Strategic Report - Key Performance Indicators
To enhance earnings growth 
KPI: Operating Profit
Operating profit (before exceptional items) (see also financial definitions)
FY2020 performance
KPI: Operating Margin
Operating profit (before exceptional items), as a percentage of net revenue (see also financial definitions)
FY2020 performance
FY2020 Focus
To seek continuing growth, through revenue enhancement, acquisition synergies and cost control
Links to other Disclosures
Group CFO Review page 31KPI: Adjusted diluted earnings per share
Attributable earnings before exceptional items divided by the average number of shares in issue as adjusted for the dilutive impact of equity share awards
FY2020 performance
FY2020 Focus
To achieve adjusted diluted EPS growth in real terms
Links to other Disclosures
Group CFO Review page 31KPI: Basic earnings per share
Attributable earnings divided by the average number of shares in issue as adjusted for the dilutive impact of equity share awards (see also financial definitions)
FY2020 performance
FY2020 Focus
To achieve EPS growth in real terms
Links to other Disclosures
Group CFO Review page 31To generate strong cash flows
KPI: Free Cash Flow
Free Cash Flow is a non GAAP measure that comprises cash flow from operating activities net of capital investment cash outflows which form part of investing activities(before exceptional items) (see also financial definitions)
FY2020 performance
KPI: Free Cash Flow Conversion Ratio
The conversion ratio is the ratio of free cash flow as a percentage of EBITDA (before exceptional items) (see also financial definitions)
FY2020 performance
FY2020 Focus
To generate improved operating cash flows
Links to other Disclosures
Group CFO Review page 34To ensure the appropriate level of financial gearing and profits to service debt
KPI: Net debt: EBITDA
The ratio of net debt (Net debt comprises borrowings (net of issue costs) less cash less IFRS 16 Leases) to Adjusted EBITDA (see also financial definitions)
FY2020 performance
FY2020 Focus
Move towards medium term target of 2.0 times Net Debt/EBITDA (excluding IFRS 16 leases)
Links to other Disclosures
Group CFO Review page 33To deliver sustainable shareholder returns
KPI: Progressive dividend/return to shareholders
Total dividend per share paid and proposed in respect of the financial year in question (see also financial definitions)
FY2020 performance
KPI: Dividend Payout Ratio
Dividend cover is Dividend/Adjusted diluted EPS (see also financial definitions)
FY2020 performance
FY2020 Focus
The Group will continue to seek to enhance shareholder returns
To achieve the highest standards of environmental management
KPI: Reduction in CO2 emissions
Tonnes of CO2 emissions (see also financial definitions)
FY2020 performance
KPI: Waste recycling
Tonnes of waste sent to landfill (see also financial definitions)
FY2020 performance
FY2020 Focus
To achieve best practice across the Group, including acquired businesses
Links to other Disclosures
Responsibility Report page 41To ensure safe and healthy working conditions
KPI: Workplace safety accident rate
The number of injuries that resulted in lost-work days, per 100,000 hours working time in production facilities (see also financial definitions)
FY2020 performance
FY2020 Focus
To achieve best practice across the Group, including acquired businesses
Links to other Disclosures
Responsibility Report page 46* Basic earnings per share has been impacted by exceptional items in the year.
COVID-19
While it remains too early to fully assess the impact of the COVID-19 crisis, it is clear that a short term, adverse impact will be experienced by the Group. Our priority is the health and wellbeing of our people, customers, suppliers, business partners and community and the Group has implemented an extensive range of measures to provide the safest environment we can for our stakeholders.
The crisis doesn’t change our strategy. We remain committed to supporting our on-trade customers and the industry generally. As we did in 2018 when we rescued and stabilised the Matthew Clark and Bibendum businesses, we will act responsibly with the interests of our employees and trade relationships’ at the core of the decisions we make. We will continue to be guided by our principles. While the short term is uncertain, the medium term will present opportunities for us because of our market positions, structural importance and operational strength relative to our competitive set.