,470.5
Repayment of loan principal	12	(5.9	)	(1,469.5	)
Payment of finance leases		—		(1.6	)
Proceeds on settlement of derivatives		1.7		0.1
Payment of financing fees		(3.2	)	(13.6	)
Interest paid		(24.0	)	(25.2	)
Interest received		—		0.3
Net cash generated from/(used in) financing activities		323.5		(132.9	)
Net increase/(decrease) in cash and cash equivalents		185.3		(13.9	)
Cash and cash equivalents at beginning of period		219.2		329.5
Effect of exchange rate fluctuations		(0.8	)	(15.1	)
Cash and cash equivalents at end of period	10	403.7		300.5

The accompanying notes are an integral part of these unaudited Condensed Consolidated Interim Financial Statements.

8

Nomad Foods Limited—Notes to the Unaudited Condensed Consolidated Interim Financial Statements

1.    General information

These unaudited condensed consolidated interim financial statements (“interim financial statements”) as at and for the three and six months ended June 30, 2018 comprise Nomad Foods Limited and its subsidiaries (together referred to as the “Company” or “Nomad”). Nomad Foods Limited (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and in the future across the broader food sector. Nomad produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe. The Company’s portfolio of leading frozen food brands includes Birds Eye, Goodfella’s, Aunt Bessie’s, Iglo and Findus.

The Company’s sales and working capital levels have historically been affected to a limited extent by seasonality. In general, sales volumes for frozen food are slightly higher in colder or winter months and variable production costs and working capital will vary depending on the harvesting and buying periods of seasonal raw materials, in particular vegetable crops. For example, stock levels typically peak in August to September just after the pea harvest and as a result, more working capital is required during those months.

Nomad is a company registered in the British Virgin Islands and domiciled for tax in the United Kingdom.

2.     Basis of preparation

These unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the IASB and as adopted by the European Union. They do not include all the information required for a complete set of IFRS financial statements. The financial information consolidates the Company and the subsidiaries it controls and includes selected notes to explain events and transactions that are significant to an understanding of the changes in Nomad’s financial position and performance since the last annual consolidated financial statements. Therefore the unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2017, which have been prepared in accordance with International Financial Reporting Standards as issued by the IASB and as adopted by the European Union (“IFRS”).

These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on August 7, 2018.

There are no new accounting standards which have a material impact on this financial information, except for disclosure requirements upon the adoption of IFRS 9, Financial Instruments & IFRS 15, Revenue from Contracts with Customers. The accounting policies used by management in preparing these condensed consolidated financial statements were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2017, except taxes on income. These are accrued based on management's estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the period. It also reflects the tax impact of exceptional items accounted for in the period.

IFRS 16 ‘Leases’ sets out the principles for the recognition, measurement, presentation and disclosure of leases and replaces IAS 17 ‘Leases’. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees. This IFRS will become effective for accounting periods starting on January 1, 2019 with early application permitted for companies applying IFRS 15 ‘Revenue from Contracts with Customers’. The Company is still assessing the full impact of the new IFRS 16 Standard. However, it is expected that there will be an increase in assets and liabilities as a result of the adoption of the new standard.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the consolidated interim financial statements.

3.    Accounting estimates and judgments

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise judgment in applying the accounting policies. The key areas involving a higher degree of judgment or complexity, or areas where assumptions are significant to the consolidated financial statements are highlighted under the relevant note.

In preparing the condensed consolidated interim financial statements, the key sources of estimation uncertainty for the interim period ended June 30, 2018, which were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2017, were as follows:

9

3.1    Business Combinations

The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves judgment over whether intangible assets can be separately identified as well as an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable judgment in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following judgments, estimates and assumptions can materially affect our financial position and profit:

• The fair value of intangible and tangible assets that are subject to depreciation or amortization in future periods.

• Future changes to the assumptions used in estimating the value of assets and liabilities may result in additional expenses or income.

3.2    Fair value of derivative financial instruments

Note 12 includes details of the fair value of the derivative instruments that the Company holds at the end of each financial period. The fair value of derivatives is determined using forward rates at the balance sheet date, with the resulting value discounted back to present value.

3.3    Employee benefit obligation

The Company operates a number of defined benefit pension schemes and post-employment benefit schemes which are valued by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Each Scheme has an actuarial valuation performed and is dependent on a series of assumptions. See Note 14 for details of material changes, if any, to assumptions since December 31, 2017.

3.4    Carrying value of goodwill and brands

Determining whether goodwill and brands are impaired requires an estimation of the value in use of the cash generating unit to which goodwill and brands have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. A value in use calculation is carried out on an annual basis unless the Company identifies triggers that would indicate that the carrying value of these assets is impaired.

3.5    Revenue discounts and trade marketing expense

Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Each customer has a unique agreement that is governed by a combination of observable and unobservable performance conditions.

At each quarter end date, any discount incurred but not yet invoiced is estimated, based on historical trends and rebate contracts with customers, and accrued as ‘trade terms’. See Note 12, which include details of trade terms balances included within trade receivables.

In certain cases the estimate for discounts requires the use of forecast information for future trading periods and so there arises a degree of estimation uncertainty. These estimates are sensitive to variances between actual results and forecasts. The current accruals reflect the Company’s best estimate of these forecasts.

Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote Company products. The ultimate costs of these programs will depend upon retailer performance and is the subject of significant management estimates. The Company records as an expense, the estimated ultimate cost of the program in the period during which the program occurs and is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends.

3.6    Uncertain tax positions

Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on best estimates and management’s judgments with regard to the amounts expected to be paid to the relevant tax authority. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. The factors considered include the progress of discussions with the tax authorities and the level of documentary support for historical positions taken by previous owners.

10

3.7    Share based payments

The Company at the end of each reporting period, in estimating its share-based payment charge assesses and revises its estimates of the number of interests that are expected to vest based on the non-market vesting conditions. Note 15 contains details of these assumptions and of the valuation model used.

3.8    Onerous contracts provisions

Where the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. Estimating future income is highly judgmental and is based on management’s best estimate.

4.    Acquisitions

(a) Goodfella’s Pizza

On April 21, 2018, the Company completed its acquisition of all of the share capital of Green Isle Foods Limited (“Goodfella’s Pizza”) for £208.8 million (€237.9 million), including working capital and net debt adjustments. Goodfella's Pizza (legal entity subsequently renamed Birds Eye Pizza Limited), is a pizza producer based in Ireland that complements our existing business model. The acquisition price is subject to customary working capital adjustments and finalizing acquisition completion accounts.

The preliminary assessment of the fair values of assets and liabilities of Birds Eye Pizza Limited at the date of acquisition and the consideration paid was as follows:

	April 21, 2018
	€m
Assets:
Intangible Assets	158.3
Property, plant and equipment	33.2
Current assets	7.2
Inventories	10.7
Deferred tax assets	0.9
Total assets	210.3
Liabilities:
Current liabilities	31.1
Deferred tax liabilities	22.8
Total liabilities	53.9
Total identifiable net assets acquired	156.4
Cash consideration	237.9
Cash and cash equivalents acquired	(0.1	)
Net consideration transferred	237.8
Total identifiable net assets acquired	(156.4	)
Goodwill	81.4

11

The preliminary estimate of goodwill is €81.4 million. The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies.

If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition are identified then the accounting for the acquisition will be revised.

During the period from April 21, 2018 till June 30, 2018, the business contributed total revenue of €28.2 million and profit before tax of €0.7 million to the Company's results.

Acquisition related costs of €4.6 million are recognized as an expense in other operating expenses.

(b) Toppfrys AB

Effective March 2, 2018, the Company acquired a 60% stake of the outstanding share capital of Toppfrys AB, a pea processing business in Sweden that complements our existing business model. The Company paid €1.7 million (SEK 17.0 million) for the equity share acquired and subsequently provided loans of €1.5 million (SEK 13.6 million), bringing the total payments to €3.2 million (SEK 30.6 million). The Company has consolidated the business and has recognized a 40% non-controlling interest as it was determined to have control based on an assessment of the acquired business. In respect of the acquired business, Nomad concurrently has both put and call options with the remaining shareholders on the remaining 40% of the shares commencing in 2020.

The provisional 60% stake of net liabilities acquired were valued at €0.1 million, resulting in a provisional estimate of goodwill of €1.8 million. The Company believes the future value of goodwill will be obtained through its market position in Sweden. Acquisition related costs of €0.1 million were recognized as expenses within other operating expenses in the consolidated statements of profit or loss. The revenue and profit or loss since the acquisition date were immaterial to the consolidated financial statements.

Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used.

The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statement of comprehensive income.

Subsequent to acquisition, the carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance.

If all acquisitions had occurred on January 1, 2018, management estimates that the combined Company would have revenue of €1,079.1 million and profit before tax of €129.1 million for the six months ended June 30, 2018.

12

5.    Segment reporting

The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen Foods” and is reflected in the segment presentation below for the periods presented.

		For the three months ended June 30,		For the six months ended June 30,
		2018	2017	2018	2017
	Note	€m	€m	€m	€m
Profit for the period		31.0	19.3	93.4	67.3
Taxation		10.7	5.9	29.2	17.1
Net financing costs		17.9	32.3	24.0	48.4
Depreciation		9.5	8.1	18.0	18.0
Amortization		1.7	1.4	3.2	3.8
EBITDA		70.8	67.0	167.8	154.6
Acquisition purchase price adjustments		2.1	—	2.1	—
Exceptional items	6	6.1	11.5	7.6	11.4
Other adjustments		9.9	0.8	14.6	2.1
Adjusted EBITDA		88.9	79.3	192.1	168.1

Other adjustments include the elimination of share-based payment charges of €4.2 million for the three months ended June 30, 2018 (2017: €0.8 million) and €6.4 million for the six months ended June 30, 2018 (2017: €2.1 million), as well as the elimination of M&A related investigation costs, professional fees, transaction costs, purchase accounting related valuations and post-close transaction costs of €5.7 million for the three months ended June 30, 2018 (2017: nil) and €8.2 million for the six months ended June 30, 2018 (2017: nil). Nomad excludes these costs because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance.

Acquisition purchase price adjustments relate to the non-cash fair value uplift of inventory on the acquisition of Goodfella’s Pizza.

No information on segment assets or liabilities is presented to the CODM.

External revenue by geography 

	For the three months ended June 30,		For the six months ended June 30,
	2018	2017	2018	2017
	€m	€m	€m	€m
United Kingdom	129.4	105.6	239.3	211.8
Italy	83.6	82.9	198.6	193.3
Germany	66.9	65.1	155.0	147.7
France	41.8	40.1	85.8	83.6
Sweden	45.0	49.5	94.5	106.7
Norway	28.4	26.8	59.4	59.5
Austria	20.9	22.0	50.4	48.2
Spain	18.4	20.3	38.1	41.1
Rest of Europe	53.8	45.8	106.3	97.5
Total external revenue by geography	488.2	458.1	1,027.4	989.4

13

6.    Exceptional items

	For the three months ended June 30,			For the six months ended June 30,
	2018	2017		2018	2017
	€m	€m		€m	€m
Findus Group integration costs	4.5	3.2		6.0	5.7
Goodfella's Pizza integration costs	0.8	—		0.8	—
Factory optimization	0.5	—		0.5	—
Supply chain reconfiguration	0.2	—		0.2	—
Settlement of legacy matters	0.1	3.3		0.1	3.7
Implementation of strategic opportunities	—	2.6		—	7.8
Remeasurement of indemnification assets	—	2.1		—	(8.3	)
Costs related to transactions	—	0.4		—	2.5
Other restructuring costs	—	(0.1	)	—	—
Total exceptional items	6.1	11.5		7.6	11.4

Following the acquisition of the Findus Group in November 2015, the Company initiated a substantial integration project. Costs of €4.5 million have been incurred in the three months ended June 30, 2018 (2017: €3.2 million) and €6.0 million for the six months ended June 30, 2018 (2017: €5.7 million) which relate to the roll-out of the Nomad ERP system.

Following the acquisition of the Goodfella’s pizza business in April 2018, the Company has initiated an integration project. Costs of €0.8 million have been incurred in the three and six months ended June 30, 2018.

During the three and six months ended June 30, 2018, the Company has initiated a three-year factory optimization program. The focus of the program will be to develop a new suite of standard manufacturing & supply chain processes, that will provide a single network of optimized factories. The program is expected to provide a number of benefits, including an optimized supply chain infrastructure, benefits derived from the implementation of a standardized global manufacturing and planning processes, and an increased level of sustainable performance improvement. Costs of €0.5 million have been incurred in the three and six months ended June 30, 2018.

Supply chain reconfiguration relates to ongoing activities associated with the closure of the Bjuv manufacturing facility in Sweden which ceased production in 2017. Costs incurred in 2018 relate to the relocation of production to other factories and are partially offset by income from the disposal of the remaining tangible assets. A charge of €0.2 million has been incurred in the three months ended June 30, 2018.

Settlement of legacy matters costs of €0.1 million were recognized in the three months ended June 30, 2018 (2017: €3.3 million) and €0.1 million in the six months ended June 30, 2018 (2017: €3.7 million) from liabilities relating to periods prior to acquisition of the Findus and Iglo businesses by the Company. These were previously classified within 'Implementation of strategic opportunities' and have been reclassified into this line for all successor periods presented.

Implementation of strategic opportunities and other items primarily relates to costs associated with the implementation of Nomad’s strategic vision across the Company and other tax costs. Costs of €2.6 million were incurred in the three months ended June 30, 2017 and €7.8 million for the six months ended June 30, 2017. These costs were reported in prior periods together with costs associated with legacy matters which are now allocated to 'Settlement of legacy matters', which has reduced the 2017 charges accordingly.

Re-measurement of the indemnification assets relates to the movement (up to a cap of the initial value of the shares) in value of shares held in escrow as part of the consideration on the acquisition of the Findus Group as well as the release of indemnification assets associated with the acquisition of the Iglo Group as discussed in Note 11. Therefore the value of the assets may, in the future, be restricted to the value of these shares as at the balance sheet date.

For the three and six months ended June 30, 2017, costs related to transactions relates to enhanced control compliance procedures in territories.

The tax credit impact of the exceptional items for the three months ended June 30, 2018 amounted to €0.4 million (2017: €2.5 million) and for the six months ended June 30, 2018 amounted to €0.8 million (2017: €4.9 million).

14

Included in the Condensed Consolidated Interim Statements of Cash Flows for the six months ended June 30, 2018 is €17.2 million (2017: €46.4 million) of cash outflows relating to exceptional items. This includes cash flows related to the above items in addition to the cash impact of the settlement of provisions brought forward from previous accounting periods.

7.    Finance income and costs

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
	€m		€m		€m		€m
Finance income
Interest income	—		—		—		0.2
Gain on derivatives	—		5.0		3.1		5.4
Total finance income	—		5.0		3.1		5.6
Interest expense (a)	(11.4	)	(12.4	)	(22.3	)	(27.7	)
Loss on derivatives	(1.9	)	—		—		—
Net foreign exchange arising on re-translation of financial assets and liabilities	(1.3	)	(3.5	)	(0.2	)	(2.5	)
Net pension interest costs	(0.9	)	(0.9	)	(1.8	)	(1.8	)
Amortization of borrowing costs	(0.4	)	(0.7	)	(0.5	)	(1.9	)
Interest on unwinding discounted items	(0.3	)	(0.3	)	(0.6	)	(0.6	)
Financing costs incurred on new or amended debt (b)	(1.7	)	(19.5	)	(1.7	)	(19.5	)
Total finance costs	(17.9	)	(37.3	)	(27.1	)	(54.0	)
Net finance costs	(17.9	)	(32.3	)	(24.0	)	(48.4	)

(a) Interest expense is shown net of gains recycled from the cash flow hedge reserve on cross currency interest rate swaps.

(b) As a consequence of the refinancing on May 3, 2017 as detailed in Note 12, deferred borrowing costs of €15.7 million relating to the old senior debt and senior secured notes were written off.

8.    Taxation

Income tax expense of €10.7 million for the three months period to June 30, 2018 (2017: €5.9 million) and €29.2 million for the six months period to June 30, 2018 (2017: €17.1 million) is accrued based on management’s estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the periods. It also reflects the tax impact of exceptional items accounted for in the periods.

The Company’s subsidiaries, which are subject to tax, operate in many different jurisdictions and, in some of these, certain tax matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve. Accruals for tax contingencies require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgment. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to this provision.

Management believes that the Company’s tax position on all open matters, including those in current discussion with local tax authorities, is robust and that the Company is appropriately provided.

15

9.    Earnings per share

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Basic earnings per share
Profit for the period	31.0		19.3		93.4		67.3
Weighted average Ordinary Shares and Founder Preferred Shares (basic) in millions	175.6		181.7		175.5		182.7
Basic earnings per share	€	0.18	€	0.11	€	0.53	€	0.37

The weighted average ordinary shares in 2018 includes the January 2, 2018 issuance of the Founder Preferred Shares Annual Dividend Amount as set out in Note 17.

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
	€m		€m		€m		€m
Diluted earnings per share
Profit for the period	31.0		19.3		93.4		67.3
Weighted average Ordinary Shares and Founder Preferred Shares (diluted) in millions	175.6		181.7		175.5		182.7
Diluted earnings per share	€	0.18	€	0.11	€	0.53	€	0.37

For the three months and six months period endedJune 30, 2018, the number of shares in the diluted earnings per share calculation has been adjusted by 44,272 for the dilutive impact of the 2018 Non-Executive Restricted Stock Awards that the Company are obligated to issue in 2019. Refer to Note 15 for further details. There is no adjustment to the profit for the period. The Ordinary shares that could be issued to settle the Founder Preferred Shares Annual Dividend Amount are potentially dilutive, but as set out in Note 17, the Founder Preferred Shares Annual Dividend Amount is determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days of 2018.

10.    Cash and cash equivalents

	June 30, 2018	December 31, 2017
	€m	€m
Cash and cash equivalents	403.6	219.0
Restricted cash	0.1	0.2
Cash and cash equivalents	403.7	219.2

‘Cash and cash equivalents’ comprise cash balances and call deposits. There were no bank overdrafts reported in either period. Restricted cash comprises money that is primarily reserved for a specific purpose and therefore not available for immediate or general business use.

At June 30, 2018, £209.0 million (€235.9 million) of the cash and cash equivalents balance were new borrowings during June 2018 which were used on July 2, 2018 to complete our acquisition of Aunt Bessie's. Please refer to note 19 Subsequent events for further information.

16

11.    Indemnification assets

	June 30, 2018	December 31, 2017
	€m	€m
Related to the Iglo acquisition at start of the period	—	2.1
Release of indemnified provision	—	(2.1	)
Related to Iglo acquisition at end of the period	—	—
Related to the Findus acquisition at start of the period	73.8	63.4
Remeasurement of indemnification assets	—	10.4
Related to Findus acquisition at end of the period	73.8	73.8
Related to the Goodfella’s Pizza acquisition at start of the period	—	—
Recognized on acquisition of Goodfella’s Pizza	5.9	—
Related to Goodfella’s Pizza acquisition at end of the period	5.9	—
Total indemnification assets	79.7	73.8

In total, €73.8 million of liabilities relating to the acquisition of Findus Group are covered by the indemnification assets as at June 30, 2018. These liabilities were limited to the original value of the shares held in escrow following the completion of the acquisition of the Findus Group.

The indemnification asset recognized in relation to the Findus Group is secured by shares held in escrow, so that the value of the assets may, in the future, be restricted to the value of these shares. We do not record an increase to the value of the shares beyond the amount at which they were originally issued of €73.8 million. As at June 30, 2018, €73.8 million (December 31, 2017: €73.8 million) of the indemnification assets relate to the acquisition of the Findus Group for which 6,964,417 shares were held in escrow and were valued at $19.19 (€16.49) (December 31, 2017: $16.91 (€14.13)) each.

As part of the acquisition accounting for the Findus and Iglo Groups in 2015, the Company inherited several contingent liabilities for which the seller has provided an indemnity. To the extent that the liability has been recognized in the balance sheet, an indemnification asset has also been recognized. As part of the agreement to repurchase shares on June 12, 2017, the indemnities in relation to the Iglo acquisition were canceled. As a consequence, the indemnification asset of €2.1 million previously recognized was released.

The indemnification asset recognized in relation to the Goodfella’s Pizza acquisition relates to several contingent liabilities that arose prior to acquisition. As at June 30, 2018, €0.5 million of the indemnification assets relate to liabilities to customers for which the seller has provided an indemnity. The remainder relates to other contingent liabilities which are covered by insurance policies taken out by the seller. A liability has also been recognized in the balance sheet to the same extent as the asset.

17

12.     Financial instruments

The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
June 30, 2018	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.8		35.0		—		38.8
Not measured at fair value
Trade receivables	—	106.3	—		—		—		106.3
Cash and cash equivalents	403.7	—	—		—		—		403.7
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.5	)	(45.2	)	—		(45.7	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(440.2	)	(440.2	)
Loans and borrowings	—	—	—		—		(1,779.3	)	(1,779.3	)
Total	403.7	106.3	3.3		(10.2	)	(2,219.5	)	(1,716.4	)

Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €150.6 million.

Loans and borrowings are stated gross of capitalized deferred borrowing costs.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
December 31, 2017	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.2		17.5		—		20.7
Not measured at fair value
Trade receivables	—	94.7	—		—		—		94.7
Cash and cash equivalents	219.2	—	—		—		—		219.2
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.7	)	(68.5	)	—		(69.2	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(441.6	)	(441.6	)
Loans and borrowings	—	—	—		—		(1,409.5	)	(1,409.5	)
Total	219.2	94.7	2.5		(51.0	)	(1,851.1	)	(1,585.7	)

Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €188.5 million.

Loans and borrowings are stated gross of capitalized deferred borrowing costs.

18

The Company has determined that the carrying amount of trade receivables, trade payables and cash and cash equivalents are a reasonable approximation of fair value.

Derivative financial instruments

The financial instruments are not traded in an active market and so the fair value of these instruments is determined from the implied forward rate. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 “Fair value measurement”.

Cross currency interest rate swaps are managed based on their net exposure to credit risks. The Company has used the exception in IFRS 13 to allow this group of derivatives to be measured on a net basis by each counterpart.

Interest bearing loans and borrowings

The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are

classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the period’s prevailing interest rates. They are classified as level 2 instruments.

The Company has Senior Euro debt of €558.0 million and Senior USD debt of $953.4 million (€813.7 million). Both are repayable on May 15, 2024, although the Senior USD debt requires a repayment of $9.6 million (€8.2 million) of principal in May each year until 2024. An €80.0 million revolving credit facility is available until May 15, 2023 and will be utilized to support existing letters of credit and bank guarantees and certain other ancillary facilities outside of the Senior debt. The Company drew an additional Senior USD debt of $50.0 million (€43.0 million) and Senior Euro debt of €58.0 million in the first quarter of 2018, to partially fund the acquisition of Goodfella’s which completed in April 2018 and is discussed in Note 4.  The remainder of the acquisition price was funded through cash. A further $300.0 million (€257.7 million) of Senior USD debt drawn down on June 20, 2018 to fund the acquisition of Aunt Bessie’s as discussed in Note 19.

In order to match its underlying cash flows, the Company has entered into a number of cross-currency interest rate swaps. In exchange for $953.4 million, the Company has received €547.9 million and £263.4 million. The derivatives are designed to minimize the exposure to movements in foreign currency exchange rates and movements in interest rates. In exchange for receiving cash flows in USD matching the payments of principal and interest due under the Senior USD debt, the Company will pay fixed amounts of interest and principal on notional amounts of GBP and EUR. All of the USD to EUR swaps have been designated as a cash flow hedge while EUR to GBP swaps to the value of £224.7 million have been designated as a net investment hedge

Nomad Foods BondCo Plc has €400.0 million of 3.25% senior secured notes due May 15, 2024 (the “Notes”). Interest on the Notes is payable semi-annually in arrears on May 15 and November 15, commencing on November 15, 2017. Both the senior debt and the notes are guaranteed on a senior basis by the Company and certain subsidiaries thereof and are secured with equal ranking against certain assets of the Company.

	Fair value		Carrying value
	June 30, 2018	December 31, 2017	June 30, 2018		December 31, 2017
	€m	€m	€m		€m
Senior EUR/USD loans	1,371.7	1,012.7	1,377.1		1,009.5
2024 fixed rate senior secured notes	398.4	412.2	400.0		400.0
Other borrowings	2.2	—	2.2		—
Less deferred borrowing costs	—	—	(12.0	)	(11.1	)
	1,772.3	1,424.9	1,767.3		1,398.4

19

13.    Provisions

	Restructuring		Onerous/ unfavorable contracts		Provisions related to other taxes	Contingent consideration	Other		Total
	€m		€m		€m	€m	€m		€m
Balance as of January 1. 2018	26.3		75.4		10.2	10.4	18.5		140.8
Additional provision in the period	—		—		—	—	1.2		1.2
Release of provision	(0.1	)	—		—	—	(0.9	)	(1.0	)
Acquired through business combinations	—		—		—	—	6.8		6.8
Utilization of provision	(10.5	)	(2.2	)	—	—	(0.8	)	(13.5	)
Unwinding of discounting	—		0.4		—	0.2	—		0.6
Foreign exchange	—		(4.3	)	—	—	—		(4.3	)
Balance at June 30, 2018	15.7		69.3		10.2	10.6	24.8		130.6
Analysis of total provisions:			June 30, 2018			December 31, 2017
Current			65.9			68.0
Non-current			64.7			72.8
Total			130.6			140.8

Restructuring

The €15.7 million (December 31, 2017: €26.3 million) provision relates to committed plans for certain restructuring activities of an exceptional nature which are due to be completed within the next 12 months. €10.5 million has been utilized in the six months ended June 30, 2018, which relates to the closure of the production facilities in Bjuv, Sweden and reorganizational activities arising from the implementation of Nomad's strategic vision across the Company.

The Company has signed an agreement with Foodhills AB to sell the buildings and parts of the premises in Bjuv, Sweden. The purchase price could be up to SEK 85 million (€8.6 million), with cash received of SEK 72.25 million (€7.2 million) and the remainder held in escrow. The final settlement is subject to liabilities and warranties in the framework of the transaction which are covered within the provision. Legal handover of the site was completed on March 1, 2018.

Onerous/unfavorable contracts

Of the onerous/unfavorable contracts provision, €66.9 million (December 31, 2017: €72.5 million) is held in relation to a lease for a

warehouse and factory facility in Bjuv. The factory is vacant and the Company currently anticipates the warehouse space will not be fully utilized by the Company or other third parties, so the lease has been identified as being onerous.

The ability for the Company to offset the unavoidable costs associated with the unutilized portion of the facility with future rental income is highly uncertain and difficult to accurately estimate. The provision has been assessed to be the best estimate of the net unavoidable costs based on the latest information available. This provision will be frequently reassessed by management and may change significantly over time.

Furthermore, an independent valuation of the lease performed as part of the acquisition accounting for the November 2, 2015 acquisition of the Findus Group identified that the lease payments were in excess of market rates, deeming the contract to be unfavorable. This provision will be utilized over the duration of the lease.

The remaining provision of €2.4 million (December 31, 2017: €2.9 million) relates to a service contract covering the same warehouse facility.

Provisions related to other taxes

The €10.2 million (December 31, 2017: €10.2 million) provision relates to other taxes due to tax authorities after tax investigations within certain operating subsidiaries of the Nomad Group.

20

Contingent consideration

As at June 30, 2018, the provision for contingent consideration comprised of €9.1 million and €1.5 million relating to the acquisition of La Cocinera and the Lutosa brand respectively (December 31, 2017: €8.9 million and €1.5 million, respectively).

During the six months period endedJune 30, 2018, a €0.2 million charge has been recognized relating to the unwinding of discounting on the La Cocinera acquisition which occurred in Spain in April 2015. The consideration payable is dependent on specific future events and performance conditions being met. The payment is deferred until April 2020 but must be paid earlier if certain decisions are made by the Company.

There was negligible movement on the contingent consideration provided for the Lutosa brand (under license until 2020), which was acquired in Belgium in 2014 and is payable in 2019.

Other

Other provisions include €5.8 million (December 31, 2017: €5.6 million) of potential obligations in Italy, €5.4 million of contingent liabilities acquired as part of the Goodfella’s Pizza acquisition that are indemnified by the Seller’s insurance policies, €3.1 million (December 31, 2017: €3.1 million) for asset retirement obligations recognized as part of the Findus acquisition, €2.6 million (December 31, 2017: €2.7 million) professional fees in respect of the above mentioned tax investigations and other obligations from previous accounting periods.

14.    Employee benefits

The Company operates defined benefit pension plans in Germany, Italy, Sweden and Austria as well as various contribution plans in other countries. The defined benefit pension plans are partially funded in Germany and Austria and unfunded in Sweden and Italy. In addition, an unfunded post-retirement medical plan is operated in Austria. In Germany and Italy, long term service awards are in operation and various other countries provide other employee benefits. There were no changes in the nature of any schemes in the six months endedJune 30, 2018.

The total net employee benefit obligations as at June 30, 2018 is as follows:

	€m
Balance as of January 1, 2018	188.4
Service cost	2.8
Net interest expense	1.8
Actuarial loss on pension scheme valuations	9.0
Benefits paid	(3.8	)
Foreign exchange differences on translation	(3.3	)
Balance as of June 30, 2018	194.9

The principal assumptions applied for the valuation at June 30, 2018 were the same as those applied at December 31, 2017, except for the German plans which are the most significant in terms of plan assets and liabilities in the Company. The discount rate applied to the German defined benefits obligations decreased from 1.95% to 1.75%.

21

15.    Share based compensation reserve

During 2015, the Company established a discretionary share award scheme, the Long-term Incentive Plan ("LTIP"), which enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. The Compensation Committee currently awards grants to Senior Management, including those that are Directors and Non-Executive Directors.

All Awards are to be settled by physical delivery of shares.

Director and Senior Management Share Awards

As part of its long term incentive initiatives, the Company has 5,218,600 restricted shares to the management team (the “Management Share Awards”) currently outstanding, split between three grant awards outstanding below.

	January 1, 2016 Award	January 1, 2017 Award	January 1, 2018 Award	Total
Number of awards outstanding at January 1, 2018	3,837,000	1,090,000	—	4,927,000
New awards granted in the period	—	—	481,600	481,600
Forfeitures in the period	(115,000)	(75,000)	—	(190,000)
Number of awards outstanding at June 30, 2018	3,722,000	1,015,000	481,600	5,218,600

Relevant to each grant, half of the awards are contingent upon achieving one of a range of benchmark market share prices and the other half of the awards will vest provided one of a range of cumulative EBITDA performance targets are met over a four year period. If the share price benchmark is met, the shares for this portion of the awards will vest up to 50% over a two year period and up to 50% over a four year period.

• For the "2016" award, the two year period is through to January 1, 2018 and the four year period through to January 1, 2020.

• For the "2017" award, the two year period is through to January 1, 2019 and the four year period through to January 1, 2021.

• For the "2018" award, the two year period is through to January 1, 2020 and the four year period through to January 1, 2022.

The other half of the 2016, 2017 and 2018 awards will vest on January 1, 2020, 2021 and 2022, respectively, provided one of a range of cumulative EBITDA performance targets are met over the four-year periods listed above.

None of the shares have vested. The stock compensation charge reported within the Consolidated Statement of Profit or Loss for the three and six months ended June 30, 2018 related to the Director and Senior Management Share Awards is €3.8 million and €5.9 million, respectively. (Three and six months ended June 30, 2017: €0.5 million and €1.7 million, respectively).

The Company calculates the cost of the Management Share Awards based upon their fair value using the Monte Carlo Model, which is considered to be the most appropriate methodology considering the restricted shares only vest once the market performance conditions have been satisfied, as well as expected exercise period and the payment of dividends by the Company. Following a revision to the January 1, 2016 and 2017 awards schemes, which included changes to the EBITDA Performance Target Conditions and benchmark market share price targets, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are now as follows:

	January 1, 2016 Award			January 1, 2017 Award			January 1, 2018 Award
Grant date price	$	16.91		$	16.91		$	16.91
Exercise price	$	—		$	—		$	—
Expected life of restricted share	0.78 – 2.00 years			1.25 – 3.00 years			2.54 – 4.00 years
Expected volatility of the share price	22.0		%	22.0		%	24.0		%
Dividend yield expected	—		%	—		%	—		%
Risk free rate	2.06		%	2.15		%	2.23		%
Employee exit rate	19.0		%	19.0		%	19.0		%
EBITDA Performance Target Conditions	70.0%-90.0%			50.0%-70.0%			40.0%-50.0%

22

The expected volatility of the share price inputs above were estimated by referencing selected quoted companies which are considered to exhibit some degree of comparability with the Company, as the Company has only been listed for approximately three years.

Based on the revised assessment in the current period of fair value and the number of shares expected to vest, the total fair value in respect of the Restricted Shares as at the January 1, 2016 grant date are $19.6 million (€15.9 million) and $4.2 million (€3.4 million) as at the January 1, 2017 grant date. The fair value in respect of the Restricted Shares as at the January 1, 2018 grant date is$1.6 million (€1.3 million).

Non-Executive Director Restricted Share Awards

In accordance with the Board approved independent Non-Executive Director compensation guidelines, each independent Non-Executive Director is granted $100,000 of restricted shares annually on the date of the annual general meeting, valued at the closing market price for such shares on this date. The restricted shares vest on the earlier to occur of the date of the Company’s annual meeting of shareholders or thirteen months from the date of grant. On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38. On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant.

The Non-Executive Directors restricted share awards identified above vested on June 14, 2018 and 41,186 shares were issued, resulting in a €0.2 million increase in the share based compensation reserve based on the value of the awards issued. Of the total 53,498 number of shares vesting, 12,312 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares.

On June 14, 2018 after the Company's annual meeting shareholders, the current Non-Executive Directors were granted 44,272 restricted stock awards at a share price of $18.07.

The total charge within the Statement of Consolidated Profit or Loss for the three and six months ended June 30, 2018 related to Non-Executive Directors stock compensation awards is €0.4 million and €0.5 million, respectively. The total charge within the Statement of Consolidated Profit or Loss for the three and six months ended June 30, 2017 was €0.3 million and €0.4 million, respectively.

Share based compensation reserve

	Non-Executive Directors Award		Management Share Award 2016	Management Share Award 2017	Management Share Award 2018	Total Share based compensation reserve
	€m		€m	€m	€m	€m
Balance as of January 1, 2018	0.5		2.2	0.2	—	2.9
Non-Executive Director restricted share awards charge	0.5		—	—	—	0.5
Directors and Senior Management share awards charge - January 1, 2016	—		4.8	—	—	4.8
Directors and Senior Management share awards charge - January 1, 2017	—		—	0.9	—	0.9
Directors and Senior Management share awards charge - January 1, 2018	—		—	—	0.2	0.2
Vesting of Non-Executive Director restricted shares	(0.8	)	—	—	—	(0.8	)
Balance as of June 30, 2018	0.2		7.0	1.1	0.2	8.5

23

16.    Share Capital and Capital reserve

Ordinary Shares

On January 2, 2018, the Company issued a share dividend of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017).

The Company issued 41,186 ordinary shares in June 2018 to Non-Executive Directors as disclosed in Note 15 above.

In June 2018, former Non-Executive Directors exercised 9,375 of 125,000 initial options granted to them for €0.1 million. The remaining options expire in June 2020.

	Shares		June 30, 2018		December 31, 2017
	June 30, 2018	December 31, 2017
			€m		€m
Authorized Share Capital:
Unlimited number of Ordinary Shares with $nil nominal value issued at $10.00 per share	n/a	n/a	n/a		n/a
Unlimited number of Founder Preferred Shares with $nil nominal value issued at $10.00 per share	n/a	n/a	n/a		n/a
Issued and fully paid:
Ordinary Shares	173,997,436	165,291,546	1,748.4		1,626.9
Founder Preferred Shares	1,500,000	1,500,000	10.6		10.6
			1,759.0		1,637.5
Listing and share transaction costs			(13.8	)	(13.8	)
Total Capital reserve			1,745.2		1,623.7

17.    Founder Preferred Shares Dividend Reserve

Nomad has issued Founder Preferred Shares to its Founder Entities. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Annual Dividend Amount”).

The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. The Preferred Shares Annual Dividend Amount is determined with reference to the Dividend Determination Period of a financial year, i.e. the last 10 consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of the Company’s ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts ($11.4824) multiplied by 140,220,619 shares (the “Preferred Share Dividend Equivalent”).

The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met and issued on January 2, 2018. The

Company issued a share dividend of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017). Accordingly, the balance of the Founder Preferred Shares Dividend Reserve as at June 30, 2018 decreased to €372.6 million (December 31, 2017: €493.4 million).

The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise.

24

The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the Preferred Share Dividend Equivalent are subject to such adjustments for share splits, share dividends and certain other recapitalisation events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad’s Memorandum and Articles of Association.

18.Related parties

Mariposa Capital, LLC, an affiliate of Mr Franklin, and TOMS Capital LLC, an affiliate of Mr Gottesman, perform advisory services on behalf of the Company. The total fees and expenses incurred by them in the course of their duties for the three and six months ended June 30, 2018 were €0.6 million and €1.1 million, respectively. (Three and six months ended June 30, 2017: €0.6 million and €1.1 million, respectively.)

In addition to the fees above, as discussed in Note 17, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met and a share dividend of 8,705,890 ordinary shares were issued on January 2, 2018.

Key management personnel comprise the Directors and Executive Officers. The Executive Officers continue to be remunerated for their services to the Company through their employment contracts. Non-executive Directors continue to receive fees for their services as board members and to certain committees and are settled through payroll. Director fees are payable quarterly in arrears. Total non-executive Director fees and expenses for the three and six months ended June 30, 2018 were €0.1 million and €0.2 million, respectively. (Three and six months ended June 30, 2017: €0.1 million and €0.2 million, respectively.) In addition, certain non-executive Directors received grants under the LTIP as discussed in Note 15. Some of these grants vested on June 14, 2018 and were exercised in June 2018.

19.    Subsequent events after the Statement of Financial Position date

On July 2, 2018, the Company completed its previously announced acquisition of all the share capital of Aunt Bessie’s Limited from William Jackson & Son Limited for a purchase price of £209.0 million (€235.9 million). Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. Due to the timing of the close of the transaction, the Company is in the process of completing the initial accounting of this acquisition as a business combination in accordance with IFRS, including the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed.

25

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	Nomad Foods Ltd.
Entity Central Index Key	0001651717
Current Fiscal Year End Date	--12-31

XML

Unaudited Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Millions	Jun. 30, 2018	Dec. 31, 2017
Non-current assets
Goodwill	€ 1,828.8	€ 1,745.6
Intangibles	1,880.8	1,724.4
Property, plant and equipment	321.0	295.4
Other receivables	3.2	4.3
Derivative financial instruments	24.5	18.6
Deferred tax assets	61.5	64.3
Total non-current assets	4,119.8	3,852.6
Current assets
Cash and cash equivalents	403.7	219.2
Inventories	333.5	306.9
Trade and other receivables	165.1	147.1
Indemnification assets	79.7	73.8
Derivative financial instruments	14.3	2.1
Total current assets	996.3	749.1
Total assets	5,116.1	4,601.7
Current liabilities
Trade and other payables	482.1	477.5
Current tax payable	177.5	145.3
Provisions	65.9	68.0
Loans and borrowings	6.2	3.3
Derivative financial instruments	1.7	7.8
Total current liabilities	733.4	701.9
Non-current liabilities
Loans and borrowings	1,761.1	1,395.1
Employee benefits	194.9	188.4
Trade and other payables	1.8	1.8
Provisions	64.7	72.8
Derivative financial instruments	44.0	61.4
Deferred tax liabilities	350.8	327.7
Total non-current liabilities	2,417.3	2,047.2
Total liabilities	3,150.7	2,749.1
Net assets	1,965.4	1,852.6
Equity attributable to equity holders
Share capital	0.0	0.0
Capital reserve	1,745.2	1,623.7
Share based compensation reserve	8.5	2.9
Founder Preferred Shares Dividend reserve	372.6	493.4
Translation reserve	89.6	83.2
Cash flow hedging reserve	9.8	(3.0)
Accumulated deficit	(260.3)	(347.6)
Total equity	€ 1,965.4	€ 1,852.6

XML

Unaudited Condensed Consolidated Interim Statements of Profit or Loss - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Profit or loss [abstract]
Revenue	€ 488.2	€ 458.1	€ 1,027.4	€ 989.4
Cost of sales	(336.7)	(313.8)	(704.6)	(689.0)
Gross profit	151.5	144.3	322.8	300.4
Other operating expenses	(85.8)	(75.3)	(168.6)	(156.2)
Exceptional items	(6.1)	(11.5)	(7.6)	(11.4)
Operating profit	59.6	57.5	146.6	132.8
Finance income	0.0	5.0	3.1	5.6
Finance costs	(17.9)	(37.3)	(27.1)	(54.0)
Net financing costs	(17.9)	(32.3)	(24.0)	(48.4)
Profit before tax	41.7	25.2	122.6	84.4
Taxation	(10.7)	(5.9)	(29.2)	(17.1)
Profit for the period	€ 31.0	€ 19.3	€ 93.4	€ 67.3
Earnings per share
Basic and diluted earnings per share (in euro per share)	€ 0.18	€ 0.11	€ 0.53	€ 0.37

XML

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income/(Loss) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of comprehensive income [abstract]
Profit for the period	€ 31.0	€ 19.3	€ 93.4	€ 67.3
Other comprehensive (loss)/income:
Actuarial (losses)/gains on defined benefit pension plans	(1.9)	5.6	(9.0)	5.6
Taxation credit/(charge) on measurement of defined benefit pension plans	0.6	(3.1)	2.9	(3.1)
Items not reclassified to the Statement of Profit or Loss	(1.3)	2.5	(6.1)	2.5
Gain/(loss) on investment in foreign subsidiary, net of hedge	1.8	0.2	6.4	(2.5)
Effective portion of changes in fair value of cash flow hedges	18.2	(8.3)	18.1	(14.0)
Taxation (charge)/credit relating to components of other comprehensive income	(4.9)	2.9	(5.3)	4.5
Items that may be subsequently reclassified to the Statement of Profit or Loss	15.1	(5.2)	19.2	(12.0)
Other comprehensive income/(loss) for the period, net of tax	13.8	(2.7)	13.1	(9.5)
Total comprehensive income for the period	€ 44.8	€ 16.6	€ 106.5	€ 57.8

XML

Unaudited Condensed Consolidated Interim Statements of Changes in Equity - EUR (€) € in Millions	Total	Share capital	Capital reserve	Share based compensation reserve	Founder preferred shares dividend reserve	Translation reserve	Cash flow hedging reserve	Accumulated deficit reserve	Ordinary shares	Ordinary shares Capital reserve
Equity, beginning balance at Dec. 31, 2016	€ 1,902.5	€ 0.0	€ 1,800.7	€ 1.0	€ 493.4	€ 84.0	€ 8.4	€ (485.0)
Profit for the period	67.3							67.3
Other comprehensive income (loss) for the year	(9.5)					(2.5)	(9.5)
Other comprehensive income, attributable to owners of parent	2.5
Total comprehensive income for the period	57.8					(2.5)	(9.5)	69.8
Purchase of treasury shares	(93.9)									€ (93.9)
Vesting of Non-Executive Director restricted stock award	(0.1)		0.6	(0.7)
Share based payment charge	2.1			2.1
Total transaction with owners, recognized directly in equity	(91.9)		(93.3)	1.4
Equity, ending balance at Jun. 30, 2017	1,868.4	0.0	1,707.4	2.4	493.4	81.5	(1.1)	(415.2)
Equity, beginning balance at Dec. 31, 2017	1,852.6	0.0	1,623.7	2.9	493.4	83.2	(3.0)	(347.6)
Profit for the period	93.4							93.4
Other comprehensive income (loss) for the year	13.1					6.4	12.8	(6.1)
Total comprehensive income for the period	106.5					6.4	12.8	87.3
Issue of equity			0.1						€ 0.1
Vesting of Non-Executive Director restricted stock award	(0.2)		0.6	(0.8)
Founder Preferred Shares Annual Dividend Amount	0.0		120.8		(120.8)
Share based payment charge	6.4			6.4
Total transaction with owners, recognized directly in equity	6.3		121.5	5.6	(120.8)
Equity, ending balance at Jun. 30, 2018	€ 1,965.4	€ 0.0	€ 1,745.2	€ 8.5	€ 372.6	€ 89.6	€ 9.8	€ (260.3)

XML

Unaudited Condensed Consolidated Interim Statements of Cash Flows - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Profit for the period	€ 93.4	€ 67.3
Adjustments for:
Exceptional items	7.6	11.4
Purchases, fair value measurement, assets	2.1	0.0
Share based payments expense	6.4	2.1
Depreciation and amortization	21.2	21.8
Loss on disposal of property, plant and equipment	0.2	0.2
Finance costs	27.1	54.0
Finance income	(3.1)	(5.6)
Taxation	29.2	17.1
Operating cash flow before changes in working capital, provisions and net of acquisitions	184.1	168.3
Decrease in inventories	(15.3)	13.2
Increase in trade and other receivables	(27.1)	6.9
Decrease in trade and other payables	(5.9)	11.7
Increase/(decrease) in employee benefits and other provisions	(0.4)	(0.9)
Cash generated from operations before tax and exceptional items	135.4	199.2
Cash flows relating to exceptional items	(17.2)	(46.4)
Tax (paid)/refunded	(9.3)	(14.5)
Net cash generated from operating activities	108.9	138.3
Cash flows from investing activities
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities	(237.0)	0.0
Purchase of property, plant and equipment	(8.7)	(16.8)
Purchase of intangibles	(1.4)	(2.5)
Cash used in investing activities	(247.1)	(19.3)
Cash flows from financing activities
Proceeds from issue of ordinary shares	0.1	0.0
Payments to acquire or redeem entity's shares	0.0	(93.9)
Issuance of new loan principal	354.8	1,470.5
Repayments of borrowings, classified as financing activities	(5.9)	(1,469.5)
Payment of finance leases	0.0	(1.6)
Proceeds on settlement of derivatives	1.7	0.1
Payments for debt issue costs	(3.2)	(13.6)
Interest paid	(24.0)	(25.2)
Interest received	0.0	0.3
Net cash provided by/(used in) financing activities	323.5	(132.9)
Net increase in cash and cash equivalents	185.3	(13.9)
Cash and cash equivalents at beginning of period	219.2	329.5
Effect of exchange rate fluctuations	(0.8)	(15.1)
Cash and cash equivalents at end of period	€ 403.7	€ 300.5

XML

General information

6 Months Ended

Jun. 30, 2018

General Information About Financial Statements [Abstract]

General information

General information

These unaudited condensed consolidated interim financial statements (“interim financial statements”) as at and for the three and six months ended June 30, 2018 comprise Nomad Foods Limited and its subsidiaries (together referred to as the “Company” or “Nomad”). Nomad Foods Limited (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and in the future across the broader food sector. Nomad produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe. The Company’s portfolio of leading frozen food brands includes Birds Eye, Goodfella’s, Aunt Bessie’s, Iglo and Findus.

The Company’s sales and working capital levels have historically been affected to a limited extent by seasonality. In general, sales volumes for frozen food are slightly higher in colder or winter months and variable production costs and working capital will vary depending on the harvesting and buying periods of seasonal raw materials, in particular vegetable crops. For example, stock levels typically peak in August to September just after the pea harvest and as a result, more working capital is required during those months.

Nomad is a company registered in the British Virgin Islands and domiciled for tax in the United Kingdom.

XML

Basis of preparation

6 Months Ended

Jun. 30, 2018

Basis Of Presentation [Abstract]

Basis of preparation

Basis of preparation

These unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the IASB and as adopted by the European Union. They do not include all the information required for a complete set of IFRS financial statements. The financial information consolidates the Company and the subsidiaries it controls and includes selected notes to explain events and transactions that are significant to an understanding of the changes in Nomad’s financial position and performance since the last annual consolidated financial statements. Therefore the unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2017, which have been prepared in accordance with International Financial Reporting Standards as issued by the IASB and as adopted by the European Union (“IFRS”).

These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on August 7, 2018.

There are no new accounting standards which have a material impact on this financial information, except for disclosure requirements upon the adoption of IFRS 9, Financial Instruments & IFRS 15, Revenue from Contracts with Customers. The accounting policies used by management in preparing these condensed consolidated financial statements were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2017, except taxes on income. These are accrued based on management's estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the period. It also reflects the tax impact of exceptional items accounted for in the period.

IFRS 16 ‘Leases’ sets out the principles for the recognition, measurement, presentation and disclosure of leases and replaces IAS 17 ‘Leases’. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees. This IFRS will become effective for accounting periods starting on January 1, 2019 with early application permitted for companies applying IFRS 15 ‘Revenue from Contracts with Customers’. The Company is still assessing the full impact of the new IFRS 16 Standard. However, it is expected that there will be an increase in assets and liabilities as a result of the adoption of the new standard.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the consolidated interim financial statements.

XML

Accounting estimates and judgments

6 Months Ended

Jun. 30, 2018

Accounting Policies, Changes in Accounting Estimates and Errors [Abstract]

Accounting estimates and judgments

Accounting estimates and judgments

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise judgment in applying the accounting policies. The key areas involving a higher degree of judgment or complexity, or areas where assumptions are significant to the consolidated financial statements are highlighted under the relevant note.

In preparing the condensed consolidated interim financial statements, the key sources of estimation uncertainty for the interim period ended June 30, 2018, which were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2017, were as follows:

3.1    Business Combinations

The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves judgment over whether intangible assets can be separately identified as well as an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable judgment in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following judgments, estimates and assumptions can materially affect our financial position and profit:

• The fair value of intangible and tangible assets that are subject to depreciation or amortization in future periods.

• Future changes to the assumptions used in estimating the value of assets and liabilities may result in additional expenses or income.

3.2    Fair value of derivative financial instruments

Note 12 includes details of the fair value of the derivative instruments that the Company holds at the end of each financial period. The fair value of derivatives is determined using forward rates at the balance sheet date, with the resulting value discounted back to present value.

3.3    Employee benefit obligation

The Company operates a number of defined benefit pension schemes and post-employment benefit schemes which are valued by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Each Scheme has an actuarial valuation performed and is dependent on a series of assumptions. See Note 14 for details of material changes, if any, to assumptions since December 31, 2017.

3.4    Carrying value of goodwill and brands

Determining whether goodwill and brands are impaired requires an estimation of the value in use of the cash generating unit to which goodwill and brands have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. A value in use calculation is carried out on an annual basis unless the Company identifies triggers that would indicate that the carrying value of these assets is impaired.

3.5    Revenue discounts and trade marketing expense

Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Each customer has a unique agreement that is governed by a combination of observable and unobservable performance conditions.

At each quarter end date, any discount incurred but not yet invoiced is estimated, based on historical trends and rebate contracts with customers, and accrued as ‘trade terms’. See Note 12, which include details of trade terms balances included within trade receivables.

In certain cases the estimate for discounts requires the use of forecast information for future trading periods and so there arises a degree of estimation uncertainty. These estimates are sensitive to variances between actual results and forecasts. The current accruals reflect the Company’s best estimate of these forecasts.

Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote Company products. The ultimate costs of these programs will depend upon retailer performance and is the subject of significant management estimates. The Company records as an expense, the estimated ultimate cost of the program in the period during which the program occurs and is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends.

3.6    Uncertain tax positions

Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on best estimates and management’s judgments with regard to the amounts expected to be paid to the relevant tax authority. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. The factors considered include the progress of discussions with the tax authorities and the level of documentary support for historical positions taken by previous owners.

3.7    Share based payments

The Company at the end of each reporting period, in estimating its share-based payment charge assesses and revises its estimates of the number of interests that are expected to vest based on the non-market vesting conditions. Note 15 contains details of these assumptions and of the valuation model used.

3.8    Onerous contracts provisions

Where the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. Estimating future income is highly judgmental and is based on management’s best estimate.

XML

Acquisitions

6 Months Ended

Jun. 30, 2018

Business Combinations1 [Abstract]

Acquisitions

Acquisitions

(a) Goodfella’s Pizza

On April 21, 2018, the Company completed its acquisition of all of the share capital of Green Isle Foods Limited (“Goodfella’s Pizza”) for £208.8 million (€237.9 million), including working capital and net debt adjustments. Goodfella's Pizza (legal entity subsequently renamed Birds Eye Pizza Limited), is a pizza producer based in Ireland that complements our existing business model. The acquisition price is subject to customary working capital adjustments and finalizing acquisition completion accounts.

The preliminary assessment of the fair values of assets and liabilities of Birds Eye Pizza Limited at the date of acquisition and the consideration paid was as follows:

	April 21, 2018
	€m
Assets:
Intangible Assets	158.3
Property, plant and equipment	33.2
Current assets	7.2
Inventories	10.7
Deferred tax assets	0.9
Total assets	210.3
Liabilities:
Current liabilities	31.1
Deferred tax liabilities	22.8
Total liabilities	53.9
Total identifiable net assets acquired	156.4
Cash consideration	237.9
Cash and cash equivalents acquired	(0.1	)
Net consideration transferred	237.8
Total identifiable net assets acquired	(156.4	)
Goodwill	81.4

The preliminary estimate of goodwill is €81.4 million. The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies.

If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition are identified then the accounting for the acquisition will be revised.

During the period from April 21, 2018 till June 30, 2018, the business contributed total revenue of €28.2 million and profit before tax of €0.7 million to the Company's results.

Acquisition related costs of €4.6 million are recognized as an expense in other operating expenses.

(b) Toppfrys AB

Effective March 2, 2018, the Company acquired a 60% stake of the outstanding share capital of Toppfrys AB, a pea processing business in Sweden that complements our existing business model. The Company paid €1.7 million (SEK 17.0 million) for the equity share acquired and subsequently provided loans of €1.5 million (SEK 13.6 million), bringing the total payments to €3.2 million (SEK 30.6 million). The Company has consolidated the business and has recognized a 40% non-controlling interest as it was determined to have control based on an assessment of the acquired business. In respect of the acquired business, Nomad concurrently has both put and call options with the remaining shareholders on the remaining 40% of the shares commencing in 2020.

The provisional 60% stake of net liabilities acquired were valued at €0.1 million, resulting in a provisional estimate of goodwill of €1.8 million. The Company believes the future value of goodwill will be obtained through its market position in Sweden. Acquisition related costs of €0.1 million were recognized as expenses within other operating expenses in the consolidated statements of profit or loss. The revenue and profit or loss since the acquisition date were immaterial to the consolidated financial statements.

Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used.

The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statement of comprehensive income.

Subsequent to acquisition, the carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance.

If all acquisitions had occurred on January 1, 2018, management estimates that the combined Company would have revenue of €1,079.1 million and profit before tax of €129.1 million for the six months ended June 30, 2018.

Indemnification assets

	June 30, 2018	December 31, 2017
	€m	€m
Related to the Iglo acquisition at start of the period	—	2.1
Release of indemnified provision	—	(2.1	)
Related to Iglo acquisition at end of the period	—	—
Related to the Findus acquisition at start of the period	73.8	63.4
Remeasurement of indemnification assets	—	10.4
Related to Findus acquisition at end of the period	73.8	73.8
Related to the Goodfella’s Pizza acquisition at start of the period	—	—
Recognized on acquisition of Goodfella’s Pizza	5.9	—
Related to Goodfella’s Pizza acquisition at end of the period	5.9	—
Total indemnification assets	79.7	73.8

In total, €73.8 million of liabilities relating to the acquisition of Findus Group are covered by the indemnification assets as at June 30, 2018. These liabilities were limited to the original value of the shares held in escrow following the completion of the acquisition of the Findus Group.

The indemnification asset recognized in relation to the Findus Group is secured by shares held in escrow, so that the value of the assets may, in the future, be restricted to the value of these shares. We do not record an increase to the value of the shares beyond the amount at which they were originally issued of €73.8 million. As at June 30, 2018, €73.8 million (December 31, 2017: €73.8 million) of the indemnification assets relate to the acquisition of the Findus Group for which 6,964,417 shares were held in escrow and were valued at $19.19 (€16.49) (December 31, 2017: $16.91 (€14.13)) each.

As part of the acquisition accounting for the Findus and Iglo Groups in 2015, the Company inherited several contingent liabilities for which the seller has provided an indemnity. To the extent that the liability has been recognized in the balance sheet, an indemnification asset has also been recognized. As part of the agreement to repurchase shares on June 12, 2017, the indemnities in relation to the Iglo acquisition were canceled. As a consequence, the indemnification asset of €2.1 million previously recognized was released.

The indemnification asset recognized in relation to the Goodfella’s Pizza acquisition relates to several contingent liabilities that arose prior to acquisition. As at June 30, 2018, €0.5 million of the indemnification assets relate to liabilities to customers for which the seller has provided an indemnity. The remainder relates to other contingent liabilities which are covered by insurance policies taken out by the seller. A liability has also been recognized in the balance sheet to the same extent as the asset.

XML

Segment reporting

6 Months Ended

Jun. 30, 2018

Operating Segments [Abstract]

Segment reporting

Segment reporting

The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen Foods” and is reflected in the segment presentation below for the periods presented.

		For the three months ended June 30,		For the six months ended June 30,
		2018	2017	2018	2017
	Note	€m	€m	€m	€m
Profit for the period		31.0	19.3	93.4	67.3
Taxation		10.7	5.9	29.2	17.1
Net financing costs		17.9	32.3	24.0	48.4
Depreciation		9.5	8.1	18.0	18.0
Amortization		1.7	1.4	3.2	3.8
EBITDA		70.8	67.0	167.8	154.6
Acquisition purchase price adjustments		2.1	—	2.1	—
Exceptional items	6	6.1	11.5	7.6	11.4
Other adjustments		9.9	0.8	14.6	2.1
Adjusted EBITDA		88.9	79.3	192.1	168.1

Other adjustments include the elimination of share-based payment charges of €4.2 million for the three months ended June 30, 2018 (2017: €0.8 million) and €6.4 million for the six months ended June 30, 2018 (2017: €2.1 million), as well as the elimination of M&A related investigation costs, professional fees, transaction costs, purchase accounting related valuations and post-close transaction costs of €5.7 million for the three months ended June 30, 2018 (2017: nil) and €8.2 million for the six months ended June 30, 2018 (2017: nil). Nomad excludes these costs because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance.

Acquisition purchase price adjustments relate to the non-cash fair value uplift of inventory on the acquisition of Goodfella’s Pizza.

No information on segment assets or liabilities is presented to the CODM.

External revenue by geography 

	For the three months ended June 30,		For the six months ended June 30,
	2018	2017	2018	2017
	€m	€m	€m	€m
United Kingdom	129.4	105.6	239.3	211.8
Italy	83.6	82.9	198.6	193.3
Germany	66.9	65.1	155.0	147.7
France	41.8	40.1	85.8	83.6
Sweden	45.0	49.5	94.5	106.7
Norway	28.4	26.8	59.4	59.5
Austria	20.9	22.0	50.4	48.2
Spain	18.4	20.3	38.1	41.1
Rest of Europe	53.8	45.8	106.3	97.5
Total external revenue by geography	488.2	458.1	1,027.4	989.4

XML

Exceptional items

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Exceptional items

Exceptional items

	For the three months ended June 30,			For the six months ended June 30,
	2018	2017		2018	2017
	€m	€m		€m	€m
Findus Group integration costs	4.5	3.2		6.0	5.7
Goodfella's Pizza integration costs	0.8	—		0.8	—
Factory optimization	0.5	—		0.5	—
Supply chain reconfiguration	0.2	—		0.2	—
Settlement of legacy matters	0.1	3.3		0.1	3.7
Implementation of strategic opportunities	—	2.6		—	7.8
Remeasurement of indemnification assets	—	2.1		—	(8.3	)
Costs related to transactions	—	0.4		—	2.5
Other restructuring costs	—	(0.1	)	—	—
Total exceptional items	6.1	11.5		7.6	11.4

Following the acquisition of the Findus Group in November 2015, the Company initiated a substantial integration project. Costs of €4.5 million have been incurred in the three months ended June 30, 2018 (2017: €3.2 million) and €6.0 million for the six months ended June 30, 2018 (2017: €5.7 million) which relate to the roll-out of the Nomad ERP system.

Following the acquisition of the Goodfella’s pizza business in April 2018, the Company has initiated an integration project. Costs of €0.8 million have been incurred in the three and six months ended June 30, 2018.

During the three and six months ended June 30, 2018, the Company has initiated a three-year factory optimization program. The focus of the program will be to develop a new suite of standard manufacturing & supply chain processes, that will provide a single network of optimized factories. The program is expected to provide a number of benefits, including an optimized supply chain infrastructure, benefits derived from the implementation of a standardized global manufacturing and planning processes, and an increased level of sustainable performance improvement. Costs of €0.5 million have been incurred in the three and six months ended June 30, 2018.

Supply chain reconfiguration relates to ongoing activities associated with the closure of the Bjuv manufacturing facility in Sweden which ceased production in 2017. Costs incurred in 2018 relate to the relocation of production to other factories and are partially offset by income from the disposal of the remaining tangible assets. A charge of €0.2 million has been incurred in the three months ended June 30, 2018.

Settlement of legacy matters costs of €0.1 million were recognized in the three months ended June 30, 2018 (2017: €3.3 million) and €0.1 million in the six months ended June 30, 2018 (2017: €3.7 million) from liabilities relating to periods prior to acquisition of the Findus and Iglo businesses by the Company. These were previously classified within 'Implementation of strategic opportunities' and have been reclassified into this line for all successor periods presented.

Implementation of strategic opportunities and other items primarily relates to costs associated with the implementation of Nomad’s strategic vision across the Company and other tax costs. Costs of €2.6 million were incurred in the three months ended June 30, 2017 and €7.8 million for the six months ended June 30, 2017. These costs were reported in prior periods together with costs associated with legacy matters which are now allocated to 'Settlement of legacy matters', which has reduced the 2017 charges accordingly.

Re-measurement of the indemnification assets relates to the movement (up to a cap of the initial value of the shares) in value of shares held in escrow as part of the consideration on the acquisition of the Findus Group as well as the release of indemnification assets associated with the acquisition of the Iglo Group as discussed in Note 11. Therefore the value of the assets may, in the future, be restricted to the value of these shares as at the balance sheet date.

For the three and six months ended June 30, 2017, costs related to transactions relates to enhanced control compliance procedures in territories.

The tax credit impact of the exceptional items for the three months ended June 30, 2018 amounted to €0.4 million (2017: €2.5 million) and for the six months ended June 30, 2018 amounted to €0.8 million (2017: €4.9 million).

Included in the Condensed Consolidated Interim Statements of Cash Flows for the six months ended June 30, 2018 is €17.2 million (2017: €46.4 million) of cash outflows relating to exceptional items. This includes cash flows related to the above items in addition to the cash impact of the settlement of provisions brought forward from previous accounting periods.

XML

Finance income and costs

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Finance income and costs

Finance income and costs

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
	€m		€m		€m		€m
Finance income
Interest income	—		—		—		0.2
Gain on derivatives	—		5.0		3.1		5.4
Total finance income	—		5.0		3.1		5.6
Interest expense (a)	(11.4	)	(12.4	)	(22.3	)	(27.7	)
Loss on derivatives	(1.9	)	—		—		—
Net foreign exchange arising on re-translation of financial assets and liabilities	(1.3	)	(3.5	)	(0.2	)	(2.5	)
Net pension interest costs	(0.9	)	(0.9	)	(1.8	)	(1.8	)
Amortization of borrowing costs	(0.4	)	(0.7	)	(0.5	)	(1.9	)
Interest on unwinding discounted items	(0.3	)	(0.3	)	(0.6	)	(0.6	)
Financing costs incurred on new or amended debt (b)	(1.7	)	(19.5	)	(1.7	)	(19.5	)
Total finance costs	(17.9	)	(37.3	)	(27.1	)	(54.0	)
Net finance costs	(17.9	)	(32.3	)	(24.0	)	(48.4	)

(a) Interest expense is shown net of gains recycled from the cash flow hedge reserve on cross currency interest rate swaps.

(b) As a consequence of the refinancing on May 3, 2017 as detailed in Note 12, deferred borrowing costs of €15.7 million relating to the old senior debt and senior secured notes were written off.

XML

Taxation

6 Months Ended

Jun. 30, 2018

Income Taxes [Abstract]

Taxation

Taxation

Income tax expense of €10.7 million for the three months period to June 30, 2018 (2017: €5.9 million) and €29.2 million for the six months period to June 30, 2018 (2017: €17.1 million) is accrued based on management’s estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the periods. It also reflects the tax impact of exceptional items accounted for in the periods.

The Company’s subsidiaries, which are subject to tax, operate in many different jurisdictions and, in some of these, certain tax matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve. Accruals for tax contingencies require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgment. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to this provision.

Management believes that the Company’s tax position on all open matters, including those in current discussion with local tax authorities, is robust and that the Company is appropriately provided.

XML

Earnings per share

6 Months Ended

Jun. 30, 2018

Earnings per share [abstract]

Earnings per share

Earnings per share

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Basic earnings per share
Profit for the period	31.0		19.3		93.4		67.3
Weighted average Ordinary Shares and Founder Preferred Shares (basic) in millions	175.6		181.7		175.5		182.7
Basic earnings per share	€	0.18	€	0.11	€	0.53	€	0.37

The weighted average ordinary shares in 2018 includes the January 2, 2018 issuance of the Founder Preferred Shares Annual Dividend Amount as set out in Note 17.

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
	€m		€m		€m		€m
Diluted earnings per share
Profit for the period	31.0		19.3		93.4		67.3
Weighted average Ordinary Shares and Founder Preferred Shares (diluted) in millions	175.6		181.7		175.5		182.7
Diluted earnings per share	€	0.18	€	0.11	€	0.53	€	0.37

For the three months and six months period endedJune 30, 2018, the number of shares in the diluted earnings per share calculation has been adjusted by 44,272 for the dilutive impact of the 2018 Non-Executive Restricted Stock Awards that the Company are obligated to issue in 2019. Refer to Note 15 for further details. There is no adjustment to the profit for the period. The Ordinary shares that could be issued to settle the Founder Preferred Shares Annual Dividend Amount are potentially dilutive, but as set out in Note 17, the Founder Preferred Shares Annual Dividend Amount is determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days of 2018.

XML

Cash and cash equivalents

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Cash and cash equivalents

Cash and cash equivalents

	June 30, 2018	December 31, 2017
	€m	€m
Cash and cash equivalents	403.6	219.0
Restricted cash	0.1	0.2
Cash and cash equivalents	403.7	219.2

‘Cash and cash equivalents’ comprise cash balances and call deposits. There were no bank overdrafts reported in either period. Restricted cash comprises money that is primarily reserved for a specific purpose and therefore not available for immediate or general business use.

At June 30, 2018, £209.0 million (€235.9 million) of the cash and cash equivalents balance were new borrowings during June 2018 which were used on July 2, 2018 to complete our acquisition of Aunt Bessie's. Please refer to note 19 Subsequent events for further information.

XML

Indemnification assets

6 Months Ended

Jun. 30, 2018

Business Combinations1 [Abstract]

Indemnification assets

Acquisitions

(a) Goodfella’s Pizza

On April 21, 2018, the Company completed its acquisition of all of the share capital of Green Isle Foods Limited (“Goodfella’s Pizza”) for £208.8 million (€237.9 million), including working capital and net debt adjustments. Goodfella's Pizza (legal entity subsequently renamed Birds Eye Pizza Limited), is a pizza producer based in Ireland that complements our existing business model. The acquisition price is subject to customary working capital adjustments and finalizing acquisition completion accounts.

The preliminary assessment of the fair values of assets and liabilities of Birds Eye Pizza Limited at the date of acquisition and the consideration paid was as follows:

	April 21, 2018
	€m
Assets:
Intangible Assets	158.3
Property, plant and equipment	33.2
Current assets	7.2
Inventories	10.7
Deferred tax assets	0.9
Total assets	210.3
Liabilities:
Current liabilities	31.1
Deferred tax liabilities	22.8
Total liabilities	53.9
Total identifiable net assets acquired	156.4
Cash consideration	237.9
Cash and cash equivalents acquired	(0.1	)
Net consideration transferred	237.8
Total identifiable net assets acquired	(156.4	)
Goodwill	81.4

The preliminary estimate of goodwill is €81.4 million. The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies.

If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition are identified then the accounting for the acquisition will be revised.

During the period from April 21, 2018 till June 30, 2018, the business contributed total revenue of €28.2 million and profit before tax of €0.7 million to the Company's results.

Acquisition related costs of €4.6 million are recognized as an expense in other operating expenses.

(b) Toppfrys AB

Effective March 2, 2018, the Company acquired a 60% stake of the outstanding share capital of Toppfrys AB, a pea processing business in Sweden that complements our existing business model. The Company paid €1.7 million (SEK 17.0 million) for the equity share acquired and subsequently provided loans of €1.5 million (SEK 13.6 million), bringing the total payments to €3.2 million (SEK 30.6 million). The Company has consolidated the business and has recognized a 40% non-controlling interest as it was determined to have control based on an assessment of the acquired business. In respect of the acquired business, Nomad concurrently has both put and call options with the remaining shareholders on the remaining 40% of the shares commencing in 2020.

The provisional 60% stake of net liabilities acquired were valued at €0.1 million, resulting in a provisional estimate of goodwill of €1.8 million. The Company believes the future value of goodwill will be obtained through its market position in Sweden. Acquisition related costs of €0.1 million were recognized as expenses within other operating expenses in the consolidated statements of profit or loss. The revenue and profit or loss since the acquisition date were immaterial to the consolidated financial statements.

Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used.

The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statement of comprehensive income.

Subsequent to acquisition, the carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance.

If all acquisitions had occurred on January 1, 2018, management estimates that the combined Company would have revenue of €1,079.1 million and profit before tax of €129.1 million for the six months ended June 30, 2018.

Indemnification assets

	June 30, 2018	December 31, 2017
	€m	€m
Related to the Iglo acquisition at start of the period	—	2.1
Release of indemnified provision	—	(2.1	)
Related to Iglo acquisition at end of the period	—	—
Related to the Findus acquisition at start of the period	73.8	63.4
Remeasurement of indemnification assets	—	10.4
Related to Findus acquisition at end of the period	73.8	73.8
Related to the Goodfella’s Pizza acquisition at start of the period	—	—
Recognized on acquisition of Goodfella’s Pizza	5.9	—
Related to Goodfella’s Pizza acquisition at end of the period	5.9	—
Total indemnification assets	79.7	73.8

In total, €73.8 million of liabilities relating to the acquisition of Findus Group are covered by the indemnification assets as at June 30, 2018. These liabilities were limited to the original value of the shares held in escrow following the completion of the acquisition of the Findus Group.

The indemnification asset recognized in relation to the Findus Group is secured by shares held in escrow, so that the value of the assets may, in the future, be restricted to the value of these shares. We do not record an increase to the value of the shares beyond the amount at which they were originally issued of €73.8 million. As at June 30, 2018, €73.8 million (December 31, 2017: €73.8 million) of the indemnification assets relate to the acquisition of the Findus Group for which 6,964,417 shares were held in escrow and were valued at $19.19 (€16.49) (December 31, 2017: $16.91 (€14.13)) each.

As part of the acquisition accounting for the Findus and Iglo Groups in 2015, the Company inherited several contingent liabilities for which the seller has provided an indemnity. To the extent that the liability has been recognized in the balance sheet, an indemnification asset has also been recognized. As part of the agreement to repurchase shares on June 12, 2017, the indemnities in relation to the Iglo acquisition were canceled. As a consequence, the indemnification asset of €2.1 million previously recognized was released.

The indemnification asset recognized in relation to the Goodfella’s Pizza acquisition relates to several contingent liabilities that arose prior to acquisition. As at June 30, 2018, €0.5 million of the indemnification assets relate to liabilities to customers for which the seller has provided an indemnity. The remainder relates to other contingent liabilities which are covered by insurance policies taken out by the seller. A liability has also been recognized in the balance sheet to the same extent as the asset.

XML

Financial instruments

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Financial instruments

Financial instruments

The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
June 30, 2018	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.8		35.0		—		38.8
Not measured at fair value
Trade receivables	—	106.3	—		—		—		106.3
Cash and cash equivalents	403.7	—	—		—		—		403.7
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.5	)	(45.2	)	—		(45.7	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(440.2	)	(440.2	)
Loans and borrowings	—	—	—		—		(1,779.3	)	(1,779.3	)
Total	403.7	106.3	3.3		(10.2	)	(2,219.5	)	(1,716.4	)

Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €150.6 million.

Loans and borrowings are stated gross of capitalized deferred borrowing costs.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
December 31, 2017	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.2		17.5		—		20.7
Not measured at fair value
Trade receivables	—	94.7	—		—		—		94.7
Cash and cash equivalents	219.2	—	—		—		—		219.2
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.7	)	(68.5	)	—		(69.2	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(441.6	)	(441.6	)
Loans and borrowings	—	—	—		—		(1,409.5	)	(1,409.5	)
Total	219.2	94.7	2.5		(51.0	)	(1,851.1	)	(1,585.7	)

Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €188.5 million.

Loans and borrowings are stated gross of capitalized deferred borrowing costs.

The Company has determined that the carrying amount of trade receivables, trade payables and cash and cash equivalents are a reasonable approximation of fair value.

Derivative financial instruments

The financial instruments are not traded in an active market and so the fair value of these instruments is determined from the implied forward rate. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 “Fair value measurement”.

Cross currency interest rate swaps are managed based on their net exposure to credit risks. The Company has used the exception in IFRS 13 to allow this group of derivatives to be measured on a net basis by each counterpart.

Interest bearing loans and borrowings

The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are

classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the period’s prevailing interest rates. They are classified as level 2 instruments.

The Company has Senior Euro debt of €558.0 million and Senior USD debt of $953.4 million (€813.7 million). Both are repayable on May 15, 2024, although the Senior USD debt requires a repayment of $9.6 million (€8.2 million) of principal in May each year until 2024. An €80.0 million revolving credit facility is available until May 15, 2023 and will be utilized to support existing letters of credit and bank guarantees and certain other ancillary facilities outside of the Senior debt. The Company drew an additional Senior USD debt of $50.0 million (€43.0 million) and Senior Euro debt of €58.0 million in the first quarter of 2018, to partially fund the acquisition of Goodfella’s which completed in April 2018 and is discussed in Note 4.  The remainder of the acquisition price was funded through cash. A further $300.0 million (€257.7 million) of Senior USD debt drawn down on June 20, 2018 to fund the acquisition of Aunt Bessie’s as discussed in Note 19.

In order to match its underlying cash flows, the Company has entered into a number of cross-currency interest rate swaps. In exchange for $953.4 million, the Company has received €547.9 million and £263.4 million. The derivatives are designed to minimize the exposure to movements in foreign currency exchange rates and movements in interest rates. In exchange for receiving cash flows in USD matching the payments of principal and interest due under the Senior USD debt, the Company will pay fixed amounts of interest and principal on notional amounts of GBP and EUR. All of the USD to EUR swaps have been designated as a cash flow hedge while EUR to GBP swaps to the value of £224.7 million have been designated as a net investment hedge

Nomad Foods BondCo Plc has €400.0 million of 3.25% senior secured notes due May 15, 2024 (the “Notes”). Interest on the Notes is payable semi-annually in arrears on May 15 and November 15, commencing on November 15, 2017. Both the senior debt and the notes are guaranteed on a senior basis by the Company and certain subsidiaries thereof and are secured with equal ranking against certain assets of the Company.

	Fair value		Carrying value
	June 30, 2018	December 31, 2017	June 30, 2018		December 31, 2017
	€m	€m	€m		€m
Senior EUR/USD loans	1,371.7	1,012.7	1,377.1		1,009.5
2024 fixed rate senior secured notes	398.4	412.2	400.0		400.0
Other borrowings	2.2	—	2.2		—
Less deferred borrowing costs	—	—	(12.0	)	(11.1	)
	1,772.3	1,424.9	1,767.3		1,398.4

XML

Provisions

6 Months Ended

Jun. 30, 2018

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Provisions

    Provisions

	Restructuring		Onerous/ unfavorable contracts		Provisions related to other taxes	Contingent consideration	Other		Total
	€m		€m		€m	€m	€m		€m
Balance as of January 1. 2018	26.3		75.4		10.2	10.4	18.5		140.8
Additional provision in the period	—		—		—	—	1.2		1.2
Release of provision	(0.1	)	—		—	—	(0.9	)	(1.0	)
Acquired through business combinations	—		—		—	—	6.8		6.8
Utilization of provision	(10.5	)	(2.2	)	—	—	(0.8	)	(13.5	)
Unwinding of discounting	—		0.4		—	0.2	—		0.6
Foreign exchange	—		(4.3	)	—	—	—		(4.3	)
Balance at June 30, 2018	15.7		69.3		10.2	10.6	24.8		130.6
Analysis of total provisions:			June 30, 2018			December 31, 2017
Current			65.9			68.0
Non-current			64.7			72.8
Total			130.6			140.8

Restructuring

The €15.7 million (December 31, 2017: €26.3 million) provision relates to committed plans for certain restructuring activities of an exceptional nature which are due to be completed within the next 12 months. €10.5 million has been utilized in the six months ended June 30, 2018, which relates to the closure of the production facilities in Bjuv, Sweden and reorganizational activities arising from the implementation of Nomad's strategic vision across the Company.

The Company has signed an agreement with Foodhills AB to sell the buildings and parts of the premises in Bjuv, Sweden. The purchase price could be up to SEK 85 million (€8.6 million), with cash received of SEK 72.25 million (€7.2 million) and the remainder held in escrow. The final settlement is subject to liabilities and warranties in the framework of the transaction which are covered within the provision. Legal handover of the site was completed on March 1, 2018.

Onerous/unfavorable contracts

Of the onerous/unfavorable contracts provision, €66.9 million (December 31, 2017: €72.5 million) is held in relation to a lease for a

warehouse and factory facility in Bjuv. The factory is vacant and the Company currently anticipates the warehouse space will not be fully utilized by the Company or other third parties, so the lease has been identified as being onerous.

The ability for the Company to offset the unavoidable costs associated with the unutilized portion of the facility with future rental income is highly uncertain and difficult to accurately estimate. The provision has been assessed to be the best estimate of the net unavoidable costs based on the latest information available. This provision will be frequently reassessed by management and may change significantly over time.

Furthermore, an independent valuation of the lease performed as part of the acquisition accounting for the November 2, 2015 acquisition of the Findus Group identified that the lease payments were in excess of market rates, deeming the contract to be unfavorable. This provision will be utilized over the duration of the lease.

The remaining provision of €2.4 million (December 31, 2017: €2.9 million) relates to a service contract covering the same warehouse facility.

Provisions related to other taxes

The €10.2 million (December 31, 2017: €10.2 million) provision relates to other taxes due to tax authorities after tax investigations within certain operating subsidiaries of the Nomad Group.

Contingent consideration

As at June 30, 2018, the provision for contingent consideration comprised of €9.1 million and €1.5 million relating to the acquisition of La Cocinera and the Lutosa brand respectively (December 31, 2017: €8.9 million and €1.5 million, respectively).

During the six months period endedJune 30, 2018, a €0.2 million charge has been recognized relating to the unwinding of discounting on the La Cocinera acquisition which occurred in Spain in April 2015. The consideration payable is dependent on specific future events and performance conditions being met. The payment is deferred until April 2020 but must be paid earlier if certain decisions are made by the Company.

There was negligible movement on the contingent consideration provided for the Lutosa brand (under license until 2020), which was acquired in Belgium in 2014 and is payable in 2019.

Other

Other provisions include €5.8 million (December 31, 2017: €5.6 million) of potential obligations in Italy, €5.4 million of contingent liabilities acquired as part of the Goodfella’s Pizza acquisition that are indemnified by the Seller’s insurance policies, €3.1 million (December 31, 2017: €3.1 million) for asset retirement obligations recognized as part of the Findus acquisition, €2.6 million (December 31, 2017: €2.7 million) professional fees in respect of the above mentioned tax investigations and other obligations from previous accounting periods.

XML

Employee benefits

6 Months Ended

Jun. 30, 2018

Employee Benefits [Abstract]

Employee benefits

Employee benefits

The Company operates defined benefit pension plans in Germany, Italy, Sweden and Austria as well as various contribution plans in other countries. The defined benefit pension plans are partially funded in Germany and Austria and unfunded in Sweden and Italy. In addition, an unfunded post-retirement medical plan is operated in Austria. In Germany and Italy, long term service awards are in operation and various other countries provide other employee benefits. There were no changes in the nature of any schemes in the six months endedJune 30, 2018.

The total net employee benefit obligations as at June 30, 2018 is as follows:

	€m
Balance as of January 1, 2018	188.4
Service cost	2.8
Net interest expense	1.8
Actuarial loss on pension scheme valuations	9.0
Benefits paid	(3.8	)
Foreign exchange differences on translation	(3.3	)
Balance as of June 30, 2018	194.9

The principal assumptions applied for the valuation at June 30, 2018 were the same as those applied at December 31, 2017, except for the German plans which are the most significant in terms of plan assets and liabilities in the Company. The discount rate applied to the German defined benefits obligations decreased from 1.95% to 1.75%.

XML

Share based compensation reserve

6 Months Ended

Jun. 30, 2018

Share Capital, Reserves and Other Equity Interest [Abstract]

Share based compensation reserve

Share based compensation reserve

During 2015, the Company established a discretionary share award scheme, the Long-term Incentive Plan ("LTIP"), which enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. The Compensation Committee currently awards grants to Senior Management, including those that are Directors and Non-Executive Directors.

All Awards are to be settled by physical delivery of shares.

Director and Senior Management Share Awards

As part of its long term incentive initiatives, the Company has 5,218,600 restricted shares to the management team (the “Management Share Awards”) currently outstanding, split between three grant awards outstanding below.

	January 1, 2016 Award	January 1, 2017 Award	January 1, 2018 Award	Total
Number of awards outstanding at January 1, 2018	3,837,000	1,090,000	—	4,927,000
New awards granted in the period	—	—	481,600	481,600
Forfeitures in the period	(115,000)	(75,000)	—	(190,000)
Number of awards outstanding at June 30, 2018	3,722,000	1,015,000	481,600	5,218,600

Relevant to each grant, half of the awards are contingent upon achieving one of a range of benchmark market share prices and the other half of the awards will vest provided one of a range of cumulative EBITDA performance targets are met over a four year period. If the share price benchmark is met, the shares for this portion of the awards will vest up to 50% over a two year period and up to 50% over a four year period.

• For the "2016" award, the two year period is through to January 1, 2018 and the four year period through to January 1, 2020.

• For the "2017" award, the two year period is through to January 1, 2019 and the four year period through to January 1, 2021.

• For the "2018" award, the two year period is through to January 1, 2020 and the four year period through to January 1, 2022.

The other half of the 2016, 2017 and 2018 awards will vest on January 1, 2020, 2021 and 2022, respectively, provided one of a range of cumulative EBITDA performance targets are met over the four-year periods listed above.

None of the shares have vested. The stock compensation charge reported within the Consolidated Statement of Profit or Loss for the three and six months ended June 30, 2018 related to the Director and Senior Management Share Awards is €3.8 million and €5.9 million, respectively. (Three and six months ended June 30, 2017: €0.5 million and €1.7 million, respectively).

The Company calculates the cost of the Management Share Awards based upon their fair value using the Monte Carlo Model, which is considered to be the most appropriate methodology considering the restricted shares only vest once the market performance conditions have been satisfied, as well as expected exercise period and the payment of dividends by the Company. Following a revision to the January 1, 2016 and 2017 awards schemes, which included changes to the EBITDA Performance Target Conditions and benchmark market share price targets, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are now as follows:

	January 1, 2016 Award			January 1, 2017 Award			January 1, 2018 Award
Grant date price	$	16.91		$	16.91		$	16.91
Exercise price	$	—		$	—		$	—
Expected life of restricted share	0.78 – 2.00 years			1.25 – 3.00 years			2.54 – 4.00 years
Expected volatility of the share price	22.0		%	22.0		%	24.0		%
Dividend yield expected	—		%	—		%	—		%
Risk free rate	2.06		%	2.15		%	2.23		%
Employee exit rate	19.0		%	19.0		%	19.0		%
EBITDA Performance Target Conditions	70.0%-90.0%			50.0%-70.0%			40.0%-50.0%

The expected volatility of the share price inputs above were estimated by referencing selected quoted companies which are considered to exhibit some degree of comparability with the Company, as the Company has only been listed for approximately three years.

Based on the revised assessment in the current period of fair value and the number of shares expected to vest, the total fair value in respect of the Restricted Shares as at the January 1, 2016 grant date are $19.6 million (€15.9 million) and $4.2 million (€3.4 million) as at the January 1, 2017 grant date. The fair value in respect of the Restricted Shares as at the January 1, 2018 grant date is$1.6 million (€1.3 million).

Non-Executive Director Restricted Share Awards

In accordance with the Board approved independent Non-Executive Director compensation guidelines, each independent Non-Executive Director is granted $100,000 of restricted shares annually on the date of the annual general meeting, valued at the closing market price for such shares on this date. The restricted shares vest on the earlier to occur of the date of the Company’s annual meeting of shareholders or thirteen months from the date of grant. On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38. On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant.

The Non-Executive Directors restricted share awards identified above vested on June 14, 2018 and 41,186 shares were issued, resulting in a €0.2 million increase in the share based compensation reserve based on the value of the awards issued. Of the total 53,498 number of shares vesting, 12,312 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares.

On June 14, 2018 after the Company's annual meeting shareholders, the current Non-Executive Directors were granted 44,272 restricted stock awards at a share price of $18.07.

The total charge within the Statement of Consolidated Profit or Loss for the three and six months ended June 30, 2018 related to Non-Executive Directors stock compensation awards is €0.4 million and €0.5 million, respectively. The total charge within the Statement of Consolidated Profit or Loss for the three and six months ended June 30, 2017 was €0.3 million and €0.4 million, respectively.

Share based compensation reserve

	Non-Executive Directors Award		Management Share Award 2016	Management Share Award 2017	Management Share Award 2018	Total Share based compensation reserve
	€m		€m	€m	€m	€m
Balance as of January 1, 2018	0.5		2.2	0.2	—	2.9
Non-Executive Director restricted share awards charge	0.5		—	—	—	0.5
Directors and Senior Management share awards charge - January 1, 2016	—		4.8	—	—	4.8
Directors and Senior Management share awards charge - January 1, 2017	—		—	0.9	—	0.9
Directors and Senior Management share awards charge - January 1, 2018	—		—	—	0.2	0.2
Vesting of Non-Executive Director restricted shares	(0.8	)	—	—	—	(0.8	)
Balance as of June 30, 2018	0.2		7.0	1.1	0.2	8.5

Founder Preferred Shares Dividend Reserve

Nomad has issued Founder Preferred Shares to its Founder Entities. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Annual Dividend Amount”).

The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. The Preferred Shares Annual Dividend Amount is determined with reference to the Dividend Determination Period of a financial year, i.e. the last 10 consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of the Company’s ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts ($11.4824) multiplied by 140,220,619 shares (the “Preferred Share Dividend Equivalent”).

The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met and issued on January 2, 2018. The

Company issued a share dividend of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017). Accordingly, the balance of the Founder Preferred Shares Dividend Reserve as at June 30, 2018 decreased to €372.6 million (December 31, 2017: €493.4 million).

The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise.

The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the Preferred Share Dividend Equivalent are subject to such adjustments for share splits, share dividends and certain other recapitalisation events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad’s Memorandum and Articles of Association.

XML

Share Capital and Capital reserve

6 Months Ended

Jun. 30, 2018

Share Capital, Reserves and Other Equity Interest [Abstract]

Share Capital and Capital reserve

Share Capital and Capital reserve

Ordinary Shares

On January 2, 2018, the Company issued a share dividend of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017).

The Company issued 41,186 ordinary shares in June 2018 to Non-Executive Directors as disclosed in Note 15 above.

In June 2018, former Non-Executive Directors exercised 9,375 of 125,000 initial options granted to them for €0.1 million. The remaining options expire in June 2020.

	Shares		June 30, 2018		December 31, 2017
	June 30, 2018	December 31, 2017
			€m		€m
Authorized Share Capital:
Unlimited number of Ordinary Shares with $nil nominal value issued at $10.00 per share	n/a	n/a	n/a		n/a
Unlimited number of Founder Preferred Shares with $nil nominal value issued at $10.00 per share	n/a	n/a	n/a		n/a
Issued and fully paid:
Ordinary Shares	173,997,436	165,291,546	1,748.4		1,626.9
Founder Preferred Shares	1,500,000	1,500,000	10.6		10.6
			1,759.0		1,637.5
Listing and share transaction costs			(13.8	)	(13.8	)
Total Capital reserve			1,745.2		1,623.7

XML

Founder Preferred Shares Dividend Reserve

6 Months Ended

Jun. 30, 2018

Share Capital, Reserves and Other Equity Interest [Abstract]

Founder Preferred Shares Dividend Reserve

Share based compensation reserve

During 2015, the Company established a discretionary share award scheme, the Long-term Incentive Plan ("LTIP"), which enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. The Compensation Committee currently awards grants to Senior Management, including those that are Directors and Non-Executive Directors.

All Awards are to be settled by physical delivery of shares.

Director and Senior Management Share Awards

As part of its long term incentive initiatives, the Company has 5,218,600 restricted shares to the management team (the “Management Share Awards”) currently outstanding, split between three grant awards outstanding below.

	January 1, 2016 Award	January 1, 2017 Award	January 1, 2018 Award	Total
Number of awards outstanding at January 1, 2018	3,837,000	1,090,000	—	4,927,000
New awards granted in the period	—	—	481,600	481,600
Forfeitures in the period	(115,000)	(75,000)	—	(190,000)
Number of awards outstanding at June 30, 2018	3,722,000	1,015,000	481,600	5,218,600

Relevant to each grant, half of the awards are contingent upon achieving one of a range of benchmark market share prices and the other half of the awards will vest provided one of a range of cumulative EBITDA performance targets are met over a four year period. If the share price benchmark is met, the shares for this portion of the awards will vest up to 50% over a two year period and up to 50% over a four year period.

• For the "2016" award, the two year period is through to January 1, 2018 and the four year period through to January 1, 2020.

• For the "2017" award, the two year period is through to January 1, 2019 and the four year period through to January 1, 2021.

• For the "2018" award, the two year period is through to January 1, 2020 and the four year period through to January 1, 2022.

The other half of the 2016, 2017 and 2018 awards will vest on January 1, 2020, 2021 and 2022, respectively, provided one of a range of cumulative EBITDA performance targets are met over the four-year periods listed above.

None of the shares have vested. The stock compensation charge reported within the Consolidated Statement of Profit or Loss for the three and six months ended June 30, 2018 related to the Director and Senior Management Share Awards is €3.8 million and €5.9 million, respectively. (Three and six months ended June 30, 2017: €0.5 million and €1.7 million, respectively).

The Company calculates the cost of the Management Share Awards based upon their fair value using the Monte Carlo Model, which is considered to be the most appropriate methodology considering the restricted shares only vest once the market performance conditions have been satisfied, as well as expected exercise period and the payment of dividends by the Company. Following a revision to the January 1, 2016 and 2017 awards schemes, which included changes to the EBITDA Performance Target Conditions and benchmark market share price targets, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are now as follows:

	January 1, 2016 Award			January 1, 2017 Award			January 1, 2018 Award
Grant date price	$	16.91		$	16.91		$	16.91
Exercise price	$	—		$	—		$	—
Expected life of restricted share	0.78 – 2.00 years			1.25 – 3.00 years			2.54 – 4.00 years
Expected volatility of the share price	22.0		%	22.0		%	24.0		%
Dividend yield expected	—		%	—		%	—		%
Risk free rate	2.06		%	2.15		%	2.23		%
Employee exit rate	19.0		%	19.0		%	19.0		%
EBITDA Performance Target Conditions	70.0%-90.0%			50.0%-70.0%			40.0%-50.0%

The expected volatility of the share price inputs above were estimated by referencing selected quoted companies which are considered to exhibit some degree of comparability with the Company, as the Company has only been listed for approximately three years.

Based on the revised assessment in the current period of fair value and the number of shares expected to vest, the total fair value in respect of the Restricted Shares as at the January 1, 2016 grant date are $19.6 million (€15.9 million) and $4.2 million (€3.4 million) as at the January 1, 2017 grant date. The fair value in respect of the Restricted Shares as at the January 1, 2018 grant date is$1.6 million (€1.3 million).

Non-Executive Director Restricted Share Awards

In accordance with the Board approved independent Non-Executive Director compensation guidelines, each independent Non-Executive Director is granted $100,000 of restricted shares annually on the date of the annual general meeting, valued at the closing market price for such shares on this date. The restricted shares vest on the earlier to occur of the date of the Company’s annual meeting of shareholders or thirteen months from the date of grant. On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38. On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant.

The Non-Executive Directors restricted share awards identified above vested on June 14, 2018 and 41,186 shares were issued, resulting in a €0.2 million increase in the share based compensation reserve based on the value of the awards issued. Of the total 53,498 number of shares vesting, 12,312 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares.

On June 14, 2018 after the Company's annual meeting shareholders, the current Non-Executive Directors were granted 44,272 restricted stock awards at a share price of $18.07.

The total charge within the Statement of Consolidated Profit or Loss for the three and six months ended June 30, 2018 related to Non-Executive Directors stock compensation awards is €0.4 million and €0.5 million, respectively. The total charge within the Statement of Consolidated Profit or Loss for the three and six months ended June 30, 2017 was €0.3 million and €0.4 million, respectively.

Share based compensation reserve

	Non-Executive Directors Award		Management Share Award 2016	Management Share Award 2017	Management Share Award 2018	Total Share based compensation reserve
	€m		€m	€m	€m	€m
Balance as of January 1, 2018	0.5		2.2	0.2	—	2.9
Non-Executive Director restricted share awards charge	0.5		—	—	—	0.5
Directors and Senior Management share awards charge - January 1, 2016	—		4.8	—	—	4.8
Directors and Senior Management share awards charge - January 1, 2017	—		—	0.9	—	0.9
Directors and Senior Management share awards charge - January 1, 2018	—		—	—	0.2	0.2
Vesting of Non-Executive Director restricted shares	(0.8	)	—	—	—	(0.8	)
Balance as of June 30, 2018	0.2		7.0	1.1	0.2	8.5

Founder Preferred Shares Dividend Reserve

Nomad has issued Founder Preferred Shares to its Founder Entities. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Annual Dividend Amount”).

The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. The Preferred Shares Annual Dividend Amount is determined with reference to the Dividend Determination Period of a financial year, i.e. the last 10 consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of the Company’s ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts ($11.4824) multiplied by 140,220,619 shares (the “Preferred Share Dividend Equivalent”).

The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met and issued on January 2, 2018. The

Company issued a share dividend of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017). Accordingly, the balance of the Founder Preferred Shares Dividend Reserve as at June 30, 2018 decreased to €372.6 million (December 31, 2017: €493.4 million).

The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise.

The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the Preferred Share Dividend Equivalent are subject to such adjustments for share splits, share dividends and certain other recapitalisation events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad’s Memorandum and Articles of Association.

XML

Related parties

6 Months Ended

Jun. 30, 2018

Related Party [Abstract]

Related parties

Related parties

Mariposa Capital, LLC, an affiliate of Mr Franklin, and TOMS Capital LLC, an affiliate of Mr Gottesman, perform advisory services on behalf of the Company. The total fees and expenses incurred by them in the course of their duties for the three and six months ended June 30, 2018 were €0.6 million and €1.1 million, respectively. (Three and six months ended June 30, 2017: €0.6 million and €1.1 million, respectively.)

In addition to the fees above, as discussed in Note 17, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met and a share dividend of 8,705,890 ordinary shares were issued on January 2, 2018.

Key management personnel comprise the Directors and Executive Officers. The Executive Officers continue to be remunerated for their services to the Company through their employment contracts. Non-executive Directors continue to receive fees for their services as board members and to certain committees and are settled through payroll. Director fees are payable quarterly in arrears. Total non-executive Director fees and expenses for the three and six months ended June 30, 2018 were €0.1 million and €0.2 million, respectively. (Three and six months ended June 30, 2017: €0.1 million and €0.2 million, respectively.) In addition, certain non-executive Directors received grants under the LTIP as discussed in Note 15. Some of these grants vested on June 14, 2018 and were exercised in June 2018.

XML

Subsequent events after the Statement of Financial Position date

6 Months Ended

Jun. 30, 2018

Events After Reporting Period [Abstract]

Subsequent events after the Statement of Financial Position date

Subsequent events after the Statement of Financial Position date

On July 2, 2018, the Company completed its previously announced acquisition of all the share capital of Aunt Bessie’s Limited from William Jackson & Son Limited for a purchase price of £209.0 million (€235.9 million). Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. Due to the timing of the close of the transaction, the Company is in the process of completing the initial accounting of this acquisition as a business combination in accordance with IFRS, including the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed.

XML

Accounting estimates and judgments (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies, Changes in Accounting Estimates and Errors [Abstract]

Business Combinations

Business Combinations

The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves judgment over whether intangible assets can be separately identified as well as an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable judgment in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following judgments, estimates and assumptions can materially affect our financial position and profit:

• The fair value of intangible and tangible assets that are subject to depreciation or amortization in future periods.

• Future changes to the assumptions used in estimating the value of assets and liabilities may result in additional expenses or income.

Fair value of derivative financial instruments

Fair value of derivative financial instruments

Note 12 includes details of the fair value of the derivative instruments that the Company holds at the end of each financial period. The fair value of derivatives is determined using forward rates at the balance sheet date, with the resulting value discounted back to present value.

Employee benefit obligation

Employee benefit obligation

The Company operates a number of defined benefit pension schemes and post-employment benefit schemes which are valued by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Each Scheme has an actuarial valuation performed and is dependent on a series of assumptions.

Carrying value of goodwill and brands

Carrying value of goodwill and brands

Determining whether goodwill and brands are impaired requires an estimation of the value in use of the cash generating unit to which goodwill and brands have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. A value in use calculation is carried out on an annual basis unless the Company identifies triggers that would indicate that the carrying value of these assets is impaired.

Revenue discounts

Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Each customer has a unique agreement that is governed by a combination of observable and unobservable performance conditions.

At each quarter end date, any discount incurred but not yet invoiced is estimated, based on historical trends and rebate contracts with customers, and accrued as ‘trade terms’.

Trade marketing expense

In certain cases the estimate for discounts requires the use of forecast information for future trading periods and so there arises a degree of estimation uncertainty. These estimates are sensitive to variances between actual results and forecasts. The current accruals reflect the Company’s best estimate of these forecasts.

Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote Company products. The ultimate costs of these programs will depend upon retailer performance and is the subject of significant management estimates. The Company records as an expense, the estimated ultimate cost of the program in the period during which the program occurs and is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends.

Uncertain tax positions

Uncertain tax positions

Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on best estimates and management’s judgments with regard to the amounts expected to be paid to the relevant tax authority. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. The factors considered include the progress of discussions with the tax authorities and the level of documentary support for historical positions taken by previous owners.

Share based payments

Share based payments

The Company at the end of each reporting period, in estimating its share-based payment charge assesses and revises its estimates of the number of interests that are expected to vest based on the non-market vesting conditions.

Onerous contracts provision

Onerous contracts provisions

Where the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. Estimating future income is highly judgmental and is based on management’s best estimate.

XML

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure of detailed information about business combination [abstract]

Preliminary Assessment of Fair Values of Assets and Liabilities

The preliminary assessment of the fair values of assets and liabilities of Birds Eye Pizza Limited at the date of acquisition and the consideration paid was as follows:

	April 21, 2018
	€m
Assets:
Intangible Assets	158.3
Property, plant and equipment	33.2
Current assets	7.2
Inventories	10.7
Deferred tax assets	0.9
Total assets	210.3
Liabilities:
Current liabilities	31.1
Deferred tax liabilities	22.8
Total liabilities	53.9
Total identifiable net assets acquired	156.4
Cash consideration	237.9
Cash and cash equivalents acquired	(0.1	)
Net consideration transferred	237.8
Total identifiable net assets acquired	(156.4	)
Goodwill	81.4

	June 30, 2018	December 31, 2017
	€m	€m
Related to the Iglo acquisition at start of the period	—	2.1
Release of indemnified provision	—	(2.1	)
Related to Iglo acquisition at end of the period	—	—
Related to the Findus acquisition at start of the period	73.8	63.4
Remeasurement of indemnification assets	—	10.4
Related to Findus acquisition at end of the period	73.8	73.8
Related to the Goodfella’s Pizza acquisition at start of the period	—	—
Recognized on acquisition of Goodfella’s Pizza	5.9	—
Related to Goodfella’s Pizza acquisition at end of the period	5.9	—
Total indemnification assets	79.7	73.8

XML

Segment reporting (Tables)

6 Months Ended

Jun. 30, 2018

Operating Segments [Abstract]

Segment As Adjusted EBITDA

The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen Foods” and is reflected in the segment presentation below for the periods presented.

		For the three months ended June 30,		For the six months ended June 30,
		2018	2017	2018	2017
	Note	€m	€m	€m	€m
Profit for the period		31.0	19.3	93.4	67.3
Taxation		10.7	5.9	29.2	17.1
Net financing costs		17.9	32.3	24.0	48.4
Depreciation		9.5	8.1	18.0	18.0
Amortization		1.7	1.4	3.2	3.8
EBITDA		70.8	67.0	167.8	154.6
Acquisition purchase price adjustments		2.1	—	2.1	—
Exceptional items	6	6.1	11.5	7.6	11.4
Other adjustments		9.9	0.8	14.6	2.1
Adjusted EBITDA		88.9	79.3	192.1	168.1

External Revenue by Geography

External revenue by geography 

	For the three months ended June 30,		For the six months ended June 30,
	2018	2017	2018	2017
	€m	€m	€m	€m
United Kingdom	129.4	105.6	239.3	211.8
Italy	83.6	82.9	198.6	193.3
Germany	66.9	65.1	155.0	147.7
France	41.8	40.1	85.8	83.6
Sweden	45.0	49.5	94.5	106.7
Norway	28.4	26.8	59.4	59.5
Austria	20.9	22.0	50.4	48.2
Spain	18.4	20.3	38.1	41.1
Rest of Europe	53.8	45.8	106.3	97.5
Total external revenue by geography	488.2	458.1	1,027.4	989.4

XML

Exceptional items (Tables)

3 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Schedule of Exceptional Items

	For the three months ended June 30,			For the six months ended June 30,
	2018	2017		2018	2017
	€m	€m		€m	€m
Findus Group integration costs	4.5	3.2		6.0	5.7
Goodfella's Pizza integration costs	0.8	—		0.8	—
Factory optimization	0.5	—		0.5	—
Supply chain reconfiguration	0.2	—		0.2	—
Settlement of legacy matters	0.1	3.3		0.1	3.7
Implementation of strategic opportunities	—	2.6		—	7.8
Remeasurement of indemnification assets	—	2.1		—	(8.3	)
Costs related to transactions	—	0.4		—	2.5
Other restructuring costs	—	(0.1	)	—	—
Total exceptional items	6.1	11.5		7.6	11.4

XML

Finance income and costs (Tables)

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Schedule of Finance income and costs

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
	€m		€m		€m		€m
Finance income
Interest income	—		—		—		0.2
Gain on derivatives	—		5.0		3.1		5.4
Total finance income	—		5.0		3.1		5.6
Interest expense (a)	(11.4	)	(12.4	)	(22.3	)	(27.7	)
Loss on derivatives	(1.9	)	—		—		—
Net foreign exchange arising on re-translation of financial assets and liabilities	(1.3	)	(3.5	)	(0.2	)	(2.5	)
Net pension interest costs	(0.9	)	(0.9	)	(1.8	)	(1.8	)
Amortization of borrowing costs	(0.4	)	(0.7	)	(0.5	)	(1.9	)
Interest on unwinding discounted items	(0.3	)	(0.3	)	(0.6	)	(0.6	)
Financing costs incurred on new or amended debt (b)	(1.7	)	(19.5	)	(1.7	)	(19.5	)
Total finance costs	(17.9	)	(37.3	)	(27.1	)	(54.0	)
Net finance costs	(17.9	)	(32.3	)	(24.0	)	(48.4	)

(a) Interest expense is shown net of gains recycled from the cash flow hedge reserve on cross currency interest rate swaps.

XML

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings per share [abstract]

Schedule of Earnings per Share

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
	€m		€m		€m		€m
Diluted earnings per share
Profit for the period	31.0		19.3		93.4		67.3
Weighted average Ordinary Shares and Founder Preferred Shares (diluted) in millions	175.6		181.7		175.5		182.7
Diluted earnings per share	€	0.18	€	0.11	€	0.53	€	0.37

	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Basic earnings per share
Profit for the period	31.0		19.3		93.4		67.3
Weighted average Ordinary Shares and Founder Preferred Shares (basic) in millions	175.6		181.7		175.5		182.7
Basic earnings per share	€	0.18	€	0.11	€	0.53	€	0.37

XML

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Summary of Cash and Cash Equivalents

	June 30, 2018	December 31, 2017
	€m	€m
Cash and cash equivalents	403.6	219.0
Restricted cash	0.1	0.2
Cash and cash equivalents	403.7	219.2

XML

Indemnification assets (Tables)

6 Months Ended

Jun. 30, 2018

Business Combinations1 [Abstract]

Summary of Indemnification Assets

The preliminary assessment of the fair values of assets and liabilities of Birds Eye Pizza Limited at the date of acquisition and the consideration paid was as follows:

	April 21, 2018
	€m
Assets:
Intangible Assets	158.3
Property, plant and equipment	33.2
Current assets	7.2
Inventories	10.7
Deferred tax assets	0.9
Total assets	210.3
Liabilities:
Current liabilities	31.1
Deferred tax liabilities	22.8
Total liabilities	53.9
Total identifiable net assets acquired	156.4
Cash consideration	237.9
Cash and cash equivalents acquired	(0.1	)
Net consideration transferred	237.8
Total identifiable net assets acquired	(156.4	)
Goodwill	81.4

	June 30, 2018	December 31, 2017
	€m	€m
Related to the Iglo acquisition at start of the period	—	2.1
Release of indemnified provision	—	(2.1	)
Related to Iglo acquisition at end of the period	—	—
Related to the Findus acquisition at start of the period	73.8	63.4
Remeasurement of indemnification assets	—	10.4
Related to Findus acquisition at end of the period	73.8	73.8
Related to the Goodfella’s Pizza acquisition at start of the period	—	—
Recognized on acquisition of Goodfella’s Pizza	5.9	—
Related to Goodfella’s Pizza acquisition at end of the period	5.9	—
Total indemnification assets	79.7	73.8

XML

Financial instruments (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of Financial Assets

The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
June 30, 2018	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.8		35.0		—		38.8
Not measured at fair value
Trade receivables	—	106.3	—		—		—		106.3
Cash and cash equivalents	403.7	—	—		—		—		403.7
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.5	)	(45.2	)	—		(45.7	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(440.2	)	(440.2	)
Loans and borrowings	—	—	—		—		(1,779.3	)	(1,779.3	)
Total	403.7	106.3	3.3		(10.2	)	(2,219.5	)	(1,716.4	)

Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €150.6 million.

Loans and borrowings are stated gross of capitalized deferred borrowing costs.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
December 31, 2017	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.2		17.5		—		20.7
Not measured at fair value
Trade receivables	—	94.7	—		—		—		94.7
Cash and cash equivalents	219.2	—	—		—		—		219.2
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.7	)	(68.5	)	—		(69.2	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(441.6	)	(441.6	)
Loans and borrowings	—	—	—		—		(1,409.5	)	(1,409.5	)
Total	219.2	94.7	2.5		(51.0	)	(1,851.1	)	(1,585.7	)

Disclosure of Financial Liabilities

The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
June 30, 2018	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.8		35.0		—		38.8
Not measured at fair value
Trade receivables	—	106.3	—		—		—		106.3
Cash and cash equivalents	403.7	—	—		—		—		403.7
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.5	)	(45.2	)	—		(45.7	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(440.2	)	(440.2	)
Loans and borrowings	—	—	—		—		(1,779.3	)	(1,779.3	)
Total	403.7	106.3	3.3		(10.2	)	(2,219.5	)	(1,716.4	)

Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €150.6 million.

Loans and borrowings are stated gross of capitalized deferred borrowing costs.

	Cash and cash equivalents	Loans and receivables	Derivatives at fair value through profit or loss		Derivatives used for hedging		Financial liabilities at amortized cost		Total
December 31, 2017	€m	€m	€m		€m		€m		€m
Assets
Measured at fair value
Derivative financial instruments	—	—	3.2		17.5		—		20.7
Not measured at fair value
Trade receivables	—	94.7	—		—		—		94.7
Cash and cash equivalents	219.2	—	—		—		—		219.2
Liabilities
Measured at fair value
Derivative financial instruments	—	—	(0.7	)	(68.5	)	—		(69.2	)
Not measured at fair value
Trade and other payables excluding non-financial liabilities	—	—	—		—		(441.6	)	(441.6	)
Loans and borrowings	—	—	—		—		(1,409.5	)	(1,409.5	)
Total	219.2	94.7	2.5		(51.0	)	(1,851.1	)	(1,585.7	)

Disclosure of borrowings

	Fair value		Carrying value
	June 30, 2018	December 31, 2017	June 30, 2018		December 31, 2017
	€m	€m	€m		€m
Senior EUR/USD loans	1,371.7	1,012.7	1,377.1		1,009.5
2024 fixed rate senior secured notes	398.4	412.2	400.0		400.0
Other borrowings	2.2	—	2.2		—
Less deferred borrowing costs	—	—	(12.0	)	(11.1	)
	1,772.3	1,424.9	1,767.3		1,398.4

XML

Provisions (Tables)

6 Months Ended

Jun. 30, 2018

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Summary of Provisions

	Restructuring		Onerous/ unfavorable contracts		Provisions related to other taxes	Contingent consideration	Other		Total
	€m		€m		€m	€m	€m		€m
Balance as of January 1. 2018	26.3		75.4		10.2	10.4	18.5		140.8
Additional provision in the period	—		—		—	—	1.2		1.2
Release of provision	(0.1	)	—		—	—	(0.9	)	(1.0	)
Acquired through business combinations	—		—		—	—	6.8		6.8
Utilization of provision	(10.5	)	(2.2	)	—	—	(0.8	)	(13.5	)
Unwinding of discounting	—		0.4		—	0.2	—		0.6
Foreign exchange	—		(4.3	)	—	—	—		(4.3	)
Balance at June 30, 2018	15.7		69.3		10.2	10.6	24.8		130.6
Analysis of total provisions:			June 30, 2018			December 31, 2017
Current			65.9			68.0
Non-current			64.7			72.8
Total			130.6			140.8

XML

Employee benefits (Tables)

6 Months Ended

Jun. 30, 2018

Employee Benefits [Abstract]

Schedule of Net Employee Benefit Obligations

The total net employee benefit obligations as at June 30, 2018 is as follows:

	€m
Balance as of January 1, 2018	188.4
Service cost	2.8
Net interest expense	1.8
Actuarial loss on pension scheme valuations	9.0
Benefits paid	(3.8	)
Foreign exchange differences on translation	(3.3	)
Balance as of June 30, 2018	194.9

XML

Share based compensation reserve (Tables)

6 Months Ended

Jun. 30, 2018

Share Capital, Reserves and Other Equity Interest [Abstract]

Summary of Management Share Awards

As part of its long term incentive initiatives, the Company has 5,218,600 restricted shares to the management team (the “Management Share Awards”) currently outstanding, split between three grant awards outstanding below.

	January 1, 2016 Award	January 1, 2017 Award	January 1, 2018 Award	Total
Number of awards outstanding at January 1, 2018	3,837,000	1,090,000	—	4,927,000
New awards granted in the period	—	—	481,600	481,600
Forfeitures in the period	(115,000)	(75,000)	—	(190,000)
Number of awards outstanding at June 30, 2018	3,722,000	1,015,000	481,600	5,218,600

Summary of Management Share Award Inputs and Assumptions

Following a revision to the January 1, 2016 and 2017 awards schemes, which included changes to the EBITDA Performance Target Conditions and benchmark market share price targets, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are now as follows:

	January 1, 2016 Award			January 1, 2017 Award			January 1, 2018 Award
Grant date price	$	16.91		$	16.91		$	16.91
Exercise price	$	—		$	—		$	—
Expected life of restricted share	0.78 – 2.00 years			1.25 – 3.00 years			2.54 – 4.00 years
Expected volatility of the share price	22.0		%	22.0		%	24.0		%
Dividend yield expected	—		%	—		%	—		%
Risk free rate	2.06		%	2.15		%	2.23		%
Employee exit rate	19.0		%	19.0		%	19.0		%
EBITDA Performance Target Conditions	70.0%-90.0%			50.0%-70.0%			40.0%-50.0%

Schedule of Reserves within Equity

Share based compensation reserve

	Non-Executive Directors Award		Management Share Award 2016	Management Share Award 2017	Management Share Award 2018	Total Share based compensation reserve
	€m		€m	€m	€m	€m
Balance as of January 1, 2018	0.5		2.2	0.2	—	2.9
Non-Executive Director restricted share awards charge	0.5		—	—	—	0.5
Directors and Senior Management share awards charge - January 1, 2016	—		4.8	—	—	4.8
Directors and Senior Management share awards charge - January 1, 2017	—		—	0.9	—	0.9
Directors and Senior Management share awards charge - January 1, 2018	—		—	—	0.2	0.2
Vesting of Non-Executive Director restricted shares	(0.8	)	—	—	—	(0.8	)
Balance as of June 30, 2018	0.2		7.0	1.1	0.2	8.5

XML

Share Capital and Capital reserve (Tables)

6 Months Ended

Jun. 30, 2018

Share Capital, Reserves and Other Equity Interest [Abstract]

Schedule of Share Capital and Capital Reserve

	Shares		June 30, 2018		December 31, 2017
	June 30, 2018	December 31, 2017
			€m		€m
Authorized Share Capital:
Unlimited number of Ordinary Shares with $nil nominal value issued at $10.00 per share	n/a	n/a	n/a		n/a
Unlimited number of Founder Preferred Shares with $nil nominal value issued at $10.00 per share	n/a	n/a	n/a		n/a
Issued and fully paid:
Ordinary Shares	173,997,436	165,291,546	1,748.4		1,626.9
Founder Preferred Shares	1,500,000	1,500,000	10.6		10.6
			1,759.0		1,637.5
Listing and share transaction costs			(13.8	)	(13.8	)
Total Capital reserve			1,745.2		1,623.7

XML

General information (Details)	Jun. 30, 2018 country
General Information About Financial Statements [Abstract]
Number of countries in which entity operates	17

XML

Acquisitions (Details) € in Millions, £ in Millions, kr in Millions		2 Months Ended	6 Months Ended
	Mar. 02, 2018 SEK (kr)	Jun. 30, 2018 EUR (€)	Jun. 30, 2018 EUR (€)	Apr. 21, 2018 GBP (£)	Apr. 21, 2018 EUR (€)	Mar. 02, 2018 EUR (€)	Dec. 31, 2017 EUR (€)
Disclosure of detailed information about business combination [line items]
Current assets		€ 996.3	€ 996.3				€ 749.1
Total assets		5,116.1	5,116.1				4,601.7
Total liabilities		3,150.7	3,150.7				2,749.1
Goodwill		1,828.8	1,828.8				€ 1,745.6
Profit (loss) of acquiree since acquisition date		0.7
Revenue of combined entity as if combination occurred at beginning of period			1,079.1
Profit (loss) of combined entity as if combination occurred at beginning of period			129.1
Goodfella's Pizza [Member]
Disclosure of detailed information about business combination [line items]
Cash transferred				£ 209	€ 238.0
Intangible Assets					158.3
Property, plant and equipment					33.2
Current assets					7.2
Inventories					10.7
Deferred tax assets					0.9
Total assets					210.3
Current liabilities					31.1
Deferred tax liabilities					22.8
Total liabilities					53.9
Total identifiable net assets acquired					156.4
Cash consideration					237.9
Cash and cash equivalents acquired					(0.1)
Goodwill					€ 81.4
Revenue of acquiree since acquisition date		€ 28.2
Acquisition-related costs			4.6
Toppfrys AB [Member]
Disclosure of detailed information about business combination [line items]
Total identifiable net assets acquired						€ (0.1)
Cash consideration	kr 17.0					1.7
Goodwill						€ 1.8
Acquisition-related costs			€ 0.1
Percentage of voting equity interests acquired	60.00%					60.00%
Investments in subsidiaries	kr 13.6					€ 1.5
Proportion of voting rights held by non-controlling interests	40.00%		40.00%
Gross carrying amount [member]
Disclosure of detailed information about business combination [line items]
Investments in subsidiaries	kr 30.6					€ 3.2

XML

Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of operating segments [line items]
Profit for the period	€ 31,000,000	€ 19,300,000	€ 93,400,000	€ 67,300,000
Taxation	10,700,000	5,900,000	29,200,000	17,100,000
Net financing costs	17,900,000	32,300,000	24,000,000	48,400,000
Depreciation	9,500,000	8,100,000	18,000,000	18,000,000
Amortization	1,700,000	1,400,000	3,200,000	3,800,000
EBITDA	70,800,000	67,000,000	167,800,000	154,600,000
Exceptional items	6,100,000	11,500,000	7,600,000	11,400,000
Share based payments expense	4,200,000	800,000	6,400,000	2,100,000
Acquisition related costs	5,700,000		8,200,000	0
Material reconciling items
Disclosure of operating segments [line items]
Business Combination, Purchase Price Adjustment, Inventory Step Up	2,100,000	0	2,100,000	0
Exceptional items	6,100,000	11,500,000		11,400,000
Other adjustments	9,900,000	800,000	14,600,000	2,100,000
Adjusted EBITDA	€ 88,900,000	€ 79,300,000	€ 192,100,000	€ 168,100,000

XML

Segment reporting - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018 EUR (€)	Jun. 30, 2017 EUR (€)	Jun. 30, 2018 EUR (€) segment	Jun. 30, 2017 EUR (€)
Operating Segments [Abstract]
Number of operating segments | segment			1
Share based payments expense	€ 4,200,000	€ 800,000	€ 6,400,000	€ 2,100,000
Acquisition related costs	€ 5,700,000		€ 8,200,000	€ 0

XML

Segment reporting - Geographical information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of geographical areas [line items]
Revenue	€ 488.2	€ 458.1	€ 1,027.4	€ 989.4
United Kingdom
Disclosure of geographical areas [line items]
Revenue	129.4	105.6	239.3	211.8
Italy
Disclosure of geographical areas [line items]
Revenue	83.6	82.9	198.6	193.3
Germany
Disclosure of geographical areas [line items]
Revenue	66.9	65.1	155.0	147.7
France
Disclosure of geographical areas [line items]
Revenue	41.8	40.1	85.8	83.6
Sweden
Disclosure of geographical areas [line items]
Revenue	45.0	49.5	94.5	106.7
Norway
Disclosure of geographical areas [line items]
Revenue	28.4	26.8	59.4	59.5
Austria
Disclosure of geographical areas [line items]
Revenue	20.9	22.0	50.4	48.2
Spain
Disclosure of geographical areas [line items]
Revenue	18.4	20.3	38.1	41.1
Rest of Europe
Disclosure of geographical areas [line items]
Revenue	€ 53.8	€ 45.8	€ 106.3	€ 97.5

XML

Exceptional items (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about business combination [line items]
Findus Group integration costs	€ 4.5	€ 3.2		€ 5.7
Factory optimization	0.5	0.0	€ 0.5	0.0
Supply chain reconfiguration	0.2	0.0	0.2	0.0
Settlement of legacy matters	0.1	3.3	0.1	3.7
Implementation of strategic opportunities	0.0	2.6	0.0	7.8
Remeasurement of indemnification assets	0.0	2.1	0.0	(8.3)
Costs related to transactions	0.0	0.4	0.0	2.5
Other restructuring costs	0.0	(0.1)	0.0	0.0
Exceptional items	6.1	€ 11.5	7.6	11.4
Findus Sverige AB [Member]
Disclosure of detailed information about business combination [line items]
Findus Group integration costs			6.0
Goodfella's Pizza [Member]
Disclosure of detailed information about business combination [line items]
Findus Group integration costs	€ 0.8		€ 0.8	€ 0.0

XML

Exceptional items - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Analysis Of Income And Expense [Line Items]
Findus Group integration costs	€ 4.5	€ 3.2		€ 5.7
Factory optimization term			3 years
Settlement of legacy matters	0.1	3.3	€ 0.1	3.7
Implementation of strategic opportunities	0.0	2.6	0.0	7.8
Tax credit impact of exceptional items	0.4	€ 2.5	0.8	4.9
Cash outflow relating to exceptional items			17.2	46.4
Goodfella's Pizza [Member]
Analysis Of Income And Expense [Line Items]
Findus Group integration costs	€ 0.8		0.8	€ 0.0
Findus Sverige AB [Member]
Analysis Of Income And Expense [Line Items]
Findus Group integration costs			€ 6.0

XML

Finance income and costs (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Analysis of income and expense [abstract]
Interest income	€ 0.0	€ 0.0	€ 0.0	€ 0.2
Gain on derivatives	0.0	5.0	3.1	5.4
Total finance income	0.0	5.0	3.1	5.6
Interest expense	(11.4)	(12.4)	(22.3)	(27.7)
Losses on change in fair value of derivatives	(1.9)	0.0	0.0	0.0
Net foreign exchange arising on re-translation of financial assets and liabilities	(1.3)	(3.5)	(0.2)	(2.5)
Net pension interest costs	(0.9)	(0.9)	(1.8)	(1.8)
Amortization of borrowing costs	(0.4)	(0.7)	(0.5)	(1.9)
Interest on unwinding discounted items	(0.3)	(0.3)	(0.6)	(0.6)
Financing costs incurred on new or amended debt	(1.7)	(19.5)	(1.7)	(19.5)
Finance costs	(17.9)	(37.3)	(27.1)	(54.0)
Net financing costs	€ (17.9)	€ (32.3)	(24.0)	€ (48.4)
Write off of deferred debt issuance costs			€ 15.7

XML

Taxation (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Abstract]
Tax expense	€ 10.7	€ 5.9	€ 29.2	€ 17.1

XML

Earnings per share (Details) € / shares in Units, € in Millions, shares in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2018 $ / shares	Jun. 30, 2018 EUR (€) € / shares shares	Jun. 30, 2017 $ / shares	Jun. 30, 2017 EUR (€) € / shares shares	Jun. 30, 2018 $ / shares	Jun. 30, 2018 EUR (€) € / shares shares	Jun. 30, 2017 $ / shares	Jun. 30, 2017 EUR (€) € / shares shares
Basic earnings per share
Profit for the period | €		€ 31.0		€ 19.3		€ 93.4		€ 67.3
Weighted average Ordinary Shares and Founder Preferred Shares | shares		175.6		181.7		175.5		182.7
Basic and diluted earnings per share (in euro per share) | € / shares		€ 0.18		€ 0.11		€ 0.53		€ 0.37
Diluted earnings per share
Profit for the period | €		€ 31.0		€ 19.3		€ 93.4		€ 67.3
Weighted average Ordinary Shares and Founder Preferred Shares | shares		175.6		181.7		175.5		182.7
Diluted earnings per share | $ / shares	$ 0.18		$ 0.11		$ 0.53		$ 0.37

XML

Earnings per share - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Earnings per share [abstract]
Profit for the period	€ 31.0	€ 19.3	€ 93.4	€ 67.3
Preference shares, dividend payment terms, weighted average share price, minimum term required			10 days		10 days

XML

Cash and cash equivalents (Details) € in Millions, £ in Millions	Jul. 02, 2018 GBP (£)	Jul. 02, 2018 EUR (€)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents			€ 403.6	€ 219.0
Aunt Bessie's [Domain]
Disclosure of detailed information about business combination [line items]
Cash transferred	£ 209.0	€ 235.9

XML

Indemnification assets (Details) - EUR (€) € in Millions		6 Months Ended	12 Months Ended
	Jun. 12, 2017	Jun. 30, 2018	Dec. 31, 2017
Disclosure of detailed information about business combination [line items]
Indemnification assets, start of the period		€ 73.8
Indemnification assets, end of the period		79.7	€ 73.8
Iglo
Disclosure of detailed information about business combination [line items]
Indemnification assets, start of the period		0.0	2.1
Release of indemnified provision	€ (2.1)	0.0	(2.1)
Indemnification assets, end of the period		0.0	0.0
Findus
Disclosure of detailed information about business combination [line items]
Indemnification assets, start of the period		73.8	63.4
Remeasurement of indemnification assets		0.0	10.4
Indemnification assets, end of the period		73.8	73.8
Goodfella's Pizza [Member]
Disclosure of detailed information about business combination [line items]
Contingent Consideration Arrangements And Indemnification Assets Recognised As Of Acquisition Date, Acquisitions		5.9	0.0
Indemnification assets, start of the period		0.0	0.0
Indemnification assets, end of the period		€ 5.9	€ 0.0

XML

Indemnification assets - Additional Information (Details) € / shares in Units, € in Millions		6 Months Ended	12 Months Ended
	Jun. 12, 2017 EUR (€)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)	Jun. 30, 2018 $ / shares	Jun. 30, 2018 EUR (€) € / shares shares	Dec. 31, 2017 $ / shares	Dec. 31, 2017 EUR (€) € / shares	Dec. 31, 2016 EUR (€)
Disclosure of detailed information about business combination [line items]
Indemnification assets					€ 79.7		€ 73.8
Findus
Disclosure of detailed information about business combination [line items]
Indemnification assets					€ 73.8		€ 73.8	€ 63.4
Shares held in escrow as a result of indemnification asset | shares					6,964,417
Value of shares held in escrow as a result of indemnification asset (price per share) | (per share)				$ 19.19	€ 16.49	$ 16.91	€ 14.13
Iglo
Disclosure of detailed information about business combination [line items]
Indemnification assets					€ 0.0		€ 0.0	2.1
Release of indemnified provision	€ 2.1	€ 0.0	€ 2.1
Goodfella's Pizza [Member]
Disclosure of detailed information about business combination [line items]
Indemnification assets					5.9		€ 0.0	€ 0.0
Goodfella's Pizza [Member] | Goodfella's Pizza [Member]
Disclosure of detailed information about business combination [line items]
Indemnification assets					€ 0.5

XML

Financial instruments - Categories of financial instruments (Details) € in Millions, £ in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2018 EUR (€)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 EUR (€)	Jun. 30, 2018 GBP (£)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)	Jun. 30, 2017 EUR (€)	Dec. 31, 2016 EUR (€)
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Cash and cash equivalents									€ 403.7	€ 219.2	€ 300.5	€ 329.5
Loans and receivables									106.3	94.7
Financial liabilities at amortised cost									(2,219.5)	(1,851.1)
Financial assets (liabilities) at fair value through profit or loss									3.3	2.5
Financial assets (liabilities) at fair value through other comprehensive income									(10.2)	(51.0)
Total									(1,716.4)	(1,585.7)
Contract liabilities									150.6	188.5
Derivative financial instruments
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Cash and cash equivalents									0.0	0.0
Loans and receivables									0.0	0.0
Financial assets at fair value through profit or loss									3.8	3.2
Financial assets at fair value through other comprehensive income									35.0	17.5
Financial assets									38.8	20.7
Trade receivables
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Cash and cash equivalents									0.0	0.0
Loans and receivables									106.3	94.7
Financial assets at fair value through profit or loss									0.0	0.0
Financial assets at fair value through other comprehensive income									0.0	0.0
Financial assets									106.3	94.7
Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Cash and cash equivalents									403.7	219.2
Loans and receivables									0.0	0.0
Financial assets at fair value through profit or loss									0.0	0.0
Financial assets at fair value through other comprehensive income									0.0	0.0
Financial assets									403.7	219.2
Derivative financial instruments
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at fair value through profit or loss									(0.5)	(0.7)
Financial liabilities at fair value through other comprehensive income									(45.2)	(68.5)
Financial liabilities at amortised cost									0.0	0.0
Financial liabilities									(45.7)	(69.2)
Trade and other payables excluding non-financial liabilities
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at fair value through profit or loss									0.0	0.0
Financial liabilities at fair value through other comprehensive income									0.0	0.0
Financial liabilities at amortised cost									(440.2)	(441.6)
Financial liabilities									(440.2)	(441.6)
Loans and borrowings
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at fair value through profit or loss									0.0	0.0
Financial liabilities at fair value through other comprehensive income									0.0	0.0
Financial liabilities at amortised cost									(1,779.3)	(1,409.5)
Financial liabilities									(1,779.3)	€ (1,409.5)
Senior USD Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Proceeds from non-current borrowings	$ 300.0	€ 257.7	$ 50.0	€ 43.0
Borrowings								$ 953.4	813.7
Principal payment					$ 9.6	€ 8.2
Swap contract [member] | Derivative financial instruments | Hedges of net investment in foreign operations [member]
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount | £							£ 224.7
Swap contract [member] | Derivative financial instruments | Cash flow hedges [member]
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Cash Payments For Futures Contracts, Forward Contracts, Option Contracts And Swap Contracts, Classified As Financing Activities | $					$ 953.4
Notional amount							£ 263.4		€ 547.9

XML

Financial Instruments - Interest bearing loans and borrowings (Details) - Loans and Borrowings - EUR (€) € in Millions	Jun. 30, 2018	Dec. 31, 2017
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	€ 1,772.3	€ 1,424.9
Carrying value	1,767.3	1,398.4
Senior loans
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value	2.2	0.0
Senior EUR/USD loans
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value	1,377.1	1,009.5
2024 fixed rate senior secured notes
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value	400.0	400.0
Level 2 | Senior loans
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	2.2	0.0
Level 2 | Senior EUR/USD loans
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	1,371.7	1,012.7
Level 1 | 2024 fixed rate senior secured notes
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	398.4	412.2
Deferred borrowing costs
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	0.0	0.0
Carrying value	€ (12.0)	€ (11.1)

XML

Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2018 EUR (€)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 EUR (€)	Jun. 30, 2018 EUR (€)
Senior EURO Debt
Disclosure of detailed information about borrowings [line items]
Borrowings							€ 558,000,000
Proceeds from non-current borrowings				€ 58,000,000
Senior USD Debt
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 953.4				$ 953.4		813,700,000
Principal payment					$ 9.6	€ 8,200,000
Proceeds from non-current borrowings	$ 300.0	€ 257,700,000	$ 50.0	€ 43,000,000
Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Line of credit facility, maximum borrowing capacity							80,000,000.0
2024 fixed rate senior secured notes
Disclosure of detailed information about borrowings [line items]
Borrowings							€ 400,000,000
Interest rate	3.25%				3.25%		3.25%

XML

Provisions (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Disclosure of other provisions [line items]
Other provisions	€ 140.8
Additional provision in the period	1.2
Release of provision	(1.0)
Acquisitions through business combinations, other provisions	6.8
Utilization of provision	(13.5)
Unwinding of discounting	0.6
Foreign exchange	(4.3)
Other provisions	130.6
Current	65.9	€ 68.0
Non-current	64.7	72.8
Provisions	130.6	€ 140.8
Restructuring
Disclosure of other provisions [line items]
Other provisions	26.3
Additional provision in the period	0.0
Release of provision	(0.1)
Acquisitions through business combinations, other provisions	0.0
Utilization of provision	(10.5)
Unwinding of discounting	0.0
Foreign exchange	0.0
Other provisions	15.7
Onerous/ unfavorable contracts
Disclosure of other provisions [line items]
Other provisions	75.4
Additional provision in the period	0.0
Release of provision	0.0
Acquisitions through business combinations, other provisions	0.0
Utilization of provision	(2.2)
Unwinding of discounting	0.4
Foreign exchange	(4.3)
Other provisions	69.3
Provisions related to other taxes
Disclosure of other provisions [line items]
Other provisions	10.2
Additional provision in the period	0.0
Release of provision	0.0
Acquisitions through business combinations, other provisions	0.0
Utilization of provision	0.0
Unwinding of discounting	0.0
Foreign exchange	0.0
Other provisions	10.2
Contingent consideration
Disclosure of other provisions [line items]
Other provisions	10.4
Additional provision in the period	0.0
Release of provision	0.0
Acquisitions through business combinations, other provisions	0.0
Utilization of provision	0.0
Unwinding of discounting	0.2
Foreign exchange	0.0
Other provisions	10.6
Other
Disclosure of other provisions [line items]
Other provisions	18.5
Additional provision in the period	1.2
Release of provision	(0.9)
Acquisitions through business combinations, other provisions	6.8
Utilization of provision	(0.8)
Unwinding of discounting	0.0
Foreign exchange	0.0
Other provisions	24.8
IRELAND | Goodfella's Pizza [Member] | Other
Disclosure of other provisions [line items]
Other provisions	€ 5.4

XML

Provisions - Additional Information (Details) kr in Thousands, € in Millions	6 Months Ended
	Jun. 30, 2018 SEK (kr)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)
Disclosure of other provisions [line items]
Other provisions		€ 130.6	€ 140.8
Utilization of provision		13.5
Unwinding of discounting		0.6
Increase (decrease) through net exchange differences, other provisions		(4.3)
Additional provisions, other provisions		1.2
Unused provision reversed, other provisions		1.0
Acquisitions through business combinations, other provisions		6.8
Restructuring
Disclosure of other provisions [line items]
Other provisions		€ 15.7	26.3
Estimated completion of activities	12 months	12 months
Utilization of provision		€ 10.5
Unwinding of discounting		0.0
Increase (decrease) through net exchange differences, other provisions		0.0
Additional provisions, other provisions		0.0
Unused provision reversed, other provisions		0.1
Acquisitions through business combinations, other provisions		0.0
Provisions related to other taxes
Disclosure of other provisions [line items]
Other provisions		10.2	10.2
Utilization of provision		0.0
Unwinding of discounting		0.0
Increase (decrease) through net exchange differences, other provisions		0.0
Additional provisions, other provisions		0.0
Unused provision reversed, other provisions		0.0
Acquisitions through business combinations, other provisions		0.0
Contingent consideration
Disclosure of other provisions [line items]
Other provisions		10.6	10.4
Utilization of provision		0.0
Unwinding of discounting		0.2
Increase (decrease) through net exchange differences, other provisions		0.0
Additional provisions, other provisions		0.0
Unused provision reversed, other provisions		0.0
Acquisitions through business combinations, other provisions		0.0
Other
Disclosure of other provisions [line items]
Other provisions		24.8	18.5
Utilization of provision		0.8
Unwinding of discounting		0.0
Increase (decrease) through net exchange differences, other provisions		0.0
Additional provisions, other provisions		1.2
Unused provision reversed, other provisions		0.9
Acquisitions through business combinations, other provisions		6.8
Miscellaneous other provisions, professional fees related to tax investigations and other obligations
Disclosure of other provisions [line items]
Other provisions		2.6	2.7
Italy | Other
Disclosure of other provisions [line items]
Other provisions		5.8	5.6
Bjuv Facility | Sweden | Onerous contracts - leases
Disclosure of other provisions [line items]
Other provisions		66.9	72.5
Bjuv Facility | Sweden | Onerous contracts - service contracts
Disclosure of other provisions [line items]
Other provisions		2.4	2.9
La Cocinera | Contingent consideration
Disclosure of other provisions [line items]
Other provisions		9.1	8.9
Lutosa | Contingent consideration
Disclosure of other provisions [line items]
Other provisions		1.5	1.5
Findus | Contingent consideration
Disclosure of other provisions [line items]
Unwinding of discounting		0.2
Findus | Provision for decommissioning, restoration and rehabilitation costs [member]
Disclosure of other provisions [line items]
Other provisions		3.1	€ 3.1
Goodfella's Pizza [Member] | IRELAND | Other
Disclosure of other provisions [line items]
Other provisions		5.4
Foodhills AB | Bjuv Facility | Sweden
Disclosure of other provisions [line items]
Purchase agreement	kr 85,000	8.6
Cash to be received	kr 72,250	€ 7.2

XML

Employee Benefits (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Employee Benefits [Abstract]
Net defined benefit liability (asset)	€ 188.4
Service cost	2.8
Net interest expense	1.8
Actuarial loss on pension scheme valuations	9.0
Benefits paid	(3.8)
Foreign exchange differences on translation	(3.3)
Net defined benefit liability (asset)	€ 194.9
Germany | Foreign defined benefit plan
Disclosure of defined benefit plans [line items]
Actuarial assumption of discount rates	0.00%	1.95%

XML

Share based compensation reserve (Details) € in Millions				1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 14, 2018 shares	Aug. 22, 2017 shares director	Jun. 19, 2017 USD ($) shares	Jun. 30, 2018 shares	Jun. 30, 2018 EUR (€) shares	Jun. 30, 2017 EUR (€)	Jun. 30, 2018 USD ($) shares	Jun. 30, 2018 EUR (€) shares	Jun. 30, 2017 EUR (€)	Jan. 01, 2018 USD ($)	Jan. 01, 2018 EUR (€)	Dec. 31, 2017 shares	Jan. 01, 2017 USD ($)	Jan. 01, 2017 EUR (€)	Jan. 01, 2016 USD ($)	Jan. 01, 2016 EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Key management personnel compensation | €					€ 3.8	€ 0.5		€ 5.9	€ 1.7
Grant date fair value										$ 1,600,000	€ 1.3		$ 4,200,000	€ 3.4	$ 19,600,000	€ 15.9
Number of other equity awards granted, number of Non-executive directors | director		2
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)				5,218,600	5,218,600		5,218,600	5,218,600				4,927,000
Number of other equity instruments exercised or vested in share-based payment arrangement							0	0
New awards granted in the period (in shares)							481,600	481,600
Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement	53,498			9,375,000,000
Value of shares granted to each Non-Executive Director annually | $							$ 100,000
New awards granted in the period (in shares)	44,272	11,774	41,724
Exercise price of other equity awards granted | $			$ 14.38
Expense from share-based payment transactions with employees | €					€ 0.4	€ 0.3		€ 0.5	€ 0.4
Key management personnel of entity or parent | 50% vested after year 2 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage							50.00%	50.00%
Vesting period							2 years	2 years
Key management personnel of entity or parent | 50% vested after year 4 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage							50.00%	50.00%
Vesting period							4 years	4 years
January 1, 2016 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)				3,722,000	3,722,000		3,722,000	3,722,000				3,837,000
New awards granted in the period (in shares)							0	0
January 1, 2016 | Key management personnel of entity or parent | 50% vested after year 2 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period							2 years	2 years
January 1, 2017 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)				1,015,000	1,015,000		1,015,000	1,015,000				1,090,000
New awards granted in the period (in shares)							0	0
January 1, 2017 | Key management personnel of entity or parent | 50% vested after year 2 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period							2 years	2 years
January 1, 2017 | Key management personnel of entity or parent | 50% vested after year 4 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period							4 years	4 years
January 1, 2018 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)				481,600	481,600		481,600	481,600				0
New awards granted in the period (in shares)							481,600	481,600
January 1, 2018 | Key management personnel of entity or parent | 50% vested after year 2 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period							2 years	2 years
January 1, 2018 | Key management personnel of entity or parent | 50% vested after year 4 | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period							4 years	4 years

XML

Share based compensation reserve - Summary of Awards (Details) - Restricted shares	6 Months Ended
	Jun. 30, 2018 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)	4,927,000
New awards granted in the period (in shares)	481,600
Forfeitures in the period (in shares)	(190,000)
Number of other equity instruments outstanding (in shares)	5,218,600
January 1, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)	3,837,000
New awards granted in the period (in shares)	0
Forfeitures in the period (in shares)	(115,000)
Number of other equity instruments outstanding (in shares)	3,722,000
January 1, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)	1,090,000
New awards granted in the period (in shares)	0
Forfeitures in the period (in shares)	(75,000)
Number of other equity instruments outstanding (in shares)	1,015,000
January 1, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares)	0
New awards granted in the period (in shares)	481,600
Forfeitures in the period (in shares)	0
Number of other equity instruments outstanding (in shares)	481,600

XML

Share based compensation reserve - Summary of Valuation Inputs and Assumptions (Details) € in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 14, 2018 EUR (€) shares	Jun. 30, 2018 EUR (€) shares	Jun. 30, 2018 EUR (€)	Jun. 30, 2017 EUR (€)	Jun. 30, 2018 $ / shares	Jun. 30, 2018 EUR (€) shares	Jun. 30, 2017 EUR (€)	Jun. 14, 2018 $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting of Non-Executive Director restricted stock award | €		€ 0.1				€ (0.2)	€ (0.1)
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement | shares						0
Restricted shares | January 1, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price					$ 16.91
Exercise price					0.00
Expected volatility of the share price						22.00%
Dividend yield expected						0.00%
Risk free rate						2.06%
Employee exit rate						19.00%
Restricted shares | January 1, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price					16.91
Exercise price					0.00
Expected volatility of the share price						22.00%
Dividend yield expected						0.00%
Risk free rate						2.15%
Employee exit rate						19.00%
Restricted shares | January 1, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price					16.91
Exercise price					$ 0.00
Expected volatility of the share price						24.00%
Dividend yield expected						0.00%
Risk free rate						2.23%
Employee exit rate						19.00%
Restricted shares | Bottom of range | January 1, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of restricted share						9 months 11 days
EBITDA Performance Target Conditions						70.00%
Restricted shares | Bottom of range | January 1, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of restricted share						1 year 3 months
EBITDA Performance Target Conditions						50.00%
Restricted shares | Bottom of range | January 1, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of restricted share						2 years 6 months 15 days
EBITDA Performance Target Conditions						40.00%
Restricted shares | Top of range | January 1, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of restricted share						2 years
EBITDA Performance Target Conditions						90.00%
Restricted shares | Top of range | January 1, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of restricted share						3 years
EBITDA Performance Target Conditions						70.00%
Restricted shares | Top of range | January 1, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of restricted share						4 years
EBITDA Performance Target Conditions						50.00%
Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares Issued, Price Per Share1								$ 18.07
Number of other equity instruments exercised or vested in share-based payment arrangement | shares	53,498	9,375,000,000
Liabilities From Share-based Payment Transactions, Shares | shares	12,312
Expense from share-based payment transactions with employees | €			€ 0.4	€ 0.3		€ 0.5	€ 0.4
Share based compensation reserve
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting of Non-Executive Director restricted stock award | €	€ 0.2
Ordinary shares | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement | shares	41,186

XML

Share based compensation reserve - Reserve Summary (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of reserves within equity [line items]
Reserve of share-based payments	€ 2.9
Share award charge	6.4	€ 2.1
Reserve of share-based payments	8.5
Share based compensation reserve
Disclosure of reserves within equity [line items]
Reserve of share-based payments	2.9
Reserve of share-based payments	8.5
Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.5
Key Management Personnel Of Entity Or Parent, Non-Executive Directors Vested Shares [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	(0.8)
January 1, 2016 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	4.8
January 1, 2017 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.9
January 1, 2018 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.2
Non-Executive Directors Award | Share based compensation reserve
Disclosure of reserves within equity [line items]
Reserve of share-based payments	0.5
Reserve of share-based payments	0.2
Non-Executive Directors Award | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.5
Non-Executive Directors Award | Key Management Personnel Of Entity Or Parent, Non-Executive Directors Vested Shares [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	(0.8)
Non-Executive Directors Award | January 1, 2016 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Non-Executive Directors Award | January 1, 2017 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Non-Executive Directors Award | January 1, 2018 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2016 | Share based compensation reserve
Disclosure of reserves within equity [line items]
Reserve of share-based payments	2.2
Reserve of share-based payments	7.0
Management Share Award 2016 | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2016 | Key Management Personnel Of Entity Or Parent, Non-Executive Directors Vested Shares [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2016 | January 1, 2016 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	4.8
Management Share Award 2016 | January 1, 2017 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2016 | January 1, 2018 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2017 | Share based compensation reserve
Disclosure of reserves within equity [line items]
Reserve of share-based payments	0.2
Reserve of share-based payments	1.1
Management Share Award 2017 | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2017 | Key Management Personnel Of Entity Or Parent, Non-Executive Directors Vested Shares [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2017 | January 1, 2016 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2017 | January 1, 2017 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.9
Management Share Award 2017 | January 1, 2018 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2018 | Share based compensation reserve
Disclosure of reserves within equity [line items]
Reserve of share-based payments	0.0
Reserve of share-based payments	0.2
Management Share Award 2018 | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2018 | Key Management Personnel Of Entity Or Parent, Non-Executive Directors Vested Shares [Member] | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2018 | January 1, 2016 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2018 | January 1, 2017 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	0.0
Management Share Award 2018 | January 1, 2018 | Key management personnel of entity or parent | Share based compensation reserve
Disclosure of reserves within equity [line items]
Share award charge	€ 0.2

XML

Share Capital and Capital reserve (Details) € in Millions			1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 14, 2018 shares	Jan. 02, 2018 $ / shares shares	Jun. 30, 2018 shares $ / shares	Jun. 30, 2018 shares $ / shares	Dec. 31, 2017 $ / shares	Dec. 31, 2015 $ / shares	Jun. 30, 2018 EUR (€) shares	Dec. 31, 2017 EUR (€) shares
Disclosure of classes of share capital [line items]
Percentage increase in dividend price		20.00%		20.00%
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares		$ 16.6516				$ 11.4824
Preference shares, dividend payment terms, weighted average share price, minimum term required				10 days	10 days
Number of shares reserved for issue under options and contracts for sale of shares							125,000
Total share capital and capital reserve | €							€ 1,759.0	€ 1,637.5
Listing and share transaction costs | €							(13.8)	(13.8)
Total Capital reserve | €							1,745.2	1,623.7
Ordinary shares
Disclosure of classes of share capital [line items]
Total share capital and capital reserve | €							1,748.4	1,626.9
Founder Preferred shares
Disclosure of classes of share capital [line items]
Total share capital and capital reserve | €							€ 10.6	€ 10.6
Founder Entities | Ordinary shares
Disclosure of classes of share capital [line items]
Founder preferred shares annual dividend amount (in shares)		8,705,890
Issued Capital and Capital Reserve | Ordinary shares
Disclosure of classes of share capital [line items]
Par value per share | $ / shares			$ 10.00	$ 10.00	$ 10
Issued and fully paid (in shares)							173,997,436,000,000	165,291,546,000,000
Issued Capital and Capital Reserve | Founder Preferred shares
Disclosure of classes of share capital [line items]
Par value per share | $ / shares			$ 10.00	$ 10.00	$ 10
Issued and fully paid (in shares)							1,500,000,000,000	1,500,000,000,000
Restricted shares
Disclosure of classes of share capital [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement				0
Restricted shares | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member]
Disclosure of classes of share capital [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement	53,498		9,375,000,000
Ordinary shares | Restricted shares | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member]
Disclosure of classes of share capital [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement	41,186

XML

Founder Preferred Shares Dividend Reserve (Details) € in Millions		6 Months Ended	12 Months Ended
	Jan. 02, 2018 $ / shares shares	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)	Dec. 31, 2015 $ / shares
Disclosure of classes of share capital [line items]
Preference shares, dividend payment terms, weighted average share price, minimum term required		10 days	10 days
Percentage increase in dividend price	20.00%	20.00%
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares	$ 16.6516			$ 11.4824
Preferred share dividend equivalent (in shares)		140,220,619
Founder Entities | Ordinary shares
Disclosure of classes of share capital [line items]
Founder preferred shares annual dividend amount (in shares) | shares	8,705,890
Founder preferred shares dividend reserve | Founder Preferred shares
Disclosure of classes of share capital [line items]
Equity | €		€ 372.6	€ 493.4

XML

Related parties (Details) - EUR (€) € in Millions		3 Months Ended	6 Months Ended
	Jan. 02, 2018	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member]
Disclosure of transactions between related parties [line items]
Fees and expenses		€ 0.1	€ 0.2	€ 0.2
Ordinary shares | Founder Entities
Disclosure of transactions between related parties [line items]
Founder preferred shares annual dividend amount (in shares)	8,705,890
Mariposa Capital and TOMS Capital | Affiliate of Founder Entities
Disclosure of transactions between related parties [line items]
Fees and expenses		€ 0.6	€ 1.1	€ 1.1

XML

Subsequent events after the Statement of Financial Position date (Details) € in Millions, £ in Millions	Jul. 02, 2018 GBP (£)	Jul. 02, 2018 EUR (€)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 EUR (€)
Disclosure of detailed information about business combination [line items]
Restricted cash			€ 0.1	€ 0.2
Aunt Bessie's [Domain]
Disclosure of detailed information about business combination [line items]
Cash transferred	£ 209.0	€ 235.9