Nomad Foods Annual Report 2017

Annual Report 2017
REAL FOOD,
SIMPLY MADE.
TABLE OF CONTENTS
Letters to Our Shareholders.. .................................2 -4
Financial Statements............................................ 5-168
Corporate Information.............................................. 169
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. Nomad Foods 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, iglo and Findus.
More information on Nomad Foods is available at www.nomadfoods.com.
Nomad Foods Annual Report 2017 1

Dear Fellow Shareholders,
This has been a

S
ince becoming a public company in 2015,
we have prioritized defensive tactics:
watershed year for development of a best-in-class management We are also deploying capital
organization, realignment of product portfolio
and utilizing the capital markets
our Company. We strategies, and renewed focus on operational
excellence. Two and one-half years later, we to build value for shareholders.
would characterize are delighted to report these back-to-basics
During 2017, we returned more than $200
d i s c i p l i n e s h a v e b o r n e f r u i t b e yo n d o u r
2017 as one that expectations (including 4% organic sales growth
million to shareholders through buybacks
and refinanced our credit facilities to ensure
saw Nomad Foods during the year).
long-term, attractive capital. The acquisition
With organic sales growth and adjusted free cash of the Goodfella’s pizza business, announced
shift from defense flow generation exceeding € 200 million, the in January 2018, significantly expands
Company is now enjoying the opportunity to play our businesses in the UK and Ireland and
to offense. offense. Building on the disciplines and culture strategically positions us for growth within
that have been established, we are prudently Europe’s second largest frozen category.
making investments to complement and enhance Importantly, we have the financial flexibility
our core business with an objective of generating and operational bandwidth to do more.
sustainable best-in-class organic growth.
In our first letter to you, we shared our belief many others, our consumers, customers,
We are taking action to grow our categories and that businesses are all about people and our and, of course, our shareholders who
increase our portfolio’s market share. As category best assets go home every night. Today, each contribute to our successes, as well
captain and the largest frozen food business in Nomad is comprised of approximately 4,200 as reap the rewards.
Europe, we are spearheading efforts to share employees. We would like to congratulate
We have certainly enjoyed our journey
frozen food’s compelling narrative – notably, health Stefan and each and every member of our
together so far but we continue to
and nutrition benefits, convenience, and corporate team for their dedication, hard work, and belief
believe the best is yet to come.
social responsibility – to drive category growth. in Nomad Foods. Correspondingly, there is an
even larger ecosystem which includes, among Respectfully,
Furthermore, we are building an innovation pipeline,
investing behind our brands and products, and
focusing on in-store execution to drive continued
share gains. It goes without saying, even with
investments to accelerate top-line growth, we
remain rigorously focused on our expenses and
top-line spend. There is a significant margin
enhancement opportunity, with a road map to Martin E. Franklin Noam Gottesman
Co-Chairman Co-Chairman
20% EBITDA margins, through continued expense
discipline, net revenue management, synergies
from acquisitions, and supply chain efficiencies.
Our iconic Captain has evolved to become

more modern and authentic to support our
2 Nomad Foods Annual Report 2017 new campaign “Real Food, Simply Made”. 3
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark One)
o Registration Statement Pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934
x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Fiscal Year Ended December 31, 2017
W
ith organic revenue growth of 4%, 100 basis society. We have also advanced our understanding
points of gross margin expansion, and over of the environmental impact of our manufacturing o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
€ 200 million of adjusted free cash flow, 2017 footprint. I am pleased to announce that we have
o Shell Company Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
was an outstanding year for our Company. These published our first ever Non-Financial Report on
results, which exceeded the expectations we set at sustainability this spring and look forward to updating
the start of the year, are a testament to the strength you on our progress in the years to come. Commission file number 001-37669
Nomad Foods Limited

of our iconic brands and the strategic framework that we
have embraced and continue to execute against with We enter 2018 with solid momentum and plan to
focus and tenacity. deliver another year of organic revenue growth, (Exact Name of Registrant as Specified in Its Charter)
gross margin expansion, and strong cash flow British Virgin Islands
We widened our lead versus the competition as we generation. Further, our acquisition of the Goodfella’s (Jurisdiction of Incorporation or Organization)
continued to invest disproportionately behind our pizza business will provide us with a complementary No. 1 New Square
Bedfont Lakes Business Park
core portfolio in areas such as product, packaging, driver of growth in the United Kingdom and Ireland
Feltham, Middlesex TW14 8HA
and media. These investments, which have been where the brand enjoys strong market share in the (Address of Principal Executive Offices)
self-funded through expense discipline and active attractive and sizable, frozen pizza category. We Jason Ashton
portfolio management, have led to higher brand expect this acquisition to be immediately accretive No. 1 New Square
awareness scores, as well as growth in customer to EPS and serve as a great example of how we plan Bedfont Lakes Business Park
Feltham, Middlesex TW14 8HA
penetration, sales velocity, and base volume. Indeed, to scale our operational capabilities and balance sheet
Telephone:+(44) 208 918 3200
we are seeing several proof points which validate strength through value-accretive M&A in the years Facsimile:+(44) 208 918 3491
our strategy and reinforce our ability to achieve our to come. (Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)
long-term objectives of growing revenues faster Securities registered or to be registered pursuant to Section 12(b) of the Act:
than the industry, achieving operational leverage, and In summary, I am pleased to report an impressive
year of performance during Nomad Foods’ second Title of Each Class Name of Each Exchange on which Registered
generating strong free cash flow.
year as a public NYSE-listed company. Our strategy is Ordinary Shares, no par value New York Stock Exchange
The 4% organic revenue growth that we achieved driving market share expansion in a growing category Securities registered or to be registered pursuant to Section 12(g) of the Act: None
was underpinned by a frozen food category which and the investments we are making position us to Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: Preferred Shares, no par value
posted a healthy 2% growth rate. We are pleased sustain profitable growth. Our results would not be Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
to be operating in a category with attractive near possible without the hard work and dedication of our 165,291,546 Ordinary Shares and 1,500,000 Preferred Shares
and long-term fundamentals. Consumer shopping employees, who I have no doubt will look to raise the Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. oYes x No
behaviors and preferences are evolving at a rapid bar even further in 2018 and beyond. If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities
pace and frozen food aligns closely with these Exchange Act of 1934. o Yes x No
trends, notably convenience, health and wellness, Respectfully yours,
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
e-commerce, and corporate social responsibility. As preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the
the undisputed leader of the category, we recognize past 90 days. x Yes o No
that our actions will dictate the future direction of Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
the frozen food category in western Europe. As Stefan Descheemaeker submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
such, we plan to build on our momentum by registrant was required to submit and post such files). x Yes o No
CEO
advancing our efforts around innovation, an approach Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See
definition of “large accelerated filer, accelerated filer, and emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
that will be balanced, methodical, and centered
around our core. In doing so, we will remain focused Large accelerated filer x Accelerated filer o Non-accelerated filer o Emerging growth company o
and disciplined in executing our playbook, which is If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. o
proving to be a powerful driver of shareholder value.
†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards
We are also doubling down on our commitment to Codification after April 5, 2012.
drive frozen category growth, with corporate social Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
responsibility a key driver. We made significant
progress in 2017 as we worked to revitalize our International Financial Reporting Standards as Issued
U.S. GAAPo by the International Accounting Standards Boardx Othero
sustainability strategy. Through increased focus,
we have prioritized areas where we can be most If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to
follow. o Item 17 o Item 18
impactful on our surrounding environment and
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No
4 Nomad Foods Annual Report 2017

TABLE OF CONTENTS
TERMS USED IN THIS REPORT 7

PRESENTATION OF FINANCIAL AND OTHER INFORMATION 7
INDUSTRY AND MARKET DATA 7
TRADEMARKS 8
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 8
PART I 10
Item 1: Identity of Directors, Senior Management and Advisors 10
Item 2: Offer Statistics and Expected Timetable 10
Item 3: Key Information 10
Item 4. Information on the Company 31
Item 4A. Unresolved Staff Comments 44
Item 5. Operating and Financial Review and Prospects 44
Item 6. Directors, Senior Management and Employees 60
Item 7. Major Shareholders and Related Party Transactions 68
Item 8. Financial Information 69
Item 9. The Offer and Listing 70
Item 10. Additional Information 71
Item 11. Quantitative and Qualitative Disclosures About Market Risk 80
Item 12. Description of Securities Other than Equity Securities 80
Item 13. Defaults, Dividend Arrearages and Delinquencies 80
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 80
Item 15. Controls and Procedures 80
Item 16A. Audit Committee Financial Expert 81
Item 16B. Code of Ethics 81
Item 16C. Principal Accountant Fees and Services 81
Item 16D. Exemptions from the Listing Standards for Audit Committees 82
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 82
Item 16F. Change in Registrants’ Certifying Accountant 83
Item 16G. Corporate Governance 83
Item 16H. Mine Safety Disclosure 88
Item 17. Financial Statements 89
Item 18. Financial Statements 90
Item 19. Exhibits

TERMS USED IN THIS REPORT
Unless the context otherwise requires, in this annual report, the term(s) (1) “we,” “us,” “our,” “Company,”
“Nomad” and “our business” refer to Nomad Foods Limited (formerly known as Nomad Holdings Limited) and its
consolidated subsidiaries, (2) “Iglo” and “the Iglo Group” refer solely to Nomad Foods Europe Holdings Limited (previously
named Iglo Foods Holdings Limited) and its consolidated subsidiaries which we purchased on June 1, 2015 and
(3) “Findus” and “the Findus Group” refers to Findus Sverige AB (and its consolidated subsidiaries) which we purchased
from Lion/Gem Luxembourg 3 S.a.r.l. (the “Findus Parent”) on November 2, 2015 (the “Findus Acquisition”). All references
in this annual report to the “Predecessor” refer to Iglo for all periods prior to its acquisition by the Company (the “Iglo
Acquisition”) and all references to the “Successor” refer to the Company for all periods after the Iglo Acquisition.
PRESENTATION OF FINANCIAL AND OTHER INFORMATION

In this annual report, references to “Euro” and “€” are to the single currency adopted by participating member
states of the European Union relating to Economic and Monetary Union, references to “$”, “US$” and “U.S. Dollars” are to
the lawful currency of the United States of America, and references to “Pound Sterling”, “Sterling” and “£” are to the lawful
currency of the United Kingdom (UK).
The historical financial information for the Company and the Iglo Group has been prepared in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS IASB”) and
International Financial Reporting Standards as endorsed by the European Union (together “IFRS”) which can differ in
certain significant respects from U.S. GAAP.
Unless otherwise noted, all financial information for the Company and Iglo provided in this annual report is
denominated in Euros.
Historical Financial Information
This annual report includes our consolidated financial statements at and as of the year ended December 31,
2017 (the “Fiscal 2017 Period”), at and as of the year ended December 31, 2016 (the “Fiscal 2016 Period”), as of the nine
months ended December 31, 2015 (the “Fiscal 2015 Transition Period”), as of the twelve months ended March 31, 2015
(the “Fiscal 2015 Period”) and for the Predecessor, as of the five months ended May 31, 2015 (the “Fiscal 2015
Predecessor Stub Period”).
Non-IFRS Financial Measures
In this annual report, we present certain supplemental financial measures that are not recognized by IFRS.
These financial measures are unaudited and have not been prepared in accordance with IFRS, SEC requirements or the
accounting standards of any other jurisdiction. The non-IFRS financial measures used in this annual report are Adjusted
EBITDA and Adjusted EBITDA margin. For additional information on why we present non-IFRS financial measures, the
limitations associated with using non-IFRS financial measures and reconciliations of our non-IFRS financial measures to
the most comparable applicable IFRS measure, see Item 5: Operating and Financial Review and Prospects.
INDUSTRY AND MARKET DATA

We obtained the industry, market and competitive position data throughout this annual report from our own
internal estimates and research as well as from industry and general publications and research, surveys and studies
conducted by Euromonitor. Industry surveys and publications generally state that the information contained therein has
been obtained from sources believed to be reliable, but the accuracy and completeness of the information contained in
industry publications is not guaranteed. While we believe that each of these studies and publications is reliable, we have
not independently verified market and industry data from third-party sources. While we believe our internal company
research is reliable and the definitions of our market and industry are appropriate, neither this research nor these
definitions have been verified by any independent source. Further, while we believe the market opportunity information
included in this annual report is generally reliable, such information is inherently imprecise. In addition, projections,
assumptions and estimates of the future performance of the industry in which we operate and our future performance are
necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in
Item 3D: Key Information - Risk Factors. These and other factors could cause results to differ materially from those
expressed in the estimates made by the independent parties and by us. See Cautionary Note Regarding Forward-Looking
Statements.

Market share data presented throughout this annual report is measured by retail sales value. The frozen food
market data we refer to throughout this annual report includes the following categories: Frozen Processed Meat, Frozen
Processed Seafood, Frozen Meat Substitutes, Frozen Pizza, Frozen Ready Meals, Frozen Noodles, Frozen Soup, Frozen
Baked Goods and Processed Frozen Vegetables.
TRADEMARKS
We operate under a number of trademarks, including, among others, “Iglo,” “Birds Eye” and “Findus”, all of
which are registered under applicable intellectual property laws. This annual report contains references to our trademarks
and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred
to in this annual report may appear without the ® or TM symbols, but such references are not intended to indicate, in any
way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable
licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names,
trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in this annual report constitute forward-looking statements that do not directly or
exclusively relate to historical facts. You should not place undue reliance on such statements because they are subject to
numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict
and many of which are beyond our control. Forward-looking statements include information concerning our possible or
assumed future results of operations, including descriptions of our business strategy. These statements often include
words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions.
Forward-looking statements included in this annual report include statements regarding:
• our beliefs and intentions regarding our strategic initiatives and their impact on the growth and
profitability of our business;
• our intent to profitably grow our business through our strategic initiatives;
• our intent to seek additional acquisition opportunities in food products and our expectation regarding
competition for acquisitions;
• our expectations concerning the timing for completion of the Green Isle Foods Ltd. acquisition and source of
funding for the acquisition;
• our expectations concerning the impact of such acquisition;
• our expectations concerning our ability to fund our liquidity requirements and to raise cash through equity and
debt offerings;
• our expectations concerning our capital expenditures in 2018;
• our beliefs regarding our competitive strengths and ability to successfully compete in the markets in which we
participate;
• our expectations concerning consumer demand for our products, our future growth opportunities, market share
and sales channels, including online channels;
• our beliefs and intentions regarding the impact of key industry trends on our business, our actions in response
to such trends and the resulting impact on our profitability and competitive position;
• our future operating and financial performance;
• our intent to settle any Founder Preferred Shares Annual Dividend Amount (as defined herein) with equity;
• our belief that we have sufficient spare capacity to accommodate future growth in our main product categories
and to accommodate the seasonal nature of some of our products;
• our intent to rely on some of the available foreign private issuer exemptions to the New York Stock Exchange
(the “NYSE”) corporate governance rules; and
• the accuracy of our estimates and key judgments regarding certain tax matters and accounting valuations.

The forward-looking statements contained in this annual report are based on assumptions that we have made
in light of our management’s experience in the industry as well as our perceptions of historical trends, current conditions,
expected future developments and other factors that we believe are appropriate under the circumstances. As you read
and consider this annual report, you should understand that these statements are not guarantees of performance or
results. They involve known and unknown risks, uncertainties and assumptions. Although we believe that these forward-
looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual
financial results or results of operations and could cause actual results to differ materially from those in these forward-
looking statements. These factors include but are not limited to:
• our ability to successfully implement our strategic initiatives;
• if the transaction closes, the anticipated benefits from the Green Isle Foods Ltd. acquisition may take longer to
realize and may cost more to achieve than expected;
• the loss of any of our executive officers or members of our senior management team or other key employees;
• the loss of any of our major customers or a decrease in demand for our products;
• our ability to effectively compete in our markets;
• changes in consumer preferences and our failure to anticipate and respond to such changes or to successfully
develop and renovate products;
• our ability to successfully interpret and respond to key industry trends and to realize the expected benefits of
our responsive actions;
• our ability to protect our brand names and trademarks;
• economic conditions that may affect our future performance including exchange rate fluctuations;
• fluctuations in the availability of food ingredients and packaging materials that we use in our products;
• disruptions in our information technology systems, supply network, manufacturing and distribution facilities or
our workforce or the workforce of our suppliers;
• our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain
additional financing, as needed, to fund our liquidity requirements and capital expenditures;
• availability of debt and equity financing under favorable terms;
• increases in operating costs, including labor costs, and our ability to manage our cost structure;
• the incurrence of liabilities not covered by our insurance;
• the loss of our foreign private issuer status;
• the effects of reputational damage from unsafe or poor quality food products, particularly if such issues involve
products we manufactured or distributed;
• our failure to comply with, and liabilities related to, environmental, health and safety laws and regulations;
• the potential adverse impact of Brexit on currency exchange rates, global economic conditions and cross-
border agreements that affect our business; and
• changes in applicable laws or regulations.
These and other factors are more fully discussed in Item 3D: Key Information - Risk Factors and elsewhere in
this annual report. These risks could cause actual results to differ materially from those implied by forward-looking
statements in this annual report.
All information contained in this annual report is materially accurate and complete as of the date of this annual
report. You should keep in mind, however, that any forward-looking statement made by us in this annual report, or
elsewhere, speaks only as of the date on which we make it. New risks and uncertainties come up from time to time, and it
is impossible for us to predict these events or how they may affect us. We do not undertake any obligation to update or
revise any forward-looking statements after the date of this annual report, whether as a result of new information, future
events or otherwise, except as required by law. In light of these risks and uncertainties, you should keep in mind that any
event described in a forward-looking statement made in this annual report or elsewhere might not occur.

PART I
Item 1: Identity of Directors, Senior Management and Advisers
A. Directors and Senior Management
Not applicable.
B. Advisers
Not applicable.
C. Auditors
Not applicable.
Item 2: Offer Statistics and Expected Timetable
A. Offer Statistics
Not applicable.
B. Method and Expected Timetable
Not applicable.
Item 3: Key Information

A. Selected Financial Data
The following table sets forth selected historical consolidated financial and other data for the
Company and Iglo for the periods presented. The selected historical consolidated financial data below should be read in
conjunction with our Audited Consolidated Financial Statements and related notes (Item 18), as well as Item
4: Information on the Company and Item 5: Operating and Financial Review and Prospects of this annual report.
Following the Iglo Acquisition, Iglo is considered to be our Predecessor under applicable SEC rules
and regulations.
In June 2015, the Board of Directors approved a change in Nomad’s fiscal year end from March 31
to December 31 in order to align Nomad’s fiscal year with the Iglo Group’s historical reporting calendar. As a result of this
change, the consolidated statements include presentation of the Successor twelve month periods to December 31, 2017
and 2016 and the nine month period from April 1, 2015 to December 31, 2015.
The statement of income data for the Fiscal Period 2017, Fiscal Period 2016, Fiscal 2015 Transition
Period, Fiscal 2015 Period, and Fiscal 2015 Predecessor Stub Period and the balance sheet data as of December 31,
2017 and 2016 have been derived from our audited consolidated financial statements included elsewhere in this annual
report. Balance sheet information for Nomad for December 31, 2015 and financial information for Iglo for the years ended
December 31, 2014 and 2013 have been derived from audited financial statements not included elsewhere in this annual
report.
Neither the Successor nor the Predecessor declared or paid cash dividends in the periods
presented. All results are continuing.

Successor Successor Successor Successor Predecessor Predecessor Predecessor
Year Year 9 months Year 5 months
ended ended ended ended ended Year ended Year ended
Dec 31 2017 Dec 31 2016 Dec 31 2015 Mar 31 2015 May 31 2015 Dec 31 2014 Dec 31 2013
€m €m €m €m €m €m €m
Statement of
Income data:
Revenue 1,956.6 1,927.7 894.2 — 640.3 1,500.9 1,505.8
Cost of sales (1,357.2) (1,356.7) (663.0) — (417.9) (970.9) (1,001.8)
Gross profit 599.4 571.0 231.2 — 222.4 530.0 504.0
Other operating
expenses (319.3) (298.4) (138.6) (0.7) (109.5) (254.2) (231.8)
Exceptional items (37.2) (134.5) (58.1) (0.7) (84.3) (52.9) (83.8)
Charge related to
Founder Preferred
Shares Annual
Dividend Amount — — (349.0) (165.8) — — —
Credit/(Charge)
related to Warrant
Redemption
Liability — — 0.4 (0.4) — — —
Operating profit/
(loss) 242.9 138.1 (314.1) (167.6) 28.6 222.9 188.4
Net finance (costs)/
income (74.4) (62.1) (35.5) 0.1 (115.7) (290.2) (227.6)
Profit/(loss) before
tax 168.5 76.0 (349.6) (167.5) (87.1) (67.3) (39.2)
Taxation (32.0) (39.6) 12.3 — (40.9) (41.8) (2.0)
Profit/(loss) for the
period
attributable to
Parent Company 136.5 36.4 (337.3) (167.5) (128.0) (109.1) (41.2)
Basic weighted
number of shares 176,080,272 183,518,743 145,590,810 50,025,000 n.p. n.p. n.p.
Diluted weighted
number of shares 184,786,162 183,528,621 145,590,810 50,025,000 n.p. n.p. n.p.
Basic earnings/
(loss) per share 0.78 0.20 (2.32) (3.35) n.p. n.p. n.p.
Diluted earnings/
(loss) per share 0.74 0.20 (2.32) (3.35) n.p. n.p. n.p.
Balance Sheet
data:
Total assets 4,601.7 4,709.5 4,929.7 447.4 n.p. 3,543.4 3,461.2
Total equity 1,852.6 1,902.5 1,888.1 274.9 n.p. (657.5) (550.4)
Share capital — — — — n.p. 0.1 0.1
n.p. not presented
Currency and Exchange Rates. Our reporting currency is the Euro. The following table sets forth,
for the periods and dates indicated, the period end average, high and low exchange rates in U.S. Dollars per €1.00.
Average
Year ended December 31, 2017 $ 1.1393

High Low
$ $
March 2018 (as of March 20, 2018) $ 1.2446 $ 1.2155
February 2018 $ 1.2555 $ 1.2188
January 2018 $ 1.2537 $ 1.1916
December 2017 $ 1.2026 $ 1.1718
November 2017 $ 1.1961 $ 1.1554
October 2017 $ 1.1880 $ 1.1575
September 2017 $ 1.2092 $ 1.1717
Our inclusion of these exchange rates and other exchange rates specified elsewhere in this annual
report should not be construed as representations that the Euro amounts actually represent such U.S. Dollar amounts or
could have been or could be converted into U.S. Dollars at any particular rate, if at all. The Euro foreign exchange
reference rate used in this annual report is the Bloomberg Generic Composite Rate. On March 21, 2018, this rate was
$1.2242 per €1.00. These exchange rates may differ from the exchange rate in effect on and as of the date of this annual
report.
B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
An investment in our ordinary shares carries a significant degree of risk. You should carefully
consider the following risks and other information in this annual report, including our consolidated financial statements and
related notes included elsewhere in this annual report, before you decide to purchase our ordinary shares. Additional risks
and uncertainties of which we are not presently aware or that we currently deem immaterial could also affect our business
operations and financial condition. If any of these risks actually occur, our business, financial condition, results of
operations or prospects could be materially affected. As a result, the trading price of our ordinary shares could decline and
you could lose part or all of your investment.
Risks Related to Our Business and Industry
We operate in a highly competitive market and our failure to compete effectively could adversely affect our
results of operations.
The market for frozen food is highly competitive. Our competitors include retailers who promote
private label products and well-established branded producers that operate on both a national and an international basis
across single or multiple frozen food categories. We also face competition more generally from chilled food, distributors
and retailers of fresh products, baked goods and ready-made meals. Our competitors generally compete with us on the
basis of price, actual or perceived quality of products, brand recognition, consumer loyalty, product variety, new product
development and improvements to existing products. We may not successfully compete with our existing competitors and
new competitors may enter the market. Discounters are supermarket retailers which offer a narrow range of food and
grocery products at discounted prices and which typically focus on non-branded rather than branded products. The
increase in discounter sales may adversely affect the sales of our branded products. Further, we are increasing our
investment in online sales (sales made through retailers’ online platforms). However, there is no guarantee we will achieve
our expected return on investment from this strategy. The growth of online retailers, and the corresponding growth in our
online sales, may also adversely affect our competitive position.

In addition, we cannot predict the pricing or promotional actions of our competitors or their effect on
consumer perceptions or the success of our own advertising and promotional efforts. Our competitors develop and launch
products targeted to compete directly with our products. Our retail customers, most of which promote their own private
label products, control the shelf space allocations within their stores. As a result, they may allocate more shelf space to
private label products or to our branded competitors’ products in accordance with their respective promotional strategies.
Decreases in shelf space allocated to our products, increases in competitor promotional activity, aggressive marketing
strategies by competitors or other factors may require us to reduce our prices or invest greater amounts in advertising and
promotion of our products to ensure our products remain competitive.
Furthermore, some of our competitors may have substantially greater financial, marketing and other
resources than we have. This creates competitive pressures that could cause us to lose market share or require us to
lower prices, increase advertising expenditures or increase the use of discounting or promotional campaigns. These
competitive factors may also restrict our ability to increase prices, including in response to commodity and other cost
increases. If we are unable to continue to respond effectively to these and other competitive pressures, our customers
may reduce orders of our products, may insist on prices that erode our margins or may allocate less shelf space and
fewer displays for our products. These or other developments could materially and adversely affect our sales volumes and
margins and result in a decrease in our operating results, which could have a material adverse effect on our business,
financial condition and results of operations.
Sales of our products are subject to changing consumer preferences and trends; if we do not correctly anticipate
such changes, our sales and profitability may decline.
There are a number of trends in consumer preferences which have an impact on us and the frozen
food industry as a whole. These include, among others, preferences for speed, convenience and ease of food
preparation; natural, nutritious and well-proportioned meals; and products that are sustainably sourced and produced and
are otherwise environmentally friendly. Concerns as to the health impacts and nutritional value of certain foods may
increasingly result in food producers being encouraged or required to produce products with reduced levels of salt, sugar
and fat and to eliminate trans-fatty acids and certain other ingredients. Consumer preferences are also shaped by concern
over waste reduction and the environmental impact of products. The success of our business depends on both the
continued appeal of our products and, given the varied backgrounds and tastes of our customer base, our ability to offer a
sufficient range of products to satisfy a broad spectrum of preferences. Any shift in consumer preferences in the United
Kingdom, Germany, France, Italy, Sweden or any other material market in which we operate could have a material
adverse effect on our business. Consumer tastes are also susceptible to change. In addition, consumers with increasingly
busy lifestyles are choosing the online grocery channel as a more convenient and faster way of purchasing their food
products, and are also increasingly using the internet for meal ideas. Our competitiveness therefore depends on our ability
to predict and quickly adapt to consumer preferences and trends, exploiting profitable opportunities for product
development without alienating our existing consumer base or focusing excessive resources or attention on unprofitable
or short-lived trends. If we are unable to respond on a timely and appropriate basis to changes in demand or consumer
preferences and trends, our sales volumes and margins could be adversely affected.
Our future results and competitive position are dependent on the successful development of new products and
improvement of existing products, which is subject to a number of difficulties and uncertainties.
Our future results and ability to maintain or improve our competitive position depend on our
capacity to anticipate changes in our key markets and to successfully identify, develop, manufacture, market and sell new
or improved products in these changing markets. We aim to introduce new products and re-launch and extend existing
product lines on a timely basis in order to counteract obsolescence and decreases in sales of existing products as well as
to increase overall sales of our products. The launch and success of new or modified products are inherently uncertain,
especially as to the products’ appeal to consumers, and there can be no assurance as to our continuing ability to develop
and launch successful new products or variations of existing products. The failure to launch a product successfully can
give rise to inventory write-offs and other costs and can affect consumer perception of our other products. Market factors
and the need to develop and provide modified or alternative products may also increase costs. In addition, launching new
or modified products can result in cannibalization of sales of our existing products if consumers purchase the new product
in place of our existing products. If we are unsuccessful in developing new products in response to changing consumer
demands or preferences in an efficient and economical manner, or if our competitors respond more effectively than we do,
demand for our products may decrease, which could materially and adversely affect our business, financial condition and

We are exposed to economic and other trends that could adversely impact our operations in our key
geographies.
We conduct operations in our key markets of the United Kingdom, Italy, Germany, Sweden, France,
and Norway, from which approximately 80% of our revenue was generated during the last fiscal period. We are
particularly influenced by economic developments and changes in consumer habits in those countries.
The geographic markets in which we compete have been affected by negative macroeconomic
trends which have affected consumer confidence. For example, Brexit has created political and economic uncertainty both
in the United Kingdom and the other European Union member states. A deterioration in economic conditions could result
in increased unemployment rates, increased short and long term interest rates, consumer and commercial bankruptcy
filings, a decline in the strength of national and local economies, and other results that negatively impact household
incomes. This can result in consumers purchasing cheaper private label products instead of equivalent branded
products. Such macroeconomic trends could, among other things, negatively impact global demand for branded and
premium food products, which could result in a reduction of sales or pressure on margins of our branded products or
cause an increasing transfer to lower priced product categories.
Our inability to source raw materials or other inputs of an acceptable type or quality, could adversely affect our
We use significant quantities of food ingredients and packaging materials and are therefore
vulnerable to fluctuations in the availability and price of food ingredients, packaging materials, other supplies and energy
costs. In particular, raw materials such as fish, livestock and crops have historically represented a significant portion of our
cost of sales, and accordingly, adverse changes in raw material prices can impact our results of operations.
Specifically, the availability and the price of fish, vegetables and other agricultural commodities,
including poultry and meat, can be volatile. We are also affected by the availability of quality raw materials, most notably
fish, which can be impacted by the fishing and agricultural policies of the European Union including national or
international quotas that can limit volume of raw materials. General economic conditions, unanticipated demand, problems
in manufacturing or distribution, natural disasters, weather conditions during the growing and harvesting seasons, plant,
fish and livestock diseases and local, the impact of Brexit, national or international quarantines can also adversely affect
availability and prices of commodities in the long and short term.
While we attempt to negotiate fixed prices for certain materials with our suppliers for periods
ranging from one month to a full year, we cannot guarantee that our strategy will be successful in managing input costs if
prices increase for extended periods of time. Moreover, there is no market for hedging against price volatility for certain
raw materials and accordingly such materials are bought at the spot rate in the market.
Our ability to avoid the adverse effects of a pronounced, sustained price increase in raw materials
is limited. Any increases in prices or scarcity of ingredients or packaging materials required for our products could
increase our costs and disrupt our operations. If the availability of any of our inputs is constrained for any reason, we may
not be able to obtain sufficient supplies or supplies of a suitable quality on favorable terms or at all. Such shortages could
materially adversely affect our market share, business, financial condition and results of operations.
Our inability to pass on price increases for materials or other inputs to our customers could adversely affect our
Our ability to pass through increases in the prices of raw materials to our customers depends,
among others, on prevailing competitive conditions and pricing methods in the markets in which we operate, and we may
not be able to pass through such price increases to our customers. Even if we are able to pass through increases in
prices, there is typically a time lag between cost increases impacting our business and implementation of product price
increases during which time our profit margin may be negatively impacted. Recovery of cost inflation, driven by both
commodity cost increases or changes in the foreign exchange rate of the currency the commodity is denominated in, can
also lead to disparities in retailers’ shelf-prices between different brands which can result in a competitive disadvantage
and volume decline. During our negotiations to increase our prices to recover cost increases, customers may take actions
which exacerbate the impact of such cost increases, for example by ceasing to offer our products or deferring orders until
negotiations have ended. Our inability to pass through price increases in raw materials and preserve our profit margins in
the future could materially adversely affect our business, financial condition and results of operations.

We rely on sales to a limited number of large food retailers and should they perform poorly or give higher priority
to private label or other brands or products or if the concentration and buying power of these large retailers
increase, our business could be adversely affected.
Our customers include supermarkets and large chain food retailers in the United Kingdom,
Germany, France, Italy and Sweden. Throughout our markets, the food retail segments are highly concentrated. For the
year ended December 31, 2017, our top 10 customers account for 41% of sales. In recent years, the major multiple
retailers in those countries have increased their share of the grocery market and price competition between retailers has
intensified. This price competition has led the major multiple retailers to seek lower prices from their suppliers, including
us. The strength of the major multiple retailers’ bargaining position gives them significant leverage over their suppliers in
negotiating pricing, product specification and the level of supplier participation in promotional campaigns and offers, which
can reduce our margins. Further consolidation among the major multiple retailers or disproportionate growth in relation to
their competitors could increase their relative negotiating power and allow them to force a negative shift in our trade
terms. Our results of operations could also be adversely affected if these retailers suffer a significant deterioration in sales
performance, if we are required to reduce our prices or increase our promotional spending activity as a consequence, if
we are unable to collect accounts receivable from our customers, if we lose business from a major customer or if our
relationship with a major customer deteriorates.
Our retail customers also offer private label products that compete directly with our products for
retail shelf space and consumer purchases. Private label products typically have higher margins for retailers than other
branded products. Accordingly, there is a risk that our customers may give higher priority to private label products or the
branded products of our competitors, which would adversely affect sales of our products. Our major multiple retail
customers are also expanding into non-food product lines in their stores, thereby exerting pressure on available shelf
space for other categories such as food products. We may be unable to adequately respond to these trends and, as a
result, the volume of our sales may decrease or we may need to lower the prices of our products, either of which could
adversely affect our business, financial condition and results of operations.
Increased distribution costs or disruption of transportation services could adversely affect our business and
financial results.
Distribution costs have historically fluctuated significantly over time, particularly in connection with
oil prices, and increases in such costs could result in reduced profits. In addition, certain factors affecting distribution costs
are controlled by our third party carriers. To the extent that the market price for fuel or freight or the number or availability
of carriers fluctuates, our distribution costs could be affected. Furthermore, temporary or long-term disruption of
transportation services due to weather-related problems, strikes or other events could impair our ability to supply products
affordably and in a timely manner or at all. Failure to deliver our perishable food products promptly could also result in
inventory spoilage. These factors could impact our commercial reputation and result in our customers reducing their
orders or ceasing to order our products. Any increases in the cost of transportation, and any disruption in transportation,
could have a material adverse effect on our business, financial condition and results of operations. We require the use of
refrigerated vehicles to ship our products and such distribution costs represent an important element of our cost structure.
We are dependent on third parties for almost all of our transportation requirements. In Italy, our distribution network is
shared with Unilever’s ice cream business, which provides us with an advantage over smaller market participants. Our
arrangement with Unilever is governed by a distribution agreement which expires in 2022.
We do not have long-term contractual agreements with our key customers, which exposes us to increased risks
with respect to such customers.
As is typical in the food industry, sales to our key customers in our major markets are made on a
daily demand basis. We generally do not have long-term contractual commitments to supply such customers and must
renegotiate supply and pricing terms of our products on a regular basis. Customarily, trade terms are renegotiated
annually; however, ad-hoc changes are often made on an informal basis, such as by email, to reflect discounts and
promotional arrangements. Amounts paid are subject to end of period reconciliations to reflect these informal
arrangements. In some cases, our customers have claimed reimbursement for informal discount arrangements going
back multiple periods. In addition, we do not have written contractual arrangements with a number of our other
customers. Most of our customer relationships or arrangements could be terminated or renegotiated at any time and, in
some cases, without reasonable notice.

Our customers may not be creditworthy.
Our business is subject to the risks of nonpayment and nonperformance by our customers. We
manage our exposure to credit risk through credit analysis and monitoring procedures, and sometimes use letters of
credit, prepayments and guarantees. However, these procedures and policies cannot fully eliminate customer credit risk,
and to the extent our policies and procedures prove to be inadequate, it could negatively affect our financial condition and
results of operations. In addition, some of our customers may be highly leveraged and subject to their own operating and
regulatory risks and, even if our credit review and analysis mechanisms work properly, we may experience financial
losses in our dealings with such parties. We do not maintain credit insurance to insure against customer credit risk. If our
customers fail to fulfill their contractual obligations, it may have an adverse effect on our business, financial condition and
results of operation.
Failure to protect our brand names and trademarks could materially affect our business.
Our principal brand names and trademarks (such as Birds Eye, Iglo and Findus) are key assets of
our business and our success depends upon our ability to protect our intellectual property rights. We rely upon trademark
laws to establish and protect our intellectual property rights, but cannot be certain that the actions we have taken or will
take in the future will be adequate to prevent violation of our proprietary rights. Litigation may be necessary to enforce our
trademark or proprietary rights or to defend us against claimed infringement of the rights of third parties. In addition, the
Birds Eye brand, which we use in the United Kingdom, is used by other producers in the United States and Australia.
Even though the brands have different logos, adverse publicity from such other markets may negatively impact the
perception of our brands in our respective markets. Adverse publicity, legal action or other factors could lead to substantial
erosion in the value of our brands, which could lead to decreased consumer demand and could have a material adverse
effect on our business, financial condition and results of operations.
Health concerns or adverse developments with respect to the safety or quality of products of the food industry in
general, or our own products specifically, may damage our reputation, increase our costs of operations and
decrease demand for our products.
Food safety and the public’s perception that our products are safe and healthy are essential to our
image and business. We sell food products for human consumption, which subjects us to safety risks such as product
contamination, spoilage, misbranding or product tampering. Product contamination, including the presence of a foreign
object, substance, chemical or other agent or residue or the introduction of a genetically modified organism, could require
product withdrawals or recalls or the destruction of inventory, and could result in negative publicity, temporary plant
closures and substantial costs of compliance or remediation. For example, while it did not significantly impact our
Predecessor’s business, many food companies including our Predecessor had to deal with the reputational impact of the
industry-wide horsemeat contamination issue that arose across most European food markets in January 2013. In addition,
food producers, including us, have been targeted by extortion attempts that threatened to contaminate products displayed
in supermarkets. Such attempts can result in the temporary removal of products from shelf displays as a precautionary
measure and result in lost revenue. We may also be impacted by publicity concerning any assertion that our products
caused illness or injury. In addition, we could be subject to claims or lawsuits relating to an actual or alleged illness
stemming from product contamination or any other incidents that compromise the safety and quality of our products. Any
significant lawsuit or widespread product recall or other events leading to the loss of consumer confidence in the safety
and quality of our products could damage our brand, reputation and image and negatively impact our sales, profitability
and prospects for growth. In addition, product recalls are difficult to foresee and prepare for and, in the event we are
required to recall one or more of our products, such recall may result in loss of sales due to unavailability of our products
and may take up a significant amount of our management’s time and attention. We maintain systems designed to monitor
food safety risks and require our suppliers to do so as well. However, we cannot guarantee that our efforts will be
successful or that such risks will not materialize. In addition, although we attempt, through contractual relationships and
regular inspections, to control the risk of contamination caused by third parties in relation to the several manufacturing and
distribution processes we outsource, we cannot guarantee that our efforts will be successful or that contamination of our
products by third parties will not materialize.
We are also subject to further risks affecting the food industry generally, including risks posed by
widespread contamination and evolving nutritional and health-related concerns. Regulatory authorities may limit the
supply of certain types of food products in response to public health concerns and consumers may perceive certain
products to be unsafe or unhealthy. In addition, governmental regulations may require us to identify replacement products
to offer to our customers or, alternatively, to discontinue certain offerings or limit the range of products we offer. We may
be unable to find substitutes that are as appealing to our customer base, or such substitutes may not be widely available
or may be available only at increased costs. Such substitutions or limitations could also reduce demand for our products.

We could also be subject to claims or lawsuits relating to an actual or alleged illness or injury or
death stemming from the consumption of a misbranded, altered, contaminated or spoiled product, which could negatively
affect our business. Awards of damages, settlement amounts and fees and expenses resulting from such claims and the
public relations implications of any such claims could have an adverse effect on our business. The availability and price of
insurance to cover claims for damages are subject to market forces that we do not control, and such insurance may not
cover all the costs of such claims and would not cover damage to our reputation. Even if product liability claims against us
are not successful or fully pursued, these claims could be costly and time consuming, increase our insurance premiums
and divert our management’s time and resources towards defending them rather than operating our business. In addition,
any adverse publicity concerning such claims, even if unfounded, could cause customers to lose confidence in the safety
and quality of our products and damage our reputation and brand image.
Potential liabilities and costs from litigation could adversely affect our business.
There is no guarantee that we will be successful in defending ourselves in civil, criminal or

regulatory actions, including under general, commercial, employment, environmental, food quality and safety, anti-trust
and trade, advertising and claims, and environmental laws and regulations, or in asserting our rights under various laws.
For example, our marketing or claims could face allegations of false or deceptive advertising or other criticisms which
could end up in litigation and result in potential liabilities or costs. In addition, we could incur substantial costs and fees in
defending ourself or in asserting our rights in these actions or meeting new legal requirements. The costs and other
effects of potential and pending litigation and administrative actions against us, and new legal requirements, cannot be
determined with certainty and may differ from expectations.
We are exposed to local business and tax risks in many different countries.
We operate in various countries in Europe, predominantly in the United Kingdom, Germany, France,
Italy, Sweden and Norway. As a result, our business is subject to risks resulting from differing legal, political, social and
regulatory requirements, economic conditions and unforeseeable developments in these markets, all or any of which
could result in disruption of our activities. These risks include, among others, political instability, differing economic cycles
and adverse economic conditions, unexpected changes in regulatory environments, currency exchange rate fluctuations,
inability to collect payments or seek recourse under or comply with ambiguous or vague commercial or other laws,
changes in distribution and supply channels, foreign exchange controls and restrictions on repatriation of funds, and
difficulties in attracting and retaining qualified management and employees. Our overall success in the markets in which
we operate depends, to a considerable extent, on our ability to effectively manage differing legal, political, social and
regulatory requirements, economic conditions and unforeseeable developments. We cannot guarantee that we will
succeed in developing and implementing policies and strategies which will be effective in each location where we do
business.
We must comply with complex and evolving tax regulations in the various jurisdictions in which we
operate, which subjects us to international tax compliance risks. Some tax jurisdictions in which we operate have complex
and subjective rules regarding income tax, value-added tax, sales or excise tax and transfer tax. From time to time, our
foreign subsidiaries are subject to tax audits and may be required to pay additional taxes, interest or penalties should the
taxing authority assert different interpretations, or different allocations or valuations of our services which could be
material and could reduce our income and cash flow from our international subsidiaries. We currently have several
pending tax assessments and audits in various jurisdictions including Germany, France and Italy. The agreement by which
we acquired the Findus Group provides for certain indemnifications of tax liabilities which may arise in certain jurisdictions
which we believe are sufficient to address these specific tax matters as far as they relate to the Findus Group. We have
also established, where appropriate, reserves and provisions for tax assessments which we believe to be adequate to
address potential tax liabilities. However, it is possible that the tax audits referred to above could result in the volatility of
timings of cash tax payment and recoveries.

Our business is dependent on third-party suppliers and changes or difficulties in our relationships with our
suppliers may harm our business and financial results.
We outsource some of our business functions to third-party suppliers, such as the processing of
certain vegetables and other products, the manufacturing of packaging materials and distribution of our products. Our
suppliers may fail to meet timelines or contractual obligations or provide us with sufficient products, which may adversely
affect our business. Certain of our contracts with key suppliers, such as for the raw materials we use in our products, are
short term, can be terminated by the supplier upon giving notice within a certain period and restrict us from using other
suppliers. Also, a number of our supply contracts, including for fish and vegetables, may be terminated by the supplier
upon a change in our ownership. Failure to appropriately structure or adequately manage our agreements with third
parties may adversely affect our supply of products. We are also subject to credit risk with respect to our third-party
suppliers. If any such suppliers become insolvent, an appointed trustee could potentially ignore the service contracts we
have in place with such party, resulting in increased charges or the termination of the service contracts. We may not be
able to replace a service provider within a reasonable period of time, on as favorable terms or without disruption to our
operations. Any adverse changes to our relationships with third-party suppliers could have a material adverse effect on
our image, brand and reputation, as well as on our business, financial condition and results of operations.
In addition, to the extent that our creditworthiness is impaired, or general economic conditions
decline, certain of our key suppliers may demand onerous payment terms that could materially adversely affect our
working capital position, or such suppliers may refuse to continue to supply to us. A number of our key suppliers have
taken out trade credit insurance on our ability to pay them. To the extent that such trade credit insurance becomes
unobtainable or more expensive due to market conditions, we may face adverse changes to payment terms by our key
suppliers or they may refuse to continue to supply us.
The nature of the exit of the UK from the EU could adversely impact our business, results of operations and
financial condition.
For the year ended December 31, 2017, 94% of our revenue was derived from the European Union
as a whole and 21% was derived from the United Kingdom. On June 23, 2016 the UK electorate voted in favor of leaving
the European Union (commonly referred to as “Brexit”), and on March 29, 2017 the UK government formally initiated the
withdrawal process. The terms of any withdrawal are subject to a negotiation period that could last at least two years thus
the referendum has created significant uncertainty about the future relationship between the United Kingdom and the
European Union, and has given rise to calls for certain regions within the United Kingdom to preserve their place in the
European Union by separating from the United Kingdom as well as for the governments of other EU Member States to
consider withdrawal.
Brexit has resulted in volatility in the value of the Pound Sterling, and Euro currencies and we may
experience adverse impacts on consumer demand and suppliers’ profitability in the UK and other markets, and general
uncertainty in the overall business environment in which we operate. Depending on the terms of Brexit, the United
Kingdom could also lose access to the single EU market resulting in an impact on the general and economic conditions in
the United Kingdom. Changes may occur in regulations that we are required to comply with as well as amendments to
treaties governing tax, duties, tariffs, etc. which could adversely impact our operations and require us to modify our
financial and supply arrangements. Additionally, political instability in the European Union as a result of Brexit may result
in a material negative effect on credit markets and foreign direct investments in the EU and UK. This deterioration in
economic conditions could result in increased unemployment rates, increased short and long term interest rates,
consumer and commercial bankruptcy filings, a decline in the strength of national and local economies, and other results
that negatively impact household incomes. Further, a number of our employees in the UK are not UK citizens and,
depending on the terms negotiated, may no longer have the right to work in the UK following the UK’s formal withdrawal
from the EU. Any of these factors could have a material adverse effect on our business, financial condition and results of
operations.

The price of energy we consume in the manufacture, storage and distribution of our products is subject to
volatile market conditions.
The price of electricity and other energy resources required in the manufacture, storage and
distribution of our products is subject to volatile market conditions. These market conditions are often affected by political
and economic factors beyond our control, including, for instance, the energy policies of the countries in which we operate.
For example, the German government’s decision to phase out nuclear power generation by 2022 could cause electricity
prices and price volatility in Germany to increase. Any sustained increases in energy costs could have an adverse effect
on the attractiveness of frozen food products for our customers and consumers and could affect our competitive position if
our competitors’ energy costs do not increase at the same rate as ours. In addition, disruptions in the supply of energy
resources could temporarily impair our ability to manufacture products for our customers. Such disruptions may also occur
as a result of the loss of energy supply contracts or the inability to enter into new energy supply contracts on commercially
attractive terms. Furthermore, natural catastrophes or similar events could affect the electricity grid. Any such disruptions,
or increases in energy costs as a result of the aforementioned factors or otherwise, could have a material adverse effect
on our business, financial condition and results of operations.
Any disruptions, failures or security breaches of our information technology systems could harm our business
and reduce our profitability.
We rely on our information technology systems for communication among our suppliers,
manufacturing plants, distribution functions, headquarters and customers. Our performance depends on the availability of
accurate and timely data and other information from key software applications to aid day-to-day business and decision-
making processes. We may be adversely affected if our controls designed to manage information technology operational
risks fail to contain such risks. If we do not allocate and effectively manage the resources necessary to build and sustain
the proper technology infrastructure and to maintain the related automated and manual control processes, we could be
subject to adverse effects including billing and collection errors, business disruptions, in particular concerning our
manufacturing and logistics functions, and security breaches. Any disruption caused by failings in our information
technology infrastructure equipment or of communication networks, could delay or otherwise impact our day-to-day
business and decision-making processes and negatively impact our performance. In addition, we are reliant on third
parties to service parts of our IT infrastructure. Failure on their part to provide good and timely service may have an
adverse impact on our information technology network. Furthermore, we do not control the facilities or operations of our
suppliers. An interruption of operations at any of their or our facilities or any failure by them to deliver on their contractual
commitments may have an adverse effect on our business, financial condition and results of operations.
In addition, if we are unable to prevent physical and electronic break-ins, cyber-attacks and other
information security breaches, we may suffer financial and reputational damage, be subject to litigation or incur
remediation costs or penalties because of the unauthorized disclosure of confidential information belonging to us or to our
customers, suppliers or employees. The mishandling or inappropriate disclosure of non-public sensitive or protected
information could lead to the loss of intellectual property, negatively impact planned corporate transactions or damage our
reputation and brand image. Misuse, leakage or falsification of legally protected information could also result in a violation
of data privacy laws and regulations and have a negative impact on our reputation, business, financial condition and
Our supply network and manufacturing and distribution facilities could be disrupted by factors beyond our
control such as extreme weather, fire, terrorist activity and natural disasters.
Severe weather conditions and natural disasters, such as storms, floods, droughts, frosts,
earthquakes or pestilence, may affect the supply of the raw materials that we use for the manufacturing of our
products. For example, changing climate may cause flooding and drought in crop growing areas or changes in sea
temperatures affecting marine biomass, fishing catch rates and overall fishing conditions. In addition, drought or floods
may affect the feed supply for red meat and poultry, which in turn may affect the quality and availability of protein sources
for our products. Competing food producers can be affected differently by weather conditions and natural disasters
depending on the location of their supply sources. If our supplies of raw materials are reduced, we may not be able to find
adequate supplemental supply sources, if at all, on favorable terms, which could have a material adverse effect on our
business, financial condition and results of operation.

In addition, our manufacturing facilities may be subject to damage or disruption resulting from fire
terrorist activity, natural disasters or other causes. For example, our Lowestoft and Bremerhaven manufacturing facilities
are situated in regions which have historically been prone to flooding. Extensive damage to any of our nine major
manufacturing facilities as a result of any of the foregoing reasons, could, to the extent that lost production could not be
compensated for by unaffected facilities, severely affect our ability to conduct our business operations and, as a result,
adversely affect our business, financial condition and results of operations.
Furthermore, as we lease parts of our Boulogne, Bremerhaven, Lowestoft, Tonsberg and Valladolid
sites, the use of these properties is subject to certain terms and conditions, the breach of which could affect our ability to
continue use of these properties which in turn may disrupt our operations and may materially adversely affect our results
of operations.
We may be unable to realize the expected benefits of actions taken to align our resources, operate more
efficiently and control costs.
When required we take actions, such as workforce reductions, plant closures and consolidations,
and other cost reduction initiatives, to align our resources with our growth strategies, operate more efficiently and control
costs. As these plans and actions are complex, unforeseen factors could result in expected savings and benefits to be
delayed or not realized to the full extent planned, could negatively impact labor relations, including causing work
stoppages, and could lead to disruptions in our business and operations and higher short-term costs related to severance
and related capital expenditures. In 2016, we announced the closure of our factory and pea processing operations in Bjuv,
Sweden, and operations ceased in the first half of 2017 with production transfered to other factories in the Group’s
network. In January 2018, we sold the factory building and parts of the premises. We may be unable to realize the
expected benefits of these actions which could potentially adversely affect our profitability and operations.
Significant disruption in our workforce or the workforce of our suppliers could adversely affect our business,
As of December 31, 2017, we employed approximately 3,875 employees, of which approximately

1,267 were located in Germany, 801 were located in the United Kingdom, 335 were located in France, 451 were located in
Italy, 536 were located in Sweden/Norway and 485 employees in other locations. Approximately 67% of our employees
work in our manufacturing operations. We have in the past, and may in the future, experience labor disputes and work
stoppages at one or more of our manufacturing sites due to localized strikes or strikes in the larger retail food industry
sector. We have also been involved in negotiations on collective bargaining agreements. A labor stoppage or other
interruption at one of our nine manufacturing sites would impact our ability to supply our customers and could have a
pronounced effect on our operations. Further, a number of our employees in the UK are not UK citizens and, depending
on the terms negotiated, may no longer have the right to work in the UK following the UK’s formal withdrawal from the EU.
Future labor disturbance or work stoppage at any of our or our suppliers’ facilities in Germany, the United Kingdom, Italy
or elsewhere may have an adverse effect on such facility’s operations and, potentially, on our business, financial condition
and results of operations.
Higher labor costs could adversely affect our business and financial results.
We compete with other producers for good and dependable employees. The supply of such
employees is limited and competition to hire and retain them may result in higher labor costs. Furthermore, a substantial
majority of our employees are subject to national minimum wage requirements. If legislation is enacted in these countries
that has the effect of raising the national minimum wage requirements, requires additional mandatory employee benefits
or affects our ability to hire or dismiss employees, we could face substantially higher labor costs. In the UK, the National
Minimum Wage and National Living Wage are set to increase from April 2018. High labor costs could adversely affect our
profitability if we are not able to pass them on to our customers.
We are dependent upon key executives and highly qualified managers and we cannot assure their retention.
Our success depends, in part, upon the continued services of key members of our management.
Our executives’ and managers’ knowledge of the market, our business and our company represents a key strength of our
business, which cannot be easily replicated. The success of our business strategy and our future growth also depend on
our ability to attract, train, retain and motivate skilled managerial, sales, administration, development and operating
personnel.

There can be no assurance that our existing personnel will be adequate or qualified to carry out our
strategy, or that we will be able to hire or retain experienced, qualified employees to carry out our strategy. The loss of one
or more of our key management or operating personnel, or the failure to attract and retain additional key personnel, could
have a material adverse effect on our business, financial condition and results of operations.
Costs or liabilities relating to compliance with applicable directives, regulations and laws could have a material
adverse effect on our business, financial condition and results of operations.
As a producer of food products for human consumption, we are subject to extensive regulation in
the United Kingdom, Germany, France, Italy, Sweden, Norway and other countries in which we operate, as well as the
European Union, that governs production, composition, manufacturing, storage, transport, advertising, packaging, health,
quality, labeling, safety and distribution standards. In addition, national regulations that have implemented European
directives applicable to frozen products establish highly technical requirements regarding labeling, manufacturing,
transportation and storage of frozen food products. For example, regulations of the European Parliament and Council
published in October 2011 changed rules relating to the presentation of nutritional information on packaging and other
rules on labeling. It is unclear how this will be impacted under Brexit but there may be changes and further regulations
that the company has to adhere to. Local governmental authorities also set out health and safety related conditions and
restrictions. Any failure to comply with applicable laws and regulations could subject us to civil remedies, including fines,
injunctions, product recalls or asset seizures, as well as potential criminal sanctions, any of which could have a material
adverse effect on our business, financial condition and results of operations.
In addition, our facilities and our suppliers’ facilities are subject to licensing, reporting requirements
and official quality controls by numerous governmental authorities. These governmental authorities include European,
national and local health, environmental, labor relations, sanitation, building, zoning, and fire and safety departments.
Difficulties in obtaining or failure to obtain the necessary licenses or approval could delay or prevent the development,
expansion or operation of a given production or warehouse facility. Any changes in those regulations may require us to
implement new quality controls and possibly invest in new equipment, which could delay the development of new products
and increase our operating costs.
All of our products must comply with strict national and international hygiene regulations. Our
facilities and our suppliers’ facilities are subject to regular inspection by authorities for compliance with hygiene regulations
applicable to the sale, storage and manufacturing of foodstuffs and the traceability of genetically modified organisms,
meats and other raw materials. Additionally, in certain jurisdictions, food business operators, including those in the food
storage, processing and distribution sectors, are required to trace all food, animal feed, and food-producing animals under
their control using registration systems that track the source of the products through the supply chain. Despite the
precautions we undertake, should any non-compliance with such regulations be discovered during an inspection or
otherwise, authorities may temporarily shut down any of our facilities and levy a fine for such non-compliance, which could
have a material adverse effect on our business, financial condition and results of operations.
We could incur material costs to address violations of, or liabilities under, health, safety and environmental
regulations.
Our facilities and operations are subject to numerous health, safety and environmental regulations,
including local and national laws, and European directives and regulations governing, among other things, water supply
and use, water discharges, air emissions, chemical safety, solid and hazardous waste management and disposal, clean-
up of contamination, energy use, noise pollution, and workplace health and safety. Health, safety and environmental
legislation in Europe and elsewhere have generally become more comprehensive and restrictive and more rigid over time
and enforcement has become more stringent. Failure to comply with applicable requirements, or the terms of required
permits, can result in penalties or fines, clean-up costs, third party property damage and personal injury claims, which
could have a material adverse effect on our brand, business, financial condition and results of operations. In addition, if
health, safety and environmental laws and regulations in the United Kingdom, Germany, France, Italy, Sweden, Norway
and the other countries in which we operate or from which we source raw materials and ingredients become more
stringent in the future, the extent and timing of investments required to maintain compliance may exceed our budgets or
estimates and may limit the availability of funding for other investments.
Furthermore, under some environmental laws, we could be liable for costs incurred in investigating
or remediating contamination at properties we own or occupy, even if the contamination was caused by a party unrelated
to us or was not caused by us, and even if the activity which caused the contamination was legal at the time it
occurred. The discovery of previously unknown contamination, or the imposition of new or more burdensome obligations
to investigate or remediate contamination at our properties or at third-party sites, could result in substantial unanticipated
costs which could have a material adverse effect on our business, financial condition and results of operations.

In certain jurisdictions, we are also subject to legislation designed to significantly reduce industrial
energy use, carbon dioxide emissions and the emission of ozone depleting compounds more generally. If we fail to meet
applicable standards for energy use reduction or are unable to decrease, and in some cases eliminate, certain emissions
within the applicable period required by relevant laws and regulations, we could be subject to significant penalties or fines
and temporary or long-term disruptions to production at our facilities, all of which could have a material adverse effect on
our business, financial condition and results of operations.
We are subject to a variety of regulatory schemes; failure to comply with applicable rules and regulations could
adversely affect our business, results of operations and reputation.
Our operations are subject to a variety of regulatory schemes which require us to implement
processes, procedures and controls to provide reasonable assurance that we are operating in compliance with applicable
regulations, including the UK Bribery Act, the Modern Slavery Act 2015, the Foreign Corrupt Practices Act of 1977, the
Trade Sanctions and Export Controls and the EU General Data Protection Regulation. Failure to comply (or any alleged
failure to comply) with the regulations referenced above or any other regulations could result in civil and criminal,
monetary and non-monetary penalties, and any such failure or alleged failure (or becoming subject to a regulatory
enforcement investigation) could also damage our reputation, disrupt our business, result in loss of customers and cause
us to incur significant legal and investigatory fees. In addition, our business, including our ability to operate and continue
to expand internationally, could be adversely affected if local and foreign laws or regulations are adopted, interpreted, or
implemented in a manner that is inconsistent with our current business practices and that require rapid changes to these
practices or our products, services, policies and procedures. If we are not able to adapt our business practices or
strategies to changes in laws or regulations, it could subject us to liability, increased costs and reduced product demand.
Additionally, the costs of compliance with laws and regulations may increase in the future as a result of changes in
interpretation. Any failure by us to comply with applicable laws and regulations may subject us to significant liabilities and
could adversely affect our business, results of operations and reputation.
A failure in our cold chain could lead to unsafe food conditions and increased costs.
“Cold chain” requirements setting out the temperatures at which our ingredients and products are
stored are established both by statute and by us to help guarantee the safety of our food products. Our cold chain is
maintained from the moment the ingredients arrive at, or are frozen by, our suppliers, through our manufacturing and
transportation of products and ultimately to the time of sale in retail stores. These standards ensure the quality, freshness
and safety of our products. A failure in the cold chain could lead to food contamination, risks to the health of consumers,
fines and damage to our brands and reputation, each of which could have an adverse effect on our business, financial
condition and results of operations.
Seasonality impacts our business, and our revenue and working capital levels may vary quarter to quarter.
Our 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 cold or winter months, partly because there are
fewer fresh alternatives available for vegetables and because our customers typically allocate more freezer space to the
ice cream segment in summer or hotter months. In addition, variable production costs, including costs for seasonal staff,
and working capital requirements associated with the keeping of inventories, vary depending on the harvesting and buying
periods of seasonal raw materials, in particular vegetable crops. For example, stock (and therefore net working capital)
levels typically peak in August to September just after the pea harvest. If seasonal fluctuations are greater than
anticipated, our business, financial condition and results of operations could be adversely affected.
We have risks related to our indebtedness, including our ability to withstand adverse business conditions and to
meet our debt service obligations.
Our ability to make payments on and to refinance our indebtedness, and to fund our operations,
working capital and capital expenditures, depends on our ability to generate cash. To a certain extent, our cash flow is
subject to general economic, industry, financial, competitive, operating, legislative, regulatory and other factors, many of
which are beyond our control.
We cannot assure you that our business will generate sufficient cash flow from operations or that
future sources of cash will be available to us in an amount sufficient to enable us to pay amounts due on our indebtedness
or to fund our other liquidity needs.

Additionally, if we incur additional indebtedness in connection with any future acquisitions or
development projects or for any other purpose, our debt service obligations could increase. We may need to refinance all
or a portion of our indebtedness before maturity. Our ability to refinance our indebtedness or obtain additional financing
will depend on, among other things:
• our financial condition and market conditions at the time;
• restrictions in the agreements governing our indebtedness;
• general economic and capital market conditions;
• the availability of credit from banks or other lenders;
• investor confidence in us; and
• our results of operations.
In addition, a significant part of our indebtedness includes provisions with respect to maintaining
and complying with certain financial and operational covenants. Our ability to comply with these covenants may be
affected by events beyond our control. A breach of one or more of these covenants could result in an event of default and
may give rise to an acceleration of the debt. In the longer term, such breach of covenants could have a material adverse
effect on our operations and cash flows.
Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations
to increase significantly.
An increase in market interest rates would increase our interest expense arising on our existing and
future floating rate indebtedness. Pursuant to the terms of our Senior Facilities Agreement, the interest rate that we pay on
indebtedness incurred under our term loan facilities or revolving credit facility varies based on a fixed margin over a base
rate which references the LIBOR or EURIBOR rates. As a result, we are exposed to interest rate risk. If interest rates
increase, our debt service obligations on the variable rate indebtedness will increase even though the amount borrowed
remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, will
correspondingly decrease. In the future, we may enter into interest rate swaps that involve the exchange of floating for
fixed rate interest payments in order to reduce interest rate volatility. However, we may not maintain interest rate swaps
with respect to all of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate
risk.
We are exposed to exchange rate risks and such rates may adversely affect our results of operations.
We are exposed to exchange rate risk. Our reporting currency is the Euro and yet a significant
proportion of our sales and EBITDA are in Pound Sterling through our United Kingdom based business and Norwegian
Krone and Swedish Krona through our Norwegian and Swedish based businesses. We are exposed to foreign exchange
impacts as we convert the Pound Sterling results of our United Kingdom business and the Norwegian Krone and Swedish
Krona results of our Norwegian and Swedish business into our reporting currency of Euro. We have swapped a portion of
our USD term loan to GBP using cross currency interest rate swaps which act as a natural hedge for our United Kingdom
business. We are also exposed to exchange rate risk due to the fact that a significant portion of our raw material
purchases, mainly fish, are denominated in U.S. Dollars and our Swedish business also has a significant exposure on
purchases denominated in Euro. Our policy is to reduce this risk by using foreign exchange forward contracts with a
maturity of less than one year which are designated as cash flow hedges. However, such hedging arrangements may not
fully protect us against currency fluctuations. Fluctuations and sustained strengthening of the U.S. Dollar exchange rate
against our operating currencies may materially adversely affect our business, financial condition and results of
operations.
Changes to our payment terms with both customers and suppliers may materially adversely affect our operating
cash flows.
We may experience significant pressure from both our competitors and our key suppliers to reduce
the number of days of our accounts payable. At the same time, we may experience pressure from our customers to
extend the number of days before paying our accounts receivable. Any failure to manage our accounts payable and
accounts receivable may have a material adverse effect on our business, financial condition and results of operations.

Changes in accounting standards and subjective assumptions, estimates and judgments by management related
to complex accounting matters could significantly affect our financial results.
Generally accepted accounting principles and related accounting pronouncements, implementation

guidelines and interpretations with regard to a wide range of matters that are relevant to our business, including but not
limited to revenue recognition, leases, estimating valuation allowances and accrued liabilities (including allowances for
returns, doubtful accounts and obsolete and damaged inventory), accounting for income taxes, valuation of long-lived and
intangible assets and goodwill, stock-based compensation and loss contingencies, are highly complex and involve many
subjective assumptions, estimates and judgments by our management. Changes in these rules or their interpretation or
changes in underlying assumptions, estimates or judgments by our management could significantly change our reported
or expected financial performance, and could have a material adverse effect on our business. As an example, the impact
of the adoption of IFRS 16 ‘Leases’ may have a material impact on the Statements of Financial Position and Profit or
Loss. Management is assessing this and other new accounting pronouncements and its impact on the Company prior to
their adoption dates.
We may incur liabilities that are not covered by insurance.
While we seek to maintain appropriate levels of insurance, not all claims are insurable and we may
experience major incidents of a nature that are not covered by insurance. Our insurance policies cover, among other
things, employee-related accidents and injuries, property damage and liability deriving from our activities. In particular, our
Lowestoft and Bremerhaven manufacturing facilities are situated in regions that have historically been affected by
flooding. We may not be able to obtain flood insurance on reasonable terms or at all with respect to those facilities. We
maintain an amount of insurance protection that we believe is adequate, but there can be no assurance that such
insurance will continue to be available on acceptable terms or that our insurance coverage will be sufficient or effective
under all circumstances and against all liabilities to which we may be subject. We could, for example, be subject to
substantial claims for damages upon the occurrence of several events within one calendar year. In addition, our insurance
costs may increase over time in response to any negative development in our claims history or due to material price
increases in the insurance market in general.
An impairment of the carrying value of goodwill or other intangible assets could negatively affect our
consolidated operating results and net worth.
Goodwill represents amounts arising from acquisitions and is the difference between the cost of the
acquisition and the fair value of the net identifiable assets acquired. Intangible assets can include computer software,
brands, customer relationships and other acquired intangibles as of the acquisition date. Goodwill and other intangibles
expected to contribute indefinitely to our cash flows are not amortized, but must be evaluated by management at least
annually for impairment. If carrying value exceeds its recoverable amount, the intangible is considered impaired and is
reduced to fair value via a charge to earnings. Factors which could result in an impairment include, but are not limited to:
(i) reduced demand for our products; (ii) higher commodity prices; (iii) lower prices for our products or increased marketing
as a result of increased competition; and (iv) significant disruptions to our operations as a result of both internal and
external events. Should the value of one or more of the acquired intangibles become impaired, our consolidated profit or
loss and net assets may be materially adversely affected. As of December 31, 2017, the carrying value of intangible
assets totaled €3,470.0 million, of which €1,745.6 million was goodwill and €1,724.4 million represented brands, computer
software, customer relationships and other acquired intangibles compared to total assets of €4,601.7 million.
We face risks associated with certain pension obligations.
The Company has a mixture of partially funded and unfunded post-employment defined benefit
plans in Germany, Sweden and Austria as well as defined benefit indemnity arrangements in Italy and France.
Deterioration in the value or lower than expected returns on investments may lead to an increase in our obligation to make
contributions to these plans.
The obligations that arise from these plans are calculated using actuarial valuations which are
based on assumptions linked to the performance of financial markets, interest rates and legislation which changes over
time. Adverse changes to these assumptions will impact the obligations recognized and would lead to higher cash
payments in the long term.
Our obligation to make contributions to the pension plans could reduce the cash available for
operational and other corporate uses and may have a materially adverse impact on our operations, financial condition and
liquidity.

If we fail to or are unable to implement and maintain effective internal controls over financial reporting, the
accuracy and timeliness of our financial reporting may be adversely affected.
We are subject to reporting obligations under U.S. securities laws. The SEC, as required under
Section 404 of the Sarbanes-Oxley Act of 2002, has adopted rules requiring every public company to include a report of
management on the effectiveness of such company's internal control over financial reporting in its annual report. In
addition, an independent registered public accounting firm must issue an attestation report on the effectiveness of the
company's internal control over financial reporting.
We recognize that any controls and procedures, no matter how well designed and operated, can
provide only reasonable assurance of achieving their objectives, and our management necessarily applies its judgment in
evaluating the cost-benefit relationship of possible controls and procedures. If we fail to maintain effective internal control
over financial reporting in the future, we and our independent registered public accounting firm may not be able to
conclude that we have effective internal control over financial reporting at a reasonable assurance level. This could in turn
result in the loss of investor confidence in the reliability of our financial statements. Furthermore, we have incurred and
anticipate that we will continue to incur considerable costs and use significant management time and other resources in
an effort to comply with Section 404 and other requirements of the Sarbanes-Oxley Act. If we are not able to continue to
meet the requirements of Section 404 in a timely manner or with adequate compliance, we might be subject to sanctions
or investigation by the SEC, the NYSE or other regulatory authorities. Any such action could adversely affect the accuracy
and timeliness of our financial reporting.
Risks Related to Our Structure and Acquisition Strategy
We may not be able to consummate future acquisitions or successfully integrate acquisitions into our business,
which could result in unanticipated expenses and losses.
Our strategy is largely based on our ability to grow through acquisitions of additional businesses to
build an integrated group. Consummating acquisitions of related businesses, or our failure to integrate such businesses
successfully into our existing businesses, could result in unanticipated expenses and losses. Furthermore, we may not be
able to realize any of the anticipated benefits from acquisitions, including the Findus Acquisition and the Green Isle Foods
Ltd. acquisition, if consummated.
We anticipate that any future acquisitions we may pursue as part of our business strategy may be
partially financed through additional debt or equity. If new debt is added to current debt levels, or if we incur other
liabilities, including contingent liabilities, in connection with an acquisition, the debt or liabilities could impose additional
constraints and requirements on our business and operations, which could materially adversely affect our financial
condition and results of operation. In addition, to the extent our ordinary shares are used for all or a portion of the
consideration to be paid for future acquisitions, dilution may be experienced by existing shareholders.
In connection with our completed and future acquisitions, the process of integrating acquired
operations into our existing group operations may result in unforeseen operating difficulties and may require significant
financial resources that would otherwise be available for the ongoing development or expansion of existing
operations. Some of the risks associated with acquisitions include:
• unexpected losses of key employees or customers of the acquired company;
• conforming the acquired company’s standards, processes, procedures and controls with our
operations;
• coordinating new product and process development;
• hiring additional management and other critical personnel;
• negotiating with labor unions; and
• increasing the scope, geographic diversity and complexity of our current operations.
We may encounter unforeseen obstacles or costs in the integration of businesses that we may
acquire. In addition, general economic and market conditions or other factors outside of our control could make our
operating strategies difficult or impossible to implement. Any failure to implement these operational improvements
successfully and/or the failure of these operational improvements to deliver the anticipated benefits could have a material
adverse effect on our results of operations and financial condition.

We may be subject to antitrust regulations with respect to future acquisition opportunities.
Many jurisdictions in which we operate have antitrust regulations which involve governmental filings
for certain acquisitions, impose waiting periods and require approvals by government regulators. Governmental authorities
may seek to challenge potential acquisitions or impose conditions, terms, obligations or restrictions that may delay
completion of the acquisition or materially reduce the anticipated benefits (financial or otherwise). Our inability to
consummate potential future acquisitions or to receive the full benefits of such acquisitions because of antitrust
regulations could limit our ability to execute on our acquisition strategy which could have a material adverse effect on our
We may face significant competition for acquisition opportunities.
There may be significant competition in some or all of the acquisition opportunities that we may
explore. Such competition may for example come from strategic buyers, sovereign wealth funds, special purpose
acquisition companies and public and private investment funds, many of which are well established and have extensive
experience in identifying and completing acquisitions. A number of these competitors may possess greater technical,
financial, human and other resources than us. We cannot assure investors that we will be successful against such
competition. Such competition may cause us to be unsuccessful in executing any acquisition or may result in a successful
acquisition being made at a significantly higher price than would otherwise have been the case.
Any due diligence by us in connection with potential future acquisition may not reveal all relevant considerations
or liabilities of the target business, which could have a material adverse effect on our financial condition or
We intend to conduct such due diligence as we deem reasonably practicable and appropriate
based on the facts and circumstances applicable to any potential acquisition. The objective of the due diligence process
will be to identify material issues which may affect the decision to proceed with any one particular acquisition target or the
consideration payable for an acquisition. We also intend to use information revealed during the due diligence process to
formulate our business and operational planning for, and our valuation of, any target company or business. While
conducting due diligence and assessing a potential acquisition, we may rely on publicly available information, if any,
information provided by the relevant target company to the extent such company is willing or able to provide such
information and, in some circumstances, third party investigations.
There can be no assurance that the due diligence undertaken with respect to an acquisition will
reveal all relevant facts that may be necessary to evaluate such acquisition including the determination of the price we
may pay for an acquisition target or to formulate a business strategy. Furthermore, the information provided during due
diligence may be incomplete, inadequate or inaccurate. As part of the due diligence process, we will also make subjective
judgments regarding the results of operations, financial condition and prospects of a potential target. If the due diligence
investigation fails to correctly identify material issues and liabilities that may be present in a target company or business,
or if we consider such material risks to be commercially acceptable relative to the opportunity, and we proceed with an
acquisition, we may subsequently incur substantial impairment charges or other losses.
In addition, following an acquisition, including the Iglo Acquisition and the Findus Acquisition, we
may be subject to significant, previously undisclosed liabilities of the acquired business that were not identified during due
diligence and which could contribute to poor operational performance, undermine any attempt to restructure the acquired
company or business in line with our business plan and have a material adverse effect on our financial condition and
We are a holding company whose principal source of operating cash is the income received from our
subsidiaries.
We are dependent on the income generated by our subsidiaries in order to make distributions and
dividends on the ordinary shares. The amount of distributions and dividends, if any, which may be paid to us from any
operating subsidiary will depend on many factors, including such subsidiary’s results of operations and financial condition,
limits on dividends under applicable law, its constitutional documents, documents governing any indebtedness, and other
factors which may be outside our control. If our operating subsidiaries do not generate sufficient cash flow, we may be
unable to make distributions and dividends on the ordinary shares.

The Founders and/or the Founder Entities may in the future enter into related party transactions with us, which
may give rise to conflicts of interest between us and some or all of the Founders and/or the Directors.
Our founders, Martin Franklin and Noam Gottesman (the “Founders”) and/or one or more of their
affiliates, including Mariposa Acquisition II, LLC and TOMS Acquisition I LLC (the “Founder Entities”) may in the future
enter into agreements with us that are not currently under contemplation. While we have implemented procedures to
ensure we will not enter into any related party transaction without the approval of our Audit Committee, it is possible that
the entering into of such an agreement might raise conflicts of interest between us and some or all of the Founders and/or
the directors.
Risks Related to our Ordinary Shares
We have various equity instruments outstanding that would require us to issue additional ordinary
shares. Therefore, you may experience significant dilution of your ownership interests and the future issuance of
additional ordinary shares, or the anticipation of such issuances, could have an adverse effect on our share
price.
We currently have various equity instruments outstanding that would require us to issue additional
ordinary shares for no or a fixed amount of additional consideration. Specifically, as of March 14, 2018, we had
outstanding the following:
• 1,500,000 Founder Preferred Shares held by the Founder Entities, which are controlled by the
Founders. The preferred shares held by the Founder Entities (the “Founder Preferred Shares”) will
automatically convert into ordinary shares on a one for one basis (subject to adjustment in
accordance with our Memorandum and Articles of Association) on the last day of the seventh full
financial year following completion of the Iglo Acquisition and some or all of them may be converted
following written request from the holder;
• 125,000 options held by certain current and former of our Directors which are exercisable to
purchase ordinary shares, on a one-for-one basis, at any time at the option of the holder; and
• 4,927,000 equity awards issued under the LTIP, which may be converted into ordinary shares
subject, in most cases, to meeting certain performance conditions.
We also have 12,472,744 ordinary shares currently available for issuance under our LTIP.
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 payment of the Founder
Preferred Shares Annual Dividend Amount became mandatory after January 1, 2015 if certain share price performance
conditions are met for any given year. At our discretion, we may settle the Founder Preferred Shares Annual Dividend
Amount by issuing shares or by cash payment, but we intend to equity settle. On December 29, 2017, we approved a
2017 Founder Preferred Share Dividend in an aggregate of 8,705,890 ordinary shares. The dividend price used to
calculate the 2017 Founder Preferred Shares Annual Dividend Amount was $16.6516 (calculated based upon the volume
weighted average price for the last ten trading days of 2017) and the Ordinary Shares were issued on January 2, 2018. In
subsequent years, the Annual Dividend Amount will be calculated based upon the volume weighted average share price
for the last ten trading days of the financial year and the resulting appreciated average share price compared to the
highest price previously used in calculating the Annual Dividend Amount. The issuance of ordinary shares pursuant to the
terms of the Founder Preferred Shares will reduce (by the applicable proportion) the percentage shareholdings of those
shareholders holding ordinary shares prior to such issuance which may reduce your net return on your investment in our
ordinary shares.
Our ordinary share price may be volatile, and as a result, you could lose a significant portion or all of your
investment.
The market price of the ordinary shares on the NYSE may fluctuate as a result of several factors,
including the following:
• variations in our quarterly operating results;
• volatility in our industry, the industries of our customers and suppliers and the global securities
markets;
• risks relating to our business and industry, including those discussed above;
• strategic actions by us or our competitors;

• reputational damage from unsafe or poor quality food products;
• actual or expected changes in our growth rates or our competitors’ growth rates;
• investor perception of us, the industry in which we operate, the investment opportunity associated
with the ordinary shares and our future performance;
• addition or departure of our executive officers;
• changes in financial estimates or publication of research reports by analysts regarding our ordinary
shares, other comparable companies or our industry generally;
• trading volume of our ordinary shares;
• future sales of our ordinary shares by us or our shareholders;
• domestic and international economic, legal and regulatory factors unrelated to our performance; or
• the release or expiration of lock-up or other transfer restrictions on our outstanding ordinary shares.
Furthermore, the stock markets often experience significant price and volume fluctuations that have
affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have
been unrelated or disproportionate to the operating performance of those companies. These broad market and industry
fluctuations, as well as general economic, political and market conditions such as recessions or interest rate changes may
cause the market price of ordinary shares to decline.
If securities or industry analysts do not publish or cease publishing research reports about us, if they adversely
change their recommendations regarding our ordinary shares or if our operating results do not meet their
expectations, the price of our ordinary shares could decline.
The trading market for our ordinary shares will be influenced by the research and reports that
industry or securities analysts may publish about us, our business, our market or our competitors. Securities and industry
analysts currently publish limited research on us. If there is limited or no securities or industry analyst coverage of our
company, the market price and trading volume of our ordinary shares would likely be negatively impacted. Moreover, if
any of the analysts who may cover us downgrade our ordinary shares, provide more favorable relative recommendations
about our competitors or if our operating results or prospects do not meet their expectations, the market price of our
ordinary shares could decline. If any of the analysts who may cover us were to cease coverage or fail to regularly publish
reports on us, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume
to decline.
As a foreign private issuer, we are subject to different U.S. securities laws and NYSE governance standards than
domestic U.S. issuers. This may afford less protection to holders of our ordinary shares, and you may not receive
corporate and company information and disclosure that you are accustomed to receiving or in a manner in which
you are accustomed to receiving it.
As a foreign private issuer, the rules governing the information that we disclose differ from those
governing U.S. corporations pursuant to the Exchange Act. Although we report quarterly financial results and certain
material events, we are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K
disclosing significant events within four days of their occurrence and our quarterly or current reports may contain less
information than required for domestic issuers. In addition, we are exempt from the SEC’s proxy rules, and proxy
statements that we distribute will not be subject to review by the SEC. Our exemption from Section 16 rules regarding
sales of ordinary shares by insiders means that you will have less data in this regard than shareholders of U.S. companies
that are subject to the Exchange Act. As a result, you may not have all the data that you are accustomed to having when
making investment decisions with respect to U.S. public companies.
As a foreign private issuer, we are exempt from complying with certain corporate governance
requirements of the NYSE applicable to a U.S. issuer, including the requirement that a majority of our board of directors
consist of independent directors. As the corporate governance standards applicable to us are different than those
applicable to domestic U.S. issuers, you may not have the same protections afforded under U.S. law and the NYSE rules
as shareholders of companies that do not have such exemptions. See Item 16G: Corporate Governance.

We may lose our foreign private issuer status in the future, which could result in significant additional costs and
expenses.
We could cease to be a foreign private issuer if a majority of our outstanding voting securities are
directly or indirectly held of record by U.S. residents and we fail to meet additional requirements necessary to avoid loss of
foreign private issuer status. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic
issuer may be significantly higher than costs we incur as a foreign private issuer, which could have a material adverse
effect on our business and financial results.
As the rights of shareholders under British Virgin Islands law differ from those under United States law, you may
have fewer protections as a shareholder.
Our corporate affairs are governed by our Memorandum and Articles of Association, the BVI
Business Companies Act, 2004 (as amended, the “BVI Act”) and the common law of the British Virgin Islands. The rights
of shareholders to take legal action against our directors, actions by minority shareholders and the fiduciary
responsibilities of our directors under British Virgin Islands law are to a large extent governed by the common law of the
British Virgin Islands and by the BVI Act. The common law of the British Virgin Islands is derived in part from
comparatively limited judicial precedent in the British Virgin Islands as well as from English common law, which has
persuasive, but not binding, authority on a court in the British Virgin Islands. The rights of our shareholders and the
fiduciary responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be
under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has
a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have
more fully developed and judicially interpreted bodies of corporate law. As a result of the foregoing, holders of our ordinary
shares may have more difficulty in protecting their interests through actions against our management, directors or major
shareholders than they would as shareholders of a U.S. company. See Item 16G: Corporate Governance.
The laws of the British Virgin Islands provide limited protection for minority shareholders, so minority
shareholders will have limited or no recourse if they are dissatisfied with the conduct of our affairs.
Under the laws of the British Virgin Islands, there is limited statutory law for the protection of
minority shareholders other than the provisions of the BVI Act dealing with shareholder remedies (as summarized under
Item 16G: Corporate Governance). The principal protection under statutory law is that shareholders may bring an action to
enforce the constituent documents of the company and are entitled to have the affairs of the company conducted in
accordance with the BVI Act and the memorandum and articles of association of the company. As such, if those who
control the company have persistently disregarded the requirements of the BVI Act or the provisions of the company’s
memorandum and articles of association, then the courts will likely grant relief. Generally, the areas in which the courts
will intervene are the following: (i) an act complained of which is outside the scope of the authorized business or is illegal
or not capable of ratification by the majority; (ii) acts that constitute fraud on the minority where the wrongdoers control the
company; (iii) acts that infringe on the personal rights of the shareholders, such as the right to vote; and (iv) acts where
the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders,
which are more limited than the rights afforded minority shareholders under the laws of many states in the United States.
To the extent allowed by law, the rights and obligations among or between us, any of our current or
former directors, officers and employees and any current or former shareholder will be governed exclusively by the laws of
the British Virgin Islands and subject to the jurisdiction of the British Virgin Islands courts, unless those rights or
obligations do not relate to or arise out of their capacities as such. Although there is doubt as to whether United States
courts would enforce these provisions in an action brought in the United States under United States securities laws, these
provisions could make judgments obtained outside of the British Virgin Islands more difficult to enforce against our assets
in the British Virgin Islands or jurisdictions that would apply British Virgin Islands law.

British Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving
shareholders of one avenue to protect their interests.
British Virgin Islands companies may not have standing to initiate a shareholder derivative action in
a federal court of the United States. The circumstances in which any such an action may be brought, and the procedures
and defenses that may be available in respect of any such action, may result in the rights of shareholders of a British
Virgin Islands company being more limited than those of shareholders of a company organized in the United
States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing
has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce judgments of courts in the United
States based on certain liability provisions of United States securities law or to impose liabilities, in original actions
brought in the British Virgin Islands, based on certain liability provisions of the United States securities laws that are penal
in nature. There is no statutory recognition in the British Virgin Islands of judgments obtained in the United States,
although the courts of the British Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign
court of competent jurisdiction without retrial on the merits. This means that even if shareholders were to sue us
successfully, they may not be able to recover anything to make up for the losses suffered.
Dividend payments on our ordinary shares are not expected.
We do not currently intend to pay dividends on our ordinary shares. We intend only to pay such
dividends at such times, if any, and in such amounts, if any, as the board determines appropriate and in accordance with
applicable law, and then only if we receive dividends on shares held by us in our operating subsidiaries. Therefore, we
cannot give any assurance that we will be able to pay or will pay dividends going forward or as to the amount of such
dividends, if any.
Shareholders may experience a dilution of their percentage ownership if we make non-pre-emptive offers of
ordinary shares in the future.
We have opted-out of statutory pre-emptive rights pursuant to the terms of our Memorandum and
Articles of Association. No pre-emption rights therefore exist in respect of future issuance of ordinary shares whether or
not for cash. Should we decide to offer additional ordinary shares on a non-pre-emptive basis in the future, this could
dilute the interests of shareholders and/or have an adverse effect on the market price of the ordinary shares.
Risks Related to Taxation
Changes in tax law and practice may reduce any net returns for shareholders.
The tax treatment of the Company, our shareholders and any subsidiary of ours (including Iglo and
its subsidiaries), any special purpose vehicle that we may establish and any other company which we may acquire are all
subject to changes in tax laws or practices in the British Virgin Islands, the United Kingdom, the U.S. and any other
relevant jurisdiction. Any change may reduce the value of your investment in our ordinary shares.
Failure to maintain our tax status may negatively affect our financial and operating results and shareholders.
If we were to be considered to be resident in or to carry on a trade or business within the United

States for U.S. taxation purposes or in any other country in which we are not currently treated as having a taxable
presence, we could be subject to U.S. income tax or taxes in such other country on all or a portion of our profits, as the
case may be, which may negatively affect our financial and operating results.
Taxation of returns from subsidiaries may reduce any net return to shareholders.
We and our subsidiaries are subject to taxes in a number of jurisdictions. It is possible that any
return we receive from any present or future subsidiary may be reduced by irrecoverable withholding or other local taxes
and this may reduce the value of your investment in our ordinary shares.

If any dividend is declared in the future and paid in a foreign currency, U.S. holders may be taxed on a larger
amount in U.S. Dollars than the U.S. Dollar amount actually received.
U.S. holders will be taxed on the U.S. Dollar value of dividends at the time they are received, even
if they are not converted to U.S. Dollars or are converted at a time when the U.S. Dollar value of the dividends has fallen.
The U.S. Dollar value of the payments made in the foreign currency will be determined for tax purposes at the spot rate of
the foreign currency to the U.S. Dollar on the date the dividend distribution is deemed included in such U.S. holder’s
income, regardless of whether or when the payment is in fact converted into U.S. Dollars.
We may be a “passive foreign investment company” for U.S. federal income tax purposes and adverse tax
consequences could apply to U.S. investors.
The U.S. federal income tax treatment of U.S. holders will differ depending on whether or not the
Company is considered a passive foreign investment company (“PFIC”).
In general, we will be considered a PFIC for any taxable year in which: (i) 75 percent or more of our
gross income consists of passive income; or (ii) 50 percent or more of the average quarterly market value of our assets in
that year are assets that produce, or are held for the production of, passive income (including cash). For purposes of the
above calculations, if we, directly or indirectly, own at least 25 percent by value of the stock of another corporation, then
we generally would be treated as if we held our proportionate share of the assets of such other corporation and received
directly our proportionate share of the income of such other corporation. Passive income generally includes, among other
things, dividends, interest, rents, royalties, certain gains from the sale of stock and securities, and certain other investment
income.
We do not believe that we will be a PFIC for the current year. However, we can provide no
assurance that we will not be a PFIC for any subsequent year.
Item 4. Information on the Company

A. History and Development of the Company
We are the leading manufacturer and distributor of branded frozen foods in Western Europe based
on net sales value. We were incorporated with limited liability under the laws of the British Virgin Islands under the BVI
Companies Act on April 1, 2014 under the name Nomad Holdings Limited by the Founder Entities. We were formed to
undertake an acquisition of a target company or business. We completed our initial public offering in the United Kingdom
on April 15, 2014 (the “2014 Offering”), raising gross proceeds of $500 million, and were listed on the London Stock
Exchange (“LSE”). In connection with the 2014 Offering, we issued 48,500,000 ordinary shares and 1,500,000 Founder
Preferred Shares, at a price of $10.00 per ordinary share and Founder Preferred Share. Purchasers in the 2014 Offering
also received one warrant (the “Warrants”) to purchase ordinary shares for every ordinary share purchased in the 2014
Offering. The Warrants were exercisable on the basis of three warrants per ordinary share at an exercise price of $11.50
per whole ordinary share.
On June 1, 2015, we consummated our initial acquisition by purchasing Iglo Foods Holdings
Limited, a leading frozen food company in Europe from a private equity fund advised by Permira Advisers LLP (the
"Permira Funds"), for €2.6 billion, and subsequently changed our name to Nomad Foods Limited. The Iglo Group traces its
roots back to the 1920s when Clarence Birdseye patented the Birds Eye Plate Froster for freezing fish. After the
acquisition of the Birds Eye patents by General Foods in the 1930s, the Birds Eye brand was launched. In the 1940s,
Unilever acquired the rights to the Birds Eye brand throughout the world, except for the United States, and in the 1950s
Birds Eye became 100% Unilever owned. The Iglo brand was launched in Belgium in 1956 and was introduced by
Unilever in Germany in 1961. In the 1960s, Unilever acquired the Findus brand in Italy and San Marino. In 2006, the
Permira Funds acquired the Birds Eye and Iglo brands and frozen foods businesses from Unilever, which, at the time,
retained the Italian frozen food business under the Findus brand. Following the buyout, the Iglo Group refocused its
business on its main product categories, initiated improvements in its supply chain and implemented cost savings. In
October 2010, the Iglo Group acquired C.S.I. Compagnia Surgelati Italiana S.p.A., the owner of the Findus brand in Italy
and San Marino, from Unilever.

On November 2, 2015, we purchased the Findus Group which comprises the continental European
businesses of the Findus Parent in Sweden, Norway, Finland, Denmark, France, Spain and Belgium relating to the
Findus, Lutosa and La Cocinera brands for approximately £500 million, consisting of £415 million in cash and 8,378,380
ordinary shares (the “Findus Consideration Shares”). This transaction allowed us to unify the Findus brand (excluding
Switzerland), and together with the strong Iglo platform, further our efforts to drive innovation, introduce new meal options,
and conduct marketing initiatives aimed at bringing more consumers across Europe to the frozen foods aisles. In addition,
the geographic footprint of the operations included in the Findus Acquisition complements and extends our footprint
throughout Europe.
On January 17, 2018 we entered into an agreement to acquire Green Isle Foods Ltd. including the
Goodfella's and San Marco brands, in an all cash deal valued at £200 million (approximately €225 million). We anticipate
this acquisition to be completed in the second quarter 2018 and we expect this will enlarge our portfolio of brands to
include the number one and number two market share positions within the frozen pizza category in Ireland and the UK, a
successful frozen private label pizza business, and two frozen pizza manufacturing facilities.
Our principal executive offices are located at No. 1 New Square, Bedfont Lakes Business Park,
Feltham, Middlesex, TW14 8HA. Our telephone number is +(44) 208 918 3200 and our fax number is +(44) 208 918
3491. Our registered office is located at Nemours Chambers, Road Town, Tortola, British Virgin Islands and its telephone
number is (284) 852-7900. Our registered agent in the United States is Mariposa Capital, LLC, 500 South Pointe Drive,
Suite 240 Miami Beach, Florida 33139.
See Item 5B: Operating and Financial Review and Prospects—Liquidity and Capital Resources for
information regarding our capital expenditures for the past three fiscal years and principal capital expenditures currently in
progress.

B. Business Overview
Our Company
We are the leading branded frozen food player in Western Europe with a portfolio of best-in-class
food brands within the frozen category, including fish, vegetables, poultry and meals (excluding ice cream). Our products
are sold primarily through large grocery retailers under the brand “Birds Eye” in the United Kingdom and Ireland, “Findus”
in Italy, San Marino, France, Spain, Sweden and Norway, “Iglo” in Germany and other continental markets and “La
Cocinera” in Spain. According to Euromonitor, our share of the frozen food market in Western Europe stood at 13.8% in
2017 (2.4 times greater than the nearest competitor). We maintain the number one position in ten European geographies,
namely the United Kingdom, Italy, Germany, Sweden, France, Austria, Spain, Belgium, Portugal, and Hungary. The
countries representing our top six markets, collectively-United Kingdom, Italy, Germany, Sweden, Norway and France,
represented approximately 68% of the total Western European frozen food markets. For a description of the principal
markets in which we compete and related revenue, see Note 5 “Segment reporting” to our audited consolidated financial
statements which appear elsewhere in this annual report.
Frozen Food Market
The European frozen food market is served by a number of national and international producers,
both with branded and private label offerings, and within single or multiple product categories. We have the broadest
participation by category and geography in Europe.
According to Euromonitor, the total frozen food market in Western Europe is estimated to have
generated €25 billion in retail sales value in 2017. The frozen food business requires specialized manufacturing, logistics
and distribution functions. There is also a high cost associated with building brand health, brand awareness and consumer
trust. As a result, there are high barriers for profitable entry into the frozen food market in general and the branded
segment in particular.
Frozen food products are particularly attractive because they address important global food trends.
Consumers increasingly prefer products that allow them to prepare meals quickly and with confidence, and expect
products to be healthy and good value for money. In addition, consumers are increasingly focused on reducing food
waste. Frozen food products can have all of these characteristics. They are easy to prepare, they reduce the need for
artificial preservatives, they are often better value for money than chilled alternatives and they reduce waste at all points in
the supply chain and also in-home (due to the long shelf life, and the ease of portionability).
Over the last five years, notwithstanding the volatile macro-economic environment, the Western
European frozen food market has grown on average 0.9% per year, driven by the aforementioned ability to address global
food consumption trends. Furthermore, the amount of space that frozen food as a category occupies within the grocery
retail environment is relatively stable due to the fixed amount of freezer space at the retailer that is not exposed to
reductions in shelf space in favor of other categories or formats, as can be the case in shelf-stable parts of the retailer.
Our Brands
Our brands are household names with long histories and local heritage in their respective markets.
Our Birds Eye brand was established in 1922 and is primarily marketed in the United Kingdom and Ireland. The Findus
brand, which is marketed in Italy, France, Spain, Sweden and Norway, was formed in Italy in 1941 and has a loyal
following in each of its respective geographies. Iglo, founded in 1956, has a long-standing history and is marketed in
Germany and other continental European countries. La Cocinera has allowed us to establish ourselves in Spain through a
brand that was founded in 1962.
Our Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors and contribute
to our ongoing success.

Market leader with solid European platform and strong acquisition opportunities.
As the leading branded frozen food producer in Western Europe, we benefit from economies of
scale and have developed a strong platform for our products throughout Europe, resulting in leadership positions in ten
geographies and a 13.8% market share of the total Western European frozen food market. We benefit from longstanding
relationships with our customers which provide access to our diversified distribution channels, including supermarkets,
discount retailers, the foodservice channel and other food retailers that sell directly to consumers. We benefit from a
diverse category and geographic mix and believe our strong existing platforms facilitate our expansion within a large
addressable market and provide a broad set of potential acquisition targets in various food categories and geographic
markets.
Effective brand equity strategy to leverage and expand well-known brands.
Our brands are well-established household names with long histories and local heritage in their
respective markets. We possess several iconic brand assets and focus on our local hero platforms that are designed to
leverage these iconic assets such as the “Captain”. Each of the Birds Eye, Iglo and Findus brands hold the leading
position in terms of spontaneous brand awareness in several European markets. Our leading brand recognition, broad
product offering, and local provenance of these brands are key drivers of consumer trust and result in demand for our
products.
Experienced management team and Board with a proven track record.
Our management team has extensive experience in the food industry and other fast moving
consumer goods markets and has worked with leading multinational consumer goods companies globally. Our
management team is complemented by an experienced Board of Directors, and collectively, they have a proven track
record of successfully acquiring, integrating and managing consumer businesses. We believe our management team and
Board of Directors’ collective industry knowledge, coupled with our track record of achieving growth and responding to
challenging market conditions, will enable us to continue to generate profitable growth.
Optimized sourcing through established platform and diversified supplier base.
We operate an efficient and centralized procurement and supply chain function which is closely
aligned with our geographic footprint, allowing us to optimize our supply arrangements and reduce distribution costs. We
source our products globally from a diverse supplier base and, as a result, are not dependent on any one supplier. Our
relationships with diverse suppliers enable us to safeguard the security of our supply and raw materials as well as
enhance the quality and sustainability of such materials, while also delivering competitive pricing and limiting exposure to
geographic risk and adverse currency movements.
Strategic and geographically diversified manufacturing facilities.
We own and operate an efficient network of nine manufacturing facilities with low capital
expenditure requirements, all of which are located near the major markets we serve, providing for a balance between
manufacturing and logistics costs and allowing for high levels of customer service. These facilities produce approximately
451 kilotonnes of frozen product per year and have what we believe to be sufficient spare capacity to accommodate future
growth in our main product categories.
Commitment to innovation and research and development.
We focus our new product efforts and our investment in market research on our Core products --
fish, vegetables, meals and poultry -- to ensure that the products we launch and re-launch overcome penetration barriers.
For example, we recently introduced our “crispier crumb”, which were renovations of existing Core products. To ensure
the development and introduction of products that fit this criteria, we follow a structured process through which we take
new products from idea generation, through concept screening, concept/product laboratories and early volume sizing, to
final validation.

Our Strategy
We have developed and made significant progress in implementing the following strategic
initiatives:
Build an integrated group of best-in-class food companies and brands within existing and related food categories
and expand our geographic footprint through strategic acquisitions.
Our goal is to transform our company into an integrated best-in-class, global manufacturer,
marketer and distributor of food products, within and outside of the frozen food category and the broader food sector. We
believe there are significant growth opportunities in the European and North American markets and that the Iglo
Acquisition and the Findus Acquisition provide a strong platform on which to grow our business and expand and enhance
our market share in the food industry in key geographic markets.
Focus on “Core” products as a foundation for long-term growth.
We continue our strategy which is rooted in relentless focus on our Core products which currently
represent approximately 69% of our sales. These strategies include improving product quality, packaging renovation and
executing in-store initiatives such as ensuring the right product assortment, display strategies and promotional
efficiencies. We believe focusing on these Core product initiatives will accelerate growth, lead to margin expansion and
improve our return on investment. To further accelerate growth, we will also turn our attention to innovation which
leverage consumer trends such as health, wellness and convenience, but which are anchored in our core categories.
Align our business with consumer preferences and trends.
Our goal is to create and acquire food businesses and brands that strongly align with consumer
needs and preferences that have high growth and margin potential and that leverage our existing portfolio of brands. In
addition, we seek to align our product innovation strategies with consumer trends such as increased demand for nutrition-
packed meals that can be prepared in shorter times, vegetarian options and sustainably sourced and produced food.
Leverage our acquisition expertise, strong management team and access to capital to identify and evaluate
attractive growth opportunities.
Our Founders and CEO have significant experience and expertise, and have been highly
successful, in identifying, acquiring and integrating value-added businesses. We believe that this expertise, our access to
capital and the deep industry knowledge of our management team will position us to acquire related and complementary
food businesses that can enhance our market position, create synergies and fully leverage our existing marketing,
manufacturing and supply chain capabilities, which we believe will allow us to deliver sustained profitable growth and
maximize shareholder value. For example, on January 17, 2018, we entered into an agreement to acquire Green Isle
Foods Ltd. including the Goodfella's and San Marco brands, in an all cash deal valued at £200 million (approximately
€225 million). We anticipate this acquisition to be completed in the second quarter of 2018 and we expect this will enlarge
our portfolio of brands to include the number one and number two market share positions within the frozen pizza category
in Ireland and the UK, a successful frozen private label pizza business, and two frozen pizza manufacturing facilities.
Respond to changing consumer shopping habits.
We are responding to the growing consumer shift to digital and mobile technologies, particularly in
the United Kingdom, by investing in technology platforms and partnering with retailers that are executing their own e-
commerce strategies to meet changing consumer habits. Online sales represented 4% of our total sales as of December
31, 2017. We believe that the online sales channel will continue to provide further opportunities to drive market share
gains through improved product content and upselling of our mealtime solution programs. In addition, our strategies are
evolving in response to other consumer shopping trends such as increased purchases through the hard discounter
channel, which has been growing significantly in the United Kingdom and Southern Europe.

Generate strong margins and cash flow through disciplined net revenue management, supply chain optimization
and disciplined cost management.
We continue to increase our margins and cash flows by strengthening our net revenue
management capabilities and focusing on supply chain optimization and disciplined cost management. These efforts,
which will be implemented over time, will include developing stronger promotional programs, price pack architecture and
trade terms as well as continuing our focus on lean manufacturing, factory footprint optimization, and procurement
productivity.
Products
We manufacture, market and distribute the following frozen food products:
Fish: includes frozen fish products such as fish fingers, coated fish and natural fish. These products
were the largest contributor to our revenues in 2017.
Vegetables: includes ready to eat vegetable products such as peas and spinach.
Meals: includes ready to cook noodles, pasta, lasagne, pancakes and other ready-made meals
under the Iglo, Findus Italy and La Cocinera brand names.
Poultry: includes frozen poultry and meat products such as nuggets, grills and burgers.
Others: includes a variety of other offerings such as soups, pizza and bakery goods.
We now place a strong emphasis on renovation of our existing Core products, which include fish,
vegetables, meals and poultry, in order to overcome penetration barriers and continue to build loyalty. We manage
renovation and innovation centrally on European common product platforms and have more local involvement where
products are differentiated and country specific. Our research and development continues to be centralized, allowing us to
leverage our research and development investment across our markets and focus on our largest Core products.
Customers
Our customers are typically supermarkets and large food retail chains supplying food products
directly to consumers. Each key market in which we operate has its own distinct retail landscape. We consider our key
retailer clients to be, in the UK, Tesco, Asda and Sainsbury’s; in Italy, Coop, Auchan and L5 Esselunga; in Germany, Rewe
and Edeka; in Sweden, ICA, Axfood and Coop; and in France, Carrefour, Auchan and E.Leclerc. For the year ended
December 31, 2017, our top ten customers (in terms of revenue) accounted for 41% of revenues.
The majority of our sales are to traditional retailers and we expect this channel to remain our most
significant channel for the foreseeable future. We partner with traditional retailers when we identify commercial or
marketing opportunities that can be of interest for both businesses. We continue to review the presence and impact of the
discounter channel, particularly the hard discounters, in each of our key geographic markets and will pursue opportunities
to increase our presence in the discounter channel.
We are increasing our investment in online sales which represented 4% of our total sales as of
December 31, 2017. The online grocery retail channel is growing faster than traditional grocery retail formats across
developed markets. Frozen foods particularly benefit from the online channel as the advantages to the consumer of
outsourcing transportation of frozen food to the retailer are greater than in other categories, and also because some of the
barriers to purchasing in-store (e.g. colder aisles) are removed for the consumer online.
Approximately 7% of our sales for the twelve month period ended December 31, 2017 were through
the foodservice channel. The majority of these sales were in Sweden and consist primarily of sales of institutional and
public sector customers such as schools and hospitals as well as privately run work canteens and quick service
restaurants.

Sales, Marketing and Pricing
Our commercial strategy is centered around our Core products and our growth model focuses on
three core elements: creating distinctive brands through leveraging our iconic brand assets, innovating to break
penetration barriers balanced between renovation and innovation, and out executing in store through category leadership
driving the right assortment, display and promotional efficiency.
Our brand equity strategy aims to further increase brand awareness. We will utilize our core iconic
assets at all consumer touchpoints including traditional media, digital media, point of sale and packaging. Furthermore we
seek to invest at sufficient levels of media on all our Core products.
We maintain sales teams in each of our key markets and all other markets in which our products
are sold with the exception of the Central and Eastern Europe markets where we operate via a distribution model. Our
sales force is resourced to provide good store coverage. We are the “category captain” for several leading supermarkets
in each of our main product categories and have developed innovative presentations of our frozen food products and in-
store marketing concepts with supermarkets in a number of our markets in order to increase shopper traffic and sales.
Most recently, we are developing our “Perfect Store” concept which focuses on improving a consumer’s in-store shopping
experience through presentation, layout and signage.
Manufacturing
We own and operate nine manufacturing facilities which are located in Lowestoft (United Kingdom),
Bremerhaven (Germany), Reken (Germany), Cisterna (Italy), Loftahammar (Sweden), Tonsberg and Larvik (Norway),
Boulogne-sur-Mer (France) and Valladolid (Spain). These facilities produce approximately 451 kilotons of frozen product
per year, representing approximately 75% of the total volumes of our sales. The manufacturing facilities are located near
the major markets we serve, providing for a balance between manufacturing and logistics costs and customer
service. Our manufacturing facilities are focused on in house manufacturing of our main product categories and
emphasize quality and efficiency through scale. We have invested in new automated lines, such as fish fingers, poultry
and spinach lines and because our plants are well invested and maintained, our capital expenditure requirements are well
controlled.
Although capacity differs per product line and facility, we estimate that we have sufficient spare
capacity available to accommodate future growth in our main product categories and as necessary to accommodate the
seasonal nature of some of our products, particularly vegetables.
In 2016, we announced the closure of our factory and pea processing operations in Bjuv, Sweden,
and operations ceased on March 30, 2017 with production transferred to other factories in the Group’s network. The
consolidation of operations is expected to create a more efficient supply chain. In early 2018, we signed an agreement
with Foodhills AB, who has acquired the buildings and parts of the premises.
Procurement
Our procurement functions are structured around primes (materials used in manufacturing which
form a part of the end product, such as fish, vegetables, meat, other ingredients and packaging), non-production items
(items purchased and services used to design, market and distribute the product, such as logistics, operations, including
maintenance, sales and marketing) and co-pack (finished products bought from third parties, such as most vegetables
other than peas and spinach).
We have an efficient and centralized supply chain which is closely aligned with our geographic
footprint, allowing us to optimize our supply arrangements and reduce distribution costs. We operate a centralized
procurement function, with all procurement of primes and the majority of non-production items and co-pack procurement
activities centralized to maximize scale efficiencies.
We operate a global sourcing platform. Fish is sourced mainly from the United States, Russia and
China, vegetables are sourced predominantly from Europe and poultry is sourced largely from South America (but also
from Thailand and Eastern Europe). We have contracts in place with pea and spinach growers and third party pea
processors in regions close to the location of pea growers. In addition, we utilize various co-pack suppliers for vegetables
other than peas and spinach. The contract terms we enter into with various suppliers differ extensively with respect to
length and provisions.

We aim to maintain an appropriately diverse supplier base to safeguard the security of our supply of
raw materials as well as enhance the quality and sustainability of such materials, while also delivering competitive pricing.
We segregate vendors into “strategic” and “tactical” categories based on criteria such as bargaining
power or opportunistic procurement. On that basis, we have identified a number of strategic suppliers with whom we
maintain close relationships, particularly in relation to main product categories for which security of supply is critical. Raw
materials are mostly directly shipped to our manufacturing facilities.
We limit our exposure to price increases of raw materials by contractually securing prices for
periods ranging from one month to a full year. Prices of raw materials that are harvested annually are generally fixed for a
full year. Prices for certain other products, such as fish, dairy products and potatoes, are fixed for several months in line
with industry practice.
Logistics
Our distribution network is made up of our manufacturing facilities, warehouses, local distribution
centers and third party providers of services (such as transport). We outsource the majority of our distribution processes
to third parties seeking to collaborate with shared sites and integrated transport networks. Our distribution network is well
consolidated and aligned with our manufacturing footprint in the United Kingdom, Germany, Italy, Sweden, France,
Norway and Spain. From our manufacturing plants, our products are sent to regional distribution centers to be further
distributed to local markets. Our primary distribution centers are used to consolidate both local production and imported
products to be sold locally. These sites include Wisbech in the United Kingdom, Reken in Germany, Vitulazio, Latina and
Parma in Italy, Lognes in France, Tonsberg and Moss in Norway and Marcilla in Spain.
Seasonality
Our 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, partly because there
are fewer fresh alternatives available for vegetables and because our retailers typically allocate more freezer space to the
ice cream segment in hotter or summer months. In addition, variable production costs, including costs for seasonal staff,
and working capital requirements associated with the keeping of inventories, 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, we require more working capital during those months.
Corporate Social Responsibility
We operate a Corporate Social Responsibility program which is an important part of our brand
positioning. It captures our commitment and vision of the role that we must play in bringing food to our consumers while
tackling fundamental challenges in our environment and society. There are four primary focus areas:
• Reduction of food waste. Frozen food can offer a more sustainable food choice because it can
cut food spoilage and food waste due to the portion control and to an extended shelf-life.
• Nutrition. Our products and innovations can help consumers make healthier meal choices.
• Sustainable sourcing. We aim to source and prepare our food products in a responsible way. We
have a long lasting relationship with MSC, securing sustainable fish and seafood and are proud to
report more than 90% of the wild captured fish we use is MSC certified.
• Lower carbon footprint. We seek to lower our carbon footprint, including reducing our absolute
CO2 emissions from manufacturing, to conduct our business in a more environmentally
responsible manner.
We will extend the program in 2018 to secure further progress, maintaining a strong focus on sustainable sourced
seafood and nutrition and dialing up our focus on environment and waste.

Fisheries
We have continued a long-term leadership position to pioneer the certification of global sustainable
and responsible fisheries. Our Sustainable Fisheries Development Policy requires us to use the world’s most robust
independent sustainable fisheries verification process, the Marine Stewardship Council standard (MSC).
It is also our policy to only source farmed seafood from responsibly managed farms which operate
to independent third party standards such as the Global Aquaculture Alliance (GAA), Global GAP and Aquaculture
Stewardship Council (ASC) standards.
Agriculture & Vegetables
Together with over 700 growers, we currently manage approximately 17,000 hectares of land and
our standards match or go beyond those required by most agricultural assurance schemes.
Our Agricultural Code of Practice requires us to produce crops with high yield and nutritional quality,
while keeping resource demands as low as possible, thus minimizing adverse effects on soil fertility, water, air quality and
biodiversity.
Poultry
All of our poultry is responsibly sourced from suppliers that comply with a Code of Practice under
closely monitored conditions which covers feed, animal medicines usage, welfare and social standards.
Information Technology
Our IT systems are of key importance to our business and in particular to our general operations
and logistics functions and associated management reporting across countries and our plants. A single SAP tool is the
primary business software to support all of our operations and management reporting across countries and our supply
chain.
This environment is designed as a consolidation platform for future acquisitions. A program is

underway to transition the acquired Findus business onto the IT platform.
The ability to integrate potential new acquisitions quickly with little or no adverse business impact,
while maintaining the low cost of ownership, is a fundamental requirement of our IT strategy. Additionally, we utilize an
outsourced infrastructure service provider, maintaining best in class IT cost alongside improved capability to scale in line
with business developments.
Intellectual Property
Maintaining adequate brand protection is of significant importance to our business as we rely on our
brands to implement our master brand strategy. We have a substantial trademark portfolio with nearly 2,000 trademarks
across all of our markets. Our intellectual property is managed centrally, and we work closely with a third party agency in
respect of filings, renewals, recordings and the prosecution and enforcement of intellectual property matters
internationally.
We own a European Union trademark for our Birds Eye brand as well as national trademarks for
our Birds Eye brand in the United Kingdom, Ireland and other EU countries, and in other parts of Europe outside the
European Union, parts of the Middle East, Asia and Africa. For historical reasons, the Birds Eye trademark is owned by
third parties in North America and Australia.
We own a European Union Trade Mark for our Iglo brand as well as national trademarks in many
EU countries and in other parts of Europe outside the European Union, Australasia, Israel, parts of Asia, the United
States, South America and Africa. We have trademark applications pending for the Iglo brand in, among others, Canada,
India and Brazil.
We own the Findus trademark in many countries globally, other than in Switzerland, as well as
(among others) the brands Lutosa in Belgium (until 2020) and La Cocinera in Spain and Andorra.

Material Contracts
Each material contract to which we have been a party for the preceding two years, other than those
entered into in the ordinary course of business, is listed as an exhibit to the registration statement to which this annual
report is a part and is summarized elsewhere herein.
Pensions
We operate a number of different pension schemes across our various countries of operation, the
majority of which are defined contribution schemes. We operate defined benefit pension plans in Germany, Sweden, Italy
and Austria which are all closed to new entrants, as well as various defined contribution plans in other countries, the
largest of which include Sweden and the United Kingdom. In Germany, France, Italy and Norway, long term service
awards are in operation and various other countries provide other employee benefits.
Regulatory Matters
Our activities are subject to laws and regulations regarding food safety, the environment and
occupational health and safety.
Food Safety Regulation
As a manufacturer of foods intended for human consumption, we are subject to extensive

legislation and regulation both from the European Union, the EU Member States and European free trade association
(EFTA) members, in which we operate. These regulations govern the composition, manufacture, storage, handling,
packaging, labeling, marketing and safety of our products. These regulations generally impose on food business
operators an obligation to ensure that the operations under their control satisfy the relevant food law requirements and
impose a mandatory traceability requirement along the food chain. The tracing information must be kept for a period of
five years and upon request, must be made available to the relevant authorities.
In addition, we are subject to specific food hygiene legislation that establishes rules and procedures
governing the hygiene of food products. This legislation sets forth specific rules governing the proper hygiene for food
products of animal origin and sets forth microbiological criteria for food products. In addition there are a number of other
specific EU requirements relating to specific matters such as contaminants, packaging materials and additives.
We are also subject to a broad range of European directives and regulations regarding the
manufacture and sale of frozen foods for human consumption. These directives and regulations define technical
standards of production, transport and storage of frozen foods intended for human consumption and require us to assure
internal quality control at each stage of the “cold chain” and to implement any standards, as established by public
authorities.
Listed below are the various internal due diligence procedures we have established to ensure
continuous compliance with all relevant regulatory and food safety standards:
• implementing food hygiene principles across all production sites in accordance with food hygiene
regulations;
• annual external auditing of our production sites conducted by independent compliance companies
applying the British Retail Consortium Global Standard for Food Safety Issue 7, its European
equivalent, the International Food Standard or the Global Food Safety Initiative. Currently 84% of
our suppliers are also certified to one or more of these food safety management systems and it is
our long term objective to achieve 100% certification;
• ensuring that our Group’s Quality Management Systems comply with ISO 9001 with external
audits to ISO or BRC standard;
• conducting internal audits covering all production sites as part of our internal audit program; we
do not carry out cross-audits where one site's audit team audits another's system;

• maintaining a risk-based microbiological and contaminant screening program, including screening
for allergens, that covers raw materials and finished products; and
• holding monthly regulatory updates to assess emerging risk areas, update policies and review
outstanding issues as part of the quality forum meeting which is attended by functional heads.
Tariffs and Trade
We are subject to specific trade requirements regarding fish and poultry, two main ingredients for
our products.
Food Labeling Regulation
Pre-packaged food products must comply with provisions on labeling, which are harmonized
throughout the European Union. Pre-packaged food products must also comply with provisions on nutrition labeling, which
are also harmonized throughout the European Union. Under the Food Information for Consumers Regulation nutrition
labeling is mandatory unless exempted.
In addition to general and nutrition requirements, pre-packaged food products must bear a lot mark
declaration via a manufacturing or packaging lot reference, which is also a harmonized system throughout the European
Union. The lot reference allows consumers and businesses to trace the product in the event of a product withdrawal or
recall.
There are also specific labeling requirements for certain ingredients we use in our products.
Environmental Law
The European Union has issued numerous directives relating to environmental protection, including
those aimed at improving the quality of water, addressing air and noise pollution, assuring the safety of chemicals and
setting standards for waste disposal and clean-up of contamination. European directives are given effect by specific
regulations in Member States and applicable regulations have been implemented in each of the countries in which we
conduct our manufacturing activities. Accordingly, our facilities must obtain permits for certain operations and must comply
with requirements relating to, among others, water supply and use, water discharges and air emissions, solid and
hazardous waste storage, management and disposal of waste, clean-up of contamination and noise pollution.
We are also subject to legislation designed to reduce energy usage and carbon dioxide emissions
and also restrictions on the use of ozone depleting substances such as hydrochlorofluorocarbons (HCFCs). HCFCs are
used in refrigeration systems and their use will be phased out as part of our normal maintenance, repair and replacement
activities and we do not expect a need for significant incremental capital expenditures for this purpose.
Compliance with environmental laws and regulations is managed at the facility level. Our
manufacturing facilities all have a detailed environmental management system which are externally audited on an annual
basis for compliance with ISO 14001 or BRC.
In addition, under some environmental laws and regulations, we could be responsible for
contamination we may have caused and investigating or remediating contamination at properties we own or occupy, even
if the contamination was caused by a prior owner or other third party or was not due to our fault, and even if the activity
which resulted in the contamination was legal at the time it occurred.
Occupational Health and Safety
We have a legal responsibility to protect the health and safety of our employees, customers and
any other persons who may be affected by our operations. We strive to provide a safe workplace; controlling and
eliminating risks to health and wellbeing; ensuring that our facilities and the equipment within them are safe and that the
environmental, health and safety procedures are both established and adhered to. We ensure that dangerous articles and
substances are transported, stored and used safely; provide adequate welfare facilities; provide workers the information,
instruction, training and supervision necessary to preserve and improve their health and safety; and consult with workers
on health and safety matters.

We aim to meet the European Framework Directive on Safety and Health at Work (89/391 EEC)
ensuring we comply with all the local and European legislation in all the countries we have a presence, ensuring we share
best practices and procedures across our business to continuously improve our safety and environmental performance
whilst driving a positive safety culture.
We have established a Health and Safety Management System modeled on the international
Occupational Health & Safety management system specification OHSAS 18001. Our manufacturing facilities in the United
Kingdom, Spain, Italy and Germany have achieved full accreditation to OHSAS 18001.
Compliance Programs
We have established policies and procedures aimed at compliance with applicable legislation and
regulations, including policies for Anti-Bribery and Corruption as well as Trade Sanctions and Export Controls. In addition,
our Code of Business Principles includes policies designed to ensure compliance with applicable legal and regulatory
requirements and guidelines to drive a strong compliance culture. A breach of the Code of Business Principles can lead to
sanctions, including termination of employment.
Our Safe Call Line, which is operated by an external service provider, allows employees to report
issues anonymously. Compliance at the local level is based in large part on building strong local companies and
developing a proper approach in coping with dilemmas within the boundaries of applicable laws and responsible conduct.
Local management, assisted by the Internal Audit department, carries out reviews to identify compliance risks and to
ensure that adequate systems to manage those risks are in place. Changes in applicable laws and regulations are
actively analyzed and assessed, and when necessary appropriate adaptations are implemented.
Insurance
We maintain comprehensive insurance coverage, where appropriate, with respect to liability of our
directors and officers, property damage, business interruption, cold storage facilities, public liability, products liability,
product recall, damage to vehicles, personal accident and travel. We undertake periodic risk reviews to assess whether
our insurance is in line with our business risks and whether the developments in insurance policies are reflective of the
changes in our business.

C. Organizational Structure
We (Nomad Foods Limited) are a holding company with 41 subsidiaries, all of which are wholly-
owned by us. The following table provides a list of all of our significant subsidiaries and country of incorporation.
Ownership as
Country of of Dec 31
Name Activity incorporation 2017
Nomad Foods Europe Holdings Limited Holding England 100%

Nomad Foods Europe Holdco Limited Holding England 100%
Nomad Foods Europe Finco Limited Holding England 100%
Nomad Foods Europe Midco Limited Holding/ England 100%
Finance
Nomad Foods Bondco Plc Finance England 100%
Nomad Foods Lux S.à.r.l. Finance Luxembourg 100%
Nomad Foods Europe Limited Management England 100%
Birds Eye Limited Trading England 100%
Nomad Foods Europe Finance Limited Finance England 100%
Birds Eye Ireland Limited Trading Republic of 100%
Ireland
Iglo Holding GmbH Holding Germany 100%
Iglo Nederland B.V. Trading Netherlands 100%
Iglo Belgium S.A. Trading Belgium 100%
Iglo Portugal Trading Portugal 100%
Iglo Austria Holdings GmbH Holding Austria 100%
C.S.I. Compagnia Surgelati Italiana S.R.L. Trading Italy 100%
Findus Sverige Holdings AB Holding Sweden 100%
Iglo GmbH Trading Germany 100%
Frozen Fish International GmbH Trading Germany 100%
Liberator Germany Newco GmbH Property Germany 100%
Iglo Austria GmbH Trading Austria 100%
Findus Sverige AB Trading Sweden 100%
Frionor Sverige AB Holding Sweden 100%
Findus Holdings France SAS Holding France 100%
Findus France SAS Trading France 100%
Findus Espana SLU Trading Spain 100%
Findus Danmark A/S Trading Denmark 100%
Findus Finland Oy Trading Finland 100%
Findus Norge AS Trading Norway 100%

D. Property, Plant and Equipment
The following table sets forth information on the main manufacturing sites used by us in our
business:
Freehold/
Facility Products Production (tons) Utilization % Leasehold
Bjuv, Sweden
(closed H1
2017) Vegetables, Free Flow Meals, Ready Meals 9,600 volume per year 9% Mixed
Boulogne,
France Fish Products 21,000 volume per year 65% Leasehold
Bremerhaven,
Germany Fish Products 92,000 volume per year 85% Leasehold
Vegetables, Free Flow Meals, Fish Fingers,
Cisterna, Italy Sofficini 79,000 volume per year 55% Freehold
Larvik,
Norway Vegetables, Free Flow Meals, Ready Meals 7,200 volume per year 42% Freehold
Loftahammar,
Sweden Baked Goods 3,200 volume per year 38% Freehold
Vegetables, Fish Products, Poultry, Potato, Beef
Lowestoft, UK Burgers 109,500 volume per year 81% Mixed
Reken,
Germany Vegetables, Free Flow Meals 87,200 volume per year 62% Freehold
Tonsberg,
Norway French Fries, Vegetables, Free Flow Meals 25,800 volume per year 59% Leasehold
Valladolid, Vegetables, Free Flow Meals, Ready Meals,
Spain Pastry Products, Pizza 16,500 volume per year 31% Leasehold
For more information on property, plant and equipment see Note 12 “Property, plant and equipment”.
Item 4A. Unresolved Staff Comments

None.
Item 5. Operating and Financial Review and Prospects

The following is a discussion of the financial condition and results of operations for the year ended
December 31, 2017, the year ended December 31, 2016, the nine months ended December 31, 2015 and the twelve
months ended March 31, 2015 of the Company, and the five months ended May 31,2015.
We were formed on April 1, 2014 and had no trading operations until we acquired Iglo on June 1,
2015.
Some of the information contained in this discussion and analysis or set forth elsewhere in this
annual report, including information with respect to our plans and strategy for our business and related financing, includes
forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set
forth in Item 3 Key Information-D. Risk Factors of this annual report, our actual results could differ materially from the
results described in or implied by the forward-looking statements contained in the following discussion and analysis. This
discussion should be read in conjunction with our audited historical consolidated financial statements and other financial
information included elsewhere in this annual report.
The historical financial information has been prepared in accordance with IFRS. In May 2015, the
Company changed its fiscal year end from March 31 to December 31.

Overview
We were incorporated with limited liability under the laws of the British Virgin Islands under the BVI
Companies Act on April 1, 2014 under the name Nomad Holdings Limited. After the Iglo Acquisition on June 1, 2015, we
changed our name to Nomad Foods Limited. The Company is a “foreign private issuer” as defined in Rule 3b-4
promulgated by the U.S. Securities and Exchange Commission (“SEC”) under the U.S. Securities Exchange Act of 1934
(the “1934 Act”) and in Rule 405 under the U.S. Securities Act of 1933. As a result, it is eligible to file its annual reports
pursuant to Section 13 of the 1934 Act on Form 20-F and to file its interim reports on Form 6-K. The Ordinary shares of
the Company are listed on the New York Stock Exchange (“NYSE”).
Nomad operates in the European frozen food market, selling its products primarily to large grocery
retailers either directly or through distribution arrangements primarily in the United Kingdom, Italy, Germany, Sweden,
France and Norway.
The countries representing our top six markets collectively represented approximately 68% of the
total Western European frozen food markets (in terms of retail sales value) and generated 81% of our revenue in 2017.
We also sell our products in Ireland, Austria, Belgium (including the Lutosa brand), Finland, Greece, Hungary, Ireland,
Portugal, Switzerland, Denmark, The Netherlands and Spain (including the La Cocinera brand). The brands under which
we sell our products are “Birds Eye” in the United Kingdom and Ireland, “Findus” in Italy, San Marino, France, Spain,
Sweden and Norway and “Iglo” in Germany and other continental markets.
We currently operate nine manufacturing plants, two in Germany, one in Sweden, two in Norway
and one in each of the United Kingdom, Spain, Italy and France.
Financings and Acquisitions
On April 28, 2017, we amended and restated our Senior Facilities Agreement (as defined herein) to,
among other things, repay our existing term loan facilities and establish new term loan facilities of €500.0 million and
$610.0 million, both with maturity dates extended to May 2024. We also extended the maturity date of our €80.0 million
revolving credit facility to May 2023.
On May 3, 2017 we issued €400.0 million of 3.250% senior secured notes due 2024 (the "Fixed
Rate Senior Secured Notes") and used the proceeds received in connection with the notes offering and the amended and
restated Senior Facilities Agreement to repay our existing floating rate senior secured notes due 2020.
On December 20, 2017 we further amended and restated our Senior Facilities Agreement to reprice
our $610.0 million and €500.0 million term loan facilities. The margin was reduced by 50 basis points on the U.S. Dollar-
denominated term loan and 25 basis points on the Euro-denominated term loan. There were no changes to the maturity
dates of the term loan facilities as a result of this amendment. We also established a $50.0 million incremental term loan
facility and a €58.0 million incremental term loan facility. On January 31, 2018, the $50.0 million incremental term loan
facility was fully drawn and on February 9, 2018, the €58.0 million incremental term loan facility was fully drawn.
In May 2015, we issued 75,666,669 of our ordinary shares in a private placement at a price of
$10.50 per ordinary share (the “May 2015 Offering”). In April 2015, we amended the Warrants issued in the 2014 Offering
to accelerate the expiration date to the closing of the Iglo Acquisition (subject to certain limited exceptions) and, in order to
incentivize the Warrant holders to exercise their Warrants prior to the new expiration date, we reduced the exercise price
of the Warrants from $11.50 to $10.50 per whole ordinary share for all Warrants exercised before the new expiration date.
Between May and June 2015, we issued an aggregate of 16,673,307 ordinary shares pursuant to the exercise of the
Warrants. There are no Warrants currently outstanding.
On June 1, 2015, we consummated our initial acquisition by purchasing Iglo Foods Holdings
Limited (now known as Nomad Foods Europe Holdings Limited), a leading frozen food manufacturer and distributor in
Europe. We paid an aggregate purchase price of €2.6 billion, including assumed debt of €1.2 billion and the issuance of
13,743,094 ordinary shares (the “Iglo Seller Shares”) to the seller, Permira Funds. On June 12, 2017, we repurchased
9,779,729 of our shares beneficially owned by Permira Funds at a purchase price of $10.75 (approximately €9.60) per
share, which represents a 25% discount to the closing price of our ordinary shares on June 9, 2017, for an aggregate
purchase price of $105.1 million (approximately €93.9 million), in final settlement of indemnity claims against an affiliate of
Permira Funds, of legacy tax matters that predated the Iglo Acquisition. The aggregate purchase price was funded from
our cash on hand and the ordinary shares were retired. The ordinary shares were previously held in escrow since the
closing of the acquisition pending resolution of such claims.

In the July 2015 Offering, we issued 15,445,346 ordinary shares at a price of $20.75 per ordinary
share. The number of ordinary shares issued in the July 2015 Offering represented, in aggregate, approximately 9.99% of
our issued ordinary share capital immediately prior to the offering.
On November 2, 2015, we acquired the Findus Group for approximately £500 million, consisting of
£415 million in cash and the Findus Consideration Shares. Through the Findus Acquisition, we acquired the continental
European businesses of the Findus Parent in Sweden, Norway, Finland, Denmark, France, Spain and Belgium relating to
the Findus, Lutosa, and La Cocinera brands. Findus revenues for the fiscal year ended September 30, 2015 were
£471 million.
On September 11, 2017, in connection with the registered underwritten public offering of
33,333,334 of our ordinary shares by certain funds managed by Pershing Square Capital Management, L.P., we
purchased 7,063,643 ordinary shares from the underwriters in the offering at a price of $14.16 (approximately €11.84), the
price payable by the underwriters to the selling shareholders. We did not sell any ordinary shares in the offering and did
not receive any of the proceeds from the offering. We used cash on hand to fund the repurchase of the ordinary shares.
this acquisition to be completed in the second quarter 2018 and we expect this will enlarge our portfolio of brands to
successful frozen private label pizza business, and two frozen pizza manufacturing facilities.
Accounting for the Iglo Acquisition
Effective from the date of the Iglo Acquisition, we have reflected the Iglo Acquisition in our
consolidated financial statements prepared in accordance with IFRS. The Iglo Acquisition is accounted for using the
purchase method as required by IFRS 3 “Business Combinations”. The net assets of the Iglo Group have been adjusted
to our estimate of fair value as of June 1, 2015, the date when control of the Iglo Group passed to us. The excess of the
costs of acquisition over the fair value of the assets and liabilities of the Iglo Group has been recorded as goodwill. We
have completed the assessment of the purchase price allocation and such fair values are final.
Accounting for the Findus Acquisition
We have reflected the Findus Acquisition in our consolidated financial statements prepared in
accordance with IFRS from the date of the acquisition, November 2, 2015. In the nine months ended December 31, 2015
we present two months of operations in our consolidated results.
We have accounted for the Findus Acquisition using the purchase method as required by IFRS 3
“Business Combinations”. The net assets of the Findus Acquisition has been adjusted to fair value as of November 2,
2015, the date when control passed to us. The excess of the costs of acquisition over the fair value of the assets and
liabilities of the Findus Acquisition is recorded as goodwill. The fair values have been completed and as such the
purchase price allocation and fair values are final.
Critical Accounting Estimates and Judgments
Information relating to “Critical Accounting Estimates and Judgments” are described in detail and
are reported in Note 4 to the Financial Statements.
Recently Issued and Not Yet Adopted Accounting Pronouncements under IFRS
Information relating to “IFRSs not yet adopted” are described in detail and are reported in Note 3 to
the Financial Statements.

A. Operating Results
Overview of Results
Successor Successor Successor Successor Predecessor
9 months
Year ended Year ended ended Year ended 5 months
December 31, December 31, December 31, March 31, ended May
2017 2016 2015 2015 31, 2015
€m €m €m €m €m
Statement of Income data:
Revenue 1,956.6 1,927.7 894.2 — 640.3
Cost of sales (1,357.2) (1,356.7) (663.0) — (417.9)
Gross profit 599.4 571.0 231.2 — 222.4
Other operating expenses (319.3) (298.4) (138.6) (0.7) (109.5)
Exceptional items (37.2) (134.5) (58.1) (0.7) (84.3)
Charge related to Founder Preferred Shares
Annual Dividend Amount — — (349.0) (165.8) —
Credit/(Charge) related to Warrant Redemption
Liability — — 0.4 (0.4) —
Operating profit/(loss) 242.9 138.1 (314.1) (167.6) 28.6
Finance income 7.2 24.2 8.7 0.1 2.0
Finance costs (81.6) (86.3) (44.2) — (117.7)
Net finance (costs)/income (74.4) (62.1) (35.5) 0.1 (115.7)
Profit/(loss) before tax 168.5 76.0 (349.6) (167.5) (87.1)
Taxation (32.0) (39.6) 12.3 — (40.9)
Profit/(loss) for the period 136.5 36.4 (337.3) (167.5) (128.0)
The table below presents certain additional key performance indicators:

9 months
2017 2016 2015 2015 31, 2015
(€ in millions, except percentages) €m €m €m €m €m
Gross margin(1) 30.6% 29.6% 25.9% —% 34.7%
Adjusted EBITDA(2) 328.1 324.9 156.3 (0.7) 125.4
Adjusted EBITDA margin(3) 16.8% 16.9% 17.5% n.p. 19.6%
(1) Gross Margin. Gross margin represents gross profit as a percentage of revenue for the relevant period.
(2) Adjusted EBITDA. 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) exited markets, chart of account (“CoA”) alignments and
exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, the impact of share based
payment charges, charges relating to the Founder Preferred Shares Annual Dividend Amount, charges relating to the redemption of
warrants and other unusual or non-recurring items. The Company believes Adjusted EBITDA provides important comparability of
underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
Accordingly, the information has been disclosed in this annual report to permit a more complete and comprehensive analysis of our
operating performance. You should exercise caution in comparing our Adjusted EBITDA with similarly titled measures of other
companies, as the definition may not be comparable. 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.
(3) Adjusted EBITDA Margin. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue for the relevant
period. Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures and you should not consider them an alternative or
substitute to operating profit or operating margin as a measure of operating performance.

The following table reconciles profit/(loss) for the period to Adjusted EBITDA for the relevant period as
follows:
9 months
2017 2016 2015 2015 31, 2015
€m €m €m €m €m
Taxation 32.0 39.6 (12.3) — 40.9
Net financing costs/(income) 74.4 62.1 35.5 (0.1) 115.7
Depreciation and amortization 42.4 51.1 21.8 — 12.5
Exceptional items (1) 37.2 134.5 58.1 0.7 84.3
Other add-backs (2) 5.6 1.2 — — —
Net purchase-price adjustment-inventory step
up (3) — — 37.0 — —
Net purchase-price adjustment for cash flow
hedge accounting (4) — — 4.9 — —
Change in Founder Preferred Shares Annual
Dividend Amount and Warrant redemption (5) — — 348.6 166.2 —
Adjusted EBITDA 328.1 324.9 156.3 (0.7) 125.4
(1) Adjustment to eliminate exceptional items which management believes are non-recurring and do not have a continuing
impact. Details of what has been identified as exceptional is included in the Results of Operations for each reporting period as set
out in this item.
(2) Other add-backs include the elimination of share-based payment charges of €2.6 million and elimination of M&A related
investigation costs, professional fees, transaction costs and purchase accounting related valuations of €3.0 million. We exclude
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.
(3) Adjustment to add back the one-off impact of accounting for inventory purchased in an acquisition at fair value rather than cost.
(4) Adjustment to add back the one-off impact of derivatives acquired in an acquisition for which the previous hedging relationship can
no longer be continued.
(5) Adjustment to add back charges related to Founder Preferred Shares Annual Dividend Amount and Warrant redemption which are
not considered to be operational costs. Further details are contained in the Results of Operations for each reporting period as set
out in this item.
Description of Key Line Items and Certain Key Performance Indicators
Set forth below is a brief description of key items from our consolidated statements of income. For
additional information, see Note 3 to our audited consolidated financial statements which appear elsewhere in this annual
report.
Revenue. Revenue is comprised of sales of goods after deduction of discounts and sales taxes. It
does not include sales between Nomad subsidiaries. Discounts given by us include rebates, price reductions and
incentives given to customers, promotional couponing and trade communication costs. At each end date of a reporting
period, any discount incurred, but not yet invoiced, is estimated and accrued. Revenue is recognized when the risks and
rewards of the underlying products have been transferred to the customer. This is usually upon either the dispatch of a
shipment or the delivery of goods to the customer but is dependent upon contractual terms that have been agreed with a
customer. Sales discounts incurred but not yet invoiced are established based on management’s best estimate at the end
of the reporting period.
Other Operating Expenses. Other operating expenses are comprised of advertising and

promotions, exchange movements and indirect costs. Indirect costs include staff costs, selling and marketing expenses,
administration expenses, research and development expenses, amortization of software, amortization of brands and other
expenses.

Charges related to Founder Preferred Shares Annual Dividend Amount. The charges relate to
the Founder Preferred Shares Annual Dividend Amount by which the holders of Founder Preferred Shares are entitled to
receive dividends, subject to certain performance conditions. The instrument and its component parts were analyzed
under IFRS 2. The Company intends that any future Founder Preferred Shares Annual Dividend Amount will be equity
settled. Accordingly as of June 1, 2015, the liability was classified as an equity reserve with no further revaluations
through the Statement of Profit or Loss to be expected. Should a Founder Preferred Share Annual Dividend Amount
become due and payable, the market value of any dividend paid will be deducted from the Founder Preferred Shares
Dividend reserve, with any excess deducted from the accumulated profit/(deficit) reserve within equity.
Charges relating to Warrant redemption. The charges relate to the redemption rights of any
outstanding Warrants which were fair valued at each balance sheet date with any changes in fair value charged to the
income statement. The remaining warrants that were issued by the Company in conjunction with its initial public offering in
April 2014 were redeemed in the nine months ended December 31, 2015 and a credit of €0.4 million was recognized in
the Consolidated Statement of Profit or Loss. There are no Warrants currently outstanding.
Exceptional items. The separate reporting of exceptional items which are presented as

exceptional within the relevant income statement category helps provide an indication of our underlying business
performance. Exceptional items have been identified and adjusted by virtue of their size, nature or incidence. In
determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative
factors such as the frequency or predictability of occurrence.
Finance Income. Finance income is comprised of interest income, other financing related income
and net foreign exchange gains on translations of financial assets and liabilities held in currencies other than the
Company’s functional currency.
Finance Costs. Finance costs are comprised of interest expenses, net interest on net defined
pension plan obligations, amortization of borrowing costs, net foreign exchange costs on translations of financial assets
and liabilities held in currencies other than the Company’s functional currency and financing costs incurred as a result of
amendments of debt terms.
Taxation. Taxation is comprised of current tax expenses and deferred tax movements.
Gross Margin. Gross margin is gross profit as a percentage of revenue.
We also utilize certain additional key performance indicators, as described below. We believe these
measures provide an important alternative measure with which to assess our underlying trading performance on a
constant basis. Our calculation of Adjusted EBITDA and Adjusted EBITDA margin may be different from the calculations
used by other companies and therefore comparability may be limited. Adjusted EBITDA and Adjusted EBITDA margin are
non-IFRS measures and you should not consider them an alternative or substitute to operating profit or operating margin
as a measure of operating performance.
Adjusted EBITDA. 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) exited markets, chart of
account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset
impairment charges, the impact of share based payment charges, charges relating to the Founder Preferred Shares
Annual Dividend Amount, charges relating to the redemption of warrants and other unusual or non-recurring items. 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 Margin. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of

revenue.
Currency
Our consolidated financial statements have been presented in Euro, which is our functional
currency. Unless specifically stated otherwise herein, transactions in foreign currencies have been translated at the
foreign exchange rate at the date of the relevant transaction.
Changes in foreign currency rates have a translation impact on our reported operating results.

A significant portion of our operations have functional currencies other than Euro (principally Pound
Sterling). In preparing its financial statements, translations in currencies other than our functional currency are recognized
at the rates of exchange prevailing at the dates of transaction. Accordingly, our results for each of the periods presented
below have been impacted by fluctuations in foreign exchange rates. Where material, the impact of translation of currency
on results has been provided.
Results of Operations for the Year Ended December 31, 2017 and the Year ended December 31, 2016
Successor Successor
Year ended Year ended

December 31, December 31,
2017 2016
Statement of Income data: €m €m
Revenue 1,956.6 1,927.7
Cost of sales (1,357.2) (1,356.7)
Gross profit 599.4 571.0
Other operating expenses (319.3) (298.4)
Exceptional items (37.2) (134.5)
Operating profit 242.9 138.1
Finance income 7.2 24.2
Finance costs (81.6) (86.3)
Net finance costs (74.4) (62.1)
Profit before tax 168.5 76.0
Taxation (32.0) (39.6)
Profit for the period 136.5 36.4
Revenue for the year ended December 31, 2017 was €1,956.6 million (year ended December 31,
2016: €1,927.7 million). The 1.5% revenue increase is driven from both a 3% increase due to volume and mix and a 1%
increase in revenue due to pricing in our Italy, Germany and United Kingdom markets, offset by unfavorable currency
translation movements of 2% and one less trading day of 0.5%.
Gross profit, defined as revenue less cost of sales, increased €28.4 million to €599.4 million for the
year ended December 31, 2017 from €571.0 million for the year ended December 31, 2016. Gross Margin, defined as
gross profit as a percentage of revenue, grew 100 basis points to 30.6% from 29.6% in the year ended December 31,
2016 primarily due to:
• Mix benefit between categories and countries generated a 110 basis point benefit, largely driven by
growth in German and Italian markets which have a higher than average gross margin;
• 80 basis point benefit from pricing and promotional efficiencies; partially offset by
• 80 basis point decrease from unfavorable foreign exchange driven cost increases, primarily in the
United Kingdom post the Brexit announcement.
• 10 basis point reduction due to unfavorable translational foreign exchange.
Other operating expenses increased to €319.3 million for the year ended December 31, 2017 (year
ended December 31, 2016: €298.4 million). The increase of €20.9 million was driven by the reinstatement of the
employee bonus, partly offset by savings in our overhead cost base. Advertising and promotion decreased 1% to
€113.1m, despite increased consumer facing media activity, which benefited from a favorable foreign exchange impact of
2%.

Exceptional items of €37.2 million were incurred in the year ended December 31, 2017 (year ended
December 31, 2016: €134.5 million). Included in this charge are costs incurred in relation to the implementation of the
Nomad strategic vision, which primarily relates to changes to the organizational structure to align behind core products
and implement net revenue management initiatives of €18.8 million (year ended December 31, 2016: €7.0 million).
Supply chain reconfiguration costs primarily related to restructuring activities in Sweden of €14.0 million (year ended
December 31, 2016: €84.3 million). Costs of the Findus Group integration which in the current period primarily relates to
the rollout of the Nomad ERP system of €15.1 million (year ended December 31, 2016: €29.6 million). Costs related to
transactions of €3.2 million which relates to enhanced control compliance procedures in territories, including significant
non-recurring consultant and audit costs (year ended December 31, 2016: €4.8 million relating predominantly to the Iglo
and Findus Acquisitions). Offsetting these costs are a net income on settlement of legacy matters relating to periods prior
to acquisition of the Findus and Iglo businesses of €5.6 million (year ended December 31, 2016: charge of €1.8 million)
and net income related to the re-measurement of indemnification assets of €8.3 million (year ended December 31, 2016:
charge of €10.4 million).
Net finance costs of €74.4 million in the year ended December 31, 2017 (year ended December 31,
2016: €62.1 million) include €50.1 million of interest payable on long term borrowings and other cash pay interest
expenses net of hedges (year ended December 31, 2016: €68.7 million), €20.1 million of financing costs incurred in order
to refinance and amend debt facilities, €4.8 million of other interest and finance costs (year ended December 31, 2016:
€8.3 million), €2.7 million of amortization of capitalized borrowing costs (year ended December 31, 2016: €5.0 million) and
a loss of €3.9 million resulting from the translation of foreign currency-denominated financial assets and liabilities into
Euros (year ended December 31, 2016: gain of €18.3 million). This is offset by gains on derivatives designated as fair
value through profit and loss of €7.0 million (year ended December 31, 2016: loss of €4.3 million) and other finance
income of €0.2 million (year ended December 31, 2016: €5.9 million).
There was a tax charge in the year ended December 31, 2017 of €32.0 million based on the
underlying taxable profits. A taxation charge of €39.6 million was booked in the year ended December 31, 2016 which
included charges for the provision for historic exposures. The difference was due to non-taxable items (such as non tax-
deductible interest and provisions that are not tax effected), partially offset by the non-recognition of deferred tax assets
on certain tax losses.
Results of Operations for the Year ended December 31, 2016 and the nine months ended December 31, 2015
Successor Successor
9 months
Year ended ended
2016 2015
Revenue 1,927.7 894.2
Cost of sales (1,356.7) (663.0)
Gross profit 571.0 231.2
Charge related to Founder Preferred Shares Annual Dividend Amount — (349.0)
Credit related to Warrant Redemption Liability — 0.4
Operating profit/(loss) 138.1 (314.1)
Finance costs (86.3) (44.2)
Net finance costs (62.1) (35.5)
Profit/(loss) before tax 76.0 (349.6)
Taxation (39.6) 12.3
Profit/(loss) for the period 36.4 (337.3)
The figures for the year ended December 31, 2016 represent a full twelve months of operations of
both the Iglo Group and the Findus acquisition compared with the nine months ended December 31, 2015 representing
seven months of operations of the Iglo Group from June 2015 through to December 2015 and two months of operations of
the Findus Acquisition from November through to December 2015. The comments below are on that basis.

Revenue for the year ended December 31, 2016 was €1,927.7 million (nine months to December
31, 2015: €894.2 million).
Gross profit for the year ended December 31, 2016 was €571.0 million and gross margin was
29.6%. (Nine months to December 2015: €231.2 million and a gross margin of 25.9%).
Other operating expenses increased to €298.4 million for the year ended December 31, 2016 (nine
months to December 31, 2015: €138.6 million). The increase of €159.8 million primarily relates to a full twelve months of
operation for both the Iglo Group and the Findus acquisition operating expenses.
Charges related to the Founder Preferred Shares Annual Dividend Amount was €nil for the year
ended December 31, 2016 (nine months to December 31, 2015: €349.0 million). The comparative period charge relates to
the periodic fair value through the Statement of Profit or Loss of the Founder Preferred Shares Annual Dividend Amount
liability up to June 1, 2015. From June 1, 2015, we expect to equity settle any Founder Preferred Shares Annual Dividend
Amount and therefore, as of June 1, 2015, the liability was classified as an equity reserve with no further revaluations
through the Statement of Profit or Loss to be expected. Should a Founder Preferred Share Annual Dividend Amount
become due and payable, the market value of any dividend paid will be deducted from the Founder Preferred Shares
Dividend reserve, with any excess deducted from the accumulated profit/(deficit) reserve within equity.
The charges relate to the redemption rights of any outstanding Warrants which were fair valued at
each balance sheet date with any changes in fair value charged to the income statement. The remaining warrants that
were issued by the Company in conjunction with its initial public offering in April 2014 were redeemed in the nine months
ended December 31, 2015 and a credit of €0.4 million was recognized in the Consolidated Statement of Profit or Loss.
There are no Warrants currently outstanding.
Exceptional items of €134.5 million were incurred in the year ended December 31, 2016 (nine
months to December 31, 2015: €58.1 million). Included in this charge are supply chain reconfiguration costs of €84.3
million (nine months to December 31, 2015: €nil), primarily related to restructuring activities in Sweden, Findus Group
integration costs of €29.6 million (nine months to December 31, 2015: €4.5 million), losses on re-measurement of
indemnification assets costs of €10.4 million (nine months to December 31, 2015: €nil), investigation of strategic
opportunities of €7.0 million (nine months to December 31, 2015: €7.7 million), costs related to transactions of €4.8 million
as a result of the New York Stock Exchange listing (nine months to December 31, 2015: €34.1 million relating
predominantly to the Iglo and Findus Acquisitions), costs related to long-term management incentive plans of €1.9 million
(nine months to December 31, 2015: €3.5 million) and a charge of €1.8 million for settlement of legacy matters relating to
periods prior to acquisition of the Findus and Iglo businesses, primarily for legacy tax audits (nine months to December
31, 2015: €1.9 million). These are offset by an income for other restructuring costs of €1.0 million (nine months to
December 31, 2015: charge of €8.9 million) and net income related to the Cisterna fire of €4.3 million (nine months to
December 31, 2015: €2.5 million).
Net finance costs of €62.1 million in the year ended December 31, 2016 (nine months ended
December 31, 2015: €35.5 million) include €68.7 million of interest payable on long term borrowings and other cash pay
interest expenses (nine months ended December 31, 2015: €38.8 million), €8.3 million of other interest and finance costs
(nine months ended December 31, 2015: €2.8 million), €5.0 million of amortization of capitalized borrowing costs (nine
months to December 31, 2015: €2.1 million) and losses on derivatives designated as fair value through profit and loss of
€4.3 million (nine months ended December 31, 2015: gain of €4.3 million). This is offset by a gain of €18.3 million resulting
from the translation of foreign currency-denominated financial assets and liabilities into Euros (nine months to December
31, 2015: loss of €0.5 million) and finance income of €5.9 million (nine months ended December 31, 2015: €4.4 million).
A tax charge in the year ended December 31, 2016 of €39.6 million was due to increased
profitability and provision for historic exposures. A taxation credit of €12.3 million was booked in the nine months ended
December 31, 2015 relating to seven months of Iglo and two months of Findus operations.

Results of Operations for the Nine months ended December 31, 2015 and the Year ended March 31, 2015
Successor Successor
9 months
ended Year ended
December 31 March 31,
2015 2015
Revenue 894.2 —
Cost of sales (663.0) —
Gross profit 231.2 —
Charge related to Founder Preferred Shares Annual Dividend Amount (349.0) (165.8)
Credit/(Charge) related to Warrant Redemption Liability 0.4 (0.4)
Operating loss (314.1) (167.6)
Finance costs (44.2) —
Net finance (costs)/income (35.5) 0.1
Loss before tax (349.6) (167.5)
Taxation 12.3 —
Loss for the period (337.3) (167.5)
The figures for the nine months ended December 31, 2015 represent seven months of operations
of the Iglo Group from June 2015 through to December 2015 and two months of operations of the Findus Acquisition from
November through to December 2015 compared with the year ended March 31, 2015. Prior to the Iglo Acquisition,
Nomad had no operations.
Revenue for the nine months ended December 31, 2015 was €894.2 million representing seven
months of operations of the Iglo Group from June 2015 through to December 2015 and two months of operations of the
Findus Acquisition. Prior to the Iglo Acquisition, Nomad had no operations.
Gross profit for the nine months ended December 31, 2015 was €231.2 million and gross margin
was 25.9%. The results for the nine months ended December 31, 2015 include a one-time €37.0 million fair value charge
relating to a step-up in inventory values and a €4.9 million charge in relation to cash flow hedge accounting as part of the
Iglo and Findus Acquisitions.
Other operating expenses increased to €138.6 million for the nine months ended December 31,
2015 in comparison to €0.7 million in the year ended March 31, 2015. The increase of €137.9 million primarily relates to
seven months of Iglo and two months of Findus operating expenses.
Charges related to the Founder Preferred Shares Annual Dividend Amount increased to €349.0
million for the nine months ended December 31, 2015 in comparison to €165.8 million in the year ended March 31, 2015.
The charge relates to the Founder Preferred Shares Annual Dividend Amount which was fair valued as of June 1, 2015.
We expect to settle any Founder Preferred Shares Annual Dividend Amount with equity and therefore the liability has
been reclassified as an equity reserve as of June 1, 2015 and no further revaluations are expected.
Exceptional items of €58.1 million in the nine months ended December 31, 2015 relate to the
transaction-related costs incurred by Nomad in connection with the Iglo Acquisition and the Findus Acquisition of €28.2
million, other costs related to transactions of €5.9 million, investigation of strategic opportunities of €7.7 million, other
restructuring costs of €8.9 million, the Findus Group integration costs of €4.5 million, costs related to management
incentive plans of €3.5 million, a charge of €1.9 million for liabilities relating to periods prior to acquisition of the Findus
and Iglo businesses, primarily for legacy tax audits and net income related to the Cisterna fire of €2.5 million.
Net finance costs of €35.5 million in the nine months ended December 31, 2015 relate to €38.8
million of interest payable on debt assumed as part of the Iglo Acquisition, €4.9 million of other interest and finance costs
and €0.5 million resulting from the translation of foreign currency-denominated financial assets and liabilities into Euros
offset by finance income of €4.4 million and a gain on derivatives designated as fair value through profit and loss of €4.3
million.

A taxation credit of €12.3 million was booked in the nine months ended December 31, 2015 relating
to seven months of Iglo and two months of Findus operations.
B. Liquidity and Capital Resources
Overview
We believe that cash flow from operating activities, available cash and cash equivalents and our
access to our revolving credit facility will be sufficient to fund our liquidity requirements for at least the next 12 months. At
December 31, 2017, we had €385.0 million of total liquidity, comprising €219.2 million in cash, €66.0 million of available
borrowings under our revolving credit facility, as well as available borrowings of €58.0 million and $50.0 million (€41.8
million) from the Facility B5 and B6 loans. We also expect to continue to raise cash through equity and debt offerings
when it is advisable to do so. Our principal liquidity requirements have been, and we expect will be, for working capital
and general corporate purposes, including capital expenditures and debt service, as well as to identify and effect strategic
acquisitions.
Restricted Cash
Nomad had cash and cash equivalents of €219.2 million at December 31, 2017, of which €0.2
million was restricted. This compares with cash and cash equivalents of €329.5 million at December 31, 2016 of which
€4.2 million was restricted. Cash may be restricted due to cash held in ring fenced accounts as collateral for guarantees
or funds held in escrow accounts.
Cash Flows
Our primary sources of liquidity for the periods reported were cash flow from operations and
financing activities. Cash flows from financing activities have in the past included, among other things, borrowings under
credit facilities, high yield notes and shareholder loan notes. Our liquidity requirements arise primarily from the need to
meet debt service requirements, to fund capital expenditures, to meet working capital requirements and to fund pension
and tax obligations. Cash flows generated from operating activities, together with cash flows generated from financing
activities, have historically been sufficient to meet our liquidity needs.
The following table summarizes net cash flows with respect to our operating, investing and
financing activities for the periods indicated:
9 months
2017 2016 2015 2015 31, 2015
€m €m €m €m
Net cash provided by / (used in) operating
activities 193.8 282.1 48.0 (0.5) 78.7
Net cash used in investing activities (42.6) (50.4) (959.8) (295.6) (6.3)
Net cash (used in) / provided by financing
activities (241.8) (67.7) 952.5 353.5 (29.4)
Net (decrease)/increase in cash and cash
equivalents (90.6) 164.0 40.7 57.4 43.0
Cash and cash equivalents at end of the period 219.2 329.5 186.1 126.8 268.4
Net Cash from Operating Activities
Net cash from operating activities was €193.8 million for the year ended December 31, 2017, down
from €282.1 million for the year ended December 31, 2016. The €88.3 million decrease was primarily the result of cash
flows related to exceptional items of €99.5 million compared to €49.2 million in the year ended December 31, 2016, as
well as cash flows relating to tax of €65.2 million compared to €24.9 million in the year ended December 31, 2016.
Net cash from operating activities was €282.1 million for the year ended December 31, 2016, up
from €48.0 million for the nine months ended December 31, 2015. The €234.1 million increase was primarily the result of
including twelve months of Iglo and Findus operations compared to the nine months ended December 31, 2015, which
include seven months of Iglo operations and two months of Findus operations.

Net cash used in operating activities for the year ended March 31, 2015 was primarily related to
ongoing costs and expenses prior to the Iglo Acquisition.
Net cash used in operating activities for the five months ended May 31, 2015 related to ongoing
operations.
Net Cash Used in Investing Activities
Net cash used in investing activities was €42.6 million for the year ended December 31, 2017,
compared to net cash used in investing activities of €50.4 million for the year ended December 31, 2016. The outflow in
the year ended December 31, 2017 was due to capital expenditures.
Net cash used in investing activities was €50.4 million for the year ended December 31, 2016,
compared to net cash used in investing activities of €959.8 million for the nine months ended December 31, 2015. The
outflow for the year ended December 31, 2016 included capital expenditures as well as a payment of €8.0 million of
deferred consideration for the Frudesa brand. The outflow in the nine months ended December 31, 2015 was primarily
due to the Iglo Acquisition of €693.6 million, the Findus Acquisition of €556.9 million and offset by redemption of portfolio
investments of €312.1 million.
Net cash used in investing activities was €295.6 million for the year ended March 31, 2015, relating
to investment of our cash prior to the Iglo Acquisition.
Net cash used in investing activities was €6.3 million for the five months ended May 31, 2015
primarily related to capital expenditures.
Net Cash Provided by Financing Activities
Net cash used in financing activities was €241.8 million for the year ended December 31, 2017
compared to net cash used in financing activities of €67.7 million for the year ended December 31, 2016. The outflow for
the year ended December 31, 2017 relates primarily to payments of €177.6 million for the repurchase of the Company's
own shares and payments of €16.7 million for fees incurred as part of the refinancing of the Company's debt
arrangements, partially offset by decreased cash interest expense.
Net cash used in financing activities was €67.7 million for the year ended December 31, 2016
compared to net cash provided by financing activities of €952.5 million for the nine months ended December 31, 2015.
The outflow for the year ended December 31, 2016 relates primarily to interest payments. The inflow in the nine months
ended December 31, 2015 was primarily from the sale of shares in the May and July 2015 Offerings of €1,171.8 million
and €325.0 million drawn on the senior facilities to fund the Iglo Acquisition and the Findus Acquisition, offset by a
repayment of loan principal of €490.0 million and €40.8 million of interest paid.
Net cash provided by financing activities was €353.5 million for the year ended March 31, 2015,
primarily resulting from the issuance of ordinary shares in the 2014 Offering.
Net cash used in financing activities was €29.4 million for the five months ended May 31, 2015
primarily related to interest payable on the senior debt.
Capital Expenditures
Our capital expenditures in 2017 consisted, and in 2018 we expect to consist of, primarily
expenditures for factory capacity expansion and maintenance, cost savings projects, information systems, innovation,
regulatory compliance, acquisitions, including the Green Isle Foods Ltd. acquisition and other items.
The following table sets forth our capital expenditures for the periods indicated, including as a
percentage of revenue:
9 months
2017 2016 2015 2015 31, 2015
€m €m €m €m €m
Capital expenditures 42.6 42.4 21.4 — 6.3
Capital expenditure as a % of revenue 2.2% 2.2% 2.4% — 1.0%

Debt
Senior Facilities Agreement.
On April 28, 2017, we entered into an Amendment and Restatement Agreement with Nomad Foods
Europe Midco Limited, Credit Suisse AG, London Branch, as security agent and agent on behalf of certain other finance
parties thereto, and the other lenders and parties thereto relating to that certain Senior Facilities Agreement dated July 3,
2014 (as amended and restated from time to time, including pursuant to amendment and restatement agreements dated
October 23, 2015, April 28, 2017 and December 20, 2017, the "Senior Facilities Agreement"). Pursuant to the Amendment
and Restatement Agreement, as of the closing of the refinancing on May 3, 2017, the Senior Facilities Agreement was
amended and restated to, among other things (i) refinance the existing term loan facilities by establishing a €500.0 million
term loan facility and a $610.0 million term loan facility, both with maturity dates extending to May 2024, (ii) extend the
maturity of its €80.0 million revolving credit facility until May 2023 and (iii) renegotiate the terms of certain covenants
contained therein, each as more fully described in the Senior Facilities Agreement. The Euro denominated term loan
bears interest at a rate per annum equal to EURIBOR plus 3.00% and each of the USD denominated term loan and
revolving facility bears interest at a rate per annum equal to LIBOR/EURIBOR (as applicable) plus 2.75%. If EURIBOR or
LIBOR is less than zero, EURIBOR or LIBOR (as the case may be) shall be deemed to be zero. Pursuant to the
Amendment and Restatement Agreement, at the closing, we also entered into an amended and restated Intercreditor
Agreement originally dated July 3, 2014 with Credit Suisse AG, London Branch, as security agent and certain other
parties thereto.
In order to match its underlying cash flows the Company has entered into a number of cross-
currency interest rate swaps. In exchange for $610.0 million the Company has received €299.3 million and £226.7 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 whilst EUR to GBP swaps to the value of
£187.6 million have been designated as a net investment hedge.
On December 20, 2017, we entered into an Amendment and Restatement Agreement with Credit
Suisse AG, London Branch, as security agent and agent on behalf of certain other finance parties thereto, and the other
lenders and parties thereto relating to the Senior Facilities Agreement to, among other things, (i) reprice the €500.0 million
term facility (the "Facility B3 Loan") and the $610.0 million term facility (the "Facility B4 Loan" and together with the Facility
B3 Loan, the "New Facility Loans") and (ii) establish a €58.0 million incremental term facility (the "Facility B5 Loan") and a
$50.0 million incremental term facility (the "Facility B6 Loan" and together with the New Facility Loans and the Facility B5
Loan, the "Facility Loans"), each as more fully described in the Senior Facilities Agreement. Following the closing, the
margin on the Facility B3 Loan is 25 basis points lower than that on the existing €500.0 million term facility (the "Facility
B1 Loan") and the margin on the Facility B4 Loan is 50 basis points less than that on the existing $610.0 million term
facility (the "Facility B2 Loan" and together with the Facility B1 Loan, the "Existing Facility Loans"). This reduction is
expected to result in approximately €3.7 million of annual cash interest savings.
Concurrently with the creation of the New Facility Loans, the Existing Facility Loans (to the extent
they were not rolled into the New Facility Loans) were paid in full. Each of the Facility Loans has a maturity date of May
2024, which is the same as the maturity date of the Existing Facility Loans. Each of the Euro denominated term loans
bears interest at a rate per annum equal to EURIBOR plus 2.75% per annum and each of the USD denominated term
loans bears interest at a rate per annum equal to LIBOR (as applicable) plus 2.25% per annum. If EURIBOR or LIBOR is
less than zero, EURIBOR or LIBOR (as the case may be) shall be deemed to be zero. Except as set forth in the Senior
Facilities Agreement and as described above and subject to the re-setting of the 6 month soft-call period (i) the Facility B3
Loan and the Facility B5 Loan had identical terms as the existing Facility B1 Loan and (ii) the Facility B4 Loan and the
Facility B6 Loan had identical terms as the existing Facility B2 Loan and, in each case, are (or were) otherwise subject to
the provisions of the Senior Facilities Agreement. On January 31, 2018, the $50.0 million incremental term facility was
fully drawn and on February 9, 2018, the €58.0 million incremental term facility was fully drawn.
In addition, the Senior Facilities Agreement has an €80.0 million revolving credit facility of which up
to €22.0 million can be used for the issuance of letters of credit.
The revolving credit facility matures on May 15, 2023 and bears interest at a rate per annum equal
to LIBOR or, in relation to any loan in Euro, EURIBOR, plus the applicable margin. The applicable margin is 2.75% per
annum. Interest on the revolving credit facility is payable at the end of each interest period which, at the option of the
borrower, may be one, two, three or six months or any other period agreed with the facility agent.

As of December 31, 2017, we had approximately €1,009.5 million (December 31, 2016; €964.2
million) of indebtedness outstanding under our term loan facilities and no amounts outstanding under our revolving credit
facility, other than €14.0 million (December 31, 2016; €13.2 million) in stand-by letters of credit.
The Senior Facilities Agreement contains certain customary negative operating covenants (certain
of which are not applicable depending on the ratio of Consolidated Total Net Debt to Consolidated EBITDA) and other
customary provisions relating to events of default, including non-payment of principal, interest or fees, misrepresentations,
breach of covenants, creditor process, cross default to other indebtedness of the borrowers and its subsidiaries in excess
of €35.0 million, cessation of business, and material adverse change. We shall ensure that if, in respect of any Relevant
Period ending after the Closing Date, the aggregate amount of: (i) all Revolving Facility Loans; (ii) drawn Letters of Credit;
and (iii) Ancillary Outstanding’s (but excluding Ancillary Outstanding’s by way of undrawn letters of credit and undrawn
bank guarantees under the relevant Ancillary Facility), (together the “RCF Drawings”) calculated as at the last day of each
such Relevant Period, is equal to or exceeds 40% of the Total Revolving Facility Commitments as at such date, Debt
Cover in respect of that Relevant Period shall not exceed 8.00:1.
Fixed Rate Senior Secured Notes due 2024. On May 3, 2017, we entered into an indenture with Nomad Foods Bondco
Plc, our indirect, wholly-owned subsidiary, our direct and indirect subsidiaries named as guarantors therein (together with
us, the "Guarantors") and Deutsche Trustee Company Limited, as trustee thereunder, pursuant to which we issued €400.0
million aggregate principal amount of 3.250% Fixed Rate Senior Secured Notes. The Fixed Rate Senior Secured Notes
will mature on May 15, 2024. Interest on the Fixed Rate Senior Secured Notes will accrue at the rate of 3.25% per annum
and is payable semi-annually in arrears. The Fixed Rate Senior Secured Notes are fully and unconditionally guaranteed
on a senior basis by the Guarantors, subject to the limitations set forth in the indenture. The Fixed Rate Senior Secured
Notes are currently admitted to the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF
Market. We used the proceeds received in connection with the Fixed Rate Senior Secured Notes offering and the Senior
Facilities Agreement, as amended on May 3, 2017, to repay the €500.0 million floating rate senior secured notes due
2020.
The indenture contains customary events of default and customary covenants including limitations
on indebtedness, restricted payments, liens, restrictions on distributions from restricted subsidiaries, sales of assets and
subsidiary stock, affiliate transactions, our activities, such as merger, conveyance, transfer or lease of all or substantially
all of our assets, and compliance requirements with respect to additional guarantees, reporting, additional intercreditor
agreements, payment of notes, withholding taxes, change of control, compliance certificate, payments for consent and
listing requirements.
The Fixed Rate Senior Secured Notes are redeemable at our option in whole or in part, from time to
time, upon not less than 10 nor more than 60 days' prior notice on or after May 15, 2020 at redemption prices specified in
the indenture plus accrued and unpaid interest to the redemption date.
Pension Plans
We maintain defined benefit pension plans in Germany, Sweden, Italy and Austria as well as
various defined contribution plans in other countries. The defined benefit pension plans are partially funded in Germany
and Austria and unfunded in Sweden and Italy. All defined benefit pension plans are closed to new entrants and there is
no current requirement to fund the deficit in any plan. We also maintain various defined contribution pension plans in other
countries, the largest of which include Sweden and the United Kingdom. In most countries, long term service awards are
in operation.
For accounting purposes, as of December 31, 2017 (based on the assumptions used), the deficit
for the net employee benefit obligations equaled €188.4 million (December 31, 2016: €190.9 million).
For the year ended December 31, 2017 pension costs related to defined benefit, defined
contributions and long-term benefit plans equated to €18.2 million. For the year ended December 31, 2016 pension costs
related to defined benefit, defined contributions and long-term benefit plans equated to €17.3 million. For the nine months
ended December 31, 2015, such costs equaled €8.2 million. This includes all costs related to the pension schemes and
other long-term benefits plans as well as associated interest costs.
For additional information, see Note 23 “Employee benefits” to our audited consolidated financial
statements which appear elsewhere in this annual report.
A description of our principal accounting policies, critical accounting estimates and key judgments is
set out in Note 3 and Note 4 to our audited consolidated statements which appear elsewhere in this annual report.

C. Research and development, patents and licenses, etc.
We focus our efforts on renovation of core products and our investment in market research on
ensuring that the products we launch overcome penetration barriers. In addition, we operate a structured stage gate
process through which we take new products from idea generation, through concept screening, concept/products
laboratories and early volume sizing, to final validation.
We operate one central “Category Marketing Operational Review Board” (“CMOR”) which is
responsible for reviewing and approving innovations across the Company. Our research and development team is
centralized, allowing us to leverage our investment in research development across our markets, thus maximizing our
ability to generate successful innovations efficiently.
We spent €15.4 million for the year ended December 31, 2017, €13.3 million in the year ended
December 31, 2016, €12.1 million for the nine months ended December 31, 2015, €nil in the year ended March 31, 2015
and €7.2 million in the five months ended May 31, 2015 on company-sponsored research and development activities.
D. Trend information
We are subject to the following key industry trends and challenges which have impacted, and may
continue to impact, our business, operations and financial performance:
1. Consumer Preferences. Consumer preferences drive demand for our products. There are
a number of trends in consumer preferences which are having an impact on us and the
frozen food industry as a whole. These include preferences for speed, convenience and
ease of food preparation; natural, nutritious and well-proportioned meals; and products
that are sustainably sourced and produced and are otherwise environmentally friendly.
Our results of operation depend in large part on the continued appeal of our products
and, given the varied backgrounds and tastes of our customer base, our ability to offer a
sufficient range of products to satisfy a broad spectrum of preferences. In order to
address consumer needs and ensure the continued success of our products, we aim to
introduce new products, renovate core products and extend existing product lines on a
timely basis.
2. Competition. In addition to the competition we face from traditional, well-established

branded frozen food manufacturers, over the last few years we have seen increased
competition from the discounter channel. Discounters are supermarket retailers which
offer food and grocery products at discounted prices and which typically focus on non-
branded rather than branded products. The discounter channel has been growing at a
faster rate than the traditional retailer channels over the last several years. To address
this growing trend, we intend to pursue opportunities to increase our presence with the
discounter channel, particularly the hard discounter channel. With the growth of the
discounter channel, in an effort to compete, our traditional retail customers have
increased their offering of their own private label products. Because these customers
control the shelf space allocations within their stores, they may allocate more shelf space
to their private label products in accordance with their respective promotional
strategies. To address decreases in shelf space allocated to our products, we have
expanded our focus on “category captaincy”. As a “category captain”, we cooperate with
retailers and invest in the strategic development of our food categories. As we increase
our influence with retailers, we expect this will translate into an increased share of shelf
space and provide more favorable positioning of our products relative to the competition.
3. Shopping Habits. The online grocery retail channel is growing faster than traditional
grocery retail formats across developed markets. Consumers with increasingly busy
lifestyles are choosing the online grocery channel as a more convenient and faster way of
purchasing their food products, and are also increasingly using the internet for meal
ideas. Frozen foods particularly benefit from the online channel as the advantages to the
consumer of outsourcing transportation of frozen food to the retailer are greater than in
other categories, and also because some of the barriers to purchasing in-store (e.g.
colder aisles) are removed for the consumer online. We are responding to the growing
consumer shift to digital and mobile technologies, particularly in the United Kingdom, by

investing in technology platforms and partnering with retailers that are executing their
own e-commerce strategies to meet changing consumer habits.
E. Off-balance sheet arrangements
We did not have any material off-balance sheet arrangements during the reported periods.
F. Tabular disclosure of contractual obligations
The following table summarizes our estimated material contractual cash obligations and
commercial commitments as of December 31, 2017, and the future periods in which such obligations are expected to be
settled in cash:
Cash payments due by period
(€ in millions) Total Less than 1 year 1-3 years 3-5 years After 5 years
Long term debt 1,409.5 5.1 10.2 10.2 1,384.0
Long term debt—interest (1) 292.4 46.3 92.0 91.2 62.9
Cross currency interest rate swap
payments (2) 916.2 29.1 57.3 829.8 —
Cross currency interest rate swap
receipts (2) (885.5) (32.0) (63.0) (790.5) —
Forward contracts - Sell (2) 484.0 484.0 — — —
Forward contracts - Buy (2) (479.6) (479.6) — — —
Operating leases (3) 168.3 17.8 26.1 17.8 106.6
Purchase commitments (4) 300.8 183.2 72.7 44.9 —
Total (5) 2,206.1 253.9 195.3 203.4 1,553.5
(1) Represents estimates of future interest payable, which will depend upon the timing of cash flows as well as fluctuations in the
applicable interest rates and the Company’s debt structure. These forecasts have been compiled using the debt structure as at
December 31, 2017 with constant foreign exchange and interest rates until the debt matures in 2024.
(2) Cross currency interest rate swap payments and forward contracts are presented alongside receipts to show the net liability.
(3) Excludes contractual annual increases linked to inflation indices. A proportion of these contractual commitments are included in the
consolidated balance sheet within provisions where no future economic benefit will be received.
(4) Represents capital and raw material expenditures as well as and long term service contracts which we have committed to make but
which are not yet payable. Amounts also exclude provisions already included within the consolidated balance sheet.
(5) Retirement benefit obligations of €188.4 million are not presented above as the timing of the settlement of these obligations is
uncertain. Certain long-term liabilities related to income taxes, insurance accruals, and other accruals included on the consolidated
balance sheet are excluded from the above table as we are unable to estimate the timing of payments for these items.
G. Safe harbor
See the section entitled “Cautionary Statement Regarding Forward-Looking Statements” at the
beginning of this annual report.

Item 6. Directors, Senior Management and Employees
A. Executive Officers and Directors
The following table lists each of our executive officers and directors and their respective ages and
positions as of March 22, 2018.
Name Director since Age Position
Martin E. Franklin April 4, 2014 53 Co-Chairman
Noam Gottesman April 4, 2014 56 Co-Chairman
Ian G.H. Ashken June 16, 2016 57 Director
Jason Ashton N/A 50 Interim Chief Financial Officer
Stéfan Descheemaeker May 28, 2015 57 Chief Executive Officer and Director
Mohamed Elsarky August 22, 2017 60 Director
Jeremy Isaacs CBE February 16, 2016 54 Director
Paul Kenyon August 8, 2017 54 Director
James E. Lillie May 28, 2015 56 Director
Lord Myners of Truro CBE April 4, 2014 69 Lead Independent Director
Victoria Parry February 16, 2016 52 Director
Simon White November 30, 2016 59 Director
Set forth below is a brief biography of each of our executive officers and directors.
Martin E. Franklin, our co-founder and co-Chairman has been a director of Nomad since April
2014. Martin E. Franklin is the founder and CEO of Mariposa Capital LLC and Chairman and controlling shareholder of
Royal Oak Enterprises, LLC. Currently, Mr. Franklin is also Founder and Chairman of Platform Specialty Products
Corporation, a director of Restaurant Brands International Inc. and a Director of J2 Acquisition Limited. Mr. Franklin was
the founder and Chairman of Jarden Corporation ("Jarden") from 2001 until April 2016 when Jarden merged with Newell
Brands Inc ("Newell"). Mr. Franklin became Chairman and Chief Executive Officer of Jarden in 2001, and served as
Chairman and Chief Executive Officer until 2011, at which time he began service as Executive Chairman. Prior to founding
Jarden in 2001, Mr. Franklin served as the Chairman and/or Chief Executive Officer of three public companies: Benson
Eyecare Corporation, Lumen Technologies, Inc., and Bollé Inc. between 1992 and 2000. In the last five years, Mr. Franklin
served as a director of the following public companies: Newell Brands, Inc., Burger King Worldwide, Inc. (until its
transaction with Tim Hortons, Inc. and the creation of Restaurant Brands in December 2014) and Promotora de
Informaciones, S.A.
Noam Gottesman, our co-founder and co-Chairman has been a director of Nomad since April
2014. Mr. Gottesman is the Founder and Managing Partner of TOMS Capital LLC, which he founded in 2012. Mr.
Gottesman is also a co-founder and non-executive director of Landscape Acquisition Holdings Limited, an acquisition
vehicle that completed its $500 million initial public offering and listing on the London Stock Exchange in November 2017.
Mr. Gottesman was the co-founder of GLG Partners Inc. and its predecessor entities where he served in various chief
executive capacities until January 2012. Mr. Gottesman served as GLG’s chief executive officer from September 2000
until September 2005, and then as its co-chief executive officer from September 2005 until January 2012. Mr. Gottesman
was also chairman of the board of GLG following its merger with Freedom and prior to its acquisition by Man Group plc.
Mr. Gottesman co-founded GLG as a division of Lehman Brothers International (Europe) in 1995 where he was a
Managing Director. Prior to 1995, Mr. Gottesman was an executive director of Goldman Sachs International, where he
managed global equity portfolios in the private client group.
Ian G.H. Ashken was the co-founder of Jarden and served as its Vice Chairman and President until
the consummation of Jarden’s business combination with Newell in April 2016. Mr. Ashken was appointed to the Jarden
board on June 25, 2001 and served as Vice Chairman, Chief Financial Officer and Secretary from September 24, 2001.
Mr. Ashken was Secretary of Jarden until February 15, 2007 and Chief Financial Officer until June 12, 2014. Prior to
Jarden, Mr. Ashken served as the Vice Chairman and/or Chief Financial Officer of three public companies, Benson
Eyecare Corporation, Lumen Technologies, Inc. and Bollé Inc. between 1992 and 2000. Mr. Ashken also serves as a
director of Platform Specialty Products Corporation and is a director or trustee of a number of private companies and
charitable institutions. During the last five years, Mr. Ashken also previously served as a director of Newell Brands, Inc.
and Phoenix Group Holdings.

Jason Ashton became Interim Chief Financial Officer in August 2017. An experienced Finance
Director, Jason joined Iglo Group in September 2013 and was most recently Group Finance Director at Nomad Foods
Europe. A qualified chartered accountant, Jason spent twelve years at Cadbury, subsequently Mondelez International
from 2001 to 2013 where he had a variety of senior finance and management roles. This included the role of Strategy
Director for Central and Eastern Europe where he was responsible for mergers and acquisitions. Jason also spent a year
as Chief Executive Officer and Chief Financial Officer of the private equity led baby food company, Plum Baby. His early
management career included positions at Diageo, Tetley and KPMG. Mr. Ashton is a Fellow of the Institute of Chartered
Accountants in England and Wales.
Stéfan Descheemaeker was appointed as the Chief Executive Officer of the Company and of Iglo
on June 1, 2015. He was previously at Delhaize Group SA, the international food retailer, where he was Chief Financial
Officer between 2008 and 2011 before becoming Chief Executive Officer of its European division until October 2013.
Since leaving Delhaize Group SA, Mr. Descheemaeker has taken on board positions with Telenet Group Holdings N.V.
and Group Psychologies, served as an industry advisor to Bain Capital and been a professor at the Université Libre de
Bruxelles. Between 1996 and 2008, Mr. Descheemaeker was at Interbrew (now Anheuser-Busch InBev) where he was
Head of Strategy & External Growth responsible for managing M&A and strategy, during the time of the merger of
Interbrew and AmBev in 2004, and prior to that he held operational management roles as Zone President in the U.S.,
Central and Eastern Europe, and Western Europe. Mr. Descheemaeker started his career with Cobepa, at that time the
Benelux investment company of BNP-Paribas. Mr. Descheemaeker currently serves as a Director on the Board of
Anheuser-Busch InBev, a position he has held since 2008.
Mohamed Elsarky was President and CEO of Godiva Chocolatier Inc. from 2014 to 2017, based in
New York and London; he was also a member of the Board. Godiva Chocolatier is the leading global premium chocolate
brand and Mr Elsarky was responsible or the company’s global sales spanning more than 100 countries, with 800 retail
stores, and several thousand points of sale in global travel retail and domestic market channels. Mr Elsarky joined Godiva
in 2010 when he served as President International, directing the company’s strategy and operations across all markets
outside US and Canada.Prior to that, Mr Elsarky served as an Operating Partner of Lion Capital, a leading private equity
company based in London specializing in consumer brands. He was Executive Chairman of portfolio companies,
identifying businesses for acquisition and developing strategies to develop them. He has direct responsibility for two such
portfolio companies, Vaasan & Vaasan Group, the leading fresh bakery business in Finland and the Baltic region, and Ad
van Gelovan, the market leader in frozen snacks in the Benelux. He was executive Chairman of both companies. From
2004-2006 Mr Elsarky served as President, Northern Europe, based in Paris, for United Biscuits, where he was appointed
to lead the turnaround of its Northern European businesses. This included overseeing well-known brands including BN,
Delacre, Sultana, McVities and Carr’s crackers. As Managing Director of Jacob’s Bakery from 2002-2004, then under
ownership by Danone, Mr Elsarky’s key focus was to return the business to sustainable growth. He eventually
recommended to the Danone Board the sale of Jacobs and opted to remain with the Jacobs’ team as it transitioned to
United Biscuits. Earlier in his career, from 1988-2001, Mr Elsarky held a number of positions with Kellogg Company, in
Australia, Asia and USA. He latterly became Chairman and CEO, Australia and New Zealand. Mr Elsarky is currently a
Non-Executive Director of The East India Company in the U.K. He also served as Non-Executive Chairman of British
Canoeing, member of the British Olympic Association, member of Australian Council for Children and Parenting and Kids
Helpline Charity (Australia).
Jeremy Isaacs is a Founding Partner of JRJ Group. At JRJ Group, Mr. Isaacs is closely involved
with the implementation and guidance of fund strategy, as well as the development and execution of portfolio company
strategy. Prior to establishing JRJ Group, in late 2008, Mr. Isaacs held senior executive positions with Lehman Brothers
with responsibility for businesses outside North America. Mr. Isaacs serves as a non-executive director of Marex
Spectron, Food Freshness Technology and Landscape Acquisition Company. He participates in numerous philanthropic
activities, holding a range of positions, including Trustee of The J Isaacs Charitable Trust, member of the Bridges
Development Fund Advisory Board, and Trustee of the Noah’s Ark Children’s Hospice. Mr. Isaacs is an Honorary Fellow of
the London Business School. He served as non-executive director of Imperial College Healthcare NHS Trust from October
2013 to September 2016, and was a member of the British Olympic Advisory Board between 2007 and 2012. Mr. Isaacs
was appointed Commander of the Order of the British Empire (CBE) in the 2015 Queen’s Birthday Honours for his
services to the NHS.
Paul Kenyon is Chief Financial Officer of C&J Clark Limited, the leading casual shoe brand with
retail, online and wholesale operations in around 100 countries. He was previously Chief Financial Officer of Nomad
Foods Limited from June 2015 until August 2017, having previously served as Chief Financial Officer of Iglo from June
2012. Mr. Kenyon joined the Iglo Group from AstraZeneca PLC where his most recent role was CFO for AstraZeneca’s
Global Commercial business. Prior to that, Mr. Kenyon spent three years as Senior Vice President, Group Finance and for
a period held the role of Chairman of AstraTech, AstraZeneca’s medical technology subsidiary, concluding with its

successful disposal. Mr. Kenyon’s prior career includes a broad range of senior finance roles at Allied Domecq PLC as
well as experience gained at Mars, Incorporated and Courtaulds PLC. Mr. Kenyon is a Fellow of the Chartered Institute of
Management Accountants.
James E. Lillie served as Jarden’s Chief Executive Officer from June 2011 until the consummation
of Jarden’s business combination with Newell in April 2016. He joined Jarden in 2003 as Chief Operating Officer and was
named President in 2004 and CEO in June 2011. From 2000 to 2003, Mr. Lillie served as Executive Vice President of
Operations at Moore Corporation, Limited. From 1999 to 2000, he served as Executive Vice President of Operations at
Walter Industries, Inc., a Kohlberg, Kravis, Roberts & Company (KKR) portfolio company. From 1990 to 1999, Mr. Lillie
held a succession of senior level management positions across a variety of disciplines including human resources,
manufacturing, finance and operations at World Color, Inc., another KKR portfolio company. Mr. Lillie serves on the board
of the US-China Business Council (USBC), a private, nonpartisan, nonprofit organization of American companies that do
business in China. Since February 2017, Mr. Lillie has served on the board of directors of Tiffany & Co. and since October
2017 has served on the board of directors of J2 Acquisition Limited.
Lord Myners is Chancellor of the University of Exeter and a member of Court and Council of the
London School of Economics and Political Science. He served as the Financial Services Secretary in Her Majesty’s
Treasury, the United Kingdom’s finance ministry, from October 2008 to May 2010. Prior to his service at the Treasury, Lord
Myners served as chairman or a member of the board of several organizations, including as chairman of Guardian Media
Group from 2000 to 2008, director of GLG Partners Inc. from 2007 to 2008, Director of Land Securities Group plc from
2006 to 2008 (chairman from 2007 to 2008), chairman of Marks & Spencer plc from 2004 to 2006, and chairman of Aspen
Insurance Holdings Ltd from 2002 to 2007. Lord Myners served as chairman of Platform Acquisition Holdings Limited
(now known as Platform Specialty Products Corporation) from April 2013 until its business combination with MacDermid,
Incorporated in October 2013. He also served as the chairman of Justice Holdings Limited, a special purpose acquisition
company, from February 2011 until its business combination with Burger King Worldwide, Inc. in June 2012. From 1986 to
2001, he served as a director of Gartmore Investment Management Limited. He has also served in an advisory capacity to
the United Kingdom Treasury and the United Kingdom Department of Trade & Industry, with particular focus on corporate
governance practices. Other positions held by Lord Myners have included chairman of the Trustees of Tate, chairman of
the Low Pay Commission, a member of the Court of the Bank of England, a member of the Investment Board of GIC,
Singapore’s sovereign wealth fund. Lord Myners is currently serving as a non-executive director of Windmill Hill Asset
Management. He is vice chairman of Global Counsel, the non-executive chairman of Autonomous Research LLP,
chairman and a partner of Cevian Capital LLP and Chairman of Daniel J Edelman (UK). Lord Myners is a graduate, with
honors, from University of London and has an honorary doctorate from the University of Exeter. He is a Visiting Fellow at
Nuffield College, Oxford and an Executive Fellow at London Business School. He is a crossbench member of the UK’s
House of Lords, the senior chamber in Parliament.
Victoria Parry was Global Head of Product Legal for Man Group plc until April 2013 and now acts
as an independent non-executive director and consultant to the funds industry. Prior to the merger of Man Group plc with
GLG Partners, Inc. in 2010, she was Senior Legal Counsel for GLG Partners LP. Ms. Parry joined Lehman Brothers
International (Europe) in April 1996 where she was Legal Counsel with responsibility for inter alia the activities of the GLG
Partners division and left Lehman Brothers in September 2000 upon the establishment of GLG Partners LP. Prior to
joining Lehman Brothers in 1996 Ms. Parry practiced as a solicitor with a leading London based firm of
solicitors. Ms. Parry graduated from University College Cardiff, with a LLB (Hons) in 1986. Ms. Parry is a solicitor and a
member of the Law Society of England and Wales. Ms. Parry is a director of a number of other companies.
Simon White was, until 2014, Chief Operating Officer of Man Group PLC where he was a member
of the Executive Committee. Prior to the merger of Man Group PLC with GLG Partners, Inc. in 2010, Mr. White served as
Chief Operating Officer of GLG Partners, Inc. from its inception and was also Chief Financial Officer until mid-2008. From
1993 to 2000 he worked at Lehman Brothers in a number of different roles. Since 2014, Mr. White has been involved in
leadership roles in a range of early stage businesses with a special focus on FinTech, and is currently a director of Axim
Holdings Limited. In 2017 he became a non-executive director of Ask Inclusive Finance and in January 2018 became a
non-executive director of Bridge Invest Limited. Mr. White is a Fellow of the Institute of Chartered Accountants in England
and Wales.

B. Compensation of Executive Officers and Directors
This section sets forth for the year ended December 31, 2017: (i) the compensation and benefits
provided to our executive officers, (ii) a brief description of the bonus programs in which our executive officers
participated, and (iii) the total amounts set aside for pension, retirement and similar benefits for our executive officers. This
section also describes the Nomad Long Term 2015 Incentive Plan (“LTIP”) including a summary of the material terms of
the LTIP, a description of current executive employment agreements and equity awards granted thereunder, and a
description of our director compensation program.
Executive Compensation
Executive Officer Compensation and Benefits for the year ended December 31, 2017
For the year ended December 31, 2017, Nomad’s executive officers received total compensation,
including base salary, cash and equity bonus, and certain perquisites, equal to €3.2 million in the aggregate.
Pension, Retirement and Similar Benefits
Our executive officers who participate in our money purchase pension plans do so on generally the
same terms as our other employees. The aggregate amount of the employer contributions to this plan for our executive
officers during the year ended December 31, 2017 was less than €0.1 million.
Employment Agreements
Chief Executive Officer. Stéfan Descheemaeker was appointed as the Chief Executive Officer of
the Company and as a Director of the Company effective on June 1, 2015. He entered into his Service Agreement with us
on June 17, 2015. Under the agreement, Mr. Descheemaeker will receive an annual salary that will be reviewed, but not
necessarily increased, on an annual basis .The first review took place in 2017 which increased Mr. Descheemaeker's
salary to £714,000. Mr. Descheemaeker is entitled to receive the following benefits under the terms of his agreement:
(a) an annual contribution of £70,000, paid either to a pension plan or to Mr. Descheemaeker directly
(as he so directs);
(b) eligibility for performance-related discretionary cash bonuses (up to 100% of salary), subject to the
achievement of financial and other performance targets as we may decide;
(c) an award of 2,000,000 ordinary shares in the Company, 50% of which will vest on the Company
exceeding an agreed EBITDA target and 50% of which will vest subject to the Company’s shares
achieving a specified target price. Both tranches of shares are also subject to further vesting
conditions relating to Mr. Descheemaeker’s tenure as Chief Executive Officer; and
(d) an annual car allowance of £14,400, death in service benefit (three times salary), permanent health
insurance (£500,000) and family medical insurance.
We have the right to place Mr. Descheemaeker on paid leave for up to six months of his 12 month
notice period. Mr. Descheemaeker is subject to confidentiality provisions and to non-competition and non-solicitation
restrictive covenants for a period of between six and 12 months after the termination of his employment, subject to an off-
set for paid leave.
Nomad Foods 2015 Long Term Incentive Plan (“LTIP”)
Eligibility
The LTIP is discretionary and will enable the Compensation Committee to make grants (“Awards”)
to any director or employee of the Company, although the current intention of the Committee is that Awards be granted
only to directors and senior management.
Awards
Under the LTIP, the Committee or Board may grant Awards in the form of rights over ordinary
shares. Where an Award vests, the participant will receive ordinary shares free and clear of any restrictions, other than
those imposed by applicable securities laws.

Performance conditions
The vesting of Awards will be subject to conditions determined by the Committee. The current policy
of the Committee is for vesting to be both time-based and related to the financial performance of the Company. Generally,
the vesting period (i.e. the period over which performance is to be measured) will be between three and five years, and
the ordinary shares subject to the Award will vest subject to the participant remaining an employee of the Company at the
vesting date and any performance targets relating to the Award having been fulfilled.
Permitted dilution
No Award may be granted on any date if, as a result, the total number of ordinary shares issued or
remaining issuable pursuant to Awards or options granted in the previous ten years under the LTIP or any other
employees’ share plan operated by the Company would exceed 10% of the issued ordinary share capital of the Company
on that date.
Awards may at the discretion of the Committee be satisfied out of new issue shares, treasury
shares or shares provided out of an employee trust. Ordinary shares issued will rank pari passu with ordinary shares in
issue at that time, save in relation to rights arising by reference to a record date before the date of issue. Participants will
not be entitled to votes or dividends on the ordinary shares subject to Awards until such Awards vest.
Early vesting
Unless otherwise determined by the Committee, if a participant ceases to be employed by the

Company due to death, disability, or otherwise as a good leaver, as determined by the Committee Awards will vest to the
extent performance targets (adapted, if necessary, at the discretion of the Committee, to take into account the shortened
vesting period) have been achieved and subject to the Committee’s discretion to waive the performance targets in whole
or in part. If a participant ceases employment for any other reason their Award(s) will lapse to the extent unvested at the
date of cessation.
Change of Control
Unless otherwise determined by the Committee, in the event of a Change of Control or winding up
of the Company (including by reason of an offer or scheme of arrangement), Awards will vest in accordance with the
performance targets applied up the date of the Change of Control, subject to the Committee’s discretion to waive such
targets in whole or in part.
Variation in share capital
The Committee may make such adjustments to Awards as it considers appropriate to preserve their
value in the event of any variation in the ordinary share capital of the Company or to take account of any demerger or
special dividend paid (or similar event which materially affects the market price of ordinary shares).
Amendments
The Committee may amend the LTIP as it considers appropriate, subject to the written consent of
participants to changes to their disadvantage to existing Awards. Shareholder approval is required to increase the
permitted dilution limits.
General
Benefits under the LTIP will not be pensionable. Awards are not transferable except to the
participant’s personal representatives on death.
Director Compensation
In 2017, each of our non-executive directors (other than Messrs. Gottesman and Franklin) received,
and are entitled to receive in 2018 $50,000 per year together with an annual restricted stock grant issued under the LTIP
equal to $100,000 of ordinary shares valued at the date of issue, which vest on the earlier of the date of the following
year’s annual meeting of shareholders or 13 months from the issuance date. For those Directors who are members of
board committees, each member is entitled to receive an additional $2,000 per year. The chairman of the Audit
Committee, currently, is entitled to receive $10,000 per year and the chairmen of the Compensation and Nominating and

Corporate Governance Committees, currently and respectively, are entitled to receive $7,500 per year. Messrs.
Gottesman and Franklin will not receive a fee in relation to their services as Directors.
Director fees are payable quarterly in arrears. In addition, all of the Directors are entitled to be
reimbursed by us for travel, hotel and other expenses incurred by them in the course of their directors’ duties.
C. Board Practices
Board Composition and Election of Directors
Our board of directors currently consists of eleven members. Our Memorandum and Articles of
Association provides that our board of directors must be composed of at least one director. The number of directors is
determined from time to time by resolution of our board of directors. Messrs. Gottesman and Franklin serve as Co-
Chairmen of our board of directors. The Co-Chairmen have primary responsibility for providing leadership and guidance to
our board and for managing the affairs of our board. Lord Myners is our lead independent director.
Pursuant to our Memorandum and Articles of Association, our directors are appointed at the annual
meeting of shareholders for a one year term, with each director serving until the annual meeting of shareholders following
their election. In addition, for so long as an initial holder of Founder Preferred Shares holds 20% or more of the Founder
Preferred Shares in issue, such holder is entitled to nominate, and the directors are required to appoint, a person as
director. For additional information regarding our board of directors, see Item 6A: Directors, Senior Management and
Employees—Executive Officers and Directors.
Our non-executive directors do not have service contracts with us or any of our subsidiaries
providing for benefits upon termination of employment.
Committees of the Board of Directors
Our board of directors has three standing committees: an Audit Committee, a Compensation
Committee and a Nominating and Corporate Governance Committee.
Audit Committee
Our Audit Committee consists of three directors: Messrs. Lillie and White and Ashken, and Mr. Lillie
serves as its chairman. Our Audit Committee is responsible for, among other things, assisting the board of directors in its
oversight of the integrity of our financial statements, of our compliance with legal and regulatory requirements, and of the
independence, qualifications and performance of our independent auditors. In addition, it focuses on compliance with
accounting policies and ensuring that an effective system of internal and external audit and financial controls is
maintained, and oversees our policies and procedures with respect to risk assessment and risk management. Our Audit
Committee will meet at least quarterly with management and the independent auditors and report on such meetings to the
board of directors. The responsibilities of our Audit Committee as set forth in its charter include oversight of the
following: external audit, financial reporting, public disclosure, internal controls, risk management and compliance and
whistleblowing.
Compensation Committee
Our Compensation Committee consists of three directors: Messrs. Isaacs, Ashken, and Ms. Parry,
and Mr. Isaacs serves as its chairman. Our Compensation Committee is responsible for determining the compensation of
our executive officers. The responsibilities of our Compensation Committee as set forth in its charter include the
following: assisting the board in evaluating potential candidates for executive positions, determining the compensation of
our chief executive officer, making recommendations to the board with respect to the compensation of other executive
officers, reviewing our incentive compensation and other equity-based plans, and reviewing, on a periodic basis, director
compensation.
Nominating and Corporate Governance Committee
Our Nominating and Corporate Governance Committee (the “N&CG Committee”) consists of three
directors: Ms. Parry and Mr. Elsarky, and Lord Myners, and Lord Myners serves as its chairman.

Our N&CG Committee is responsible for considering and making recommendations to the board of
directors in respect of appointments to the board. The responsibility of our N&CG Committee as set forth in its Charter
include the following: recommending directors to the board to serve as members of each committee, developing and
recommending a set of corporate governance principles applicable to our company and overseeing board evaluations. It
is also responsible for regularly reviewing the structure, size and composition of the board and making recommendations
to the board with regard to any changes it deems necessary.
D. Employees
As of December 31, 2017, we had approximately 3,875 employees, with such workers being
supplemented with temporary staff during peak periods. Approximately 67% of our employees work in our manufacturing
operations, with the remaining employees involved in sales, marketing, finance, administration, procurement, logistics,
product development, IT and other areas. As of December 31, 2017, we had approximately 801 employees in the United
Kingdom, approximately 1,267 employees in Germany, approximately 335 employees in France, approximately 451
employees in Italy and approximately 536 employees in Sweden/Norway. Following are the number of employees by
region for the last three years:
Region 2017 2016 2015

United Kingdom 801 809 876
Germany 1,267 1,208 1,258
Italy 451 454 476
Sweden/Norway 536 932 987
France 335 338 371
Other 485 425 427
Total 3,875 4,166 4,395
A substantial number of our employees are members of trade unions in the United Kingdom,
Germany or Italy. In total, approximately 50% of our employees are members of a trade union. Our plants are all governed
by collective agreements with the respective unions. Our relationships with the trade unions are currently stable.
E. Share Ownership
The following table sets forth, as of March 20, 2018, certain information regarding the beneficial
ownership of our ordinary shares by:
• each of our current directors;
• each of our named executive officers officers for the fiscal year ended December 31, 2017;
and
• all of our current directors and current executive officers as a group.
Percentages are based on the 173,968,388 ordinary shares that were issued and outstanding on
March 13, 2018.

Director and Executive Officers: Number Percentage
Martin E. Franklin 7,162,966 (1) 4.1
Noam Gottesman 10,044,153 (2) 5.8
Ian G.H. Ashken 708,197 (3) *
Jason Ashton 18,862 (4) *
Stéfan Descheemaeker 2,380,953 (5) 1.4
Mohamed Elsarky — (6) -
Tania Howarth 11,235 *
Jeremy Isaacs 11,136 (7) *
Paul Kenyon 10,688 (8) *
James E. Lillie 708,302 (9) *
Lord Myners of Truro CBE 83,164 (10) *
Victoria Parry 6,444 (11) *
Simon White 26,666 (12) *
Directors and Executive Officers as a Group (12 persons) 21,172,766 12.2
* Represents beneficial ownership of less than one percent of ordinary shares outstanding.
(1) Consists of (i) 4,089,428 ordinary shares held indirectly through the Martin E. Franklin Revocable Trust, (ii)
750,000 Founder Preferred Shares held indirectly through Mariposa Acquisition II, LLC (which are convertible at
any time at the option of the holder into ordinary shares on a one-for-one basis) and (iii) 2,323,538 ordinary
shares held indirectly through RSMA, LLC. Mr. Franklin holds sole voting and investment power over such
shares. Mr. Franklin may be deemed to beneficially own 69% of Mariposa Acquisition II, representing 517,500
Founder Preferred Shares. Mr. Franklin disclaims beneficial ownership of such shares except to the extent of his
pecuniary interest therein.
(2) Includes (i) 9,294,153 ordinary shares of which 7,413,200 are held by TOMS Acquisition I LLC and 1,880,953 are
held by TOMS Capital Investments LLC and (ii) 750,000 Founder Preferred Shares which are convertible at any
time at the option of the holder into ordinary shares on a one-for-one basis and all of which are held by TOMS
Acquisition I LLC. Mr. Gottesman is the managing member and majority owner of TOMS Acquisition I LLC and
TOMS Capital Investments LLC and may be considered to have beneficial ownership of TOMS Acquisition I LLC’s
and TOMS Capital Investments LLC’s interests in the Company. Mr. Gottesman owns or controls, directly or
indirectly, 76% of TOMS Acquisition I LLC and 100% of TOMS Capital Investments LLC. Mr. Gottesman disclaims
beneficial ownership of such shares except to the extent of his pecuniary interest therein.
(3) Includes 697,061 ordinary shares held by Tasburgh, LLC, of which Mr. Ashken is the Manager and has a
controlling interest and excludes an indirect pecuniary interest in 56,250 Founder Preferred Shares (which are
convertible at any time at the option of the holder into ordinary shares on a one-for-one basis) held by Mariposa
Acquisition II, LLC. Also excludes 6,954 ordinary shares issuable under currently outstanding equity awards
issued under the LTIP, all of which will vest on the earlier of (i) the date of the Company’s annual meeting of
shareholders in 2018 or (ii) July 19, 2018.
(4) Includes 18,750 ordinary shares issuable under currently outstanding equity awards issued under the LTIP which
will vest no earlier than January 1, 2018 subject to the Company's shares achieving a specified target price.
Excludes 56,250 ordinary shares issuable under currently outstanding equity awards issued under the LTIP,
37,500 of which will vest on the Company exceeding an agreed EBITDA target and 18,750 of which will vest
subject to the Company’s shares achieving a specified target price, such vesting to take place no earlier than
January 1, 2020.
(5) Represents an indirect interest held by Olidipoli Sprl, a company owned by Mr. Descheemaeker. Excludes
2,000,000 ordinary shares issuable under currently outstanding equity awards issued under the LTIP, 50% of
which will vest on the Company exceeding an agreed EBITDA target and 50% of which will vest subject to the
Company’s shares achieving a specified target price, in each case, subject to further vesting conditions relating to
Mr. Descheemaeker’s tenure as Chief Executive Officer.
(6) Excludes 5,754 ordinary shares issuable under currently outstanding equity awards issued under the LTIP, all of
which will vest on the earlier of (i) the date of the Company's annual meeting of shareholders in 2018 or (ii) July
19, 2018.

which will vest on the earlier of (i) the date of the Company’s annual meeting of shareholders in 2018 or (ii) July
19, 2018.
19, 2018.
(9) Includes 697,061 ordinary shares held by Powder Horn Hill Partners II, LLC, of which Mr. Lillie is the Managing
Member, and excludes an indirect pecuniary interest in 56,250 Founder Preferred Shares (which are convertible
at any time at the option of the holder into ordinary shares on a one-for-one basis) held by Mariposa Acquisition II,
LLC. Also excludes 6,954 ordinary shares issuable under currently outstanding equity awards issued under the
LTIP, all of which will vest on the earlier of (i) the date of the Company’s annual meeting of shareholders in 2018
or (ii) July 19, 2018.
(10) Includes 50,000 ordinary shares issuable pursuant to a five-year option that expires on June 2, 2020 at a
purchase price of $11.50 per share. Excludes 6,954 ordinary shares issuable under currently outstanding equity
awards issued under the LTIP, all of which will vest on the earlier of (i) the date of the Company’s annual meeting
of shareholders in 2018 or (ii) July 19, 2018.
which will vest on the earlier of (i) the date of the Company’s annual meeting of shareholders in 2018 or (ii) July
19, 2018.
19, 2018.
Item 7. Major Shareholders and Related Party Transactions

A. Major Shareholders
The following table sets forth certain information regarding the beneficial ownership of our ordinary
shares by each person known by us to be a beneficial owner of more than 5% of the ordinary shares. Currently we only
have one class of listed shares issued and outstanding, that being ordinary shares, which have no par value. All of our
ordinary shares have the same voting rights. Percentages are based on the 173,968,388 ordinary shares that were issued
and outstanding on March 13, 2018.
Ordinary Shares Beneficially
Owned
Name of Beneficial Owner: Number Percentage
5% Shareholders:
Boston Partners 13,583,042 (1) 7.8
One Beacon Street, 30th Floor
Boston, MA 02108
T. Rowe Price Associates Inc. 10,174,660 (2) 5.8
100 East Pratt Street
Baltimore, MD 21202
TOMS Acquisition I, LLC 10,044,153 (3) 5.8
450 W. 14th Street, 13th Floor
New York, NY 10014
Elliott Associates, L.P. 9,438,601 (4) 5.4
40 West 57th Street, 30th Floor
New York, NY 10019
(1) Based on a Schedule 13G filed by Boston Partners on February 13, 2018.
(2) Based on a Schedule 13G/A filed by T. Rowe Price Associates Inc. on February 14, 2018.
(3) Based on a Schedule 13D filed by TOMS Acquisition I LLC, Noam Gottesman and TOMS Capital Investments
LLC on January 12, 2018.
(4) Based on a Schedule 13G filed by Elliott Associates L.P., Elliott International, L.P. and Elliott International Capital
Advisors Inc., as a group, on September 18, 2017.
In addition, on September 12, 2017, Pershing Square Capital Management L.P., which as of March 28, 2017, beneficially
owned 18.3% of our ordinary shares, filed a Schedule 13G/A to report that it no longer beneficially owned any of our
ordinary shares (as a result of the transactions described under “Operating and Financial Review and Prospects -

Financings and Acquisitions”). On July 18, 2017, Birds Eye Iglo Limited Partnership Inc., which as of March 28, 2017,
beneficially owned 7.6% of our ordinary shares, filed a Schedule 13G/A to report that it no longer beneficially owned any
of our ordinary shares (as a result of the transaction described under “Operating and Financial Review and Prospects -
Financings and Acquisitions”). On February 9, 2018, Third Point LLC, which as of March 28, 2017, beneficially owned
5.8% of our ordinary shares, filed a Schedule 13G/A to report that it no longer beneficially owned any of our ordinary
shares. On February 14, 2018, Corvex Management, LP filed a Schedule 13G/A to report that its percentage ownership in
our ordinary shares decreased from 9.6%, as of March 31, 2017, to 4.9%. On January 10, 2017, Wellington Management
Group LLP, which, as of March 31, 2016, beneficially owned 13.9% of our ordinary shares, and as of September 12, 2016,
beneficially owned 8.2% of our ordinary shares, filed a Schedule 13G/A to report that it no longer beneficially owned any
of our ordinary shares. On February 7, 2017, T. Rowe Price Associates Inc. filed a Schedule 13G to report that it
beneficially owned 5.7% of our ordinary shares. Except for the foregoing, no major shareholder has disclosed a significant
change in its percentage ownership of our ordinary shares during the three years ended December 31, 2017.
B. Related Party Transactions
For a description of our related party transactions, see Note 37, Related Parties, to our audited
consolidated financial statements which appear elsewhere in this annual report.
Related Party Transactions Procedures
The Audit Committee Charter provides that the Audit Committee shall review all related party
transactions, as defined under Item 404 of Regulation S-K under the Securities Act of 1933, as amended. Following such
review, the Audit Committee determines whether such transaction should be approved based on the terms of the
transaction, the business purpose for the transaction and whether the transaction is in the best interest of the Company
and its shareholders.
No member of the Audit Committee shall participate in any review, consideration or approval of any
related party transaction with respect to which such member or any of his or her immediate family members is the related
party.
Item 8. Financial Information

A. Consolidated Statements and Other Financial Information
Financial Statements
Please see Item 18 below.
Legal Proceedings
We are not currently subject to any legal proceedings, nor to the best of our knowledge, is any
proceeding threatened, the results of which would have a material impact on our properties, results of operation, or
financial condition. Tax audits are taking place in a number of countries. Whenever there is a difference in view between
local tax authorities and the Company, to the extent deemed necessary, provisions are made for exposures for which it will
be probable that they will lead to additional tax liabilities. To the best of our knowledge, none of our officers or directors is
involved in any legal proceedings in which we are an adverse party.
Dividend Policy
We have not declared or paid any dividends on our ordinary shares since our inception on April 1,
2014, and have no current plans to pay dividends on our ordinary shares. The declaration and payment of future
dividends to holders of our ordinary shares will be at the discretion of our board of directors and will depend upon many
factors, including our financial condition, earnings, legal requirements, restrictions in our debt agreements and other
factors deemed relevant by our board of directors. In addition, as a holding company, our ability to pay dividends depends
on our receipt of cash dividends from our operating subsidiaries, which may further restrict our ability to pay dividends as
a result of the laws of their respective jurisdictions of organization, agreements of our subsidiaries or covenants under
future indebtedness that we or they may incur. See Item 3D: Key Information—Risk Factors—Risks Related to our
Ordinary Shares—Dividend payments on our ordinary shares are not expected, and for a discussion of taxation of any
dividends, see Item 10E: Additional Information—Taxation.
The Founder Preferred Shares are entitled to receive an annual stock dividend based on the
market price of our ordinary shares if such market price exceeds certain trading price minimums and to participate in any

dividends on the ordinary shares. On December 29, 2017, we approved a 2017 Founder Preferred Share Dividend in an
aggregate of 8,705,890 ordinary shares. The dividend price used to calculate the 2017 Founder Preferred Shares Annual
Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten trading days of
2017) and the Ordinary Shares were issued on January 2, 2018. For the year ended December 31, 2016, no Founder
Preferred Shares Annual Dividend Amount was payable pursuant to the terms of the Founder Preferred Shares. On
January 12, 2016, we had approved the 2015 Founder Preferred Share Dividend in an aggregate of 3,620,510 ordinary
shares. The dividend price used to calculate the 2015 Founder Preferred Shares Annual Dividend Amount was $11.4824
(calculated based upon the volume weighted average price for the last ten trading days of 2015) and the Ordinary Shares
were issued on January 12, 2016. In subsequent years, the Founder Preferred Shares Annual Dividend Amount will be
calculated based upon the volume weighted average price for the last ten trading days of the year and the appreciated
average share price compared to the highest price previously used in calculating the Founder Preferred Shares Annual
Dividend Amount. We currently expect to retain all our future earnings for use in the operation and expansion of our
business and do not anticipate paying any cash dividends for the foreseeable future. The declaration and payment of
future dividends to holders of our ordinary shares will be at the discretion of our board of directors and will depend upon
many factors, including our financial condition, earnings, legal requirements, and restrictions in our debt agreements,
including the Revolving Credit Facility, and other factors deemed relevant by our board of directors. As a holding company,
our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries, which may further
restrict our ability to pay dividends as a result of the laws of their respective jurisdictions of organization, agreements of
our subsidiaries or covenants under future indebtedness that we or they may incur. Furthermore, under British Virgin
Islands law, we may pay dividends to our shareholders only if, immediately after the dividend, the value of our assets
would exceed our liabilities and we would be able to pay our debts as they fall due.
B. Significant Changes
No significant change has occurred since the date of the annual financial statements included in
this annual report.
Item 9. The Offer and Listing

A. Offer and Listing Details
Our ordinary shares are currently listed for trading on the NYSE under the symbol “NOMD”. Our
ordinary shares began trading on the London Stock Exchange (the “LSE”) on April 15, 2014 and were traded on the LSE
until April 20, 2015 when trading was halted through June 22, 2015 due to the announcement of the then-pending Iglo
Acquisition. On January 12, 2016, the Company transferred its listing from the LSE to the NYSE. The following table sets
forth the high and low reported sale prices of our ordinary shares as reported on the LSE and NYSE for the periods
indicated:

High Low
Annual
2017 (January 1, 2017 – December 31, 2017) $ 17.02 $ 9.61
2016 (January 5, 2016 – December 31, 2016) $ 13.40 $ 6.40
2015 (April 1, 2015 – December 31, 2015) (2) $ 23.11 $ 10.28
2014 (April 15, 2014 – December 31, 2015) $ 11.75 $ 9.75
Quarterly
2017
Fourth Quarter (October 1, 2017 – December 31, 2017) $ 17.02 $ 14.32
Third Quarter (July 1, 2017 – September 30, 2017) $ 15.49 $ 13.54
Second Quarter (April 1, 2017 – June 30, 2017) $ 14.72 $ 10.77
First Quarter (January 1, 2017 – March 31, 2017) $ 12.00 $ 9.61
2016
Fourth Quarter (October 1, 2016 – December 31, 2016) $ 12.97 $ 9.00
Third Quarter (July 1, 2016 – September 30, 2016) $ 12.39 $ 7.95
Second Quarter (April 1, 2016 – June 30, 2016) $ 10.43 $ 7.85
First Quarter (January 5, 2016 – March 31, 2016) (1) $ 13.40 $ 6.40
2015
Third Quarter (October 1, 2015 – December 31, 2015) $ 17.40 $ 11.00
Second Quarter (July 1, 2015 – September 30, 2015) $ 23.11 $ 15.50
First Quarter (April 1, 2015 – June 30, 2015) (2) $ 22.10 $ 10.28
Most Recent Six Months

2018
March (through March 20, 2018) $ 16.93 $ 15.96
February $ 17.20 $ 15.27
January $ 17.32 $ 16.00
2017
December $ 17.02 $ 16.18
November $ 16.90 $ 14.33
October $ 15.32 $ 14.49
September $ 15.49 $ 14.00
(1) Issued trading on our ordinary shares began on the NYSE on January 5, 2016.
(2) Trading in our ordinary shares was suspended on the LSE from April 20, 2015 through June 22, 2015 due to the
announcement of the then-pending Iglo Acquisition.
As of March 13, 2018, approximately 146,811,989 ordinary shares, representing approximately

84.4% of our outstanding ordinary shares, were held by approximately 10,035 United States record holders and all of our
preferred shares were held by 2 United States record holders.
There is no public market for our preferred shares and the preferred shares will not be listed for
trading on any exchange.
Item 10. Additional Information

A. Share Capital
Not applicable.

B. Memorandum and Articles of Association
A copy of our Memorandum and Articles of Association have been previously filed as Exhibit 99.1 to
our Report of Foreign Private Issuer on Form 6-K (File No. 001-37669), filed with the SEC on January 14, 2016, and is
incorporated by reference into this annual report. The information called for by this Item 10B: Additional Information—
Memorandum and Articles of Association has been reported previously in our Registration Statement on Form F-1 (File
No. 333-209572), filed with the SEC on February 17, 2016 (the “Registration Statement”), under the heading “Description
of Share Capital,” and is incorporated by reference into this annual report. There are no limitations on the rights to own
securities, including the rights of non-resident or foreign shareholders to hold or exercise voting rights on the securities
imposed by the laws of the British Virgin Islands or by our Memorandum.
C. Material Contracts
Each material contract to which the Company has been a party for the preceding two years, other
than those entered into in the ordinary course of business, is listed as an exhibit to the Registration Statement and is
summarized elsewhere herein.
D. Exchange Controls
We are not aware of any governmental laws, decrees, regulations or other legislation in the British
Virgin Islands that restrict the export or import of capital, including the availability of cash and cash equivalents for use by
our affiliated companies, or that affect the remittance of dividends, interest or other payments to non-resident holders of
our securities.
E. Taxation
U.S. Federal Income Taxation
General
The following discussion is a summary of certain U.S. federal income tax issues relevant to the
acquisition, holding and disposition of the ordinary shares. Additional tax issues may exist that are not addressed in this
discussion and that could affect the U.S. federal income tax treatment of the acquisition, holding and disposition of the
ordinary shares.
This discussion does not address U.S. state, local or non-U.S. income tax consequences. The
discussion applies, unless indicated otherwise, only to holders of ordinary shares who acquire the ordinary shares as
capital assets. It does not address special classes of holders that may be subject to different treatment under the Internal
Revenue Code of 1986, as amended (the “Code”), such as:
• certain financial institutions;
• insurance companies;
• dealers and traders in securities;
• persons holding ordinary shares as part of a hedge, straddle, conversion or other integrated
transaction;
• partnerships or other entities classified as partnerships for U.S. federal income tax purposes;
• persons liable for the alternative minimum tax;
• tax-exempt organizations;
• certain U.S. expatriates;
• persons holding ordinary shares that own or are deemed to own 10 percent or more (by vote
or value) of the Company’s voting stock; or
• non-U.S. Holders that do not use the U.S. Dollar as their functional currency.
This section is based on the Code, its legislative history, existing and proposed regulations,
published rulings by the Internal Revenue Service (“IRS”) and court decisions, all as currently in effect. These laws are
subject to change, possibly on a retroactive basis. Holders of ordinary shares should consult their own tax advisers
concerning the U.S. federal, state, local and non-U.S. tax consequences of acquiring, holding and disposing of ordinary
shares in their particular circumstances.

As used herein, a “U.S. Holder” is a beneficial owner of ordinary shares that is, for U.S. federal
income tax purposes: (i) an individual who is a citizen or resident of the United States; (ii) a corporation or other entity
taxable as a corporation, created or organized in or under the laws of the United States or any political subdivision
thereof; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust
if (1) a court within the United States is able to exercise primary supervision over the administration of the trust and one or
more “United States persons” (within the meaning of the Code) have the authority to control all substantial decisions of the
trust, or (2) it has a valid election in effect under applicable Treasury regulations to be treated as a “United States person”.
This discussion is based upon certain understandings and assumptions with respect to the
business, assets and shareholders, including that the Company is not, does not expect to become, nor at any time has
been, a controlled foreign corporation as defined in Section 957 of the Code (a “CFC”). The Company believes that it is
not and has never been a CFC, and does not expect to become a CFC. In the event that one or more of such
understandings and assumptions proves to be inaccurate, the following discussion may not apply and material adverse
U.S. federal income tax consequences may result to U.S. Holders.
Passive Foreign Investment Company (“PFIC”) Considerations
The U.S. federal income tax treatment of U.S. Holders will differ depending on whether or not the
Company is considered a passive foreign investment company (“PFIC”) for U.S. federal income tax purposes.
In general, the Company will be considered a PFIC for any taxable year in which: (i) 75 percent or
more of its gross income consists of passive income; or (ii) 50 percent or more of the average quarterly market value of its
assets in that year are assets (including cash) that produce, or are held for the production of, passive income. For
purposes of the above calculations, if the Company, directly or indirectly, owns at least 25 percent by value of the stock of
another corporation, then the Company generally would be treated as if it held its proportionate share of the assets of
such other corporation and received directly its proportionate share of the income of such other corporation. Passive
income generally includes, among other things, dividends, interest, rents, royalties, certain gains from the sale of stock
and securities, and certain other investment income.
The Company believes that it is not a PFIC in the current year and is not likely to be a PFIC in
future years. However, there is no assurance that the Company will not be a PFIC in future years. If the Company is a
PFIC for any taxable year during which a U.S. Holder holds (or, in the case of a lower-tier PFIC, is deemed to hold) its
ordinary shares, such U.S. Holder will be subject to significant adverse U.S. federal income tax rules. U.S. Holders should
consult their tax advisors on the federal income tax consequences of the Company being treated as a PFIC.
Tax Consequences for U.S. Holders if the Company is not a PFIC
Dividends
In general, subject to the PFIC rules discussed above, a distribution on an ordinary share will
constitute a dividend for U.S. federal income tax purposes to the extent that it is made from the Company’s current or
accumulated earnings and profits as determined under U.S. federal income tax principles. If a distribution exceeds the
Company’s current and accumulated earnings and profits, it will be treated as a non-taxable reduction of basis to the
extent of the U.S. Holder’s tax basis in the ordinary share on which it is paid, and to the extent it exceeds that basis it will
be treated as capital gain. For purposes of this discussion, the term “dividend” means a distribution that constitutes a
dividend for U.S. federal income tax purposes.
The gross amount of any dividend on an ordinary share (which will include the amount of any
foreign taxes withheld) generally will be subject to U.S. federal income tax as foreign source dividend income, and will not
be eligible for the corporate dividends received deduction. The amount of a dividend paid in foreign currency will be its
value in U.S. Dollars based on the prevailing spot market exchange rate in effect on the day the U.S. Holder receives the
dividend. A U.S. Holder will have a tax basis in any distributed foreign currency equal to its U.S. Dollar amount on the date
of receipt, and any gain or loss realized on a subsequent conversion or other disposition of foreign currency generally will
be treated as U.S. source ordinary income or loss. If dividends paid in foreign currency are converted into U.S. Dollars on
the date they are received by a U.S. Holder, the U.S. Holder generally should not be required to recognize foreign
currency gain or loss in respect of the dividend income.
Subject to certain exceptions for short-term and hedged positions, a dividend that a non-corporate
holder receives on an ordinary share will be subject to a maximum federal income tax rate of 20 percent if the dividend is
a “qualified dividend” not including the Net Investment Income Tax, described below. A dividend on an ordinary share will

be a qualified dividend if (i) either (a) the ordinary shares are readily tradable on an established market in the United
States or (b) the Company is eligible for the benefits of a comprehensive income tax treaty with the United States that the
Secretary of the Treasury determines is satisfactory for purposes of these rules and that includes an exchange of
information program, and (ii) the Company was not, in the year prior to the year the dividend was paid, and is not, in the
year the dividend is paid, a PFIC. Since the ordinary shares are listed on the New York Stock Exchange, the ordinary
shares should be treated as readily tradable on an established securities market in the United States. Even if dividends on
the ordinary shares would otherwise be eligible for qualified dividend treatment, in order to qualify for the reduced qualified
dividend tax rates, a non-corporate holder must hold the ordinary share on which a dividend is paid for more than 60 days
during the 120-day period beginning 60 days before the ex-dividend date, disregarding for this purpose any period during
which the non-corporate holder has an option to sell, is under a contractual obligation to sell or has made (and not closed)
a short sale of substantially identical stock or securities, is the grantor of an option to buy substantially identical stock or
securities or, pursuant to Treasury regulations, has diminished its risk of loss by holding one or more other positions with
respect to substantially similar or related property. In addition, to qualify for the reduced qualified dividend tax rates, the
non-corporate holder must not be obligated to make related payments with respect to positions in substantially similar or
related property. Payments in lieu of dividends from short sales or other similar transactions will not qualify for the reduced
qualified dividend tax rates.
A non-corporate holder that receives an extraordinary dividend eligible for the reduced qualified
dividend rates must treat any loss on the sale of the stock as a long-term capital loss to the extent of the dividend. For
purposes of determining the amount of a non-corporate holder’s deductible investment interest expense, a dividend is
treated as investment income only if the non-corporate holder elects to treat the dividend as not eligible for the reduced
qualified dividend tax rates. Special limitations on foreign tax credits with respect to dividends subject to the reduced
qualified dividend tax rates apply to reflect the reduced rates of tax.
The U.S. Treasury has announced its intention to promulgate rules pursuant to which non-corporate
holders of stock of non-U.S. corporations, and intermediaries through whom the stock is held, will be permitted to rely on
certifications from issuers to establish that dividends are treated as qualified dividends. Because those procedures have
not yet been issued, it is not clear whether the Company will be able to comply with them.
Non-corporate holders of ordinary shares are urged to consult their own tax advisers regarding the
availability of the reduced qualified dividend tax rates with respect to dividends received on the ordinary shares in light of
their own particular circumstances.
Capital Gains
Subject to the PFIC rules discussed above, on a sale or other taxable disposition of an ordinary
share, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between the U.S. Holder’s
adjusted basis in the ordinary share and the amount realized on the sale or other disposition, each determined in U.S.
Dollars. Such capital gain or loss will be long-term capital gain or loss if at the time of the sale or other taxable disposition
the ordinary share has been held for more than one year. In general, any adjusted net capital gain of an individual is
subject to a maximum federal income tax rate of 20 percent, plus the Medicare Contribution Tax of 3.8%, discussed
below. Capital gains recognized by corporate U.S. holders generally are subject to U.S. federal income tax at the same
rate as ordinary income. The deductibility of capital losses is subject to limitations.
Any gain a U.S. Holder recognizes generally will be U.S. source income for U.S. foreign tax credit
purposes, and, subject to certain exceptions, any loss will generally be a U.S. source loss. If a non-U.S. income tax is paid
on a sale or other disposition of an ordinary share, the amount realized will include the gross amount of the proceeds of
that sale or disposition before deduction of the non-U.S. tax. The generally applicable limitations under U.S. federal
income tax law on crediting foreign income taxes may preclude a U.S. Holder from obtaining a foreign tax credit for any
non-U.S. tax paid on a sale or other disposition of an ordinary share. The rules relating to the determination of the foreign
tax credit are complex, and U.S. holders are urged to consult with their own tax advisers regarding the application of such
rules. Alternatively, any non-U.S. income tax paid on the sale or other disposition of an ordinary share may be taken as a
deduction against taxable income, provided the U.S. Holder takes a deduction and not a credit for all foreign income taxes
paid or accrued in the same taxable year.
Medicare Contribution Tax
Dividends received and capital gains from the sale or other taxable disposition of the ordinary
shares recognized by certain non-corporate U.S. Holders with respect to ordinary shares will be includable in computing
net investment income of such U.S. Holder for purposes of the 3.8 percent Medicare Contribution Tax.

Tax Consequences for Non-U.S. Holders of Ordinary Shares
Dividends
A non-U.S. Holder generally will not be subject to U.S. federal income tax or withholding on
dividends received from the Company with respect to ordinary shares, other than in certain specific circumstances where
such income is deemed effectively connected with the conduct by the non-U.S. Holder of a trade or business in the United
States. If a non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to those dividends, that
income is generally subject to U.S. federal income tax only if it is attributable to a permanent establishment maintained by
the non-U.S. Holder in the United States. A non-U.S. Holder that is subject to U.S. federal income tax on dividend income
under the foregoing exception generally will be taxed with respect to such dividend income on a net basis in the same
manner as a U.S. Holder unless otherwise provided in an applicable income tax treaty; a non-U.S. Holder that is a
corporation for U.S. federal income tax purposes may also be subject to a branch profits tax with respect to such item at a
rate of 30 percent (or at a reduced rate under an applicable income tax treaty).
Sale, Exchange or Other Taxable Disposition of Ordinary Shares
A non-U.S. Holder generally will not be subject to U.S. federal income tax or withholding with
respect to any gain recognized on a sale, exchange or other taxable disposition of ordinary shares unless:
• Certain circumstances exist under which the gain is treated as effectively connected with the
conduct by the non-U.S. Holder of a trade or business in the United States, and, if certain tax
treaties apply, is attributable to a permanent establishment maintained by the non-U.S.
Holder in the United States; or
• the non-U.S. Holder is an individual and is present in the United States for 183 or more days
in the taxable year of the sale, exchange or other taxable disposition, and meets certain other
requirements.
If the first exception applies, the non-U.S. Holder generally will be subject to U.S. federal income
tax with respect to such item on a net basis in the same manner as a U.S. Holder unless otherwise provided in an
applicable income tax treaty; a non-U.S. Holder that is a corporation for U.S. federal income tax purposes may also be
subject to a branch profits tax with respect to such item at a rate of 30 percent (or at a reduced rate under an applicable
income tax treaty). If the second exception applies, the non-U.S. Holder generally will be subject to U.S. federal income
tax at a rate of 30 percent (or at a reduced rate under an applicable income tax treaty) on the amount by which such non-
U.S. Holder’s capital gains allocable to U.S. sources exceed capital losses allocable to U.S. sources during the taxable
year of disposition of the ordinary shares.
Tax Consequences for Holders of Preferred Shares
Generally, the U.S. federal income tax consequences of holding preferred shares is the same as
the U.S. federal income tax consequences of holding ordinary shares, as discussed above. Holders of preferred shares
may be eligible for a distribution of ordinary shares as a dividend with respect to the holding of preferred shares. The
distribution of a stock dividend may under certain circumstances be received free of U.S. federal income taxes. In that
case, the adjusted tax basis of the ordinary shares distributed will be determined based on an allocation of the basis of the
preferred shares in accordance with the fair market value of the preferred shares and the ordinary shares
distributed. Holders of preferred shares are urged to consult their own tax advisers about the U.S. federal, state and local
Tax consequences of receiving a stock dividend.
Information Reporting and Backup Withholding
Under U.S. federal income tax laws, certain categories of U.S. Holders must file information returns
with respect to their investment in, or involvement in, a foreign corporation (including IRS Forms 926). Persons who are
required to file these information returns and fail to do so may be subject to substantial penalties. Pursuant to
Section 1298(f) of the Code, for any year in which the Company is a PFIC, each U.S. Holder will be required to file an
information statement, Form 8621, regarding such U.S. Holder’s ownership interest in the Company. U.S. Holders of
ordinary shares should consult with their own tax advisers regarding the requirements of filing information returns.
Furthermore, certain U.S. Holders who are individuals and to the extent provided in future
regulations, certain entities, will be required to report information with respect to such U.S. Holder’s investment in “foreign
financial assets” on IRS Form 8938. An interest in the Company constitutes a foreign financial asset for these purposes.
Persons who are required to report foreign financial assets and fail to do so may be subject to substantial penalties.

Potential shareholders are urged to consult with their own tax advisers regarding the foreign financial asset reporting
obligations and their application to an investment in ordinary shares.
Payments of dividends and sales proceeds that are made within the United States or through
certain U.S.-related financial intermediaries generally are subject to information reporting and to backup withholding
unless the U.S. Holder is a corporation or other exempt recipient or, in the case of backup withholding, the U.S. Holder
provides a correct taxpayer identification number and certifies that no loss of exemption from backup withholding has
occurred. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the
U.S. Holder’s U.S. federal income tax liability and may entitle such U.S. Holder to a refund, provided that the required
information is furnished to the IRS.
The Foreign Account Tax Compliance Act (“FATCA”) imposes withholding at a 30 percent rate on
payments of interest and dividends and gross proceeds from the disposition of any asset that produces interest or
dividends, if such payment is sourced in the United States, to (i) a foreign financial institution unless such foreign financial
institution agrees to verify, report and disclose its U.S. accountholders and meet certain other specified requirements or
(ii) a non-financial foreign entity that is treated as the beneficial owner of the payment unless such entity certifies that an
exception applies or that it does not have any substantial U.S. owners (generally owners of more than 10 percent of the
interests in the entity) or provides the name, address and taxpayer identification number of each substantial U.S. owner
and such entity meets certain other specified requirements. Under FATCA, beginning in 2019, a new U.S. federal income
tax withholding regime applies to “pass-through payments” made to certain non-U.S. persons. Broadly, pass-through
payments include two categories of payments; payments of U.S. source interest, dividends and other specified types of
fixed or determinable annual or periodic gains and profits and payments by non-U.S. entities to the extent deemed
attributable to U.S. assets. In addition, gross proceeds from the sale of property that can give rise to U.S. source interest
and dividends are also subject to withholding as a pass-through payment. If the Company has income sourced in the
United States, it will be required to comply with FATCA to avoid withholding taxes.
Non-U.S. Holders generally are not subject to information reporting or backup withholding with
respect to dividends paid on ordinary shares, or the proceeds from the sale, exchange or other disposition of ordinary
shares, provided that each such non-U.S. Holder certifies as to its foreign status on the applicable duly executed IRS
Form W-8 or otherwise establishes an exemption.
This summary is for general information only and it is not intended to be, nor should it be construed to be, tax or
legal advice to any prospective shareholder. Further, this summary is not intended to constitute a complete
analysis of all U.S. federal income tax consequences relating to holders of their acquisition, ownership and
disposition of the ordinary shares. Accordingly, prospective holders of ordinary shares should consult their own
tax advisers about the U.S. federal, state, local and non-U.S. tax consequences of the acquisition, ownership and
disposition of the ordinary shares.
British Virgin Islands Taxation
The Company
We are not subject to any income, withholding or capital gains taxes in the British Virgin Islands. No
capital or stamp duties are levied in the British Virgin Islands on the issue, transfer or redemption of ordinary shares.
Shareholders
Shareholders who are not tax resident in the British Virgin Islands will not be subject to any income,
withholding or capital gains taxes in the British Virgin Islands, with respect to the ordinary shares of the Company owned
by them and dividends received on such ordinary shares, nor will they be subject to any estate or inheritance taxes in the
British Virgin Islands.

United Kingdom Taxation
General
The following is a general summary of material UK tax considerations relating to the ownership and
disposal of our ordinary shares. The comments set out below are based on current United Kingdom tax law as of the date
of this summary, which is subject to change, possibly with retrospective effect. This summary does not constitute legal or
tax advice and applies only to shareholders holding our ordinary shares as an investment and who are the beneficial
owners thereof, whose ordinary shares are not held through an individual savings account or a self-invested personal
pension and who have not acquired their or another person’s ordinary shares by reason of their or another person’s
employment. These comments may not apply to certain classes of persons, including dealers in securities, insurance
companies and collective investment schemes.
This summary is for general information only and is not intended to be, nor should it be considered
to be, legal or tax advice to any particular investor. It does not address all of the tax considerations that may be relevant to
specific investors in light of their particular circumstances or to investors subject to special treatment under UK tax
law. Potential investors should consult their own tax advisers concerning the overall tax consequences of acquiring,
holding and disposing of our ordinary shares in their particular circumstances.
The Company
As previously stated, on January 12, 2016, we became centrally managed and controlled in the
United Kingdom and therefore became resident in the United Kingdom for UK taxation purposes.
Accordingly, since that date, we are subject to UK taxation on our income and gains, except where
an exemption applies. Dividend income will generally be exempt from UK corporation tax on income if certain conditions
are met.
We may be treated as a dual resident company for UK tax purposes. As a result, our right to claim
certain reliefs from UK tax may be restricted, and changes in law or practice in the United Kingdom could result in the
imposition of further restrictions on our right to claim UK tax reliefs.
Shareholders
Sale, Exchange or Other Taxable Disposition of Ordinary Shares
Subject to their individual circumstances, shareholders who are resident in the United Kingdom for
UK taxation purposes will potentially be liable to UK taxation, as further explained below, on any gains which accrue to
them on a sale or other disposition of their ordinary shares which constitutes a “disposal” for UK taxation purposes.
A shareholder who is not resident in the United Kingdom for UK tax purposes will not generally be
subject to UK tax on chargeable gains on a disposal of ordinary shares unless such a shareholder carries on a trade,
profession or vocation in the United Kingdom through a branch or agency or, in the case of a corporate shareholder, a
permanent establishment. For shareholders in such circumstances, a gain on a disposal of our ordinary shares may be
subject to UK taxation.
An individual shareholder who acquires ordinary shares while UK resident, who temporarily ceases
to be UK resident or becomes resident in a territory outside the United Kingdom for the purposes of double taxation relief
arrangements, and who disposes of our ordinary shares during that period of temporary non-UK residence, may on his or
her return to the United Kingdom be liable to UK capital gains tax on any chargeable gain realized on that disposal.
For an individual shareholder within the charge to capital gains tax, a disposal of ordinary shares
may give rise to a chargeable gain or allowable loss for the purposes of UK capital gains tax. The rate of capital gains tax
is 18% for individuals who are subject to income tax at the basic rate and 28% to the extent that an individual
shareholder’s chargeable gains, when aggregated with his or her income chargeable to income tax, exceeds the basic
rate band for income tax purposes. However, an individual shareholder is entitled to realize £11,100 of gains (the annual
exempt amount) in each tax year without being liable to tax.

For a shareholder within the charge to UK corporation tax, a disposal (or deemed disposal) of
ordinary shares may give rise to a chargeable gain or allowable loss for the purposes of UK corporation tax. Corporation
tax is charged on chargeable gains at the rate applicable to that company, subject to any available exemption or
relief. Indexation allowance may reduce the amount of chargeable gain that is subject to corporation tax (but may not give
rise to or increase an allowable loss).
Dividends on Ordinary Shares
No UK tax will be withheld or deducted at source from dividends paid by us on our ordinary shares.
Shareholders who are resident in the United Kingdom for tax purposes may, subject to their
individual circumstances, be liable to UK income tax or, as the case may be, UK corporation tax on dividends paid to them
by us.
An individual shareholder who is within the charge to UK income tax and who receives a cash
dividend from us may be entitled to a tax credit equal to one-ninth of the amount of the cash dividend received, which tax
credit will be equivalent to 10% of the aggregate of the dividend received and the tax credit (the gross dividend). Such an
individual shareholder will be subject to income tax on the gross dividend.
An individual shareholder who is subject to UK income tax at a rate or rates not exceeding the basic
rate will be liable to tax on the gross dividend at the rate of 10%, so that the tax credit will satisfy the income tax liability of
such a shareholder in full. Where the tax credit exceeds the shareholder’s tax liability, the shareholder cannot claim
repayment of the tax credit from H.M. Revenue and Customs.
An individual shareholder who is subject to UK income tax at the higher rate will be liable to income
tax on the gross dividend at the rate of 32.5% to the extent that such sum, when treated as the top slice of that
shareholder’s income, exceeds the threshold for higher rate income tax. After setting the 10% tax credit against part of the
shareholder’s liability, a higher rate tax payer will therefore be liable to account for tax equal to 22.5% of the gross
dividend (or 25% of the net cash dividend), to the extent that the gross dividend exceeds the threshold for the higher rate.
An individual shareholder who is subject to UK income tax at the additional rate will be liable to
income tax on the gross dividend at the rate of 37.5% of the gross dividend, but will be able to set the UK tax credit off
against part of this liability. The effect of this set-off of the UK tax credit is that such a shareholder will be liable to account
for additional tax equal to 27.5% of the gross dividend (or approximately 30.6% of the net cash dividend) to the extent that
the gross dividend exceeds the threshold for the additional rate.
With effect from April 6, 2016, shareholders will no longer be entitled to the tax credit referred to
above in respect of dividends paid on or after that date. Instead, the UK Government has introduced an annual dividend
tax allowance of £5,000 per tax year. If and to the extent that an individual shareholder who is subject to UK income tax
receives dividends in each tax year which, in aggregate, do not exceed that allowance, the individual will not be liable to
UK income tax on those dividends. If and to the extent that an individual shareholder who is subject to UK income tax
receives dividends in each tax year which, in aggregate, exceed that allowance, the individual will be subject to UK
income tax on those dividends at the rate of 7.5% (in the case of basic rate taxpayers), 32.5% (in the case of higher rate
taxpayers) and 38.1% (in the case of additional rate taxpayers), and the individual will not be entitled to any tax credit in
respect of those dividends.
Shareholders who are within the charge to UK corporation tax are generally likely to be exempt
from corporation tax on dividends they receive from us, provided the dividends fall within an exempt class and certain
conditions are met.
Stamp duty/stamp duty reserve tax
(i) Issue of Ordinary Shares
No UK stamp duty or stamp duty reserve tax will be payable on the issue of ordinary shares,
subject to the comments in (iii) below.

(ii) Transfers of Ordinary Shares
UK stamp duty will in principle be payable on any instrument of transfer of our ordinary shares that
is executed in the United Kingdom or that relates to any property situated, or to any matter or thing done or to be done, in
the United Kingdom. An exemption from stamp duty is available on an instrument transferring ordinary shares where the
amount or value of the consideration is £1,000 or less and it is certified on the instrument that the transaction effected by
the instrument does not form part of a larger transaction or series of transactions in respect of which the aggregate
amount or value of the consideration exceeds £1,000. Shareholders should be aware that, even where an instrument of
transfer is in principle subject to stamp duty, stamp duty is not required to be paid unless it is necessary to rely on the
instrument for legal purposes, for example to register a change of ownership or in litigation in a UK court. An instrument of
transfer need not be stamped in order for the British Virgin Islands register of ordinary shares to be updated, and the
register is conclusive proof of legal ownership.
Provided that the ordinary shares are not registered in any register maintained in the United
Kingdom by or on behalf of us and are not paired with any shares issued by a UK incorporated company, any agreement
to transfer ordinary shares will not be subject to UK stamp duty reserve tax.
We currently do not intend that any register of our ordinary shares will be maintained in the United
Kingdom.
(iii) Ordinary Shares held through clearance services or depositary receipt arrangements
Where ordinary shares are transferred or issued to, or to a nominee or agent for, a person whose
business is or includes the provision of clearance services or issuing depositary receipts (but not including CREST), UK
stamp duty or stamp duty reserve tax may be payable at a rate of 1.5% (rounded up if necessary, in the case of stamp
duty, to the nearest multiple of £5) of the amount or value of the consideration payable for (or, in certain circumstances,
the value of) the ordinary shares. This liability for stamp duty or stamp duty reserve tax will be payable by the clearance
service or depositary receipt operator or its nominee, as the case may be, but in practice participants in the clearance
service or depositary receipt scheme will generally be required to reimburse them for such cost.
Following litigation, H.M. Revenue and Customs has confirmed that it will no longer seek to apply
the above 1.5% stamp duty or stamp duty reserve tax charge on the issue of shares into a clearance service or depositary
receipt system established in a European Union Member State on the basis that the charge is not compatible with EU
law. However, their view is that the 1.5% charge will still apply on the transfer of shares into such a clearance service or
depositary receipts system where the transfer is not an integral part of the issue of share capital. This view is currently
being challenged in further litigation. Accordingly, shareholders should consult their own independent professional
advisers before incurring or reimbursing the costs of such a 1.5% stamp duty or stamp duty reserve tax charge.
F. Dividends and Paying Agents
Not applicable.
G. Statements by Experts
Not applicable.
H. Documents on Display
Documents concerning us that are referred to herein may be inspected at our principal executive
offices at: No. 1 New Square, Bedfont Lakes Business Park, Feltham, Middlesex, TW14 8HA. Those documents, which
include our registration statements, periodic reports and other documents which were filed with the SEC, may be obtained
electronically from the Investor section of our website at www.nomadfoods.com or from the SEC’s website at
www.sec.gov or from the SEC public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Further
information on the operation of the public reference rooms may be obtained by calling the SEC at 1-202-551-8909. Copies
of documents can also be requested from the SEC public reference rooms for a copying fee at prescribed rates. We do
not incorporate the information contained on, or accessible through, our website into this annual report, and you should
not consider it a part of this annual report.
I. Subsidiary Information
Not applicable.

Item 11. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to certain market risks during the normal course of our business, such as risk
arising from fluctuations in foreign currency exchange rates, as well as fluctuations in interest rates. In attempts to
manage these risks, we employ certain strategies to mitigate the effect of these fluctuations. For a detailed discussion of
the these risks, see Note 33 “Financial risk management” to our audited consolidated financial statements which appear
elsewhere in this annual report.
Item 12. Description of Securities Other than Equity Securities

Not applicable.
Item 13. Defaults, Dividend Arrearages and Delinquencies

None.
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
None.
Use of Proceeds
None.
Item 15. Controls and Procedures

Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of management,
including our Chief Executive Officer and Interim Chief Financial Officer, our principal executive officer and principal
financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term
is defined in Rules l3a-15(e) and l5d—15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), as of the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and
Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period
covered by this annual report in providing a reasonable level of assurance that information we are required to disclose in
reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time
periods in Securities and Exchange commission rules and forms, including providing a reasonable level of assurance that
information required to be disclosed by us in such reports is accumulated and communicated to our management,
including our Principal Executive Officer and our Principal Financial Officer, as appropriate to allow timely decisions
regarding required disclosure.
Changes in internal control over financial reporting
During the period covered by this report, there have been no changes to our internal controls over
financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
Management’s annual report on internal control over financial reporting
Our management is responsible for establishing and maintaining adequate internal control over
financial reporting as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended.
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the Company’s assets, (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of
the Company’s management and directors, and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the
consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Management has assessed the effectiveness of our internal control over financial reporting as of
December 31, 2017 using criteria described in Internal Control-Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission.
Based on this assessment, management concluded that the internal control over financial reporting
was effective as of December 31, 2017 based on the criteria established in this Internal Control-Integrated Framework
(2013).
Attestation report of the registered public accounting firm
The independent registered public accounting firm that audited the Consolidated Financial
Statements, PricewaterhouseCoopers LLP, has issued an attestation report on the effectiveness of the Company’s
internal control over financial reporting as of December 31, 2017, appearing under Item 18, and such report is
incorporated herein by reference.
Item 16A. Audit Committee Financial Expert

The board of directors has determined that Mr. Lillie qualifies as an audit committee financial expert
as defined in Item 16A of Form 20-F, and that he is also “independent,” as defined in Rule 10A-3 under the Exchange Act
and applicable NYSE standards. For more information about Mr. Lillie, see Item 6A: Directors, Senior Management and
Employees—Directors and Senior Management.
Item 16B. Code of Ethics
We have adopted a Code of Ethics that applies to our Chief Executive Officer and all senior
financial officers. We will provide to any person without charge, upon request, a copy of the Code of Ethics. You may
obtain a copy of the Code of Ethics by sending a written request to No. 1 New Square, Bedfont Lakes Business Park,
Feltham, Middlesex, TW14 8HA, Attention: Corporate Secretary.
Item 16C. Principal Accountant Fees and Services

PricewaterhouseCoopers LLP (“PwC”) acted as our independent auditor for the years ended
December 31, 2017 and 2016. The table below sets out the total amount billed to us by PwC, for services performed in
the years ended December 31, 2017 and 2016, and breaks down these amounts by category of service:
For the year ended For the year ended

(€ in millions) December 31, 2017 December 31, 2016
Audit fees 2.8 3.8
Audit-related fees 0.2 —
Tax fees 0.8 1.9
All other fees — —
Total 3.8 5.7
Audit Fees
Audit fees in the years ended December 31, 2017 and 2016 are related to the audit of our
consolidated financial statements and other audit or interim review services provided in connection with statutory and
regulatory filings or engagements.

Audit-Related Fees
Audit fees in the year ended December 31, 2017 are related to other assurance services on capital
market transactions. There were no audit-related fees in the year ended December 31, 2016.
Tax Fees
Tax fees in the years ended December 31, 2017 and 2016 are related to tax compliance and other
tax related services.
All Other Fees
There were no other fees in the years ended December 31, 2017 and 2016.
Pre-Approval Policies and Procedures
The advance approval of the Audit Committee or members thereof, to whom approval authority has
been delegated, is required for all audit and non-audit services provided by our auditors.
All services provided by our auditors are approved in advance by either the Audit Committee or
members thereof, to whom authority has been delegated, in accordance with the Audit Committee’s pre-approval policy.
No such services were approved pursuant to the procedures described in Rule 2-01(c)(7)(i)(C) of Regulation S-X, which
waives the general requirement for pre-approval in certain circumstances.
Item 16D. Exemptions from the Listing Standards for Audit Committees

None
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table presents information related to our repurchases of our ordinary shares during
the year ended December 31,2017:
Total Number of Maximum Number
Total Number of Shares Purchased of Shares that May
Shares Purchased Average Price Paid as Part of Publicly Yet Be Purchased
(1) Per Share Announced Plans Under the Plans or
Period 2017 or Programs Programs
January 1-31 — — — —
February 1-28 — — — —
March 1-31 — — — —
April 1-30 — — — —
May 1-31 — — — —
June 1-30 (1) 9,779,729 €9.60 — —
July 1-31 — — — —
August 1-31 — — — —
September 1-30 (2) 7,063,643 €11.78 — —
October 1-31 — — — —
November 1-30 — — — —
December 1-31 — — — —
(1) On June 12, 2017, we repurchased 9,779,729 of our shares beneficially owned by Permira
Funds at a purchase price of $10.75 (approximately €9.60) per share, which represents a 25% discount to the closing
price of Nomad Foods ordinary shares on June 9, 2017, for an aggregate purchase price of $105.1 million (approximately
€93.9 million). The transaction related to a final settlement of indemnity claims against an affiliate of Permira Funds, of
legacy tax matters that predated the Iglo Acquisition.

(2) On September 11, 2017, in connection with the registered underwritten public offering of
33,333,334 of our ordinary shares by certain funds managed by Pershing Square Capital Management, L.P., we
purchased 7,063,643 ordinary shares from the underwriters in the offering at a price of $14.157 (approximately €11.78),
the price payable by the underwriters to the selling shareholders in the offering. We did not sell any ordinary shares in the
offering and did not receive any of the proceeds from the offering. We used cash on hand to fund the repurchase of the
ordinary shares.
Item 16F. Change in Registrants’ Certifying Accountant

Not applicable.
Item 16G. Corporate Governance

Comparison of Shareholder Rights
We were incorporated under, and are governed by, the laws of the British Virgin Islands. The
following discussion summarizes material differences between the rights of holders of ordinary shares and the rights of
shareholders of a typical corporation incorporated under the laws of the State of Delaware.
Director’s Fiduciary Duties
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the
corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care
requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar
circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information
reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he
reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain
or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its
shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared
by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in
good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this
presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented
concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the
transaction was of fair value to the corporation.
British Virgin Islands law provides that every director of a British Virgin Islands company in
exercising his powers or performing his duties, shall act honestly and in good faith and in what the director believes to be
in the best interests of the company. Additionally, the director shall exercise the care, diligence, and skill that a reasonable
director would exercise in the same circumstances taking into account the nature of the company, the nature of the
decision and the position of the director and his responsibilities. In addition, British Virgin Islands law provides that a
director shall exercise his powers as a director for a proper purpose and shall not act, or agree to the company acting, in a
manner that contravenes British Virgin Islands law or the memorandum and articles of association of the company.
Amendment of Governing Documents
Under Delaware corporate law, with very limited exceptions, a vote of the shareholders of a
corporation is required to amend the certificate of incorporation. In addition, Delaware corporate law provides that
shareholders have the right to amend the corporation’s bylaws, but the certificate of incorporation may confer such right
on the directors of the corporation.
Our directors may, at any time (including after the Acquisition), without shareholder consent, amend
our Memorandum and Articles where the directors determine, in their absolute discretion (acting in good faith), by a
resolution of directors, that such changes are necessary or desirable in connection with or resulting from the Acquisition or
in connection with admission to listing on the NYSE.
Written Consent
Under Delaware corporate law, a written consent of the directors must be unanimous to take effect.
Under British Virgin Islands law and our Memorandum and Articles, only a majority of the directors are required to sign a
written consent.

Under Delaware corporate law, unless otherwise provided in the certificate of incorporation, any
action to be taken at any annual or special meeting of shareholders of a corporation may be taken by written consent of
the holders of outstanding stock having not less than the minimum number of votes that would be necessary to take that
action at a meeting at which all shareholders entitled to vote were present and voted. Our Memorandum and Articles
provides that any shareholder action permitted to be taken at a shareholder meeting may also be taken by written consent
of a majority of the votes of shares entitled to vote thereon. If any shareholder resolution is adopted otherwise than by the
unanimous written consent of all shareholders, a copy of such resolution shall be sent to all shareholders not consenting
to such resolution.
Shareholder Proposals
Under Delaware corporate law, a shareholder has the right to put any proposal before the annual
meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting
may be called by the board of directors or any other person authorized to do so in the governing documents, but
shareholders may be precluded from calling special meetings. British Virgin Islands law and our Memorandum and
Articles provide that our directors shall call a meeting of the shareholders if requested in writing to do so by shareholders
entitled to exercise at least 30% of the voting rights in respect of the matter for which the meeting is requested.
Sale of Assets
Under Delaware corporate law, a vote of the shareholders is required to approve a sale of assets
only when all or substantially all assets are being sold to a person other than a subsidiary of the Company. Under British
Virgin Islands law generally, shareholder approval is required when more than 50% of a company’s total assets by value
are being disposed of or sold to any person if not made in the usual or regular course of the business carried out by the
company.
Redemption of Shares
Under Delaware corporate law, any stock may be made subject to redemption by the corporation at
its option, at the option of the holders of that stock or upon the happening of a specified event, provided shares with full
voting power remain outstanding. The stock may be made redeemable for cash, property or rights, as specified in the
certificate of incorporation or in the resolution of the board of directors providing for the issue of the stock. As permitted by
British Virgin Islands law and our Memorandum and Articles, shares may be repurchased, redeemed or otherwise
acquired by us. However, the consent of the shareholder whose shares are to be repurchased, redeemed or otherwise
acquired must be obtained, except as specified in the terms of the applicable class or series of shares.
Squeeze-Out Merger
Under Delaware General Corporation Law § 253, in a process known as a “short form” merger, a
corporation that owns at least 90% of the outstanding shares of each class of stock of another corporation may either
merge the other corporation into itself and assume all of its obligations or merge itself into the other corporation by
executing, acknowledging and filing with the Delaware Secretary of State a certificate of such ownership and merger
setting forth a copy of the resolution of its board of directors authorizing such merger. If the parent corporation is a
Delaware corporation that is not the surviving corporation, the merger also must be approved by a majority of the
outstanding stock of the parent corporation. If the parent corporation does not own all of the stock of the subsidiary
corporation immediately prior to the merger, the minority shareholders of the subsidiary corporation party to the merger
may have appraisal rights as set forth in § 262 of the Delaware General Corporation Law.
Under the BVI Act, subject to any limitations in a company’s memorandum and articles of
association, members holding 90% of the votes of the outstanding shares entitled to vote, and members holding 90% of
the votes of the outstanding shares of each class of shares entitled to vote, may give a written instruction to the company
directing the company to redeem the shares held by the remaining members. In our Memorandum and Articles, we have
opted out of the BVI Act’s squeeze out provisions.

Variation of Rights of Shares
Under Delaware corporate law, a corporation may vary the rights of a class of shares with the
approval of a majority of the outstanding shares of that class, unless the certificate of incorporation provides otherwise. As
permitted by British Virgin Islands law and our Memorandum and Articles, we may vary the rights attached to any class
with the written consent of at least 50% of the holders of each class of shares affected or by a resolution passed by at
least 50% of the votes cast by eligible holders of the issued shares of the affected class at a separate meeting of the
holders of that class However, notwithstanding the foregoing, the directors may make such variation to the rights of any
class of shares that they, in their absolute discretion (acting in good faith) determine to be necessary or desirable in
connection with or resulting from the Acquisition (including at any time after the Acquisition has been made) including in
connection with admission to listing on the NYSE.
Election of Directors
Under Delaware corporate law, unless otherwise specified in the certificate of incorporation or
bylaws of a corporation, directors are elected by a plurality of the votes of the shares entitled to vote on the election of
directors. Subject to the BVI Act and pursuant to our Memorandum and Articles, directors shall be appointed at any time,
and from time to time, by our directors, without the approval of shareholders, either to fill a vacancy or as an alternate or
additional director. The shareholders may, by a majority vote, appoint any person as a director. In addition, for so long as
an initial holder of Founder Preferred Shares holds 20% or more of the Founder Preferred Shares in issue, such holder is
entitled to nominate, and the directors are required to appoint, a person as director. If such holder notifies the Company to
remove any director nominated by him or her, the other directors shall remove such director, and the holder will have the
right to nominate a director to fill the resulting vacancy. In the event an initial holder ceases to be a holder of Founder
Preferred Shares or holds less than 20% of the Founder Preferred Shares in issue, such initial holder will no longer be
entitled to nominate a person as a director, and the holders of a majority of the Founder Preferred Shares in issue will be
entitled to exercise that initial holder’s former rights to appoint a director instead.
Removal of Directors
Under Delaware corporate law, a director of a corporation with a classified board may be removed
only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of
incorporation provides otherwise. Our Memorandum and Articles provide that a director may be removed at any time
if: (i) he resigns by written notice to the Company; (ii) he is requested to resign by written notice of all of the other
directors; (iii) he ceases to be a director by virtue of any provision of law or becomes prohibited by law from or is
disqualified from being a director; (iv) he becomes bankrupt or makes any arrangement or composition with his creditors
generally or otherwise has any judgment executed on any of his assets; (v) he becomes of unsound mind or incapable;
(vi) he is absent from meetings of directors for a consecutive period of 12 months and the other directors resolve that his
office shall be vacated; (vii) he dies; or (viii) a resolution of shareholders is approved by a majority of the shares entitled to
vote on such matter passed at a meeting of shareholders called for the purposes of removing the director or for purposes
including the removal of the director or a written special resolution of shareholders is passed by at least 75% of the votes
of shares entitled to vote thereon.
Mergers
Under Delaware corporate law, one or more constituent corporations may merge into and become
part of another constituent corporation in a process known as a merger. A Delaware corporation may merge with a foreign
corporation as long as the law of the foreign jurisdiction permits such a merger. To effect a merger under Delaware
General Corporation Law § 251, an agreement of merger must be properly adopted and the agreement of merger or a
certificate of merger must be filed with the Delaware Secretary of State. In order to be properly adopted, the agreement of
merger must be adopted by the board of directors of each constituent corporation by a resolution or unanimous written
consent. In addition, the agreement of merger generally must be approved at a meeting of shareholders of each
constituent corporation by a majority of the outstanding stock of the corporation entitled to vote, unless the certificate of
incorporation provides for a supermajority vote. In general, the surviving corporation assumes all of the assets and
liabilities of the disappearing corporation or corporations as a result of the merger.

Under the BVI Act, two or more companies may merge or consolidate in accordance with the
statutory provisions. A merger means the merging of two or more constituent companies into one of the constituent
companies, and a consolidation means the uniting of two or more constituent companies into a new company. In order to
merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation,
which must be authorized by a resolution of shareholders. One or more companies may also merge or consolidate with
one or more companies incorporated under the laws of jurisdictions outside the British Virgin Islands if the merger or
consolidation is permitted by the laws of the jurisdictions in which the companies incorporated outside the British Virgin
Islands are incorporated. In respect of such a merger or consolidation, a British Virgin Islands company is required to
comply with the provisions of the BVI Act, and a company incorporated outside the British Virgin Islands is required to
comply with the laws of its jurisdiction of incorporation.
Shareholders not otherwise entitled to vote on the merger or consolidation may still acquire the right
to vote if the plan of merger or consolidation contains any provision that, if proposed as an amendment to the
memorandum and articles of association, would entitle them to vote as a class or series on the proposed amendment. In
any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are
entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or consolidation.
Inspection of Books and Records
Under Delaware corporate law, any shareholder of a corporation may for any proper purpose
inspect or make copies of the corporation’s stock ledger, list of shareholders and other books and records. Under British
Virgin Islands law, members of the general public, on payment of a nominal fee, can obtain copies of the public records of
a company available at the office of the British Virgin Islands Registrar of Corporate Affairs, including the company’s
certificate of incorporation, its memorandum and articles of association (with any amendments), records of license fees
paid to date, any articles of dissolution, any articles of merger and a register of charges if the company has elected to file
such a register.
A shareholder of a company is entitled, on giving written notice to the company, to inspect:

(a) the memorandum and articles of association;
(b) the register of members;
(c) the register of directors; and
(d) the minutes of meetings and resolutions of shareholders and of those classes of shares
of which he is a shareholder.
In addition, a shareholder may make copies of or take extracts from the documents and records
referred to in (a) through (d) above. However, subject to the memorandum and articles of association of the company, the
directors may, if they are satisfied that it would be contrary to the company’s interests to allow a shareholder to inspect
any document, or part of any document, specified in (b), (c) or (d) above, refuse to permit the shareholder to inspect the
document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the
records. Where a company fails or refuses to permit a shareholder to inspect a document or permits a shareholder to
inspect a document subject to limitations, that shareholder may apply to the court for an order that he should be permitted
to inspect the document or to inspect the document without limitation.
Where a company keeps a copy of the register of members or the register of directors at the office
of its registered agent, it is required to notify the registered agent of any changes to the originals of such registers, in
writing, within 15 days of any change; and to provide the registered agent with a written record of the physical address of
the place or places at which the original register of members or the original register of directors is kept. Where the place at
which the original register of members or the original register of directors is changed, the company is required to provide
the registered agent with the physical address of the new location of the records within 14 days of the change of location.
A company is also required to keep at the office of its registered agent or at such other place or
places, within or outside the British Virgin Islands, as the directors determine the minutes of meetings and resolutions of
shareholders and of classes of shareholders, and the minutes of meetings and resolutions of directors and committees of
directors. If such records are kept at a place other than at the office of the company’s registered agent, the company is
required to provide the registered agent with a written record of the physical address of the place or places at which the
records are kept and to notify the registered agent, within 14 days, of the physical address of any new location where
such records may be kept. The Company’s registered agent in the British Virgin Islands is: Intertrust Corporate Services
(BVI) Limited, Ritter House, Wickhams Cay II, Road Town, Tortola, British Virgin Islands.

Conflict of Interest
Under Delaware corporate law, a contract between a corporation and a director or officer, or
between a corporation and any other organization in which a director or officer has a financial interest, is not void as long
as (i) the material facts as to the director’s or officer’s relationship or interest are disclosed or known and (ii) either a
majority of the disinterested directors authorizes the contract in good faith or the shareholders vote in good faith to
approve the contract. Nor will any such contract be void if it is fair to the corporation when it is authorized, approved or
ratified by the board of directors, a committee or the shareholders.
The BVI Act provides that a director shall, forthwith after becoming aware that he is interested in a
transaction entered into or to be entered into by the company, disclose that interest to the board of directors of the
company. The failure of a director to disclose that interest does not affect the validity of a transaction entered into by the
director or the company, so long as the director’s interest was disclosed to the board prior to the company’s entry into the
transaction or was not required to be disclosed because the transaction is between the company and the director himself
and is otherwise in the ordinary course of business and on usual terms and conditions. As permitted by British Virgin
Islands law and our Memorandum and Articles, a director interested in a particular transaction may vote on it, attend
meetings at which it is considered and sign documents on our behalf that relate to the transaction. In addition, if our
directors have other fiduciary obligations, including to other companies on whose board of directors they presently sit and
to other companies whose board of directors they may join in the future, to the extent that they identify business
opportunities that may be suitable for us or other companies on whose board of directors they may sit, our directors are
permitted to honor those pre-existing fiduciary obligations ahead of their obligations to us. Accordingly, they may refrain
from presenting certain opportunities to us that come to their attention in the performance of their duties as directors of
such other entities unless the other companies have declined to accept such opportunities or clearly lack the resources to
take advantage of such opportunities
Transactions with Interested Shareholders
Delaware corporate law contains a business combination statute applicable to Delaware public
corporations whereby, unless the corporation has specifically elected not to be governed by that statute by amendment to
its certificate of incorporation, it is prohibited from engaging in certain business combinations with an “interested
shareholder” for three years following the date that the person becomes an interested shareholder. An interested
shareholder generally is a person or group that owns or owned 15% or more of the company’s outstanding voting stock
within the past three years. This statute has the effect of limiting the ability of a potential acquirer to make a two-tiered bid
for the company in which all shareholders would not be treated equally. The statute does not apply if, among other things,
prior to the date on which the shareholder becomes an interested shareholder, the board of directors approves either the
business combination or the transaction that resulted in the person becoming an interested shareholder.
British Virgin Islands law has no comparable provision. However, although British Virgin Islands law
does not regulate transactions between a company and its significant shareholders, it does provide that these
transactions must be entered into in the bona fide best interests of the company and not with the effect of constituting a
fraud on the minority shareholders.
Independent Directors
There are no provisions under Delaware corporate law or under the BVI Act that require a majority
of our directors to be independent.
Cumulative Voting
Under Delaware corporate law, cumulative voting for elections of directors is not permitted unless
the company’s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the
representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the
votes to which the shareholder is entitled on a single director, which increases the shareholder’s voting power with respect
to electing such director. There are no prohibitions on cumulative voting under the laws of the British Virgin Islands, but
our Memorandum and Articles do not provide for cumulative voting.

Shareholders’ Rights under British Virgin Islands Law Generally
The BVI Act provides for certain remedies that may be available to shareholders. Where a company
incorporated under the BVI Act or any of its directors engages in, or proposes to engage in, conduct that contravenes the
BVI Act or the company’s memorandum and articles of association, British Virgin Islands courts can issue a restraining or
compliance order. However, shareholders cannot also bring derivative, personal and representative actions under certain
circumstances. The traditional English basis for shareholders’ remedies has also been incorporated into the BVI Act:
where a shareholder of a company considers that the affairs of the company have been, are being or are likely to be
conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the
court for an order based on such conduct. In addition, any shareholder of a company may apply to the courts for the
appointment of a liquidator of the company and the court may appoint a liquidator of the company if it is of the opinion that
it is just and equitable to do so.
The BVI Act also provides that any shareholder of a company is entitled to payment of the fair value
of his shares upon dissenting from any of the following: (i) a merger, if the company is a constituent company, unless the
company is the surviving company and the shareholder continues to hold the same or similar shares; (ii) a consolidation, if
the company is a constituent company; (iii) any sale, transfer, lease, exchange or other disposition of more than 50% in
value of the assets or business of the company if not made in the usual or regular course of the business carried on by
the company but not including (a) a disposition pursuant to an order of the court having jurisdiction in the matter, (b) a
disposition for money on terms requiring all or substantially all net proceeds to be distributed to the shareholders in
accordance with their respective interest within one year after the date of disposition, or (c) a transfer pursuant to the
power of the directors to transfer assets for the protection thereof; (iv) a redemption of 10% or fewer of the issued shares
of the company required by the holders of 90% or more of the shares of the company pursuant to the terms of the BVI Act;
and (v) an arrangement, if permitted by the court.
Generally any other claims against a company by its shareholders must be based on the general
laws of contract or tort applicable in the British Virgin Islands or their individual rights as shareholders as established by a
company’s memorandum and articles of association.
Foreign Private Issuer Exemption
As a “foreign private issuer,” as defined by the SEC, we are permitted to follow certain corporate
governance practices of our home country, the British Virgin Islands, instead of those otherwise required under the NYSE
for domestic issuers. While we voluntarily follow most NYSE corporate governance rules, we intend to take advantage of
the following limited exemptions:
• Unlike NYSE corporate governance rules, under BVI law, there is no requirement that our board of
directors consist of a majority of independent directors and our independent directors are not
required to hold executive sessions. Currently, however only six out of our eleven board members
are independent based on NYSE independence standards. Also, while our board’s non-
management directors will meet regularly in executive session without management, our board
does not intend to hold an executive session of only independent directors at least once a year as
called for by the NYSE.
• The NYSE rules applicable to domestic issuers require disclosure within four business days of any
determination to grant a waiver of the code of business conduct and ethics to directors and
officers. Although we will require board approval of any such waiver, we may choose not to disclose
the waiver in the manner set forth in the NYSE rules, as permitted by the foreign private issuer
exemption.
• We are exempt from the rules and regulations under the Exchange Act and NYSE related to the
furnishing and content of proxy statements. Therefore, we intend to hold annual shareholder
meetings in accordance with the corporate governance practices of the British Virgin Islands and
our Memorandum and Articles of Association. Similarly, with respect to matters on which
shareholders will have a right to vote, we intend to comply with corporate governance practices of
the British Virgin Islands and the voting requirements under the NYSE rules applicable to foreign
private issuers.
Item 16H. Mine Safety Disclosure

None.

Item 17. Financial Statements
Not Applicable.

Item 18. Financial Statements
The following financial statements, together with the report of PricewaterhouseCoopers LLP thereon, are filed
as part of this annual report:
NOMAD FOODS LIMITED AND SUBSIDIARIES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm F-1

Report of Independent Registered Public Accounting Firm F-3
Consolidated Statements of Financial Position F-4
Consolidated Statements of Profit or Loss F-5
Consolidated Statements of Comprehensive Income F-6
Consolidated Statements of Changes in Equity F-7
Consolidated Statements of Cash Flows F-10
Notes to the Consolidated Financial Statements F-11

Report of Independent Registered Public Accounting Firm
To Board of Directors and Shareholders of Nomad Foods Limited
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated Statements of Financial Position of Nomad

Foods Limited and its subsidiaries (Successor) as of December 31, 2017 and 2016, and the related Consolidated
Statements of Profit or Loss, of Comprehensive Income, of Changes in Equity, and Cash Flows for each of the two years
in the period ended December 31, 2017, for the nine months ended December 31, 2015 and for the year end March 31,
2015 including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited
the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal
Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of their
operations and their cash flows for each of two years in the period ended December 31, 2017, for the nine months ended
December 31, 2015 and for the year end March 31, 2015 in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board and in conformity with International Financial Reporting
Standards as adopted by the European Union. Also in our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control
- Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for
maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control
over financial reporting, included in Management’s annual report on internal control over financial reporting appearing
under Item 15 of the 2017 Annual Report on Form 20-F. Our responsibility is to express opinions on the Company’s
consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over
financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the
risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also
included performing such other procedures as we considered necessary in the circumstances. We believe that our audits
provide a reasonable basis for our opinions.
Nomad Foods Annual Report 2017 F-1

Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
/s/ PricewaterhouseCoopers LLP

London, United Kingdom
March 22, 2018
We have served as the Company’s or its predecessor's auditor since 2006.
F-2 Nomad Foods Annual Report 2017

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Nomad Foods Limited
In our opinion, the accompanying Consolidated Statements of Profit or Loss, of Comprehensive

Income, of Changes in Equity and of Cash Flows for the five months ended May 31, 2015 present fairly, in all material
respects, the results of operations and cash flows of Nomad Foods Europe Holdings Limited (previously Iglo Foods
Holdings Limited) and its subsidiaries (Predecessor) in conformity with International Financial Reporting Standards as
issued by the International Accounting Standards Board and in conformity with International Financial Reporting
Standards as adopted by the European Union. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP

London, United Kingdom
March 30, 2017

Consolidated Statements of Financial Position
Successor Successor
2017 2016
Note €m €m
Non-current assets
Goodwill 13 1,745.6 1,745.6
Intangibles 13 1,724.4 1,726.6
Property, plant and equipment 12 295.4 298.2
Other receivables 18 4.3 0.4
Derivative financial instruments 34 18.6 —
Deferred tax assets 16 64.3 64.9
Total non-current assets 3,852.6 3,835.7
Current assets
Cash and cash equivalents 20 219.2 329.5
Inventories 17 306.9 325.0
Trade and other receivables 18 147.1 135.7
Indemnification assets 19 73.8 65.5
Capitalized borrowing costs 21 — 5.0
Derivative financial instruments 34 2.1 13.1
Total current assets 749.1 873.8
Total assets 4,601.7 4,709.5
Current liabilities
Trade and other payables 22 477.5 472.7
Current tax payable 145.3 162.3
Provisions 24 68.0 116.7
Loans and borrowings 21 3.3 —
Derivative financial instruments 34 7.8 1.4
Total current liabilities 701.9 753.1
Non-current liabilities
Loans and borrowings 21 1,395.1 1,451.8
Employee benefits 23 188.4 190.9
Trade and other payables 22 1.8 1.0
Provisions 24 72.8 77.0
Derivative financial instruments 34 61.4 —
Deferred tax liabilities 16 327.7 333.2
Total non-current liabilities 2,047.2 2,053.9
Total liabilities 2,749.1 2,807.0
Net assets 1,852.6 1,902.5
Equity attributable to equity holders
Share capital 25 — —
Capital reserve 25 1,623.7 1,800.7
Share-based compensation reserve 26 2.9 1.0
Founder Preferred Shares Dividend Reserve 27 493.4 493.4
Translation reserve 28 83.2 84.0
Cash flow hedging reserve 29 (3.0) 8.4
Accumulated deficit reserve (347.6) (485.0)
Total equity 1,852.6 1,902.5
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Profit or Loss
9 months
December 31, December 31, December 31, March 31, ended May 31,
2017 2016 2015 2015 2015
Note €m €m €m €m €m
Revenue 5 1,956.6 1,927.7 894.2 — 640.3
Cost of sales (1,357.2) (1,356.7) (663.0) — (417.9)
Gross profit 599.4 571.0 231.2 — 222.4
Other operating expenses (319.3) (298.4) (138.6) (0.7) (109.5)
Charge related to Founder Preferred
Shares Annual Dividend Amount 27 — — (349.0) (165.8) —
Credit/(charge) related to Warrant
Redemption Liability 25 — — 0.4 (0.4) —
Exceptional items 7 (37.2) (134.5) (58.1) (0.7) (84.3)
Operating profit/(loss) 6 242.9 138.1 (314.1) (167.6) 28.6
Finance income 10 7.2 24.2 8.7 0.1 2.0
Finance costs 10 (81.6) (86.3) (44.2) — (117.7)
Taxation 11 (32.0) (39.6) 12.3 — (40.9)
Earnings per share:
Basic earnings/(loss) per share 30 0.78 0.20 (2.32) (3.35) n.p.
Diluted earnings/(loss) per share 30 0.74 0.20 (2.32) (3.35) n.p.

Consolidated Statements of Comprehensive Income
9 months
2017 2016 2015 2015 2015
Other comprehensive (loss)/income:
Actuarial gains/(losses) on defined
benefit pension plans 23 2.9 (23.6) 19.4 — (2.5)
Taxation (charge)/credit on
remeasurement of defined benefit
pension plans 11 (2.0) (6.3) (6.1) — 0.7
Items not reclassified to the
Consolidated Statement of Profit or
Loss 0.9 (29.9) 13.3 — (1.8)
Foreign currency (loss) / gain — — (1.7) 88.9 44.7
Loss on investment in foreign
subsidiary, net of hedge (0.8) (0.5) (2.7) — —
Effective portion of changes in fair value
of cash flow hedges 29 (16.4) 10.1 1.6 — —
Taxation credit/(charge) relating to
components of other comprehensive
income 11 5.0 (2.8) (0.5) — —
Items that may be subsequently
reclassified to the Consolidated
Statement of Profit or Loss (12.2) 6.8 (3.3) 88.9 44.7
Other comprehensive (loss)/income
for the period, net of tax (11.3) (23.1) 10.0 88.9 42.9
Total comprehensive income/(loss)
for the period attributable to
Owners of the Parent Company 125.2 13.3 (327.3) (78.6) (85.1)

Consolidated Statements of Changes in Equity
Founder
preferred
Share-based shares Cash flow Accumulated
Share Capital compensation dividend Translation hedging deficit Total
capital reserve reserve reserve reserve reserve reserve equity
SUCCESSOR Note €m €m €m €m €m €m €m €m
Balance at April 1,
2014 — — — — — — — —
Loss for the year — — — — — — (167.5) (167.5)
Other comprehensive
income for the year — — — — 88.9 — — 88.9
Total comprehensive
income/(loss) for
the year — — — — 88.9 — (167.5) (78.6)
Transactions with
owners of the
Company
Issue of Ordinary
Shares 25 — 350.9 — — — — — 350.9
Issue of Founder
Preferred Shares 25 — 10.6 — — — — — 10.6
Cost of Admission 25 — (8.0) — — — — — (8.0)
Total transactions
with owners,
recognized directly
in equity — 353.5 — — — — — 353.5
Balance at March 31,
2015 — 353.5 — — 88.9 — (167.5) 274.9
SUCCESSOR
Balance at April 1,
2015 — 353.5 — — 88.9 — (167.5) 274.9
Loss for the period — — — — — — (337.3) (337.3)
Other comprehensive
(loss)/income for the
period — — — — (4.4) 1.1 13.3 10.0
Total comprehensive
(loss)/income for
the period — — — — (4.4) 1.1 (324.0) (327.3)
Transactions with
owners of the
Company
Issue of Ordinary
Shares 25 — 1,414.2 — — — — — 1,414.2
Cost of Admission 25 — (5.3) — — — — — (5.3)
Founder Preferred
Shares Annual
Dividend Amount 27 — — — 531.5 — — — 531.5
Share based payment
charge — — 0.1 — — — — 0.1
Total transaction with
owners, recognized
directly in equity — 1,408.9 0.1 531.5 — — — 1,940.5
Balance as of
December 31, 2015 — 1,762.4 0.1 531.5 84.5 1.1 (491.5) 1,888.1

Consolidated Statements of Changes in Equity (continued)
Founder
preferred
Balance at January 1,
2016 — 1,762.4 0.1 531.5 84.5 1.1 (491.5) 1,888.1
Profit for the year — — — — — — 36.4 36.4
Other comprehensive
year — — — — (0.5) 7.3 (29.9) (23.1)
Total comprehensive
(loss)/income for
the year — — — — (0.5) 7.3 6.5 13.3
Transactions with
owners of the
Company
Founder Preferred
Shares Annual
Dividend Amount — 38.1 — (38.1) — — — —
Issue of Ordinary
Shares 25 — 0.2 — — — — — 0.2
Vesting of Non-
Executive Restricted
Stock award — — (0.3) — — — — (0.3)
Share based payment
charge — — 1.2 — — — — 1.2
Total transaction with
owners, recognized
directly in equity — 38.3 0.9 (38.1) — — — 1.1
Balance as of
December 31, 2016 25 — 1,800.7 1.0 493.4 84.0 8.4 (485.0) 1,902.5

Consolidated Statements of Changes in Equity (continued)
Founder
preferred
Balance at January 1,
2017 — 1,800.7 1.0 493.4 84.0 8.4 (485.0) 1,902.5
Profit for the year — — — — — — 136.5 136.5
Other comprehensive
year — — — — (0.8) (11.4) 0.9 (11.3)
Total comprehensive
(loss)/income for
the year — — — — (0.8) (11.4) 137.4 125.2
Transactions with
owners of the
Company
Repurchase of ordinary
shares 25 — (177.1) — — — — — (177.1)
Listing and share
transaction costs 25 — (0.5) — — — — — (0.5)
Vesting of Non-
Executive Restricted
Stock award 26 — 0.6 (0.7) — — — — (0.1)
Share based payment
charge 26 — — 2.6 — — — — 2.6
Total transactions
with owners,
recognized directly
in equity — (177.0) 1.9 — — — — (175.1)
Balance as of
December 31, 2017 — 1,623.7 2.9 493.4 83.2 (3.0) (347.6) 1,852.6

Consolidated Statements of Cash Flows

9 months
2017 2016 2015 2015 31, 2015
Cash generated from operations
before tax and exceptional items 32 358.5 356.2 159.2 0.2 102.2
Cash flows relating to exceptional items (99.5) (49.2) (91.6) (0.7) (6.2)
Tax paid (65.2) (24.9) (19.6) — (17.3)
Net cash flows from/(used in)
operating activities 193.8 282.1 48.0 (0.5) 78.7
Cash flows from investing activities
Purchase of Iglo, net of cash acquired — — (693.6) — —
Purchase of Findus, net of cash
acquired — — (556.9) — —
Contingent consideration for purchase
of Frudesa brand — (8.0) — — —
Purchase of property, plant and
equipment 12 (38.0) (38.0) (19.3) — (6.0)
Purchase of intangibles 13 (4.6) (4.4) (2.1) — (0.3)
Purchase of portfolio investments — — — (478.8) —
Redemption of portfolio investments — — 312.1 183.2 —
Net cash used in investing activities (42.6) (50.4) (959.8) (295.6) (6.3)
Cash flows from financing activities
Proceeds from issuance of Founder
Preferred Shares 25 — — — 10.6 —
Proceeds from issuance of Ordinary
Shares 25 — — 1,171.8 350.9 —
Costs of admission 25 — — (5.3) (8.0) —
Loans from Founder Entities for
incorporation — — — 0.1 —
Repayment of loans to Founder Entities — — — (0.1) —
Proceeds from new loans and notes 1,470.5 — 325.0 — —
Repayment of loan principal (1,469.5) — (490.0) — —
Payment of finance leases (1.6) (0.7) — — —
Payment of financing fees (16.7) — (14.0) — —
Repurchase of ordinary shares (177.6) — — — —
Proceeds/(loss) on settlement of
derivatives 1.6 (4.0) 4.3 — —
Interest paid (48.8) (70.9) (40.8) — (31.4)
Interest received 0.3 7.9 1.5 — 2.0
Net cash (used in)/from financing
activities (241.8) (67.7) 952.5 353.5 (29.4)
Net (decrease)/increase in cash and
cash equivalents (90.6) 164.0 40.7 57.4 43.0
Cash and cash equivalents at beginning
of period 20 329.5 186.1 126.8 — 219.2
Effect of exchange rate fluctuations (19.7) (20.6) 18.6 69.4 6.2
Cash and cash equivalents at end of
period 20 219.2 329.5 186.1 126.8 268.4

Notes to the Consolidated Financial Statements
1) General information
Nomad Foods Limited (the “Company” or “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.
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 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, Iglo, and Findus.
2) Basis of preparation
The consolidated financial statements of Nomad and its subsidiaries (the “Company” or “Nomad”,
or the “Successor”) and the consolidated financial statements of Nomad Foods Europe Holdings Limited (previously “Iglo
Foods Holdings Limited”) (the “Predecessor”) have been prepared in accordance with International Financial Reporting
Standards issued by the International Accounting Standards Board. These consolidated financial statements are also in
accordance with International Financial Reporting Standards as adopted by the European Union.
On June 1, 2015 Nomad Foods Limited (previously “Nomad Holdings Limited”) acquired Iglo Foods
Holding Ltd (the “Iglo Group” and the “Iglo Acquisition”). Nomad Foods Limited is listed on the New York Stock Exchange
and Iglo Foods Holdings Limited, a direct subsidiary of Nomad, is considered to be the “Predecessor” of Nomad Foods
Limited (the “Successor”), as prior to the Iglo Acquisition, Nomad Foods Limited had no operations.
On November 2, 2015 the Company acquired Findus Sverige AB and its subsidiaries (the “Findus
Group” and the “Findus Acquisition”). The acquired business included operations across continental Europe with leading
market positions in France, Sweden and Spain along with the intellectual and commercialization rights to the Findus,
Lutosa (until 2020) and La Cocinera brands in their respective markets.
On January 1, 2017, the Company adopted the following relevant amendments to IFRS. Neither of
these have any impact on the results or financial position of the Company.
– Amendments to IAS 7 “Disclosure Initiative”; for which additional disclosures have been made for changes in
liabilities arising from financing activities; and
– Amendments to IAS 12 "Recognition of Deferred Tax Assets for Unrealised Losses"
Refer to 3.22 for more information on new IFRSs not yet adopted.
The Company’s financial statements and notes are presented in the reporting currency of millions
of Euros. Upon the acquisition of the Iglo Group on June 1, 2015, Nomad changed its functional and presentational
currency from U.S. Dollars to Euros because this is the functional and presentational currency of the Iglo Group, which
comprised all of Nomad’s operations at that time. All financial information has been rounded to the nearest €0.1 million,
except where otherwise indicated.
On May 28, 2015 the Company changed its year end reporting date from March 31 to December 31
to align with the historical reporting calendar of the Iglo Group. This change has no impact on the financial statements and
notes included herein. Fiscal year 2015 is a nine month period for the Company, which might not be comparable to the full
year comparative amounts.
The consolidated financial statements were approved for issuance by the Board of Directors of
Nomad Foods Limited on March 20, 2018. The Directors have, at the time of approving the financial statements, a
reasonable expectation that Nomad has adequate resources to continue in operational existence for the foreseeable
future given the cash funds available and the current forecast cash outflows. Thus, Nomad continues to adopt the going
concern basis of accounting in preparing the financial statements.

3) Accounting policies
The accounting policies set out below have, unless otherwise stated, been applied
consistently.
Judgments made by the Directors in the application of these accounting policies that have a
significant effect on the financial statements and key sources of estimation uncertainty are discussed in Note 4.
3.1 Measurement convention
The financial statements are prepared on the historical cost basis with the
exception of derivative financial instruments, business combinations, share based payments,
and founder preferred shares which are stated at fair value.
3.2 Business combination
The Company uses the acquisition method to account for business

combinations. The consideration transferred for the acquisition of a subsidiary is the fair value
of the assets transferred, the liabilities incurred and the equity interest issued by the
Company. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Identifiable assets acquired and
liabilities and contingent liabilities assumed in a business combination are measured initially
at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred.
Where selling shareholders have contractually agreed to indemnify Nomad

Foods Limited for contingent liabilities, an indemnification asset is recognized equivalent to
the fair value of the liability recognized by Nomad. The indemnification asset is deducted from
consideration transferred for the business combination. The indemnification asset value will
subsequently be revised where revisions are made to the value of the liability or where there
are doubts over the ability to recover losses from the selling shareholders.
3.3 Basis of consolidation
The consolidated financial statements include the accounts of the Company

and its wholly owned subsidiaries. Intercompany balances and transactions, and any
unrealized income and expenses arising from intra-group transactions are
eliminated. Accounting policies are applied consistently across the Company.
Subsidiaries are all entities (including structured entities) over which Nomad
has control; directly or indirectly. The Company controls an entity when the Company is
exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Company. They are
deconsolidated from the date that control ceases.
3.4 Foreign currency
i) Foreign currency transactions
Transactions in foreign currencies (currencies other than the

functional currency) are translated into the functional currency at the foreign
exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are translated into the functional
currency at the foreign exchange rate ruling the financial year end. Foreign
exchange gains and losses resulting from the settlement of such transactions
and from the translation of monetary assets and liabilities denominated in
foreign currencies at year end exchange rates are generally recognized in
profit or loss. They are deferred in equity if they relate to qualifying cash flow
hedges, qualifying net investment hedges or are attributable to part of a net
investment in a foreign operation.

Non-monetary assets and liabilities in a foreign currency are
translated into the functional currency to establish historical cost, using the
exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are
translated at foreign exchange rates ruling at the date the fair value was
determined. Translation differences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
The revenues and expenses of foreign operations are

translated at an average rate for the period (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the
dates of the transaction).
ii) Assets and liabilities of foreign operations
For the purposes of presenting consolidated financial

statements, the assets and liabilities of foreign operations, including goodwill
and fair value adjustments arising on consolidation, are translated at foreign
exchange rates ruling at the financial year ended December 31, 2017 of £1:
€1.13 (December 31, 2016: £1:€1.17, December 31, 2015: £1:€1.36). The
revenues and expenses of foreign operations are translated at an average
rate for the period where this rate approximates to the foreign exchange
rates ruling at the dates of the transactions.
Foreign exchange gains and losses that relate to these

assets and liabilities are presented in the Consolidated Statement of Profit or
Loss within ‘finance income or costs’, except where hedge accounting
applies.
iii) Net investment in foreign operations
Exchange differences arising from the translation of foreign

operations and of related qualifying hedges are taken directly to the
translation reserve within equity. They are realized through the Consolidated
Statement of Profit or Loss upon disposal of the related foreign operation.
3.5 Goodwill
Goodwill represents amounts arising on acquisition of subsidiaries. Goodwill

is the difference between the cost of the acquisition and the fair value of the net identifiable
assets acquired.
Goodwill is stated at cost less any accumulated impairment losses. Gains

and losses on the disposal of an entity include the carrying amount of goodwill relating to the
entity sold.
Goodwill is allocated to the cash-generating unit and is not monitored below

the operating segment unit. Goodwill is not amortized but is tested annually for
impairment. Refer to 3.7 for discussion on cash-generating units.
3.6 Other intangible assets
Intangible assets acquired separately are recorded at cost and those

acquired as part of a business combination are recorded at fair value as at the date of
acquisition.

i) Computer software
Capitalized software costs include the cost of acquired

computer software licenses and costs that are directly associated with the
design, construction and testing of such software where this relates to a
major business system. Costs associated with identifying, sourcing,
evaluating or maintaining computer software are recognized as an expense
within other operating expenses as incurred.
The assets are stated at cost less accumulated amortization

and impairment losses. Software costs are amortized by equal monthly
installments over their estimated useful economic life of five to seven years
once the software is capable of being brought into use.
ii) Brands
Based on the market position of the brands, the significant

levels of investment in advertising and promoting the brands, and the fact
that they have been established for over 50 years, the Directors consider that
the Birds Eye, Iglo and Findus brands have indefinite lives. Therefore these
brands are not amortized, but instead held at historical cost less provision for
any impairment.
The La Cocinera and Lutosa brands (Lutosa used under

license until 2020) are deemed to not have an indefinite life and are being
amortized by equal monthly installments within other operating expenses
over 10 and 6 years respectively.
iii) Customer relationships
Long standing Food Service customer relationships have

been identified as intangible assets as part of the Findus Acquisition. These
are deemed to not have an indefinite life and are being amortized by equal
monthly installments within other operating expenses over 14 years.
3.7 Impairment of non-current assets
The carrying amounts of the Company’s non-current assets are reviewed

annually to determine whether there is any indication of impairment. If any such indication
exists, the asset’s recoverable amount is estimated. Impairment losses are recognized in the
Consolidated Statement of Profit or Loss in the period in which they arise. For goodwill and
assets that have an indefinite useful life an impairment review is performed at least annually.
Assets that are subject to amortization are reviewed for impairment

whenever events or changes in circumstances indicate that the net carrying amount may not
be recoverable. An impairment loss is recognized whenever the carrying amount of an asset
or its cash-generating unit exceeds its recoverable amount.
i) Calculation of recoverable amount
Recoverable amount is the greater of fair value less costs to

sell and value in use. In assessing value in use, the estimated future cash
flows of the business are discounted to their present value using a discount
rate that reflects current market assessments of the time value of money and
the risks specific to the asset. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for the
cash-generating unit to which the asset belongs.

ii) Allocation of impairment losses
Impairment losses recognized in respect of cash-generating

units are allocated first to reduce the carrying amount of any goodwill
allocated to cash-generating units then to reduce the carrying amount of the
other assets in the unit on a pro rata basis. A cash-generating unit is the
smallest identifiable group of assets that generates cash inflows that are
largely independent of the cash inflows from other assets or groups of
assets.
iii) Reversals of impairment
An impairment loss in respect of goodwill is not reversed. In

respect of other assets, an impairment loss is reversed when there is an
indication that the impairment loss may no longer exist and there has been a
change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
3.8 Property, plant and equipment
i) Owned assets
Property, plant and equipment are stated at cost less

accumulated depreciation and impairment losses. Cost includes the original
purchase price of the asset and the costs attributable to bringing the asset to
its working condition for its intended use.
Where parts of an item of property, plant and equipment

have different useful lives, they are accounted for as separate items of
property, plant and equipment.
ii) Leased assets
Leases in which the Company assumes substantially all the

risks and rewards of ownership of the leased asset are classified as ‘finance
leases’. Where land and buildings are held under finance leases the
accounting treatment of the land is considered separately from that of the
buildings. Leased assets acquired by way of finance lease are stated at an
amount equal to the lower of their fair value and the present value of the
minimum lease payments at inception of the lease, less accumulated
depreciation and impairment losses.
All other leases are classified as ‘operating leases’.
iii) Depreciation
Depreciation is charged to the Consolidated Statement of

Profit or Loss on a straight line basis over the shorter of the lease term and
the estimated useful lives of each part of an item of property, plant and
equipment once the item is brought into use. Land is not depreciated. The
estimated useful lives are as follows:
• Buildings 40 years
• Plant and equipment 5 to 14 years
• Computer equipment 3 to 5 years

The assets’ residual values and useful lives are reviewed on
a frequent basis.
3.9 Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is
based on the weighted average principle and includes expenditure incurred in acquiring the
inventories and bringing them to their existing location and condition. Inventories that are
acquired through business combinations are fair valued at the time of acquisition. In the case
of manufactured inventories and work in progress, cost includes an appropriate share of
direct costs and overheads based on normal operating capacity. Provision is made for slow
moving, obsolete and defective inventories.
3.10 Employee benefits
i) Defined contribution plans
Obligations for contributions to defined contribution pension

plans are recognized as an expense in the Consolidated Statement of Profit
or Loss as incurred. Prepaid contributions are recognized as an asset to the
extent that a cash refund or reduction in the future payments is available.
ii) Defined benefit plans
The Company’s net obligation in respect of defined benefit

pension plans and other post-employment benefits is calculated separately
for each plan by estimating the amount of future benefit that employees have
earned in return for their service in the current and prior periods. That net
obligation is discounted to determine its present value. The calculation is
performed by a qualified actuary using the projected unit credit method.
The current service cost of the defined benefit plan,

recognized in the Consolidated Statement of Profit or Loss in staff costs
included within Operating profit/(loss), except where included in the cost of
an asset, reflects the increase in the defined benefit obligation resulting from
employee service in the current year, benefit changes, curtailments and
settlements.
Actuarial gains and losses arising from experience

adjustments and changes in actuarial assumptions are charged or credited to
equity in Other Comprehensive Income in the period in which they arise.
The net interest cost is calculated by applying the discount

rate to the net balance of the defined benefit obligation and the fair value of
plan assets. This cost is included in employee benefit expense in the
Consolidated Statement of Profit or Loss.
Past service cost is recognized immediately.
iii) Share-based payment schemes
Employee benefits given through share-based payment

schemes are discussed further in section 3.15 within Accounting policies.
3.11 Founder Preferred Shares
Nomad Foods issued Founder Preferred Shares to both TOMS Acquisition I,

LLC and Mariposa Acquisition II, LLC (collectively the “Founder Entities”) in connection with
its initial public offering in April 2014. Holders of the Founder Preferred Shares are entitled to
receive annual dividend amounts subject to certain performance conditions (the “Founder
Preferred Shares Dividend Amount”). The instrument and its component parts were analyzed

under IFRS 2. The Company intends that any future Founder Preferred Shares Annual
Dividend Amount will be equity settled. Accordingly, the Founder Preferred Shares Annual
Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares
Dividend reserve”) was classified as equity and no further revaluations will be required or
recorded.
Should a Founder Preferred Share Annual Dividend Amount become due

and payable, the market value of any dividend paid will be deducted from the Founder
Preferred Shares Dividend reserve, with any excess deducted from the accumulated profit/
(deficit) reserve within equity.
3.12 Provisions
Provisions are recognized when the Company has a legal or constructive

present obligation as a result of a past event and it is probable that the Company will be
required to settle that obligation. Provisions are measured at the Directors’ best estimate of
the expenditure required to settle the obligation at the financial year end date and are
discounted to present value where the effect is material.
Where it is not possible to make a reliable estimate of the estimated financial

effect of a provision, appropriate disclosure of the resulting contingent liability is made, but no
provision is recognized.
The Company is currently in discussions with the tax authorities in one of its
markets regarding the treatment of the acquisition of the Iglo Group in 2006 by the previous
owners. The Company has an indemnity in respect of this tax issue, but has not recognized
an indemnification asset or a provision for this matter.
3.13 Financial instruments
Financial assets and liabilities are recognized in the Company’s Statement of

Financial Position when the Company becomes a party to the contractual provisions of the
instrument.
i) Trade receivables
Trade receivables are measured at initial recognition at fair

value and are subsequently measured at amortized cost using the effective
interest method, less any impairment. Since trade receivables are due within
one year, this equates to initial carrying value less any impairment.
Appropriate allowances for estimated irrecoverable amounts

are recognized in the Consolidated Statement of Profit or Loss when there is
objective evidence that the asset is impaired.
Trade receivables are presented net of customer rebate

balances.
ii) Cash and cash equivalents
Cash and cash equivalents comprise of cash balances and

call deposits.
iii) Loans and borrowings
a. Valuation
Interest bearing borrowings are recognized

initially at fair value less attributable transaction costs.

Subsequent to initial recognition, interest
bearing loans and borrowings are stated at amortized cost with any
difference between cost and redemption value being recognized in
the Consolidated Statement of Profit or Loss over the expected
period of the borrowings.
b. Capitalization of transaction costs
Fees paid on the establishment of loan

facilities are recognized as transaction costs of the loan to the extent
that it is probable that some or all of the facility will be drawn
down. In this case, the fee is deferred until the draw-down occurs.
iv) Trade payables
Trade payables are measured at initial recognition at fair

value and are subsequently measured at amortized cost using the effective
interest method. Since trade payables are largely due within one year, this
equates to initial carrying value.
v) Derivative financial instruments and hedge accounting
Derivative financial instruments are recognized at fair

value. When a derivative financial instrument is not designated in a hedge
relationship that qualifies for hedge accounting, all changes in its fair value
are recognized immediately in the Consolidated Statement of Profit or
Loss. However, where derivatives qualify for hedge accounting, recognition
of any resultant gain or loss depends on the nature of the item being hedged.
The fair value of derivative financial instruments is

determined using forward rates at the balance sheet date, with the resulting
value discounted back to present value.
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.
a. Cash flow hedges
Where a derivative financial instrument is

designated as a hedge of the variability in cash flows of a
recognized asset or liability, or a highly probable forecast
transaction, the effective part of any gain or loss on the
derivative financial instrument is recognized directly in the
cash flow hedging reserve. Any ineffective portion of the
hedge is recognized immediately in the Consolidated
Statement of Profit or Loss.
When a hedging instrument expires or is

sold, terminated or exercised, or the entity revokes
designation of the hedge relationship but the hedged
forecast transaction is still expected to occur, the cumulative
gain or loss at that point remains in equity and is recognized
when the transaction occurs. If the hedged transaction is no
longer expected to take place, the cumulative unrealized
gain or loss recognized in equity is recognized in the
Consolidated Statement of Profit or Loss immediately.

b. Net investment hedges
Foreign currency differences arising on the

retranslation of a financial liability designated as a hedge of
a net investment in a foreign operation are recognized in
Other Comprehensive Income to the extent that the hedge is
effective, and are presented in the translation reserve within
equity. To the extent that the hedge is ineffective, such
differences are recognized in the Consolidated Statement of
Profit or Loss. When the hedged net investment is disposed
of, the relevant amount in the translation reserve is
transferred to the Consolidated Statement of Profit or Loss
as part of the gain or loss on disposal.
3.14 Revenue
Revenue comprises sales of goods after deduction of discounts, sales taxes

and excludes intra-company sales. Discounts given by the Company include rebates, price
reductions and incentives given to customers, promotional couponing and trade
communication costs. At each financial year end date any discount incurred, but not yet
invoiced, is estimated and accrued.
Revenue is recognized when the title and risk of loss of the underlying
products have been transferred to the customer, at which point the sale price is fixed or
determinable. This completes the revenue-earning process specifically that an arrangement
exists, delivery has occurred, ownership has transferred, the price is determined and
collectability is reasonably assured. The timing of the transfer of risks and rewards varies
depending on the individual terms of the sales agreement. A provision for payment discounts
and product return allowances, which is estimated based upon the Company’s historical
performance, management’s experience and current economic trends, is recorded as a
reduction of sales in the same period that the revenue is recognized.
Trade promotions, consisting primarily of customer pricing allowances and

merchandising funds and customer coupons are offered through various programs to
customers and consumers. Sales are recorded net of estimated trade promotion spending,
which is recognized as incurred at the time of sale. Certain retailers require the payment of
slotting fees in order to obtain space for the Company’s products on the retailers’ store
shelves. The fees are recognized as reductions of revenue on the date a liability to the
retailer is created. These amounts are included in the determination of net sales. Accruals for
expected pay-outs under these programs are included within trade receivables or trade
payables in the Consolidated Statement of Financial Position. Coupon redemption costs are
also recognized as reductions of net sales when the coupons are issued. Estimates of trade
promotion expense and coupon redemption costs are based upon programs offered, timing of
those offers, estimated redemption/usage rates from historical performance, management’s
experience and current economic trends.
Trade marketing expense is comprised of amounts paid to retailers for

programs designed to promote our products and are classified in the Consolidated Statement
of Profit or Loss as a reduction of revenue.
3.15 Share based payments
Successor
Nomad Foods 2015 Long Term Incentive Plan
The Nomad Foods 2015 Long Term Incentive Plan (the “LTIP”), which
incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the
provisions of IFRS 2 “Share-based Payment” and awards under the LTIP represent equity
settled share based payments. A charge is taken to the Consolidated Statement of Profit or

Loss for the difference between the fair value of the shares at grant date and the amount
subscribed, spread over the vesting period.
Share based payment arrangements in which Nomad receives goods or

services as consideration for its own equity instruments are accounted for as equity-settled
share based payment transactions, regardless of how the equity instruments are obtained by
Nomad.
The grant date fair value of share-based payment awards granted to any
Director or employee is recognized as an associated expense, with a corresponding increase
in equity, over the period that any Director or employee becomes unconditionally entitled to
the awards.
The fair value of the awards granted is measured using a valuation model,
taking into account the terms and conditions upon which the awards were granted. The
amount recognized as an expense is adjusted to reflect the actual number of awards for
which the related service and non-market vesting conditions are expected to be met, such
that the amount ultimately recognized as an expense is based on the number of awards that
do meet the related service and non-market performance conditions at the vesting date. For
share-based payment awards with non-vesting conditions, the grant date fair value of the
share-based payment is measured to reflect such conditions and there is no true-up for
differences between expected and actual outcomes.
See Note 8b for further information on the Company’s share-based payment

arrangements and details of the valuation model used.
Predecessor
At the end of each reporting period, the Iglo Group revised its estimates of
the number of interests that were expected to vest based on the non-market vesting
conditions. It recognized the impact of the revision to original estimates, if any, in the
Consolidated Statement of Profit or Loss, with a corresponding adjustment to equity.
Other management incentive schemes
If schemes fall outside the scope of IFRS 2, since they are not related to the
price or value of equity instruments, but do fall within the scope of IAS 19 “Employee
Benefits”, an annual charge is taken over the service period based on an estimate of the
amount of future benefit employees will earn in return for their service.
3.16 Interest income
Interest income is recognized in the Consolidated Statement of Profit or Loss

on an accruals basis using the effective interest method.
3.17 Expenses
i) Operating lease payments
Payments made under operating leases are recognized in

the Consolidated Statement of Profit or Loss on a straight line basis over the
term of the lease. Lease incentives received are recognized on a straight line
basis in the Consolidated Statement of Profit or Loss as an integral part of
the total lease expense.
ii) Borrowing costs
Unless capitalized as part of the cost of borrowing (see Note

3.13(iii)), borrowing costs are recognized in the Consolidated Statement of
Profit or Loss in the period in which they are incurred.

iii) Exceptional items
The separate reporting of exceptional items which are

presented as exceptional within the relevant Consolidated Statement of Profit
or Loss category, helps provide an indication of the Company’s underlying
business performance. Exceptional items have been identified and presented
by virtue of their size, nature or incidence. In determining whether an event
or transaction is specific, management considers quantitative as well as
qualitative factors such as the frequency or predictability of occurrence.
Exceptional items comprise restructuring costs, impairments or reversal of
impairments of intangible assets, operational restructuring, integration and
acquisition costs relating to new acquisitions, investigation of strategic
opportunities and other items, costs relating to certain management incentive
plans and other significant items (see Note 7).
iv) Research and development
Expenditure on research activities is recognized in the

Consolidated Statement of Profit or Loss as an expense as incurred.
3.18 Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax
is recognized in the Consolidated Statement of Profit and Loss except to the extent that it
relates to items recognized directly in equity, in which case it is recognized in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the financial year end date, and any
adjustment to tax payable in respect of previous years. Where tax exposures can be
quantified, an accrual for uncertain tax positions is made based on the best estimates and
management’s judgments. 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.
Deferred tax is provided on temporary differences between the carrying

amounts of assets and liabilities recognized for financial reporting purposes and the amounts
used for taxation purposes on an undiscounted basis. The following temporary differences
are not provided for: the initial recognition of goodwill; the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit other than in a business
combination, and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based
on the expected manner of realization or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the financial year end date.
A deferred tax asset is recognized only to the extent that it is probable that
future taxable profits will be available against which the asset can be utilized.
3.19 Segment reporting
The Chief Operating Decision Maker (“CODM”) has been determined to be

the Chief Executive Officer as he is primarily responsible for the allocation of resources to the
segments and the assessment of performance of the segments.
Nomad’s operations are organized into one operating unit, ‘Frozen’, which
comprises all the brands, as well as the factories, private label business units and certain
corporate overheads. The CODM primarily uses (“Adjusted EBITDA”), disclosed in Note 5, as
the key measure of the segment’s results. Adjusted EBITDA is EBITDA adjusted to exclude
(when they occur) exited markets, chart of account (“CoA”) alignments and exceptional items
such as restructuring charges, goodwill and intangible asset impairment charges, the impact
of share based payment charges, charges relating to the Founder Preferred Shares Annual

Dividend Amount, charges relating to the redemption of warrants and other unusual or non-
recurring items.
EBITDA, disclosed in Note 5, is defined as profit/(loss) for the period before

taxation, net financing costs, depreciation and amortization.
3.20 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.
3.21 Unfavorable contracts
Unfavorable contracts recognized from business combinations are classified

as a liability, discounted and recognized over the term of the underlying contract as a
reduction in the associated expense.
3.22 IFRSs not yet adopted
At the date of authorization of these financial statements, the following

Standards and Interpretations, which have not been applied in the financial statements, were
in issue but not yet effective:
• IFRS 9 ‘Financial Instruments’ addresses the classification, measurement

and recognition of financial assets and financial liabilities and replaces IAS
39. The standard reduces the complexity of the current rules on financial
instruments as mandated in IAS 39. IFRS 9 replaces the ‘incurred loss
model’ in IAS 39 with an ‘expected credit loss’ model. The standard also
introduces new presentation and disclosure requirements. The standard also
introduces new hedge accounting rules although the adoption of these is
optional so that the hedge accounting rules under IAS 39 may continue to be
applied. The effective date for the adoption of IFRS 9 is annual periods
beginning on or after 1 January 2018. Except for hedge accounting,
retrospective application is required but providing comparative information is
not compulsory. For hedge accounting, the requirements are generally
applied prospectively, with some limited exceptions.
The Group has completed its assessment of the effects of transition to IFRS
9. The impacts that have been identified on adopting IFRS 9 on the Group
are detailed below.
– Classification and measurement: IFRS 9 establishes a principle based

approach for classification of financial assets based on cash flow
characteristics of the asset and the business model in which an asset is held
as well as changes to the measurement of financial liabilities held at FVTPL.
The change in classification does not affect the accounting recognition of
financial assets presented in these financial statements and the impact of the
change in measurement on financial liabilities as at December 31, 2017 is
€nil.
– Impairment: The significant financial assets held that are affected by the
impairment losses recognised under IFRS 9 are trade receivables, for which
the gross balance as at December 31, 2017 is €289.0 million with an
impairment provision of €5.8 million. Management has performed an
assessment of the impairment of trade receivables under IFRS 9 using
Expected Credit Losses derived from actual credit losses experienced in the

past. Based on this assessment, the impairment provision was found to be
comparable to the existing provision, with no material difference.
– Hedge accounting: The Group has elected not to apply IFRS 9 for hedge
accounting.
• IFRS 15 ‘Revenue from contracts with customers’ outlines a single

comprehensive model for entities to use in accounting for revenue arising
from contracts with customers and supersedes most current revenue
recognition guidance, including industry-specific guidance. The core principle
of the new standard is for companies to recognize revenue to depict the
transfer of goods or services to customers in amounts that reflect the
consideration to which the company expects to be entitled in exchange for
those goods or services.
Management has assessed the effects of applying the new standard on the
Company’s financial statements and has identified that the presentation of
contract assets and contract liabilities will need to be changed. Specifically,
adoption of IFRS 15 will result in additional disclosures in our footnotes
around discounts and trade marketing expenses as of 1 January 2018 in
relation to trade terms which are currently included in other balance sheet
line items.
The Company has quantified that there is no material impact on revenue

recognition by applying this standard. The Company will apply the standard
using the modified retrospective approach which means that any cumulative
impact of the adoption identified would have been be recognized in retained
earnings as of January 1, 2018 and that comparatives will not be restated.
• 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.
4) Critical 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. Critical accounting estimates and judgments are listed below:
a) 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 financial year 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’. The balance of the reduction in trade receivables for trade terms as of December 31, 2017 is
disclosed in Note 18.
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 can depend upon
retailer performance and is the subject of significant management estimates. The Company records
as a reduction in revenue, 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.
b) 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.
c) 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. Details of impairment
reviews are provided in Note 13.
d) Employee benefit obligation
The Group 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 23 for details
of these assumptions and a sensitivity analysis on material assumptions.
e) 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.

f) Onerous contracts
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. Onerous contracts are presented as provisions in Note 24.
g) Fair value of derivative financial instruments.
Note 34 includes details of the fair value of the derivative instruments that the
Company holds at each balance sheet period. Management has estimated the fair value of these
instruments by using valuations based on discounted cash flow calculations.
h) Share-based payments
At the end of each reporting period, the Company, 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 8b contains details of these assumptions and
of the valuation model used.
5) Segment reporting
Nomad has one reporting and operating segment, ‘Frozen’, reflected in the segment presentation below for
the periods presented. Historical financial information of the predecessor has been re-presented as if it was one single
operating segment for comparative purposes.
Segment Adjusted EBITDA

9 months
2017 2016 2015 2015 2015
Taxation 32.0 39.6 (12.3) — 40.9
Net financing costs/(income) 74.4 62.1 35.5 (0.1) 115.7
Depreciation 12 35.9 43.3 20.3 — 11.3
Amortization 13 6.5 7.8 1.5 — 1.2
EBITDA 285.3 189.2 (292.3) (167.6) 41.1
Net purchase-price adjustment-
inventory step up — — 37.0 — —
Net purchase-price adjustment for cash
flow hedge accounting — — 4.9 — —
Charge related to Founder Preferred
Shares Annual Dividend Amount 27 — — 349.0 165.8 —
(Credit)/charge relating to Warrant
Redemption Liability 25 — — (0.4) 0.4 —
Exceptional items 7 37.2 134.5 58.1 0.7 84.3
Other add-backs 5.6 1.2 — — —
Adjusted EBITDA 328.1 324.9 156.3 (0.7) 125.4
Unallocated corporate costs — — 2.5 0.7 —
Frozen Adjusted EBITDA 328.1 324.9 158.8 — 125.4

Other add-backs include the elimination of share-based payment charges of €2.6 million (2016: €1.2 million)
and elimination of M&A related investigation costs, professional fees, transaction costs and purchase accounting related
valuations of €3.0 million. We exclude 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.
No information on segment assets or liabilities is presented to the CODM.
Product information
Management considers the products it sells belong to one category, being ‘Frozen’.
Geographical information
External revenue by geography

9 months
2017 2016 2015 2015 2015
€m €m €m €m €m
United Kingdom 411.9 437.5 288.6 — 225.0
Italy 371.4 348.5 205.2 — 169.7
Germany 300.3 267.8 150.0 — 124.2
Sweden 208.0 218.2 35.5 — —
France 170.0 168.9 41.0 — —
Norway 123.3 122.6 19.6 — —
Austria 96.7 92.9 51.8 — 45.0
Spain 81.2 82.6 13.1 — —
Rest of Europe 193.8 188.7 89.4 — 76.4
Total external revenue by geography 1,956.6 1,927.7 894.2 — 640.3
Non-current assets by geography

Successor Successor
2017 2016
€m €m
Germany 126.4 118.0
United Kingdom 94.8 77.5
Italy 55.0 59.1
Sweden 26.5 44.6
France 16.7 18.4
Norway 15.7 13.3
Rest of Europe 20.2 6.1
Total non-current assets by geography 355.3 337.0
Non-current assets exclude deferred tax assets, goodwill and brands which are not bound to one
geographical area.

6) Operating profit/(loss)
Operating profit /(loss) is stated after charging:

9 months
2017 2016 2015 2015 2015
Staff costs 8 257.4 264.5 160.2 — 88.8
Depreciation of property, plant and
equipment 12 35.9 43.3 20.3 — 11.3
Impairment of property, plant and
equipment 12 0.3 1.4 3.2 — —
Impairment of goodwill and brands 13 — — — — 55.0
Amortization of software and brands 13 6.5 7.8 1.5 — 1.2
Operating lease charges 15.0 14.6 4.2 — 3.2
Exchange (gains)/losses (1.2) (3.3) 5.2 88.9 (9.0)
Fair value loss on financial assets at fair
value through profit and loss — — 4.9 — —
Research & development expenditure 15.4 13.3 12.1 — 7.2
Inventories recognized as an expense
within cost of goods sold 1,273.3 1,282.6 608.9 — 389.3
7) Exceptional items
Exceptional items are made up as follows:

9 months
December 31, December 31, December 31 March 31, ended May 31,
2017 2016 2015 2015 2015
€m €m €m €m €m
Investigation of strategic opportunities (1) 18.8 7.0 7.7 — 1.3
Supply chain reconfiguration (2) 14.0 84.3 — — —
Findus Group integration costs (3) 15.1 29.6 4.5 — —
Costs related to transactions (4) 3.2 4.8 34.1 0.7 3.8
Costs related to long-term management
incentive plans (5) — 1.9 3.5 — 22.9
Other restructuring costs (6) — (1.0) 8.9 — —
Cisterna fire net (income)/costs (7) — (4.3) (2.5) — 1.3
Impairment of intangible assets (8) — — — — 55.0
Settlement of legacy matters (9) (5.6) 1.8 1.9 — —
Remeasurement of indemnification assets (10) (8.3) 10.4 — — —
Total exceptional items 37.2 134.5 58.1 0.7 84.3

(1) Investigation of strategic opportunities
Successor
The Company incurred charges of €18.8 million in the year ended December 31, 2017 in relation to
the implementation of the Nomad strategic vision, which primarily relates to changes to the organizational
structure to align behind core products and implement net revenue management initiatives (2016: €7.0 million,
2015: €7.7 million). The prior periods exclude costs associated with legacy matters which are now allocated to (9),
which has reduced the 2016 charge from €8.8 million to €7.0 million and the 2015 charge from €9.6 million to €7.7
million.
Predecessor
For the five months ended May 31, 2015 the Iglo Group incurred charges of €1.3 million in relation
to a strategic review of the Iglo Group’s operations and other items. The charges include costs incurred as a result
of the decision to cease marketing its products in Romania, Slovakia and Turkey on November 27, 2014, amounts
in relation to tax matters from previous accounting periods and costs related to the implementation of the Better
Meals Together strategy.
(2) Supply chain reconfiguration
Successor
Supply chain reconfiguration relates to large scale restructuring projects undertaken by the
Company to optimize the supply chain. A charge of €14.0 million has been incurred in relation to restructuring
activities for the year ended December 31, 2017, which relates to the closure of the Bjuv manufacturing facility.
A charge of €84.3 million was incurred in the year ended December 31, 2016, of which €54.0 million
was incurred in relation to restructuring activities, primarily relating to the closure of the Bjuv manufacturing facility.
A further €30.3 million was incurred for an onerous contract that relates to the renegotiation of the Company’s
agreements with a third party for the use of a warehouse facility.
(3) Findus Group integration costs
Successor
Following the acquisition of the Findus Group on November 2, 2015, the Company initiated a
substantial integration project. Costs of €15.1 million have been incurred in the year ended December 31, 2017.
For the year ended December 31, 2016 costs of €29.6 million were incurred. For the nine months ended
December 31, 2015 costs of €4.5 million were incurred. Costs incurred in 2017 primarily relate to the rollout of the
Nomad ERP system.
(4) Costs related to transactions
Successor
The charge for the year ended December 31, 2017, relates to enhanced control compliance
procedures in territories. For the year ended December 31, 2016 and the nine months ended December 31, 2015,
costs related to transactions primarily relates to the acquisition of the Iglo Group. For the year ended March 31,
2015 the Iglo Group incurred a charge of €0.7 million in relation to acquisition and sale transactions.
Predecessor
In 2015, a €3.8 million charge was incurred relating to the payment of registration tax assessed as
a result of the CSI (Findus Italy) acquisition. The Iglo Group appealed the rulings and elected to pay the assessed
taxes in order to avoid incurring penalties and interest.

(5) Costs related to long-term management incentive plans
Successor
Subsequent to the sale of Iglo and specific to the terms of a Predecessor incentive scheme,
management participated in an incentive scheme for which the Company incurred charges €1.9 million in the year
ended December 31, 2016 and €3.5 million in the nine months ended December 31, 2015. Refer to Note 8 for
more details on the management incentive scheme which ended in May 2016.
Predecessor
The Iglo Acquisition on June 1, 2015 was a triggering event under the main incentive schemes
following which the majority of management incentive schemes provisions were paid. The completion of the sale
was a triggering event under the cash settled schemes.
A charge of €22.9 million in the five months ended May 31, 2015 represents an accelerated charge
to align the cumulative charges recognized to the amount that was paid in June 2015 of €19.7 million. In addition,
as a result of the terms of the sale, vesting of the equity settled share based payment scheme was accelerated.
The non-cash charge of €3.2 million in the five months ended May 31, 2015 reflects the vesting of non-forfeited
interests in this scheme. There were no associated exercises made in relation to the scheme due to the fact that
market performance conditions were not met.
(6) Other restructuring costs
Successor
A credit of €1.0 million was recognized in the year ended December 31, 2016 related to the release
of provisions for restructuring activities in the UK and German factories. For the nine months ended December 31,
2015, costs related to restructuring activities in the German, UK and Italian factories were €8.9 million.
(7) Cisterna fire net (income)/costs
Successor
A €4.3 million net income was recognized for the year ended December 31, 2016 in relation to the
August 2014 fire insurance claim in the Italian production facility. A €2.5 million net income was recognized for the
nine months ended December 31, 2015.
Predecessor
In the five months ended May 31, 2015 , the Iglo Group incurred charges of €1.3 million in relation
to a fire in August 2014 in the Italian production facility which produces Findus branded stock for sale in Italy. The
charges include the cost of stock damaged by the fire, the impairment of property as well as ongoing incremental
costs incurred as a result of the disruption to operations. The Company has insurance policies in place covering
the stock, property and loss of earnings for which claims are almost complete. The proceeds of these claims could
not be recognized until the recoverable amount was judged to be virtually certain. No further costs are expected
to arise from this incident and any future income from insurance claims is expected to be insignificant.
(8) Impairment of intangible assets
Predecessor
As a result of circumstances identified during the five months ended May 31, 2015 it was noted that
the recoverable amount of the Italian intangible assets held prior to the Iglo Acquisition were lower than the values
previously carried in the Iglo accounts. Therefore the carrying values were adjusted and an impairment charge of
€55.0 million was recognized in the five months ended May 31, 2015.

(9) Settlement of legacy matters
Successor
A net income of €5.6 million has been recognized in liabilities relating to periods prior to acquisition
of the Findus and Iglo businesses by the Company (charge of €1.8 million in the year ended December 31, 2016,
charge of €1.9 million in the nine months ended December 31, 2015). These were previously classified within
Investigation and implementation of strategic opportunities and other items and have been reclassified into this
line for all successor periods presented.
The credit includes a charge of €3.9 million associated with settlements of tax audits, offset by
gains of €4.2 million from the reassessment of sales tax provisions, €1.2 million from the reassessment of interest
on sales tax provisions, a €2.8 million gain on a legacy pension plan in Norway and a €1.3 million gain on
disposal of a non-operational factory.
(10) Remeasurement of indemnification assets
Successor
Remeasurement of the indemnification assets relates to the movement 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 19.
Tax impact of exceptional items
The tax impact of the exceptional items amounts to a credit of €13.8 million in the year ended
December 31, 2017 (year ended December 31, 2016: credit of €8.8 million, nine months ended December 31,
2015: credit of €6.1 million, year ended March 31, 2015: €nil, five months ended May 31, 2015: credit of €22.0
million).
Cash flow impact of exceptional items
Included in the Consolidated Statements of Cash Flows for the year ended December 31, 2017 is
€99.5 million (year ended December 31, 2016: €49.2 million, nine months ended December 31, 2015: €91.6
million, year ended March 31, 2015: €0.7 million, 5 months ended May 31, 2015: €6.2 million) of cash outflows
relating to exceptional items. This includes cash flows related to the above items as well as the cash impact of the
settlement of provisions brought forward from previous accounting periods.
8) Payroll costs, share based payments and management incentive schemes
(a) Payroll costs
The average number of persons employed by the Company (excluding non-Executive Directors)
is analyzed and set out below:
9 months
2017 2016 2015 2015 2015
Production 2,285 2,627 2,605 — 1,635
Administration, distribution & sales 1,572 1,571 1,767 — 1,047
Total number of employees 3,857 4,198 4,372 — 2,682
For the year ended March 31, 2015, the Successor did not have any operations or employees
and accordingly no compensation or benefits were paid.

The table below discloses the Company’s aggregate payroll costs of these persons. Payroll
costs exclude long term management incentive scheme and share based payment costs, but includes bonus costs, in
particular those associated with a non-cash bonus for key management employees, whereby 13,104 Ordinary shares
of the Company were issued to the recipients’ on November 27, 2015.
9 months
2017 2016 2015 2015 2015
€m €m €m €m €m
Wages and salaries 200.8 205.4 126.7 — 72.1
Social security costs 42.0 45.9 27.5 — 12.5
Other pension costs 14.6 13.2 6.0 — 4.2
Total payroll costs 257.4 264.5 160.2 — 88.8
(b) Share based payments
Successor
During 2015, the Company established a discretionary share award

scheme, the 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. However, it is the Committee’s current
intention that Awards be granted only to Directors and senior management, whilst
recognizing a separate annual Restricted Stock Award for Non-Executive Directors.
All Awards are to be settled by physical delivery of shares.
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.
The Non-Executive Directors restricted share awards, granted at a

share price of $11.50 on December 7, 2015, vested on June 16, 2016 and were issued
in July 2016 at a share price of $8.98. Of the total 34,780 number of shares vesting,
11,568 shares were held back from issue by the Company as settlement towards
personal tax liabilities arising on the vested shares.
The Non-Executive Directors restricted share awards granted on

June 16, 2016, which consisted of 55,680 shares at a share price of $8.98, vested on
June 19, 2017 and were issued at a share price of $14.38, resulting in a €0.3 million
increase in the share based compensation reserve. Of the total 55,680 number of
shares vesting, 9,384 shares were held back from issue by the Company as settlement
towards personal tax liabilities arising on the vested shares.
On June 19, 2017, 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 total charge for Non-Executive Director grants within the

Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for
stock compensation awards was €0.8 million (year ended December 31, 2016: €0.6
million; nine months ended December 31, 2015: €0.1 million).

Director and Senior Management Share Awards
As part of its long term incentive initiatives, the Company has

issued 4,927,000 restricted shares to the management team (the “Management Share
Awards”). 3,837,000 shares (net of 770,000 forfeitures in the period) are currently
allocated for the January 1, “2016” grant and a further 1,090,000 shares (including
485,000 new awards granted in the period) have been allocated for the January 1,
“2017” grant. Relevant to each grant, half of the awards are contingent upon achieving a
benchmark market share price and the other half of the awards will vest provided one of
a range of cumulative EBITDA performance targets is met over a four year period. If the
share price benchmark is met, the shares for this portion of the awards will vest 50%
over a two year period and 50% over a four year period. For the 2016 grant, the two
year period is through to January 1, 2018 and the four year period through to January 1,
2020. For the 2017 grant, the two year period is through to January 1, 2019 and the four
year period through to January 1, 2021. The other half of the 2016 and 2017 awards will
vest on January 1, 2020 and January 1, 2021 respectively provided one of a range of
cumulative EBITDA performance targets is met over a four year period from January 1,
2016 to December 31, 2019 for the 2016 grant and from January 1, 2017 to December
31, 2020 for the 2017 grant.
The stock compensation charge reported within the Consolidated

Statement of Profit or Loss for the year ended December 31, 2017 related to the
management plan is €1.8 million (year ended December 31, 2016: €0.6 million; nine
months ended December 31, 2015: €nil)
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 award EBITDA Performance Target Conditions and updating for
scheme leavers, the inputs and assumptions underlying the Monte Carlo models for
both awards are now as follows:
January 1, 2016 award January 1, 2017 award
Grant date price $ 12.00 $ 9.57
Exercise price $ — $ —
Expected life of restricted share 3.02 – 4.00 years 3.11 – 4.00 years
Expected volatility of the share price 20.0% 23.0%
Dividend yield expected —% —%
Risk free rate 1.59% 1.83%
Employee exit rate 16.0% 16.0%
EBITDA Performance Target Condition 5.0%-75.0% 5.0%-75.0%
The expected volatility of the share price inputs of 20.0% and

23.0% 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 two years at the time of the 2017 grant.
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 is $6.3 million (€5.9 million) and
$0.6 million (€0.6 million) as at the January 1, 2017 grant date.

Share based compensation reserve
€m
Balance as of January 1, 2017 1.0
Non-Executive Director restricted share awards charge 0.8
Directors and Senior Management share awards charge 1.8
Vesting of Non-Executive Director restricted shares (0.7)
Balance as of December 31, 2017 2.9
Initial Options
On April 11, 2014 Lord Myners, Alun Cathcart (resigned February

2016) and Guy Yamen (resigned June 2015), all Non-Executive Directors, were granted
options (“Initial Options”) to purchase a maximum of 125,000 Ordinary Shares at an
exercise price of $11.50 per ordinary share (subject to such adjustment to the number of
Ordinary Shares and/or the exercise price as the Directors consider appropriate in
accordance with the terms of the Initial Option Deeds in respect of an issue of Ordinary
Shares by way of a dividend or distribution to holders of Ordinary Shares, a subdivision
or consolidation or any other variation to the share capital of Nomad, as determined by
the Directors).
The awards are now exercisable within a five year period, which
commenced on the trading day immediately following the Iglo Group acquisition on
June 1, 2015. Nomad has calculated the cost of the Initial Options based upon their fair
value and taking into account the vesting period and using the Black-Scholes
methodology. The valuation of the Initial Options has been based on the following
assumptions:
– market value of Ordinary Shares at the grant date of $10.00;
– an exercise price of $11.50;
– 1 year expected time to acquisition;
– probability of acquisition of 61%;
– volatility of 17.03%; and
– a risk free interest rate of 0.84%.
Such securities and awards have been accounted for in accordance

with “IFRS 2—Share Based Payment”. Based on the preceding assumptions, the total
value for the Initial Options is €0.06 million. There were no forfeitures at the grant date
and the expense was recognized over an estimated 2-year period ended on April 1,
2016.
Predecessor
In prior years for the Predecessor, certain employees of the

Predecessor were offered the opportunity to participate in one of several Predecessor
share schemes through which they could subscribe for shares of the Permira
Partnership, the ultimate controlling party of the Predecessor. These schemes were
accounted for under IFRS 2 “Share Based Payments” and represented equity settled
share based payments.
Due to the sale of the Iglo Group, the vesting of the equity settled
share based payment scheme was accelerated. The resulting €3.2 million charge to the
Consolidated Statement of Profit or Loss for the five months ended May 31, 2015,
reflected the accelerated vesting of non-forfeited interests in the scheme. The plans
were equity settled.

(c) Management incentive schemes
Successor
Subsequent to the sale of Iglo and specific to the terms of a

Predecessor incentive scheme, €1.9 million was charged to the Consolidated Statement
of Profit or Loss during the year ended December 31, 2016. €3.5 million was charged in
the nine month period to December 31, 2015. This scheme ended in May 2016.
Predecessor
Certain members of the Predecessor’s management team

previously participated in certain incentive schemes. The completion of the sale of the
Iglo Group to the Company on June 1, 2015 was a triggering event under the cash
settled schemes. The resulting €19.7 million charge to the Consolidated Statement of
Profit or Loss for the five months ended May 31, 2015, reflected the acceleration of the
charges to align the cumulative charges recognized to the amount that was paid in June
2015.
9) Directors and Key Management compensation

9 months
2017 2016 2015 2015 2015
€m €m €m €m €m
Short-term employee benefits 2.0 2.1 1.3 — 1.9
Contributions to money purchase pension plans — — — — 0.2
Share-based payment 1.4 0.9 0.1 — 2.2
Long-term incentive scheme — — — — 17.4
Compensation for loss of office 0.4 — — — —
Non-Executive Director fees 0.3 0.2 0.1 0.2 —
Total Directors’ and executive officers'
compensation 4.1 3.2 1.5 0.2 21.7
All significant management decision making authority is vested within the Board of Directors and the
executive team, therefore key management are considered to be the Directors and executive Officers.
In the year ended December 31, 2017, two executive Officers were accruing benefits under share based
payment schemes (year ended December 31, 2016: three).
Predecessor Non-Executive Directors were paid through payroll and are included within the table above but
were not disclosed separately.
In the predecessor period, there were eight directors in respect of whose qualifying services shares were
received under long term incentive schemes, including the highest paid director.
9 months
2017 2016 2015 2015 2015
Retirement benefits are accruing to the
following number of directors under:
Money purchase schemes 2 1 1 — 4

10) Finance income and costs

9 months
2017 2016 2015 2015 2015
Interest income 0.2 5.9 4.4 — 2.0
Gain on derivatives 7.0 — 4.3 — —
Net foreign exchange gains on
translation of financial assets and
liabilities — 18.3 — 0.1 —
Finance income 7.2 24.2 8.7 0.1 2.0
Accrued interest — — — — (60.2)
Cash pay interest expense (54.0) (68.7) (38.8) — (35.4)
Cross-currency interest rate swaps:
cash flow hedges, transfer from equity 3.9 — — — —
Other interest expense — (2.8) — — —
Net pension interest costs (3.6) (4.1) (1.9) — (0.7)
Amortization of borrowing costs (2.7) (5.0) (2.1) — (0.9)
Net foreign exchange losses on
translation of financial assets and
liabilities (3.9) — (0.5) — (20.5)
Interest on unwinding of discounted
items (1.2) (1.4) — — —
Loss on derivatives — (4.3) — — —
Financing costs incurred in amendment
of terms of debt(1) (20.1) — (0.9) — —
Finance costs (81.6) (86.3) (44.2) — (117.7)
(1) A one-off charge of €20.1 million was incurred as a consequence of the refinancing in May 2017 and repricing in December 2017. Of this, deferred
transaction costs of €15.7 million relating to the previous senior debt were written off.
11) Taxation

9 months
2017 2016 2015 2015 2015
Current tax expense
Current tax on profits/loss for the period (37.5) (58.9) (18.0) — (41.2)
Adjustments in respect of prior periods 3.2 (0.6) (2.3) — 15.2
(34.3) (59.5) (20.3) — (26.0)
Deferred tax income/(expense)
Origination and reversal of temporary
differences (2.1) 12.9 10.4 — (14.9)
Impact of change in tax rates 4.4 7.0 22.2 — —
16 2.3 19.9 32.6 — (14.9)
Total tax (expense)/credit (32.0) (39.6) 12.3 — (40.9)

Reconciliation of effective tax rate:

9 months
2017 2016 2015 2015 2015
€m €m €m €m €m
Tax (charge)/credit at the standard UK
corporation tax rate 19.25% (2016: 20%;
2015: 20.25%) (32.5) (15.2) 70.8 33.9 17.6
Difference in tax rates (10.0) (10.0) (67.5) (33.9) (4.6)
Non tax deductible interest 4.4 — (9.9) — (8.7)
Other income and expenses not taxable or
deductible 16.8 (7.4) 1.0 — (21.6)
Unrecognized tax assets (19.3) (1.8) (2.1) — (30.9)
Provisions for uncertainties 1.0 (11.6) 0.1 — (7.9)
Impact of change in deferred tax rates 4.4 7.0 22.2 — —
Prior period adjustment 3.2 (0.6) (2.3) — 15.2
Total tax (expense)/credit (32.0) (39.6) 12.3 — (40.9)
Effective tax rates
Successor
The effective tax rate for the year ended December 31, 2017 was 19% (year ended December 31,
2016: 52.1%). The change is principally caused by expenses which are not tax deductible, partially offset by the non-
recognition of deferred tax assets on certain tax losses. Effective from and including January 12, 2016, the Company
become a resident in the United Kingdom for United Kingdom tax purposes.
The Company operates in many different jurisdictions and in some of these, certain 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 judgments. Given the inherent uncertainties in assessing
the outcomes of these exposures (which can sometimes be binary in nature), the Company could, in future years,
experience adjustments to this provision.
Management believes that the Company’s position on all open matters including those in current
discussion with local tax authorities is robust and that the Company is appropriately provided.
Following the enactment of the Finance Act 2016, the standard rate of corporation tax in the UK is
19.25% for 2017 (2016: 20%). The standard rate of corporation tax in the UK reduced from 20% to 19% with effect from
April 1, 2017 and will reduce by a further 2% to 17% from April 1 2020. As the reductions to 19% and 17% were
substantially enacted on September 6, 2016, these rates are reflected in these financial statements.
The tax (credit)/charge relating to components of other comprehensive income is as follows:

Successor

Tax
Before charge/
tax (credit) After tax
Year ended December 31, 2017 Note €m €m €m
Remeasurement of post-employment benefit liabilities (2.9) 2.0 (0.9)
Net investment hedge 0.8 — 0.8
Cash flow hedges 16.4 (5.0) 11.4
Other comprehensive loss 14.3 (3.0) 11.3
Current tax — — —
Deferred tax 16 — (3.0) —
— (3.0) —
Before Tax
tax charge After tax
Year ended December 31, 2016 Note €m €m €m
Remeasurement of post-employment benefit liabilities 23.6 6.3 29.9
Cash flow hedges (10.1) 2.8 (7.3)
Other comprehensive loss 14.0 9.1 23.1
Deferred tax 16 — 9.1 —
— 9.1 —
Before Tax
tax charge After tax
Nine months ended December 31, 2015 Note €m €m €m
Remeasurement of post-employment benefit liabilities (19.4) 6.1 (13.3)
Cash flow hedges (1.6) 0.5 (1.1)
Other comprehensive (income)/loss (16.6) 6.6 (10.0)
Deferred tax 16 — 6.6 —
— 6.6 —
Predecessor
Before Tax
tax credit After tax
5 months ended May 31, 2015 Note €m €m €m
Remeasurement of post-employment benefit liabilities 2.5 (0.7) 1.8
Net investment hedge (44.7) — (44.7)
Cash flow hedges — — —
Other comprehensive income (42.2) (0.7) (42.9)
Deferred tax 16 — (0.7) —
— (0.7) —

12) Property, plant and equipment
Land and Plant and Computer

buildings equipment equipment Total
€m €m €m €m
SUCCESSOR
Cost
Balance at December 31, 2015 119.2 221.8 2.4 343.4
Acquisitions through business combinations — 2.5 — 2.5
Additions 3.3 34.3 0.4 38.0
Transfer to intangible assets (note 13) (1.7) 1.1 — (0.6)
Disposals (2.7) (0.6) — (3.3)
Effect of movements in foreign exchange (7.6) (28.8) — (36.4)
Additions 11.6 26.0 0.4 38.0
Disposals (0.1) (1.1) — (1.2)
Accumulated depreciation and impairment
Depreciation 6.5 35.7 1.1 43.3
Impairment (0.2) 1.6 — 1.4
Transfers — 0.2 (0.2) —
Effect of movements in foreign exchange (3.9) (20.5) (0.1) (24.5)
Depreciation 6.1 28.9 0.9 35.9
Impairment — 0.3 — 0.3
Net book value December 31, 2015 115.8 200.4 2.0 318.2
Leased equipment
The Company leased items of machinery in Sweden under finance leases which were disposed of
in the year ended December 31, 2017 and so the net carrying amount of those leased assets is nil (December 31, 2016:
€0.8 million).
Security
Borrowings have been provided by a syndicate of third party lenders, (the “Syndicate”). The
Syndicate together with holders of the bond issue have security over the assets of the ‘guarantor group’. The ‘Guarantor
Group’ consists of those companies which individually have more than 5% of consolidated total assets or EBITDA (as
defined in the Senior Facilities Agreement) of the Company and in total comprise more than 80% of consolidated total
assets or EBITDA at any testing date.

13) Goodwill and Intangibles
Computer Customer
Goodwill Brands software relationships Others Total
€m €m €m €m €m €m
Cost
Balance at December 31, 2015 1,676.8 1,688.9 11.0 31.0 0.2 3,407.9
Acquisitions through business combinations 68.8 — — — (0.2) 68.6
Additions — — 4.4 — — 4.4
Transfer from tangible assets (note 12) — — 0.6 — — 0.6
Effect of movements in foreign exchange — — (1.3) — — (1.3)
Balance at December 31, 2016 1,745.6 1,688.9 14.7 31.0 — 3,480.2
Additions — — 4.6 — — 4.6
Balance at December 31, 2017 1,745.6 1,688.9 18.3 31.0 — 3,483.8
Computer Customer
Goodwill Brands software relationships Others Total
€m €m €m €m €m €m
Accumulated amortization and impairment
Balance at December 31, 2015 — 0.1 1.0 0.4 — 1.5
Amortization — 0.7 4.9 2.2 — 7.8
Amortization — 0.7 3.6 2.2 — 6.5
Net book value December 31, 2015 1,676.8 1,688.8 10.0 30.6 0.2 3,406.4
Net book value December 31, 2016 1,745.6 1,688.1 10.1 28.4 — 3,472.2
Net book value December 31, 2017 1,745.6 1,687.4 10.8 26.2 — 3,470.0
Amortization of €6.5 million (December 31, 2016: €7.8 million; December 31, 2015: €1.5 million) is
included in ‘other operating expenses’ in the Consolidated Statement of Profit or Loss.
All goodwill, brands and customer relationship values have been allocated to the frozen cash
generating unit.
The Company’s goodwill, brand and customer relationships values have been allocated based on
the enterprise value at acquisition of each cash generating unit (“CGU”). Goodwill is monitored at an operating segment
level. As required by IAS 36 “Impairment of Assets”, an annual review of the carrying amount of the goodwill and the
indefinite life brands is carried out to identify whether there is any impairment to these carrying values. This is done by
means of comparison of the carrying values to the value in use of the CGU. Value in use is calculated as the net present
value of the projected risk-adjusted cash flows of each CGU.
Key assumptions
The values for the key assumptions were arrived at by taking into consideration detailed historical
information and comparison to external sources where appropriate, such as market rates for discount factors.
• Budgeted cash flows: the calculation of value in use has been based on the cash flow forecasts
by management for 2018 to 2020. The trends in these forecasts have been extrapolated to
produce 2021 and 2022 forecast cash flows. Beyond 2022 the same assumptions have been
applied for future periods in the absence of longer term detailed forecasts. These plans have
been prepared and approved by management, and incorporate past performance of the entities
acquired in the period, historical growth rates and projections of developments in key markets.

• Sales: projected sales are built up with reference to markets and product platforms. They
incorporate past performance, historical growth rates and projections of developments in key
markets.
• Adjusted EBITDA Margin: projected margins reflect historical performance.
• Capital expenditure forecast reflects one-off additional capital expenditure required in order to
integrate the operations of the Findus acquisition.
• Discount rate: a pre-tax discount rate of 8.0% (2016: 8.0%) was applied to the cash flows. This
discount rate has been calculated using a capital asset pricing model using observable market
data, including the share price of Nomad Foods Limited.
• Long-term growth rates: as required by IAS 36, growth rates for the period after the detailed
forecasts are based on past performance. The growth rate used in the testing was 1.0% (2016:
0.5%). These rates do not reflect the long-term assumptions used by the Company for
investment planning.
Sensitivity to changes in assumptions
Impairment was not required at either December 31, 2017 or December 31, 2016. In each case the
valuations derived from the discounted cash flow model indicate a sufficient amount of headroom for which any
reasonably possible change to key assumptions is unlikely to result in an impairment of the related goodwill.
14) Acquisitions
this acquisition to be completed in the second quarter of 2018 and we expect this will enlarge our portfolio of brands to
successful frozen private label pizza business, and two frozen pizza manufacturing facilities. The purchase price of the
acquisition is expected to be funded through cash on hand. The Company will disclose the impact of this acquisition once
successfully completed. See Note 38, Significant events after the Statement of Financial Position date.

15) Investments
The following are the Company's significant investments as of December 31, 2017.
Country of Class of Ownership

Activity incorporation shares held as of
Dec 31, 2017
Nomad Foods Europe Holdings Limited Holding England Ordinary 100%
Nomad Foods Europe Holdco Limited Holding England Ordinary 100%
Nomad Foods Europe Finco Limited Holding England Ordinary 100%
Nomad Foods Europe Midco Limited Holding/
Finance England Ordinary 100%
Nomad Foods Bondco Plc Finance England Ordinary 100%
Nomad Foods Lux S.à.r.l. Finance Luxembourg Ordinary 100%
Nomad Foods Europe Limited Management England Ordinary 100%
Birds Eye Limited Trading England Ordinary 100%
Nomad Foods Europe Finance Limited Finance England Ordinary 100%
Birds Eye Ireland Limited Republic of
Trading Ireland Ordinary 100%
Iglo Holding GmbH Holding Germany Ordinary 100%
Iglo Nederland B.V. Trading Netherlands Ordinary 100%
Iglo Belgium S.A. Trading Belgium Ordinary 100%
Iglo Portugal Trading Portugal Ordinary 100%
Iglo Austria Holdings GmbH Holding Austria Ordinary 100%
C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Ordinary 100%
Findus Sverige Holdings AB Holding Sweden Ordinary 100%
Iglo GmbH Trading Germany Ordinary 100%
Frozen Fish International GmbH Trading Germany Ordinary 100%
Liberator Germany Newco GmbH Property Germany Ordinary 100%
Iglo Austria GmbH Trading Austria Ordinary 100%
Findus Sverige AB Trading Sweden Ordinary 100%
Frionor Sverige AB Holding Sweden Ordinary 100%
Findus Holdings France SAS Holding France Ordinary 100%
Findus France SAS Trading France Ordinary 100%
Findus Espana SLU Trading Spain Ordinary 100%
Findus Danmark A/S Trading Denmark Ordinary 100%
Findus Finland Oy Trading Finland Ordinary 100%
Findus Norge AS Trading Norway Ordinary 100%

16) Deferred tax assets and liabilities
Recognized deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Dec 31, 2017 Dec 31, 2016

Assets Liabilities Total Assets Liabilities Total
€m €m €m €m €m €m
Property, plant and equipment 13.5 (28.7) (15.2) 10.3 (33.6) (23.3)
Intangible assets 0.1 (295.1) (295.0) — (291.3) (291.3)
Employee benefits 28.2 — 28.2 27.8 (0.1) 27.7
Tax value of loss carry forwards 15.6 — 15.6 18.9 — 18.9
Derivative financial instruments 0.9 0.5 1.4 — (3.3) (3.3)
Other 6.0 (4.4) 1.6 7.9 (4.9) 3.0
Tax assets/(liabilities) 64.3 (327.7) (263.4) 64.9 (333.2) (268.3)
Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the
realization of the related tax benefit through future taxable profits is probable.
Deferred tax assets that the Company has not recognized in the financial statements amount to
€65.3 million (December 31, 2016: €56.3 million). These deferred tax assets have not been recognized as the likelihood of
recovery is not probable. A deferred tax asset on tax losses acquired from the Iglo Group was not recognized at the
acquisition date. During 2016, following discussions with tax authorities, the group revised its assessment of the likely
recovery of these losses and a resulting deferred tax asset has now been recognized.
The aggregate deferred tax relating to items that have been credited directly to equity is €3.0 million
(December 31, 2016: charge of €9.1 million).
Movement in deferred tax during the year:
Recognized Recognized
Opening Acquired in in Statement in Other Movement Closing
balance Jan 1 business of Profit or Comprehensive in foreign balance Dec 31,
2017 combinations Loss Income exchange 2017
€m €m €m €m €m €m
Property, plant and equipment (23.3) — 8.2 — (0.1) (15.2)
Intangible assets (291.3) — (3.7) — — (295.0)
Employee benefits 27.7 — 2.5 (2.0) — 28.2
Tax value of loss carry forwards 18.9 — (3.0) — (0.3) 15.6
Derivative financial instruments (3.3) — (0.3) 5.0 — 1.4
Other 3.0 — (1.4) — — 1.6
Total deferred tax (268.3) — 2.3 3.0 (0.4) (263.4)

Recognized Recognized Closing
Opening Acquired in in Statement in Other Movement balance
balance Jan 1 business of Profit or Comprehensive in foreign Dec 31
2016 combinations Loss Income exchange 2016
€m €m €m €m €m €m
Property, plant and equipment (5.3) (0.3) (17.2) — (0.5) (23.3)
Intangible assets (315.8) — 24.1 — 0.4 (291.3)
Employee benefits 32.7 — 1.3 (6.3) — 27.7
Tax value of loss carry forwards — — 18.9 — — 18.9
Derivative financial instruments 0.2 — (0.7) (2.8) — (3.3)
Other 9.5 — (6.5) — — 3.0
Total deferred tax (278.7) (0.3) 19.9 (9.1) (0.1) (268.3)
17) Inventories
Successor Successor
Dec 31, 2017 Dec 31, 2016
€m €m
Raw materials and consumables 82.9 97.7
Work in progress 41.0 41.7
Finished goods and goods for resale 183.0 185.6
Total inventories 306.9 325.0
During the year ended December 31, 2017 €7.6 million (year ended December 31, 2016 €6.4
million, nine months ended December 31, 2015: €3.5 million; year ended March 31, 2015: nil) was charged to the
Consolidated Statement of Profit or Loss for the write down of inventories.
18) Trade and other receivables
Successor Successor
Dec 31, 2017 Dec 31, 2016
Current assets €m €m
Trade receivables 94.7 92.3
Prepayments and accrued income 10.1 8.0
Other receivables 19.7 26.1
Tax receivable 22.6 9.3
Total current trade and other receivables 147.1 135.7
Non-current assets
Other receivables 4.3 0.4
Total non-current trade and other receivables 4.3 0.4
Total trade and other receivables 151.4 136.1
Trade receivables, prepayments and other receivables, except for those defined as non-current, are expected to be
recovered in less than 12 months. Other receivables includes VAT receivable.

The ageing of trade receivables is detailed below:
Gross Impaired Net
December 31, 2017 €m €m €m
Not past due 243.4 — 243.4
Past due less than 1 month 35.6 (0.7) 34.9
Past due 1 to 3 months 4.8 (0.3) 4.5
Past due 3 to 6 months 0.2 (0.2) —
Past due more than 6 months 5.3 (4.9) 0.4
Sub-total 289.3 (6.1) 283.2
Reduction in trade-terms* (188.5)
Total trade receivables 94.7
Gross Impaired Net
Not past due 229.4 — 229.4
Past due less than 1 month 9.8 (0.1) 9.7
Past due more than 6 months 6.3 (6.0) 0.3
Sub-total 247.3 (6.4) 240.9
Reduction in trade-terms* (148.6)
Total trade receivables 92.3
* Refer to Note 4(a). Reduction in trade term amounts are primarily not past due.
All impaired trade receivables have been provided to the extent that they are believed not to be
recoverable.
The maximum exposure to credit risk at the reporting date is the fair value of each class of
receivable. The Company does not hold any collateral as security.
19) Indemnification assets
Successor Successor
Dec 31, 2017 Dec 31, 2016
€m €m
Related to Iglo Acquisition at start of the period 2.1 10.2
Reclassified from Other receivables — 1.2
Release of indemnified provision (2.1) (9.3)
Related to Iglo Acquisition at end of the period — 2.1
Related to Findus Acquisition at start of the period 63.4 67.6
Acquisition accounting adjustment — 6.2
Remeasurement of indemnification assets 10.4 (10.4)
Related to Findus Acquisition at end of the period 73.8 63.4
Total indemnification assets 73.8 65.5
As part of the acquisition of the Iglo Group and the Findus Group, the Company inherited several
contingent liabilities for which the sellers have provided an indemnity. To the extent that the liability has been recognized in
the balance sheet, an indemnification asset has been recognized. As part of the agreement to repurchase shares on June
12, 2017, as discussed in Note 25, the indemnities in relation to the Iglo acquisition were canceled. As a consequence,
the indemnification asset of €2.1 million previously recognized has been released.
In total, €73.8 million of liabilities are covered by the indemnification assets as at December 31,
2017 (December 31, 2016: €65.5 million). The asset recognized in relation to the Findus Group has been limited to the
original value of shares held in escrow following the completion of the acquisition.

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 as at the balance
sheet date. As at the December 31, 2017, €73.8 million (December 31, 2016: €63.4 million) of the indemnification assets
relate to the acquisition of the Findus Group for which 6,964,417 shares are held in escrow and are valued at $16.91
(€14.13) (December 31, 2016: 6,964,417 shares valued at $9.57 (€9.10)) each.
20) Cash and cash equivalents

Successor Successor
Dec 31, 2017 Dec 31, 2016
€m €m
Cash and cash equivalents 219.0 325.3
Restricted cash 0.2 4.2
Total cash and cash equivalents 219.2 329.5
Bank overdrafts — —
Cash and cash equivalents per Statement of Cash Flows 219.2 329.5
‘Cash and cash equivalents’ comprise cash balances and call deposits. Restricted cash comprises
money that is primarily reserved for a specific purpose and therefore not available for immediate or general business use.
Of the restricted cash totaling €4.2 million at December 31, 2016, €3.6 million was due to French company law
requirements.
21) Loans and borrowings
The repayment profile of the syndicated and other loans held by the Company is as follows:
Successor Successor
Dec 31, 2017 Dec 31, 2016
€m €m
Current liabilities/(assets)
Syndicated loans 5.1 —
Less deferred borrowing costs to be amortized within 1 year (1.8) (5.0)
Total due in less than one year 3.3 (5.0)
Syndicated loans 1,004.4 964.2
2020 floating rate senior secured notes — 500.0
2024 fixed rate senior secured notes 400.0 —
Less deferred borrowing costs to be amortized in 2-5 years (7.2) (12.4)
Less deferred borrowing costs to be amortized in more than 5 years (2.1) —
Total due after more than one year 1,395.1 1,451.8
Total borrowings 1,398.4 1,446.8

The table below shows details of individual loans:
Successor Successor
Dec 31, 2017 Dec 31, 2016
€m €m
Current liabilities/(assets)-syndicated loans 5.1 —
Less deferred borrowing costs to be amortized within 1 year (1.8) (5.0)
Total current loans and borrowings 3.3 (5.0)
Non-current liabilities-syndicated loans and secured notes
2020 floating rate senior secured notes — 500.0
2024 fixed rate senior secured notes 400.0 —
Senior C1 EUR — 363.3
Senior C2 GBP — 275.9
Senior C3 EUR — 325.0
Senior B3 EUR 500.0 —
Senior B4 USD 504.4 —
Less deferred borrowing costs to be amortized in 2—5 years (7.2) (12.4)
Less deferred borrowing costs to be amortized in more than 5 years (2.1) —
Total non-current loans and borrowings 1,395.1 1,451.8
Total borrowings 1,398.4 1,446.8
Borrowings under the syndicated loan facility and floating rate notes 1,398.4 1,446.8
The interest rate on all other loans and the floating rate senior secured notes are re-priced within
one year to the relevant Euribor or Libor rate.
On May 3, 2017 the Company completed a refinancing of its Senior debt with a syndicate of
banks. All Senior debt as at the balance sheet date was repaid and replaced with new Senior Euro debt of €500.0 million
and Senior USD debt of $610.0 million. Both are repayable on May 15, 2024, although the Senior USD debt requires a
repayment of $6.1 million of principal each year until 2024, beginning May 15, 2018. The existing revolving credit facility
was also replaced with a new €80.0 million facility, which 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.
In order to match its underlying cash flows the Company has entered into a number of cross-
currency interest rate swaps. In exchange for $610.0 million the Company has received €299.3 million and £226.7 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 whilst EUR to GBP swaps to the value of
£187.6 million have been designated as a net investment hedge.
Concurrent to the refinancing, the Company through its indirect, wholly-owned subsidiary, Nomad
Foods BondCo Plc, repaid the senior secured notes due 2020 and successfully completed a private offering of €400.0
million aggregate principal amount of 3.25% senior secured notes due May 15, 2024 (the “Notes”). Interest on the Notes
has accrued from the date of issue, payable semi-annually in arrears on May 15 and November 15, commencing on
November 15, 2017. Both the new 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. Eligible transaction
costs of approximately €9.8 million have been capitalized as part of the refinancing and will be amortized over the life of
the debt. As a consequence of the debt extinguishment, deferred borrowing costs relating to the old senior
debt of €15.7 million have been written off to the Statement of Profit or Loss in May 2017 (see Note 10).
On December 20, 2017 we further amended and restated our Senior Facilities Agreement to reprice
our $610.0 million and €500.0 million term loan facilities. The margin was reduced by 50 basis points on the U.S. Dollar-
denominated term loan and 25 basis points on the Euro-denominated term loan. There were no changes to the maturity
dates of the term loan facilities as a result of this amendment. We also established a $50.0 million incremental term loan
facility and a €58.0 million incremental term loan facility. These amendments were accounted for as a modification of the
existing loan. On January 31, 2018, the $50.0 million incremental term loan facility was fully drawn and on February 9,
2018, the €58.0 million incremental term loan facility was fully drawn. Eligible transaction costs of approximately €2.5
million have been capitalized as part of this amendment and will be amortized over the life of the debt.

In addition to this the Company has a multicurrency revolving credit facility of €80.0 million. This
facility is available until May 2023. As at December 31, 2017 €14.0 million (December 31, 2016: €13.2 million) has been
utilized for letters of credit, overdrafts, customer bonds and bank guarantees against the revolving credit facility.
Guarantees and secured assets
The Syndicate of lenders that finance the Company’s Senior debt, have security over the assets of
the “Guarantor Group”. The Guarantor Group consists of those companies which individually have more than 5% of
consolidated total assets or EBITDA (as defined in the Senior Facilities Agreement) of the Company and in total comprise
more than 80% of consolidated total assets or EBITDA at any testing date.
In connection with its pension scheme, Findus Sverige AB, a 100% owned subsidiary, is required to
obtain credit insurance with PRI Pensionsgaranti (“PRI”), a credit insurance company which provides insurance annually
against the risk of a sponsoring company’s insolvency. In connection with such credit insurance, as at December 31, 2017
Findus Sverige AB has granted floating charges over certain assets in favor of PRI in an amount of SEK 300 million
(€30.5 million) (December 31, 2016: €31.3 million) and Nomad Foods Limited has issued a parent guarantee to PRI which
will not exceed SEK 495 million (€50.3 million) (December 31, 2016: €45.9 million) at any time and has an end date of
March 31, 2019.
Capitalization of transaction costs
Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to
the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the
draw-down occurs.
22) Trade and other payables

Successor Successor
Dec 31, 2017 Dec 31, 2016
Current liabilities €m €m
Trade payables 328.9 345.0
Accruals and deferred income 109.6 92.4
Social security and other taxes 18.2 19.3
Other payables 17.7 13.7
Finance lease obligations — 0.6
Financial payables 3.1 1.7
Total current trade and other payables 477.5 472.7
Finance lease obligations — 1.0
Accruals and deferred income 1.8 —
Total non-current trade and other payables 1.8 1.0
Total trade and other payables 479.3 473.7
Finance lease obligations
The Company had no finance lease obligations for the year ended December 31, 2017.
Future minimum lease Present value of minimum
payments Interest lease payments
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
€m 2017 2016 2017 2016 2017 2016
Less than one year — 0.7 — 0.1 — 0.6
Between one and five years — 1.1 — 0.1 — 1.0
More than five years — — — — — —
— 1.8 — 0.2 — 1.6

23) Employee benefits
The Company operates defined benefit pension plans in Germany, Italy, Sweden and Austria, as
well as various defined contribution plans in other countries. All of these schemes were inherited from the Predecessor or
acquired from the Findus Group.
i. Defined contribution plans
Successor
The total expense relating to defined contribution plans for the year ended December 31, 2017 was
€8.5 million (year ended December 31, 2016: €9.6 million, €4.4 million for the nine months ended December 31, 2015, nil
for the year ended March 31, 2015).
Predecessor
The total expense relating to defined contribution plans for the five months period ended May 31,
2015 was €2.4 million.

ii. Defined benefit plans
The Company operates partially funded defined benefit pension plans in Germany and Austria as
well as unfunded plans 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.

Successor Successor
Dec 31, 2017 Dec 31, 2016
€m €m
Total employee benefit obligations-Germany 117.5 121.8
Total employee benefit obligations-Sweden 59.8 56.7
Total employee benefit obligations-Italy 5.3 5.1
Total employee benefit obligations-Austria 2.8 4.2
Sub-total 185.4 187.8
Total net employee benefit obligations-other countries 3.0 3.1
Total net employee benefit obligations 188.4 190.9
The obligation of €3.0 million (December 31, 2016: €3.1 million) in respect of other countries is the
aggregate of a number of different types of minor schemes, each one not being considered material individually or in
aggregate. Consequently detailed disclosure of these schemes is not provided.
The amount included in the Statement of Financial Position arising from the Company’s obligations
in respect of its defined benefit retirement plans and post-employment benefits is as follows:
Successor
Post-
employment
Defined medical
benefit benefits
retirement and other
plans benefits Total
Present value of unfunded defined benefit obligations 65.7 4.9 70.6
Present value of funded defined benefit obligations 196.1 — 196.1
Subtotal present value of defined benefit obligations 261.8 4.9 266.7
Fair value of plan assets (81.3) — (81.3)
Recognized liability for net defined benefit obligations 180.5 4.9 185.4

Post-
employment
Defined medical
benefit benefits
Present value of unfunded defined benefit obligations 62.5 4.9 67.4
Present value of funded defined benefit obligations 200.2 — 200.2
Subtotal present value of defined benefit obligations 262.7 4.9 267.6
Fair value of plan assets (79.8) — (79.8)
Recognized liability for net defined benefit obligations 182.9 4.9 187.8
Movements in recognized liability for net defined benefit obligations:

Post-
employment
Defined medical
benefit benefits
€m €m €m
Opening balance January 1, 2017 182.9 4.9 187.8
Current service cost 4.1 (0.1) 4.0
Interest cost 3.5 0.1 3.6
Actuarial gains (2.9) — (2.9)
Contributions to plan (0.5) — (0.5)
Benefits paid (4.9) — (4.9)
Exchange adjustments (1.7) — (1.7)
As at December 31, 2017 180.5 4.9 185.4
Post-
employment
Defined medical
benefit benefits
€m €m €m
Actuarial losses 23.6 — 23.6
Contributions to plan (0.5) — (0.5)
Benefits paid (5.1) (0.3) (5.4)
Exchange adjustments (2.3) (0.2) (2.5)
As at December 31, 2016 182.9 4.9 187.8

Movements in present value of defined benefit obligations:
Post-
employment
Defined medical
benefit benefits
€m €m €m
Actuarial experience losses 0.5 — 0.5
Actuarial losses arising from changes in financial assumptions 1.5 — 1.5
Actuarial gains arising from changes in demographic assumptions (3.0) — (3.0)
Contributions to plan 0.3 — 0.3
Benefits paid (7.5) — (7.5)
Exchange adjustments (1.7) — (1.7)
As at December 31, 2017 261.8 4.9 266.7
Post-
employment
Defined medical
benefit benefits
€m €m €m
Actuarial experience gains (0.3) — (0.3)
Actuarial losses arising from changes in financial assumptions 24.5 — 24.5
Contributions to plan 0.5 — 0.5
Benefits paid (7.7) (0.3) (8.0)
Exchange adjustments (2.3) (0.2) (2.5)
As at December 31, 2016 262.7 4.9 267.6
Movements in fair value of plan assets of defined benefit retirement plans:

2017
€m
Opening balance January 1, 2017 79.8
Interest income 1.4
Actuarial gains arising from the return on plan assets, excluding interest income 1.9
Contributions by employer 0.5
Contributions by members 0.3
Benefits paid (2.6)
As at December 31, 2017 81.3


2016
€m
Opening balance January 1, 2016 78.9
Interest income 1.9
Actuarial gains arising from the return on plan assets, excluding interest income 0.6
Contributions by employer 0.5
Contributions by members 0.5
Benefits paid (2.6)
As at December 31, 2016 79.8
Expense recognized in the Consolidated Statement of Profit or Loss:

Post-
employment
Defined medical
benefit benefits
2017 2017 2017
€m €m €m
For the year ended December 31, 2017 7.6 — 7.6

Post-
employment
Defined medical
benefit benefits
2016 2016 2016
€m €m €m
For the year ended December 31, 2016 7.8 (0.3) 7.5
Current service cost is allocated between cost of sales and other operating expenses. Interest on
net defined benefit obligation is disclosed in net financing costs.
Amount recognized in the Consolidated Statement of Comprehensive Income:
Year ended Year ended

2017 2016
€m €m
Actuarial experience losses/(gains) 0.5 (0.3)
Actuarial losses arising from changes in financial assumptions 1.5 24.5
Actuarial gains arising from changes in demographic assumptions (3.0) —
Actuarial gains arising from the return on plan assets, excluding interest income (1.9) (0.6)
Total actuarial (gains)/losses (2.9) 23.6
2017 2016
€m €m
Cumulative amount of actuarial losses recognized in Consolidated Statement of
Comprehensive Income 1.3 4.2

The fair value of plan assets, all at quoted prices are as follows:

Dec 31, 2017 Dec 31, 2016
€m €m
Equities 17.4 15.1
Debt instruments 51.3 51.7
Property 8.9 9.6
Other 3.7 3.4
Total 81.3 79.8

Post-employment medical
Defined benefit benefits and other
retirement plans benefits
December 31, 2017 Germany Sweden Austria Italy Germany Austria
Discount rate 1.95% 2.4% 2.2% 1.2% 1.15% 0.9%
Inflation rate 2.0% 1.9% 2.0% 1.5% 2.0% 2.0%
Rate of increase in salaries 2.8% 2.25% 3.0% — 2.8% 3.0%
Rate of increase for pensions in
payment 1%-2% 2.25% 1.7% — — —
Long term medical cost of inflation — — — — — 2.0%

Post-employment medical
Defined benefit benefits and other
retirement plans benefits
December 31, 2016 Germany Sweden Austria Italy Germany Austria
Discount rate 1.8% 2.5% 1.0% 1.5% 1.2% 1.0%
Inflation rate 2.0% 1.25% 1.7% 1.5% 2.0% 1.7%
Rate of increase in salaries 2.5% 2.25% 3.0% — 2.5% 3.0%
Rate of increase for pensions in
payment 1%-2% 2.25% 1.7% — — —
Long term medical cost of inflation — — — — — 2.0%
In valuing the liabilities of the pension fund at December 31, 2017 and December 31, 2016,
mortality assumptions have been made as indicated below. The assumptions relating to longevity underlying the pension
liabilities at the financial year end date are based on standard actuarial mortality tables and include an allowance for
future improvements in longevity. The assumptions are based on the following mortality tables:
• Germany: Richttafeln 2005

• Sweden: DUS 14 (2016: PRI)
• Austria: AVO 2008 P ANG
• Italy: RG48
These four references are to the specific standard rates of mortality that are published and widely
used in each country for the use of actuarial assessment of pension liabilities and take account of local current and future
average life expectancy.
December 31, 2017 (years) Germany Sweden Austria Italy
Retiring at the end of the year:
Male 20 22 21 20
Female 24 24 25 20

December 31, 2016 (years) Germany Sweden Austria Italy
Retiring at the end of the year:
Male 20 23 21 20
Female 24 25 25 24

The history of experience adjustments from inception of the Company for the defined benefit
retirement plans is as follows:
9 months
ended
December 31,
Dec 31, 2017 Dec 31, 2016 2015
€m €m €m
Present value of defined benefit obligations 261.8 262.7 238.3
Fair value of plan assets (81.3) (79.8) (78.9)
Asset ceiling — — —
Recognized liability in the scheme 180.5 182.9 159.4
Experience losses/(gains) on scheme liabilities 0.5 (0.3) (1.6)
Experience (gains)/losses on scheme assets (1.9) (0.6) 0.5
Post-employment medical benefits- sensitivity analysis
The effect of a 1% movement in the assumed medical cost trend rate is not significant.
Defined benefit obligation- sensitivity analysis
The effect of a 1% movement in the discount rate for the year ended December 31, 2017 is as
follows:
Increase Decrease
€m €m
Effect on the post-employment benefit obligation (42.3) 55.8
There are no deficit elimination plans for any of the defined benefit schemes. Expected
contributions and payments to post-employment benefit plans for the period ending December 31, 2017 are €5.8 million
(December 31, 2016: €5.7 million). The weighted average duration of the defined benefit obligations is 18.3 years.

24) Provisions
Successor
Onerous/ Provisions
unfavorable related to Contingent
Restructuring contracts other taxes consideration Other Total
€m €m €m €m €m €m
Balance at December 31, 2015 21.0 — 31.8 17.4 16.5 86.7
Additional provision in the period 60.2 34.7 — — 5.3 100.2
Release of provision (5.2) — (9.8) — (2.6) (17.6)
Adjustment to provisions
acquired through business
combinations — 47.3 2.5 — 2.7 52.5
Utilization of provision (16.7) (2.5) — (8.0) (2.2) (29.4)
Unwinding of discounting — 0.8 — 0.6 — 1.4
Foreign exchange (0.2) 0.3 — — (0.2) (0.1)
Balance at December 31, 2016 59.1 80.6 24.5 10.0 19.5 193.7
Additional provision in the period 30.9 — 5.8 — 6.6 43.3
Release of provision (0.1) — (12.2) — (1.2) (13.5)
Transfer between categories — — (2.1) — 2.1 —
Utilization of provision (63.6) (3.9) (5.8) — (8.4) (81.7)
Unwinding of discounting — 0.8 — 0.4 — 1.2
Foreign exchange — (2.1) — — (0.1) (2.2)
Balance at December 31, 2017 26.3 75.4 10.2 10.4 18.5 140.8
Current 68.0
Non-current 72.8
Total 140.8
Restructuring
The €26.3 million (2016: €59.1 million) provision relates to committed plans for certain restructuring
activities of exceptional nature which are due to be completed within the next 18 months. A provision of €18.4 million has
been recognized in the year ended December 31, 2017 for reorganizational activities arising from the implementation of
Nomad's strategic vision across the Company. An additional provision of €12.5 million has been recognized in the year
ended December 31, 2017 for restructuring costs associated with the closure of the facility in Bjuv where production has
now ceased. The amounts have been provided based on the latest information available on the likely remaining
expenditure required to complete the committed plans. €63.6 million has been utilized in the year ended December 31,
2017 which mainly relates to the closure of the production facilities in Bjuv as well as for reorganizational activities arising
from the implementation of Nomad's strategic vision across the Company.
Onerous/unfavorable contracts
Of the onerous/unfavorable contracts provision, €72.5 million is held in relation to a lease in Bjuv,
Sweden. The factory is now 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 is
frequently reassessed by management and may change significantly over time.

The provision is calculated using a discounted cash flow which is subject to a high level of
estimation uncertainty. The most significant assumptions are the ability to sublease the facility, the Company’s own use of
the facility, the discount rate and inflation. Of these, the ability to sublease the facility or a change to the Company’s usage
of the facility are based on management’s best estimate and are a matter of judgment. The provision is highly sensitive to
changes in these assumptions as changes can lead to either a material increase or decrease in the provision. The
discount rate is based on the risk free rate in Sweden, estimated by management to be 1% (2016: 1%). The inflation rate
is also assumed to be 1% (2016: 1%). A 0.5% change in either of these assumptions will increase or decrease the
provision by up to 6%.
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 €2.9 million relates to a service contract covering the same warehouse
facility.
Provisions relating to other taxes
The €10.2 million (2016: €24.5 million) provision relates to other taxes due to tax authorities after
tax investigations within certain operating subsidiaries within the Nomad Group. Developments in the year have led to an
additional €5.8 million provision being created which has been offset by a release of €12.2 million. €5.8 million was utilized
in the year ended December 31, 2017 as a result of the conclusion of a legacy sales tax dispute.
Contingent consideration
As at December 31, 2017, the provision for contingent consideration comprised of €8.9 million and
€1.5 million relating to the acquisition of La Cocinera and the Lutosa brand respectively.
During the year ended December 31, 2017, a €0.4 million charge has been recognized relating to
the unwinding of discounting on deferred consideration for 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 payable in 2019.
Other
Other provisions include €5.6 million (2016: €6.1 million) of potential obligations in Italy, €3.1 million
(€3.2 million) for asset retirement obligations recognized as part of the Findus acquisition, €2.7 million (2016: €2.8 million)
professional fees in respect of the above mentioned tax investigations and other obligations from previous accounting
periods.
25) Share capital and reserves
Share capital and capital reserve

As at Dec 31, As at Dec 31,
2017 2016
€m €m
Authorized:
Unlimited number of Ordinary Shares with nil nominal value issued at $10.00 per share n/a n/a
Unlimited number of Founder Preferred Shares with nil nominal value issued at $10 per
share n/a n/a
Issued and fully paid:
165,291,546 (December 31, 2016: 182,088,622) Ordinary Shares with nil nominal value 1,626.9 1,803.4
1,500,000 (December 31, 2016: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6
Total share capital and capital reserve 1,637.5 1,814.0
Listing and share transaction costs (13.8) (13.3)
Total net share capital and capital reserve 1,623.7 1,800.7

Ordinary Shares
Issued and
Repurchased
Ordinary shares
(in millions)
Balance at December 31, 2015 178.4
Shares issued in the period 3.7
Shares issued in the year —
Shares repurchased and canceled in the year (16.8)
The Company issued 121.5 million Ordinary Shares between April 1, 2015 and September 30,
2015. Of these, 13.7 million were issued as a partial non-cash consideration for the acquisition of the Iglo Group on
June 1, 2015, 75.7 million were issued through a private placement on May 26, 2015 and a further 15.4 million were
issued through a subsequent private placement on July 8, 2015. 16.7 million Ordinary Shares were issued from the early
exercise of warrants.
On November 2, 2015 Nomad issued 8.4 million shares as a partial non-cash consideration for the
acquisition of Findus Sverige AB and its subsidiaries.
On November 27, 2015, the Company issued a further 13,104 shares to key management
employees acquired through a bonus issue scheme.
On January 12, 2016, the Company issued a share dividend of 3.6 million Ordinary Shares (the
“Founder Preferred Share Dividend”) pursuant to the terms of the outstanding founder preferred shares of the Company
(the “Founder Preferred Shares”). See the ‘Founder Preferred Shares’ section of this note below for additional information.
In July 2016, the Company issued 23,212 Ordinary Shares in settlement of the Non-Executive
Directors restricted share awards. These shares, granted at a share price of $11.50 on December 7, 2015, vested on
June 16, 2016 and were issued in July at a share price of $8.98. Of the total 34,780 number of shares vesting, 11,568
shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested
shares. Following this issuance, the Company had 182,088,622 Ordinary Shares outstanding.
In June 2017, the Company issued 46,296 Ordinary Shares in settlement of the Non-Executive
Directors restricted share awards. These shares, granted at a share price of $8.98 on June 16, 2016, vested on June 19,
2017 and were issued at a share price of $14.38. Of the total 55,680 number of shares vesting, 9,384 shares were held
back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares.
On June 12, 2017, the Company entered into an agreement to repurchase 9,779,729 of its shares
beneficially owned by funds advised by Permira Advisers LLP ("Permira") at a purchase price of $10.75 per share, which
was a 25% discount to the closing price of Nomad Foods ordinary shares on June 9, 2017. The aggregate purchase price
of approximately $105.1 million (€93.9 million) was funded from the Company's cash on hand and the shares were retired
on June 12, 2017. The transaction related to a final settlement of indemnity claims against an affiliate of Permira, which
are legacy tax matters that predate the Company's acquisition of the Iglo Group in 2015.
On September 11, 2017, the Company entered into an agreement to repurchase 7,063,643 shares
of 33,333,334 ordinary shares being sold in an underwritten secondary public offering by selling Shareholders, Pershing
Square Capital Management, L.P. (“Pershing Square”), at a per-share purchase price equal to $14.16 per ordinary share.
As such, 26,269,691 ordinary shares of the 33,333,334 ordinary shares sold by the Selling Shareholders were sold to the
public. The Company did not sell any ordinary shares in the offering and did not receive any of the proceeds from the
offering. The aggregate purchase price of approximately $100.0 million (€83.2 million) was funded from the Company's
cash on hand and the repurchased shares were retired on September 11, 2017. As part of the transaction, the Company
incurred €0.5 million of fees, which were recognized directly within Capital reserve.
Following the issuance and subsequent repurchases of shares in 2017, the Company had
165,291,546 Ordinary Shares outstanding.

Listing and share transaction costs
As at December 31, 2017, listing and share transaction costs, which includes the total cost of
admission and share issuance expenses on initial public offering, as well as costs associated with share repurchases was
€13.8 million and are disclosed as a deduction directly against the capital reserve.

€m
At December 31, 2015 13.3
Placement fees —
Share transaction costs 0.5
Founder Preferred Shares Annual Dividend Amount and Warrant Redemption Amount
Nomad’s issued Founder Preferred Share capital consists of 1,500,000 Founder Preferred Shares.
There are no Founder Preferred Shares held in Treasury. Founder Preferred Shares confer upon the holder the following:
1. the right to one vote per Founder Preferred Share on all matters to be voted on by
shareholders generally and vote together with the holders of ordinary shares;
2. commencing on January 1, 2015 and for each financial year thereafter:
a. once the average price per ordinary share for the Dividend
Determination Period, ie. the last ten consecutive trading
days of a year is at least $11.50 (which condition has been
satisfied for the year ended December 31, 2015), the right
to receive a Founder Preferred Shares Annual Dividend
Amount (as more fully described below), payable in
Ordinary Shares or cash, at the Company’s sole option; and
b. the right to receive dividends and other distributions as may

be declared from time to time by the Company’s board of
directors with respect to the Ordinary Shares (such
dividends to be distributed among the holders of Founder
Preferred Shares, as if for such purpose the Founder
Preferred Shares had been converted into Ordinary Shares
immediately prior to such distribution) plus an amount equal
to 20% of the dividend which would be distributable on such
number of Ordinary Shares equal to the Preferred Share
Dividend Equivalent (as defined below); and
3. in addition to amounts payable pursuant to clause 2 above, the right, together with
the holders of Ordinary Shares, to receive such portion of all amounts available for
distribution and from time to time distributed by way of dividend or otherwise at
such time as determined by the Directors; and
4. the right to an equal share (with the holders of Ordinary Shares on a share for
share basis) in the distribution of the surplus assets of Nomad on its liquidation as
are attributable to the Founder Preferred Shares; and
5. the ability to convert into Ordinary Shares on a 1-for-1 basis (mandatorily upon a
Change of Control or the seventh full financial year after an acquisition).
On January 12, 2016 the Company’s Board of Directors approved a share dividend to the Founder
Entities of an aggregate of 3,620,510 Ordinary Shares pursuant to the terms of the outstanding Founder Preferred Shares
of the Company at a Dividend Price of $11.4824. Because the average price per Ordinary Share was at least $11.50 for
the last ten consecutive trading days of 2015, the holders of the Founder Preferred Shares were entitled to receive the
Founder Preferred Share Annual Dividend Amount.

No Founder Preferred Shares Annual Dividend Amount was due as at December 31, 2016 as the
average price per ordinary share for the last ten consecutive trading days of the year did not reach the 2015 Dividend
Price of $11.482.
On December 29, 2017, the Company’s Board of Directors approved a share dividend of an

aggregate 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) and the ordinary shares underlying the Founder Preferred Share Dividend were
issued on January 2, 2018.
See Note 27 for further information.

Warrants
On April 11, 2014 in conjunction with its initial public offering, Nomad issued an aggregate
50,000,000 Warrants to purchasers of both its Ordinary and Founder Preferred Shares. In addition, 75,000 Warrants in
aggregate were issued to Non-Executive directors as part of their appointment as directors. Each Warrant entitled its
holder to subscribe for one-third of an ordinary share upon exercise (subject to any prior adjustment in accordance with
the terms and conditions set out in the Warrant Instrument). Warrant holders were required therefore (subject to any prior
adjustment) to hold and validly exercise three Warrants and pay $11.50 per Ordinary Share in order to receive one
Ordinary Share.
The Warrants were also subject to mandatory redemption at $0.01 per Warrant if at any time the
volume-weighted average price per ordinary share equaled or exceeded $18.00 (subject to any prior adjustment in
accordance with the terms and conditions set out in the Warrant Instrument) for a period of ten consecutive trading days.
On May 6, 2015 In connection with the Iglo acquisition, the Company obtained the consent of over
75% of the holders of outstanding Warrants to an amendment to the terms of the Warrants in order to provide that the
subscription period for the Warrants, which previously would have expired on the third anniversary of the Company’s
consummation of its first acquisition, would instead expire on the consummation of the Iglo Group acquisition (except in
certain limited circumstances, in which case, such holder will be permitted to exercise his, her or its Warrants until the
date that is 30 days following the date of Readmission). The Warrant Amendment was thereby effective on May 6, 2015.
The remaining warrants that were issued by the Company in conjunction with its initial public
offering in April 2014 were redeemed in the nine months ended December 31, 2015 and a credit of €0.4 million was
recognized in the Consolidated Statement of Profit or Loss.
26) Share-based compensation reserve
Successor
The Company's discretionary share award scheme, the LTIP, 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. However, it is the Committee’s current intention that Awards be granted
only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive
Directors.
All Awards are to be settled by physical delivery of shares. Note 8b sets out the Non-Executive
Director and Director and Senior Management Restricted share awards.
Non-Executive Director Restricted Share Awards
The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on
December 7, 2015, vested on June 16, 2016 and 23,212 ordinary shares were issued in July at a share price of $8.98,
resulting in a €0.3 million reduction in the share based compensation reserve for the year ended December 31, 2016.
The Non-Executive Directors restricted share awards granted at a share price of $8.98 on June 16,
2016 vested on June 19, 2017 and were issued at a share price of $14.38, resulting in a €0.3 million increase in the share
based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by
the Company as settlement towards personal tax liabilities arising on the vested shares for the year ended December 31,
2017.

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 total charge within the Statement of Consolidated Profit or Loss for the year ended
December 31, 2017 for Non-Executive Director stock compensation awards was €0.8 million and €0.6 million for the year
ended December 31, 2016. The Director and senior management stock compensation charge reported within the
Consolidated Statement of Profit or Loss for the year ended December 31, 2017 was €1.8 million (year ended December
31, 2016: €0.6 million).
Share based
compensation
reserve
€m
Non-Executive Director restricted share awards charge 0.8
Directors and Senior Management share awards charge 1.8
Vesting of Non-Executive Director restricted shares (0.7)
27) Founder Preferred Shares Dividend Reserve
Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms
of the Founder Preferred Shares is set out in Note 25.
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. Commencing in 2015, the Founder Preferred Share Annual Dividend Amount
became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last
ten consecutive trading days of the 2015 financial year.
Accordingly, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2015 were
met. On January 12, 2016, the Company's Board of Directors approved a share dividend (the “Founder Preferred Share
Dividend”) of an aggregate of 3,620,510 ordinary shares calculated as 20% of the increase in the market price of our
ordinary shares compared to the initial public offering price of $10.00 multiplied by 140,220,619 (the “Preferred Share
Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding
immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo
Group. The dividend price (“Dividend Price”) used to calculate the Annual Dividend Amount was $11.4824 (calculated
based upon the volume weighted average price for the last ten consecutive trading days of 2015) and the ordinary shares
underlying the Founder Preferred Share Dividend were issued on January 12, 2016.
The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met
and consequently no Founder Preferred Share Dividend was approved for issue.
The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On
December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate 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) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018.
In future years, the Preferred Shares Annual Dividend amount will be determined with reference to
the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of
the increase in the volume weighted average share price of our ordinary shares across the determination period
compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts
multiplied by the Annual Dividend Amount (currently $16.6516). 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 relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and
certain other recapitalization 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 Foods’
Memorandum and Articles of Association.
Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are
converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last
day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next
trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine
otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at
the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be
payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of
an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the
year in which the conversion occurred.
Founder
Preferred
Shares
Dividend
Reserve
€m
Settlement of dividend through share issue —
Prior to June 1, 2015 the Founder Preferred Shares Annual Dividend Amounts were valued and
recognized as a liability under IFRS 2. The fair value of the liability at each balance sheet date was valued using a Monte
Carlo simulation and any difference in fair value was recorded as an expense through the Consolidated Statement of
Profit or Loss. An expense of €349 million was recognized for the nine months ended December 31, 2015 (€165.8 million
for the year ended March 31, 2015).
Upon completion of the acquisition of the Iglo Group on June 1, 2015, the Company intended that
the Founder Preferred Shares Annual Dividend Amount would be equity settled. Accordingly, the Founder Preferred
Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”)
was classified as equity and no further revaluations will be required or recorded.
28) Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of
the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net
investment in a foreign subsidiary.
29) Cash flow hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value
of cash flow hedging instruments related to hedged transactions that have not yet occurred. The reserve
relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months
whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the
instruments.
The table below shows the movement in the cash flow hedging reserve during the year or period,
including the gains or losses arising on the revaluation of hedging instruments during the year or period and
the amount reclassified from other comprehensive income to the Consolidated Statement of Profit or Loss in
the year.

9 months
2017 2016 2015 2015 2015
€m €m €m €m €m
(Losses)/gains arising in the revaluation of
hedge instruments (76.5) 14.2 1.6 — —
Less: Gains/(losses) reclassified to the
Consolidated Statement of Profit or Loss
60.1 (4.1) — — —
Total (16.4) 10.1 1.6 — —
30) Earnings/(loss) per share
Basic earnings/(loss) per share

9 months
Year ended Year ended ended
December 31, December 31, December 31, Year ended 5 months ended
2017 2016 2015 March 31, 2015 May 31, 2015
Net profit/(loss) attributable to
shareholders (€m) 136.5 36.4 (337.3) (167.5) (128.0)
Weighted average Ordinary Shares and
Founder Preferred Shares 176,080,272 183,518,743 145,590,810 50,025,000 n.p.
Basic earnings/(loss) per share (€’s) 0.78 0.20 (2.32) (3.35) n.p.
n.p. not presented
For the year ended December 31, 2017, basic earnings per share is calculated by dividing the profit
attributable to the shareholders of the Company of €136.5 million (year ended December 31, 2016: €36.4 million, nine
months ended December 31, 2015: €337.3 million loss) by the weighted average number of ordinary shares of
174,580,272 (December 31, 2016: 182,018,743, 9 months ended December 31, 2015: 144,090,810) and Founder
Preferred Shares of 1,500,000 (December 31, 2016: 1,500,000, 9 months ended December 31, 2015: 1,500,000).
Diluted earnings/(loss) per share

9 months
Year ended Year ended ended
December 31, December 31, December 31, Year ended 5 months ended
2017 2016 2015 March 31, 2015 May 31, 2015
Net profit/(loss) attributable to
shareholders (€m) 136.5 36.4 (337.3) (167.5) (128.0)
Weighted average Ordinary Shares and
Founder Preferred Shares 184,786,162 183,528,621 145,590,810 50,025,000 n.p.
Diluted earnings/(loss) per share (€’s) 0.74 0.20 (2.32) (3.35) n.p.
n.p. not presented
For the year ended December 31, 2017, the number of shares in the diluted earnings per share
calculation include 8,705,890 shares for the dilutive impact of the Ordinary shares to settle the Founder Preferred Shares
Annual Dividend for the year ended December 31, 2017, which were issued in January 2018. Refer to Notes 27 and 38
for further details. There is no adjustment to the profit/(loss) attributable to shareholders.

31) Reconciliation of liabilities arising from financing activities
The table below details changes in the Company's liabilities arising from financing activities,
including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were,
or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities.
Cash movements Non-cash movements

Opening Closing
balance as balance as
of Other non- of
December Cash Cash Interest Exchange Fair value cash December
31, 2016 inflow (1) outflow (2) accretion movement changes adjustments 31, 2017
€m €m €m €m €m €m €m €m
Total loans and
borrowings (Note
21)
1,446.8 1,470.5 (1,469.5) — (55.7) — 6.3 1,398.4
Total finance lease
obligations (Note
22) 1.6 — (1.6) — — — — —
Financial payables
(Note 22) 1.7 — (53.3) 54.0 0.7 — — 3.1
Derivatives: (Net)
Fair value of
forward foreign
exchange and
currency swap
contracts FVPTL 0.3 3.9 — — — (3.5) — 0.7
Derivatives: (Net)
Fair value of cross
currency interest
rate swaps — 4.5 (2.3) — — 40.6 — 42.8
(1) Cash inflows of €4.5 million from cross currency interest rate swaps are part of effective cash flow hedging
relationships and are presented within interest paid within the Consolidated Statements of Cash Flows.
(2) Cash outflows of €2.3 million from cross currency interest rate swaps are not part of a cash flow hedge and are
presented within proceeds on settlement of derivatives within the Consolidated Statements of Cash Flows.
Note: IFRS 16 Leases becomes effective as of January 1 2019, at which point operating lease liabilities will also appear
in the information presented

32) Cash flows from operating activities
9 months
2017 2016 2015 2015 2015
Cash flows from operating activities
Adjustments for:
Exceptional items 7 37.2 134.5 58.1 0.7 84.3
Non-cash charge related to Founder
Preferred Shares Annual Dividend
Amount — — 349.0 165.8 —
Non-cash (charge)/credit related to Warrant
Redemption Liability — — (0.4) 0.4 —
Non-cash fair value purchase price
adjustment of inventory — — 37.0 — —
Non-cash cash flow hedge reserve
acquisition accounting adjustment — — 4.9 — —
Non-cash Chairman and Independent Non-
Executive Director fees — — — 0.2 —
Unrealized gain on portfolio investments — — — (0.1) —
Share based payments expense 2.6 1.2 — — —
Depreciation charge 12 35.9 43.3 20.3 — 11.3
Amortization 13 6.5 7.8 1.5 — 1.2
Loss on disposal of property, plant and
equipment 0.5 0.7 — — —
Finance costs 10 81.6 86.3 44.2 — 117.7
Finance income 10 (7.2) (24.2) (8.7) — (2.0)
Taxation 11 32.0 39.6 (12.3) — 40.9
Operating cash flow before changes in
working capital, provisions and
exceptional items 325.6 325.6 156.3 (0.5) 125.4
Decrease/(increase) in inventories 16.7 (18.1) (15.9) — 28.3
(Increase)/decrease in trade and other
receivables (1.6) (8.8) 64.3 — (8.5)
Increase/(decrease) in trade and other
payables 18.1 60.8 (44.0) 0.7 (41.0)
Decrease in employee benefit and other
provisions (0.3) (3.3) (1.5) — (2.0)
Cash generated from operations before
tax and exceptional items 358.5 356.2 159.2 0.2 102.2
33) Financial risk management
a) Overall risk management policy
The Company’s activities expose it to a variety of financial risks, including currency risk,
interest rate risk, credit risk and liquidity risk.
The Company’s overall risk management program focuses on minimizing potential

adverse effects on the Company’s financial performance. The Company uses derivative financial
instruments to hedge certain risk exposures.
Risk management is led by senior management and is mainly carried out by a central
treasury department which identifies, evaluates and hedges financial risks in close cooperation with
the Company’s operating units.

b) Market risk (including currency risk and interest rate risk)
In managing market risks, the Company aims to minimize the impact of short term
fluctuations on the Company’s earnings. Over the longer term, however, permanent changes in
foreign exchange rates and interest rates will have an impact on consolidated earnings.
Currency risk Foreign currency risk on assets and liabilities in currencies other than functional currency
Description The Company is exposed to foreign exchange risk arising from the translation of assets
and liabilities denominated in currencies other than the Euro. This affects particularly
Nomad’s U.S. Dollar loans and cross currency interest rate swaps and Nomad's GBP loans
and cross currency interest rate swaps.
The U.S. Dollar and GBP value of these liabilities is retranslated at closing exchange rates
into Euro for inclusion in the financial statements. Fluctuations in the value of these
liabilities are caused by variations in the closing EUR-USD and EUR-GBP exchange rates.
Prior to April 21, 2017, 80% of the Company's Pound Sterling loans were designated as net
investment hedges against the Company's investment in its subsidiaries in the UK. From
April 21, 2017, the existing Sterling loans were settled and USD debt of $610 million was
entered into. In order to match its underlying cash flows the Company has entered into a
number of cross-currency interest rate swaps. In exchange for $610.0 million the Company
received €570.5 million which has been designated as cash flow hedges. Of the €570.5
million, €271.2 million was swapped to £226.7 million. 82.8% of the Company’s Pound
Sterling cross currency interest rate swaps are designated as hedges against the
Company’s investment in its subsidiaries in the UK.
Mitigation & Impact on Any foreign exchange movement resulting from the translation of $610m term loan to Euros
Statement of Financial is offset with the translation of the receive U.S. Dollar, pay Euro cross currency interest rate
Position / Equity / swaps. Gains/losses on the cross currency interest rate swap are released from cash flow
Income Statement hedge reserve to match the gain or losses on the U.S. Dollar debt as they impact profit and
loss.
From April 21, 2017, 82.8% of the Company’s Pound Sterling cross currency interest rate
swaps are designated as hedges against the Company’s investment in its subsidiaries in
the UK. In 2016 and up until April 21, 2017 80% of the Company's Pound Sterling loans
were designated as hedges against the Company's investment in its subsidiaries in the UK.
As at December 31, 2017, this represented 93.1% of the net assets held in GBP (2016:
99%).
The impact of the net investment hedge is taken directly to equity via the foreign currency
translation reserve. The amount taken to this reserve which arose on the retranslation of
the cross currency interest rate swaps was a gain of €12.4 million and from the translation
of the GBP loans in place was a loss of €4.3 million. In 2016 the amount taken to this
reserve which arose on the translation of Sterling loans was a €35.4 million gain, (2015:
€6.8 million gain). There was no material ineffectiveness in the net investment hedge in
either 2017 or 2016.
Sensitivity analysis During 2017, the Euro strengthened by 3.9% (2016: strengthened by 13.8%)
against Sterling.
The notional amount of Pound Sterling cross currency interest rate swaps designated as
hedges is £187.6m, the gain of €12.4 million resulted from a 5.8% movement in the GBP-
EUR foreign exchange rate. A 1% movement in the GBP-EUR foreign exchange rate would
result in a gain or loss of €2.2 million which would be taken to equity.
Hedge accounting is not applied to 17.2% of the Company's Pound Sterling cross currency
interest rate swaps. A 1% movement in the GBP-EUR foreign exchange rate would result in
a gain or loss of €0.4 million.

In addition, the impact on the related interest charge would be to decrease or increase the
charge by €0.1 million, €0.1 million and €0.2 million for each 1% change in the exchange
rate in 2017 and 2016 and 2015 respectively.
Currency risk Foreign currency risk on purchases
The Company is exposed to foreign exchange risk where a business unit makes purchases
in a currency other than the functional currency of that entity.
For the Company, the most significant of these exposures is the purchase of fish
inventories in U.S. Dollars and the purchase of goods and services in Euros by the UK and
the Nordics.
Mitigation & Impact on The Company’s policy is to reduce this risk by using foreign exchange forward contracts
Statement of Financial which are designated as cash flow hedges. These contracts all have a maturity of less
Position / Equity / than one year. The fair value of the U.S. Dollars forward contracts with reference to
Income Statement non-USD functional currencies as at December 31, 2017 is an asset of €6.5 million (2016:
€11.0 million asset). All forecast transactions are still expected to occur.

As at December 31, 2017, 69.8% (2016: 98%, 2015: 69%) of forecast future U.S. Dollar
payments for the next twelve months were hedged through the use of forward contracts
and existing cash. A proportion of the forward contracts have been designated as cash flow
hedges.
The fair value of the Euro forward contracts with reference to non-Euro functional
currencies as at December 31, 2017 is €1.5 million (2016: €1.1 million).
As at December 31, 2017, 68% (2016: 86.9%, 2015: 58%) of forecast future net euro
payments for the next twelve months were hedged through the use of forward contracts
and existing cash. A proportion of the forward contracts have been designated as cash flow
hedges over forecast purchases.
Sensitivity analysis During 2017, the Euro strengthened by 3.9% against Sterling, and strengthened by 13.9%
against the U.S.Dollar and strengthened by 2.7% against the Swedish Krona.
On an annualized 2017 basis, for each 1% that the Euro strengthens or weakens against
Sterling, assuming all other variables remain constant, the impact relating to these
purchases would be to increase or decrease the Company’s profit or loss before tax by
approximately €0.7 million (2016: €0.6 million, 2015: €0.5 million), excluding the impact of
any forward contracts.
the U.S.Dollar, assuming all other variables remain constant, the impact would be to
increase or decrease the Company’s profit or loss before tax by approximately €2.4 million
(2016: €2.2 million, 2015: €2.2 million), excluding the impact of any forward contracts.
Swedish Krona, assuming all other variables remain constant, the impact relating to these
purchases would be to increase or decrease the Company’s profit or loss before tax by
approximately €0.7 million (2016: €0.4 million, 2015: €0.5 million), excluding the impact of
any forward contracts.
We do not expect purchase levels to be materially different in the coming year.

Interest rate risk
Description The Company has significant levels of floating rate borrowings and is therefore exposed to
the impact of interest rate fluctuations.
Mitigation & Impact on

Equity / Income Statement The Company’s policy on interest rate risk is designed to limit the Company’s exposure to
fluctuating interest rates. In 2017 the Company entered into a €400 million 7 year fixed rate
Bond, floating rate senior Euro debt of €500 million and floating rate senior USD of $610
million. The company also entered into cross currency interest rate swaps to swap its
floating USD term loans to fixed Euros or Sterling.
During 2017 the weighted average fixed rate of the Company's interest cash flows in
Sterling was 65.8% (2016: 157%) and the weighted average fixed rate of the Company's
Euro interest cash flows was 38.9% (2016: 66%). As at December 31, 2017 this was 100%
and 58.3% respectively.
Sensitivity analysis In 2017, one month GBP LIBOR rates increased by 0.25 percentage points (2016: 0.25
percentage points decrease) and there were no significant changes in three month
EURIBOR rates (2016: decreased by 0.15 percentage points). Negative interest rates are
treated as 0% for the purpose of the interest applied on the senior loans.
If interest rates were greater than 1%, an increase or decrease of one percentage point in
the interest rate charge on borrowings would correspondingly decrease or increase the
Company’s profit/(loss) before tax by approximately €5.1 million (2016: €14.8 million, 2015:
€14.5 million).
c) Credit risk
Description Credit risk arises on cash and cash equivalents and derivative financial instruments with banks and
financial institutions, as well as on credit exposures to customers. See Note 18 for analysis of the trade
receivables balance and Note 20 for analysis of the cash and cash equivalents balance.
Mitigation The Company limits counterparty exposures by monitoring each counterparty carefully and where
possible, setting credit limits by reference to published ratings. The Company limits its exposure to
individual financial institutions by spreading forward foreign exchange contracts, cross currency interest
rate swaps and surplus cash deposits between several institutions.
The credit quality of customers is assessed taking into account their financial position, past experience
and other factors. Credit limits are set for customers and regularly monitored. The Company aims to
ensure that the maximum exposure to one financial institution does not exceed €150.0 million and that
the long term credit rating does not fall below High Single A.
d) Liquidity risk
Description The Company is exposed to the risk that it is unable to meet its commitments as they fall due. The
Company has financial conditions imposed by its lenders which it must achieve in order to maintain its
current level of borrowings. A single net debt covenant is carried out quarterly and at the end of each
financial year. There have been no breaches of the covenants throughout the year.
Mitigation The Company ensures that it has sufficient cash and available funding through regular cash flow and
covenant forecasting. In addition, the Company has access to a revolving credit facility of €80.0 million,
expiring in May 2023. This is available to finance working capital requirements and for general corporate
purposes. Currently €14.0 million is utilized for letters of credit, overdrafts, customer bonds and bank
guarantees.

Capital risk management
Nomad’s objectives when managing capital (currently consisting of share capital and share
premium) are to safeguard Nomad’s ability to continue as a going concern in order to provide returns for shareholders and
benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to
maintain or adjust the capital structure, Nomad may adjust the amount of dividends paid to shareholders, return capital to
shareholders or issue new shares.
Maturity analysis
The tables below show a maturity analysis of contractual undiscounted cash flows, showing items
at the earliest date on which the Company could be required to pay the liability:
Over 5
2017 2018 2019 2020 2021 2022 years Total
€m €m €m €m €m €m €m
Borrowings-principal 5.1 5.1 5.1 5.1 5.1 1,384.0 1,409.5
Borrowings-interest 46.3 46.0 46.0 45.7 45.5 62.9 292.4
Forward contracts Sell 484.0 — — — — — 484.0
Forward contracts Buy (479.6) — — — — — (479.6)
Cross Currency Interest Rate Swaps Pay 29.1 28.7 28.6 28.4 801.4 — 916.2
Cross Currency Interest Rate Swaps Receive (32.0) (31.6) (31.4) (31.2) (759.3) — (885.5)
Trade and other payables excluding non-
financial liabilities 441.6 — — — — — 441.6
Total 494.5 48.2 48.3 48.0 92.7 1,446.9 2,178.6
Over 5
2016 2017 2018 2019 2020 2021 years Total
€m €m €m €m €m €m €m
Borrowings-principal — — — 1,464.2 — — 1,464.2
Borrowings-interest 59.7 60.0 60.9 29.9 — — 210.5
Forward contracts Sell 367.8 — — — — — 367.8
Forward contracts Buy (381.3) — — — — — (381.3)
Trade and other payables excluding non-
financial liabilities 439.1 — — — — — 439.1
Total 485.3 60.0 60.9 1,494.1 — — 2,100.3
The 2016 table has been amended to include the Forward contract Buy amount.
34) Financial instruments

a) Categories of 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”.

Derivatives at Derivatives Financial
Cash and fair value used for liabilities at
cash Loans and through profit hedging (see amortized
equivalents receivables or loss (c)) cost Total
2017 €m €m €m €m €m €m
Assets
Trade receivables — 94.7 — — — 94.7
Derivative financial instruments — — 3.2 17.5 — 20.7
Cash and cash equivalents 219.2 — — — — 219.2
Liabilities
Trade and other payables
excluding non-financial liabilities — — — — (441.6) (441.6)
Derivative financial instruments — — (0.7) (68.5) — (69.2)
Loans and borrowings (note 1) — — — — (1,409.5) (1,409.5)
Total 219.2 94.7 2.5 (51.0) (1,851.1) (1,585.7)
Note 1: Loans and borrowings excludes €11.1 million of deferred borrowing costs which are included within €1,398.4
million of total loans and borrowings in Note 21.

Derivatives at Derivatives Financial
Cash and fair value used for liabilities at
cash Loans and through profit hedging (see amortized
equivalents receivables or loss (c)) cost Total
2016 €m €m €m €m €m €m
Assets
Trade receivables — 92.3 — — — 92.3
Derivative financial instruments — — — 13.1 — 13.1
Cash and cash equivalents 329.5 — — — — 329.5
Liabilities
Trade and other payables
excluding non-financial liabilities — — — — (439.1) (439.1)
Derivative financial instruments — — — (1.4) — (1.4)
Loans and borrowings (note 2) — — — — (1,464.2) (1,464.2)
Total 329.5 92.3 — 11.7 (1,903.3) (1,469.8)
Note 2: Loans and borrowings excludes €12.4 million of deferred borrowing costs which are included within €1,451.8
million of total non-current loans and borrowings in Note 21.
b) Fair values
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. In determining fair value, Nomad uses various
methods including market, income and cost approaches. Based on these approaches, Nomad utilizes certain
assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the
risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or
generally unobservable inputs. Nomad utilizes valuation techniques that maximize the use of observable inputs and
minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques Nomad
is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the
quality and reliability of the information used to determine fair values.
Financial assets and liabilities carried at fair value will be classified and disclosed in one of the
following three categories:
Level 1—Quoted prices for identical assets and liabilities traded in active exchange markets, such
as the New York Stock Exchange.

Level 2—Observable inputs other than Level 1 including quoted prices for similar assets or
liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market
data. Level 2 also includes derivative contracts whose value is determined using a pricing model with observable market
inputs or can be derived principally from or corroborated by observable market data.
Level 3—Unobservable inputs supported by little or no market activity for financial instruments
whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as
instruments for which the determination of fair value requires significant management judgment or estimation; also
includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data. Where
market information is not available to support internal valuations, reviews of third party valuations are performed.
While Nomad believes its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments
could result in a different estimate of fair value at the reporting date.
The following is a description of the valuation methodologies and assumptions used for estimating
the fair values of financial instruments held by the Company.
(i) Derivative financial instruments
Derivative financial instruments are held at fair value. There is no difference between carrying value
and fair value. 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’.
Gains in the year from foreign exchange forward contracts designated as fair value through the
Consolidated Statements of Profit or Loss amounted to €nil (2016: €1.0 million, 2015: €9.1 million).
Gains in the year from foreign exchange swap contracts used for liquidity purposes designated as
fair value through the Consolidated Statements of Profit or Loss amounted to €3.5 million (2016: €4.3 million loss, 2015:
€nil).
Gains in the year from cross currency interest rate swap contracts designated as fair value through
the Consolidated Statement of Profit or Loss amounted to €3.9m (2016: €nil, 2015: €nil).
(ii) Trade and other payables/receivables
The notional amount of trade and other payables/receivables are deemed to be carried at fair value,
short term and settled in cash.

(iii) Cash and cash equivalents/overdrafts
The carrying value of cash is deemed to equal fair value.
(iv) Interest bearing loans and liabilities
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 year end’s prevailing interest rates. They are classified as level 2
instruments.

Fair value Carrying value
Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016
€m €m €m €m
Senior loans — 970.3 — 964.2
2020 floating rate senior secured notes — 505.2 — 500.0
Senior EUR/USD loans 1,012.7 — 1,009.5 —
2024 fixed rate senior secured notes 412.2 — 400.0 —
Less deferred borrowing costs — — (11.1) (17.4)
1,424.9 1,475.5 1,398.4 1,446.8
c) Derivatives
The notional principal amounts of the outstanding forward foreign exchange contracts at
December 31, 2017 were €484.0 million (December 31, 2016: €367.8 million). The notional principal amounts of the
outstanding cross currency interest rate swaps as at December 31, 2017 were €826.2 million (pay) and €780.7 million
(receive). The following table presents the fair value of derivatives as at December 31, 2017. 43.4% (December 31, 2016:
68.9%) of the notional principal amount of forward foreign exchange contracts relates to USD contracts and 26.0%
(December 31, 2016: 22%) of the notional principal amount of forward foreign exchange contracts relates to EUR
contracts for the UK and Nordic subsidiaries. 30.6% of the notional principal amount of forward foreign exchange
contracts relates to FX swaps for liquidity purposes.
2017 2016
€m €m
Cross Currency Interest Rate Swaps 18.6 —
Forward foreign exchange contracts 2.1 13.1
Total assets 20.7 13.1
Cross Currency Interest Rate Swaps (61.4) —
Forward foreign exchange contracts (7.8) (1.4)
Total liabilities (69.2) (1.4)
Total (48.5) 11.7
Offsetting of derivatives
Derivative contracts are held under International Swaps and Derivatives Association (ISDA)
agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to
settle net in the event of default.
The following table sets out the carrying amounts of recognized financial instruments that are
subject to the above agreements.
Gross amount
of financial Related
instruments as financial
presented upon instruments
balance sheet that are offset Net amount
As at Dec 31, 2017 €m €m €m
Derivatives - assets 20.7 (20.7) —
Derivatives - liabilities (69.2) 20.7 (48.5)

Gross amount
of financial Related
instruments as financial
presented upon instruments
balance sheet that are offset Net amount
As at Dec 31, 2016 €m €m €m
Derivatives - assets 13.1 (1.4) 11.7
Derivatives - liabilities (1.4) 1.4 —
35) Operating leases
The Company leases certain buildings, plant and equipment under operating leases. The
agreements do not share common characteristics across the Company.
Non-cancellable operating lease rentals relate to total future aggregate minimum lease payments
and are payable as follows:
2017 2016
€m €m
Less than one year 17.8 18.3
Between one and three years 26.1 29.6
Between three and five years 17.8 22.0
More than five years 106.6 109.7
Total 168.3 179.6
Non-cancellable operating leases relate to equipment, motor vehicles and land and buildings and
may be subject to contractual annual increases linked to inflation indices. The payments shown above exclude the impact
of these contractual increases which cannot be reliably estimated.
Findus Sverige AB has a long lease for a factory and cold-store that expires in 2040. This accounts
for €115.8 million of the lease payments. As explained in note 24, this lease has been identified as being onerous and so
a provision of €72.5 million has been recognized in respect of the onerous part of the lease.
36) Capital commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred is as
follows:

2017 2016
€m €m
Property, plant and equipment 3.0 8.1
Intangible assets 2.6 5.4
Total 5.6 13.5
37) Related parties
Founder Preferred Shares
Each of the Founder Entities holds 750,000 shares of Founder Preferred Shares issued at
$10.00 per share. The Founder Preferred Shares were intended to incentivize the Founders to achieve Nomad’s
objectives. In addition to providing long term capital, the Founder Preferred Shares are 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 holders of ordinary shares on a long term basis. The Founder Preferred Shares are also intended to
encourage the Founders to grow Nomad following the Iglo Acquisition and to maximize value for holders of ordinary
shares. On January 12, 2016, the Company approved a 2015 Founder Preferred Share Dividend with respect to 2015
in an aggregate of 3,620,510 ordinary shares payable to the Founder Entities.

The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met
and consequently no Founder Preferred Share Dividend was approved for issue.
The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On
December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate 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) and the ordinary shares underlying the Founder Preferred Share Dividend were
issued on January 2, 2018.
Advisory Services Agreements
On June 15, 2015, the Company entered into an Advisory Services Agreement with Mariposa
Capital, LLC, an affiliate of Mr. Franklin, and TOMS Capital LLC, an affiliate of Mr. Gottesman. Pursuant to the terms of
the Advisory Services Agreement, Mariposa Capital, LLC and TOMS Capital LLC provide high-level strategic advice
and guidance to the Company. Under the terms of the Advisory Services Agreement, Mariposa Capital, LLC and TOMS
Capital LLC are entitled to receive an aggregate annual fee equal to $2.0 million, payable in quarterly installments.
This agreement expires on June 1st annually and will be automatically renewed for successive one-year terms unless
any party notifies the other parties in writing of its intention not to renew the agreement no later than 90 days prior to
the expiration of the term. The agreement may only be terminated by the Company upon a vote of a majority of its
directors. In the event that the agreement is terminated by the Company, the effective date of the termination will be six
months following the expiration of the initial term or a renewal term, as the case may be.
Expenses of €130,454 and €232,379 for certain travel costs of Mariposa Capital, LLC and
TOMS Capital LLC respectively in the year ending December 31, 2017 were reimbursed (year ended December 31,
2016: €153,186 and €233,627 respectively).
Directors and Key Management
All significant management decision making authority is vested within the Board of Directors and
the executive team, therefore key management are considered to be the Directors and Executive Officers. Their
remuneration has been disclosed in Note 9.
On September 11, 2017, the Company entered into an agreement to repurchase shares being
sold in an underwritten secondary public offering by selling Shareholders, Pershing Square Capital Management, L.P.
(“Pershing Square”). See Note 25 for a description of the transaction.
As part of the sale of the Iglo Group to Nomad Foods Limited, former Executive Officer and Non-
Executive Director, Paul Kenyon and former Executive Officer, Tania Howarth each acquired shares in Nomad Foods
Limited from Birds Eye Iglo Group LP Inc. Mr. Kenyon acquired 37,060 shares and Ms. Howarth acquired 38,956
shares at a price of $10.50 (€9.71) per share which was deemed to be at fair value. On June 12, 2017, Nomad
repurchased 9,779,729 of our shares beneficially owned by Permira Funds ("Permira Repurchase") at a purchase
price of $10.75 (approximately €9.60) per share, which represents a 25% discount to the closing price of our ordinary
shares on June 9, 2017, for an aggregate purchase price of $105.1 million (approximately €93.9 million), in final
settlement of indemnity claims against an affiliate of Permira Funds, of legacy tax matters that predated the Iglo
Acquisition. In connection with the Permira Repurchase (and upon removal of certain transfer restrictions relating to
their shares), Mr. Kenyon and Ms. Howath sold 26,372 and 27,721, shares, respectively.
Lord Myners of Truro CBE, a Non-Executive Director, holds 72,028 ordinary shares in Nomad
Foods Limited which includes 50,000 ordinary shares granted pursuant to a five-year option that expires on June 2,
2020 at a purchase price of $11.50 per share.
As described in Note 8(b), certain of the Non-Executive Directors are eligible to an annual
restricted stock grant issued under the LTIP which will 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.

The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on
December 7, 2015, vested on June 16, 2016 and were issued in July at a share price of $8.98. Of the total 34,780
number of shares vesting, 11,568 shares were held back from issue by the Company as settlement towards personal
tax liabilities arising on the vested shares. The total charge for restricted share awards granted in 2015 within the
Statement of Consolidated Profit or Loss for the year ended December 31, 2016 for this stock compensation award
was €0.3 million (nine months ended December 31, 2015: €0.1 million).
The Non-Executive Directors restricted share awards granted on June 16, 2016, which
consisted of 55,680 shares at a share price of $8.98, vested on June 19, 2017 and were issued at a share price of
$14.38, resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of
shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities
arising on the vested shares. The total charge for restricted share awards granted in 2016 within the Statement of
Consolidated Profit or Loss for the year ended ended December 31, 2017 for this stock compensation award was €0.5
million (year ended December 31, 2016 : €0.3 million).
On June 19, 2017, 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 total charge for restricted
share awards granted in 2017 within the Statement of Consolidated Profit or Loss for the year ended ended
December 31, 2017 for this stock compensation award was €0.4 million.
The total charge for Non-Executive Director grants within the Statement of Consolidated Profit or
Loss for the year ended December 31, 2017 for stock compensation awards was €0.8 million (Year ended December
31, 2016: €0.6 million; Nine months ended December 31, 2015: €0.1 million).
As part of its long term incentive initiatives, the company has 4,927,000 restricted shares to the
management team (the “Management Share Awards”). The Directors and Executive Officers have all been awarded
shares. The associated performance metrics and valuation method is detailed in Note 8(b).
38) Significant events after the Statement of Financial Position date
On December 29, 2017, we approved a 2017 Founder Preferred Share Dividend in an aggregate of
8,705,890 ordinary shares. The dividend price used to calculate the 2017 Founder Preferred Shares Annual Dividend
Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten trading days of 2017)
and the Ordinary Shares were issued on January 2, 2018.
this acquisition to be completed in the second quarter of 2018 and we expect this will enlarge our portfolio of brands to
successful frozen private label pizza business, and two frozen pizza manufacturing facilities. The purchase price of the
acquisition is expected to be funded through cash on hand.
In 2016, we announced the closure of our factory and pea processing operations in Bjuv, Sweden,
and operations ceased in the first half of 2017 with production transferred to other factories in the Group’s network. In
early 2018, we signed an agreement with Foodhills AB who will acquire the buildings and parts of the premises with the
intention to develop a food production area. Legal handover of the site is scheduled for March 1, 2018. The purchase
price could be up to 85 million SEK (approximately €8.6 million), but is subject to liabilities and warranties in the
framework of the transaction.

Item 19. Exhibits
The following exhibits are filed as part of this annual report:
EXHIBIT INDEX
Incorporation by Reference
Included
Period in
Covered or this
Exhibit Exhibit Date of Annual
No. Exhibit Description Form No. Filing Report
1.1 Amended and Restated Memorandum and Articles 6- 99.1 1/14/2016
of Association K (001-37669)
2.1 Registration Rights Agreement dated as of June 1, F-1 (333-20818 4.1 11/24/2015
2015 among Nomad Holdings Limited, Birds Eye 1)
Iglo Limited Partnership Inc, Mariposa Acquisition II,
LLC, TOMS Acquisition I LLC, TOMS Capital
Investments LLC and funds managed by Pershing
Square.
2.2 Indenture dated as of May 3, 2017 among Nomad 6-K 99.3 5/3/2017
Foods Bondco PLC, Nomad Foods Limited, (001-37669)
Deutsche Trustee Company Limited, Deutsche
Bank AG, London Branch, Deutsche Bank
Luxembourg S.A., and Credit Suisse AG, London
Branch and the Subsidiary Guarantors named
therein.
4.1 Share Sale and Purchase Agreement, dated as of F-1 (333-20818 2.2 11/24/2015
October 29, 2015, among Liongem Sweden 1 AB, 1)
Iglo Foods Group Limited and Nomad Foods
Limited
4.2 Senior Facilities Agreement, originally dated July 3, 6-K 99.1 5/3/2017
2014, as amended and restated from time to time (001-37669)
including pursuant to the 2017 Amendment and
Restatement Agreement for Nomad Foods Limited
with Credit Suisse AG, London Branch, Deutsche
Bank AG, London Branch, Goldman Sachs Bank
USA and UBS Limited.
4.3 Intercreditor Agreement, originally dated as of July 6-K 99.2 5/3/2017
3, 2014, as amended and restated from time to time (001-37669)
including, pursuant to the 2017 Amendment and
Restatement Agreement among Nomad Foods
Limited, Credit Suisse AG, London Branch,
Deutsche Bank Company Limited and certain
entities named therein.
4.4 Senior Facilities Agreement, originally dated July 3, 6-K 99.1 12/20/2017
2014, as amended and restated from time to time (001-37669)
including pursuant to the December 2017
Amendment and Restatement Agreement for
Nomad Foods Limited with Credit Suisse
International, Deutsche Bank AG, London Branch,
Goldman Sachs Bank USA, UBS Limited and Credit
Suisse AG, London Branch.
4.5 Nomad Foods Limited Long-Term 2015 Incentive F-1 (333-20818 10.2 11/24/2015
Plan 1)
4.6 Service Agreement between the Company and F-1 10.3 11/24/2015
Stéfan Descheemaeker. (333-208181)
4.7 Service Agreement, dated as of February 15, 2018, X
between the Company and Samy Zekhout.
4.8 F-1 10.4 11/24/2015
Contract of Employment, dated as of September 4, (333-208181)
2015, between the Company and Paul Kenyon
4.9
Contract of Employment, dated as of January 5,
2007, between Tania Howarth and the Company, 20-F
and related Letter Agreement (001-37669) 4.9 4/1/2016

Incorporation by Reference
Included
Period in
Covered or this
Exhibit Exhibit Date of Annual
No. Exhibit Description Form No. Filing Report
4.10 Advisory Services Agreement, dated as of June 15, F-1 10.5 11/24/2015
2015, among Nomad Foods Limited, Mariposa (333-208181)
Capital, LLC and TOMS Capital LLC
8.1 List of Significant Subsidiaries X
12.1 Rule 13a-14(a)/15d-14(a) Certification of Chief X

Executive Officer
12.2 Rule 13a-14(a)/15d-14(a) Certification of Chief X

Financial Officer
13.1 Certification of Chief Executive Officer pursuant to X

18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
13.2 Certification of Chief Financial Officer pursuant to X
18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
15.1 Consent of PricewaterhouseCoopers LLP X
101.I XBRL Instance Document X

NS
101.S XBRL Taxonomy Extension Schema Document X

CH
101.D XBRL Taxonomy Extension Definition Linkbase X

EF Document
101.C XBRL Taxonomy Extension Calculation Linkbase X

AL Document
101.L XBRL Taxonomy Extension Label Linkbase X

AB Document
101.P XBRL Taxonomy Extension Presentation Linkbase X

RE Document

SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly
caused and authorized the undersigned to sign this Annual Report on Form 20-F on its behalf.
Date: March 22, 2018
NOMAD FOODS LIMITED
By: /s/ Jason Ashton

Name: Jason Ashton
Title: Interim Chief Financial Officer

This page left intentionally blank.
Annual Report 2017 Corporate Information
Board of Directors Independent Registered Registrar and
and Executive Officers Public Accounting Firm Transfer Agent
Martin E. Franklin PriceWaterhouseCoopers LLP Computershare
Founder London, UK
Co-Chairman Toll Free Telephone US:
Investor Relations
Noam Gottesman 800-368-5948
Founder Taposh Bari, CFA
Co-Chairman Head of Investor Relations Toll and International Telephone
718-290-7950 1-781-575-4223
Ian G.H. Ashken
[email protected]
Director By Regular Mail
This page left intentionally blank. Stefan Descheemaeker
If you would like a free copy of P.O. BOX 505000
the annual report please e-mail Louisville, KY 40233-5000
Chief Executive Officer
[email protected] or United States
and Director
write to:
By Overnight Delivery
Mohamed Elsarky
Investor Relations 462 South 4th Street
Director
1, New Square Suite 1600
Jeremy Isaacs CBE Bedfont Lakes Business Park Louisville, KY 40233-5000
Director Feltham United States
Middlesex
Paul Kenyon www.computershare.com/
TW14 8HA
Director investor
James E. Lillie
Securities Listing
Director
Our shares of common stock
Paul Myners
are listed on the NYSE
Lead Independent Director
Ticker symbol: NOMD
Victoria Parry
Director
Simon White
Director
Samy Zekhout
Chief Financial Officer
and Director

Annual Report 2017
REAL FOOD,
SIMPLY MADE.
Annual Report 2017
© 20 1 7 No m ad Fo o d s Ltd.
www. n o m ad f o o d s.co m

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Annual Report 2017

Nomad Foods Annual Report 2017 1

This has been a

Our iconic Captain has evolved to become

Nomad Foods Limited

4 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 5

TERMS USED IN THIS REPORT 7

6 Nomad Foods Annual Report 2017

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Historical Financial Information

Non-IFRS Financial Measures

INDUSTRY AND MARKET DATA

Nomad Foods Annual Report 2017 7

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

8 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 9

Item 1: Identity of Directors, Senior Management and Advisers

A. Directors and Senior Management

Item 2: Offer Statistics and Expected Timetable

B. Method and Expected Timetable

Item 3: Key Information

10 Nomad Foods Annual Report 2017

n.p. not presented

Nomad Foods Annual Report 2017 11

B. Capitalization and Indebtedness

C. Reasons for the Offer and Use of Proceeds

Risks Related to Our Business and Industry

12 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 13

14 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 15

16 Nomad Foods Annual Report 2017

There is no guarantee that we will be successful in defending ourselves in civil, criminal or

Nomad Foods Annual Report 2017 17

18 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 19

As of December 31, 2017, we employed approximately 3,875 employees, of which approximately

20 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 21

22 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 23

Generally accepted accounting principles and related accounting pronouncements, implementation

We may incur liabilities that are not covered by insurance.

We face risks associated with certain pension obligations.

24 Nomad Foods Annual Report 2017

Risks Related to Our Structure and Acquisition Strategy

Nomad Foods Annual Report 2017 25

We may face significant competition for acquisition opportunities.

26 Nomad Foods Annual Report 2017

Risks Related to our Ordinary Shares

Nomad Foods Annual Report 2017 27

28 Nomad Foods Annual Report 2017

Nomad Foods Annual Report 2017 29

Dividend payments on our ordinary shares are not expected.

Risks Related to Taxation

If we were to be considered to be resident in or to carry on a trade or business within the United

30 Nomad Foods Annual Report 2017

Item 4. Information on the Company