Glanbia PLC · EURONEXT:GL9
Glanbia — H1 2009 Earnings Presentation
16 slides from Glanbia's earnings presentation, Aug 26, 2009
Slide 1: 2009 Half year results
from local to global, a world of cheese and nutritional ingredients 26 August 2009 2009 Half year results 2009 Half year results 26 August 2009 Slide 1
Slide 2: 2009 Half year results summary
2009 Half year results summary from local to global, a world of cheese and nutritional ingredients ■ A difficult first half as expected ■ Unprecedented trading environment - Downturn in global economy affected consumer confidence and demand - Steep decline in international dairy prices led to a dram
Slide 3: New segmental analysis – IFRS 8
New segmental analysis – IFRS 8 from local to global, a world of cheese and nutritional ingredients Revenue €1.1 bn Operating profit €54.1 m 4.3% operating margin 1.1% operating margin 11.2% operating margin US Cheese & Global Nutritionals €401.5 m US Cheese & Global Nutritionals €44.9 m Dairy Irela
Slide 4: Segmental performance
Segmental performance from local to global, a world of cheese and nutritional ingredients ■ US Cheese & Global Nutritionals - Operating margin up 380 basis points to 11.2% - Good performance by Global Nutritionals offset historically low US Cheese prices - Global Nutritionals delivered good organic
Slide 5: 2009 Half year summary income statement
2009 Half year summary income statement from local to global, a world of cheese and nutritional ingredients HY 2009 HY 2008 Change Revenue €944.9m €1,106.2m -14.6% Operating profit pre exceptional €47.8m €56.5m -15.4% Operating margin pre exceptional 5.1% 5.1% - Net financing costs (€12.5m) (€9.1m)
Slide 6: 2009 Half year financial ratios
2009 Half year financial ratios from local to global, a world of cheese and nutritional ingredients ■ EBITDA interest cover 5.6 times (HY 2008: 8.0 times) ■ Net debt €546.5 million, up €250.2 million on HY 2008 mainly Optimum acquisition ■ Six month increase in net debt of €94.4 million; EBITDA infl
Slide 7: US Cheese & Global Nutritionals
US Cheese & Global Nutritionals from local to global, a world of cheese and nutritional ingredients HY 2009 HY 2008 Change Revenue €401.5m €394.8m Up 1.7% Operating profit pre exceptional €44.9m €29.4m Up 52.7% Operating margin pre exceptional 11.2% 7.4% Up 380 bps ■ Market environment - Volatile ma
Slide 8: Dairy Ireland
Dairy Ireland from local to global, a world of cheese and nutritional ingredients HY 2009 HY 2008 Change Revenue €540.5m €672.3m Down 19.6% Operating profit pre exceptional €5.9m €25.7m Down 77% Operating margin pre exceptional 1.1% 3.8% Down 270 bps ■ Market environment - Dairy Ingredients severely
Slide 9: Joint Ventures & Associates
Joint Ventures & Associates from local to global, a world of cheese and nutritional ingredients HY 2009 HY 2008 Change Revenue1 €148.0m €186.4m Down 20.6% Operating profit pre exceptional1 €6.3m €12.1m Down 47.9% Operating margin pre exceptional1 4.3% 6.5% Down 220 bps Profit after interest and tax2
Slide 10: 2009 Outlook
2009 Outlook from local to global, a world of cheese and nutritional ingredients ■ Global dairy markets still under pressure and limited scope for price recovery this year ■ US cheese prices likely to rise slowly as milk production contracts but prices still set to remain relatively low ■ Some green
Slide 11: Summary
Summary from local to global, a world of cheese and nutritional ingredients ■ Strong operational performance and strategic cost reductions being delivered ■ Growing contribution of higher margin businesses as a result of growth strategy ■ Dairy sector outlook is positive supported by demographic tre
Slide 12: Supplementary information
from local to global, a world of cheese and nutritional ingredients Supplementary information 2008 Full year results 26 August 2009 Slide 12
Slide 13: Summary income statement
Summary income statement from local to global, a world of cheese and nutritional ingredients HY 2009 HY 2008 Change FY 2008 Revenue €944.9m €1,106.2m -14.6% €2,232.2m Operating profit pre exceptional €47.8m €56.5m -15.4% €134.0m Operating margin pre exceptional 5.1% 5.1% - 6.0% Net financing costs (
Slide 14: Summary balance sheet
Summary balance sheet from local to global, a world of cheese and nutritional ingredients € million HY 2009 HY 2008 Change FY 2008 Property, plant and equipment 371.2 311.2 60.0 361.1 Investments 94.7 94.0 0.7 100.6 Intangible assets 353.2 128.0 225.2 359.2 Non-current receivables 21.4 26.9 (5.5) 11
Slide 15: Summary group cash flow
Summary group cash flow from local to global, a world of cheese and nutritional ingredients € million HY 2009 HY 2008 EBITDA pre exceptional 69.9 72.9 Working capital movement (96.5) (61.7) Net interest and taxation paid (18.0) (22.3) Dividend received from joint ventures 9.4 0.3 Capital expenditure
Slide 16: from local to global, a world of cheese and nutritional ingredients
from local to global, a world of cheese and nutritional ingredients 2009 Half year results 26 August 2009 Slide 16