Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q3 2021 Earnings Presentation
30 slides from Nomad Foods's earnings presentation, Nov 4, 2021
Slide 1: Third Quarter 2021 Earnings Results
Third Quarter 2021 Earnings Results November 4, 2021
Slide 2: Disclaimer
Disclaimer Certain statements and matters discussed in this Presentation, as well as the accompanying oral presentation, may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aim", "anticipate", "bel
Slide 3: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights Revenue Gross Adjusted Adjusted Growth Margin EBITDA EPS 4.0% 28% €113M €0.35 (1.4%) organic 240 bps contraction 4% YoY growth 17% YoY growth 5% (75)BPS 9% 18% 2-year CAGR 2-year 2-year CAGR 2-year CAGR average Reiterating Full Year 2021 Adjusted EPS Guidance of €1.50 –
Slide 4: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights ➢ Record third quarter performance driven by market share expansion, cost management and accretive capital allocation ➢ Navigated a dynamic macro environment, notably normalizing demand post-COVID, inflation and supply chain & logistics challenges ➢ Announced new 2025 s
Slide 5: Fortenova Frozen Has a Complementary Portfolio to Nomad Foods
Fortenova Frozen Has a Complementary Portfolio to Nomad Foods
Slide 6: Fortenova Frozen Expands Nomad's Footprint into Eight New European Markets
Fortenova Frozen Expands Nomad’s Footprint into Eight New European Markets Hungary Slovenia Croatia Bosnia & Serbia Herzegovina Existing Markets Kosovo Montenegro North Macedonia #1 MSD% >€ 53 mn 32 mn € 1.3bn 3,000 MARKET SHARE 2021E 2021E CONSUMERS MARKET SIZE, EMPLOYEES Croatia | Serbia REVENUE G
Slide 7: Third Quarter 2021 Key Operating Highlights
Third Quarter 2021 Key Operating Highlights (in €m unless otherwise noted) 3Q 2021 3Q 2020 YoY Change Revenue €599 €576 4% Organic revenue growth (1.4)% Gross profit 168 175 (4)% Gross margin 28.0% 30.4% (240) bp Adjusted operating expense (72) (83) (14)% Depreciation & amortization 17 17 1% Adjuste
Slide 8: Free Cash Flow Highlights
Free Cash Flow Highlights 9 months ended 9 months ended (in €m unless otherwise noted) September 30, 2021 September 30, 2020 Adjusted EBITDA €374 €347 Change in working capital (113) 23 Capital expenditures1 (51) (37) Cash taxes (63) (42) Cash interest & other2 (48) (54) Adjusted free cash flow €99
Slide 9: Reiterate 2021 Guidance of 10%+ Adjusted EPS Growth
Reiterate 2021 Guidance of 10%+ Adjusted EPS Growth ADJUSTED EPS Adjusted EPS History 2021 Guidance €1.50 - €1.55 €1.35 €1.23 €1.19 €1.00 €0.84 11 - 15% growth 2016 2017 2018 2019 2020 2021 Guidance 9
Slide 10: Questions?
Questions?
Slide 11: Appendix
Appendix
Slide 12: Reconcile Non-IFRS financial measures
The following tables have been included to allow users to reconcile Non-IFRS financial measures as well as Adjusted financial information included within this presentation to reported IFRS financial measures. 1. Definitions of Non-IFRS financial measures referred to in this presentation. 2. Reconcil
Slide 13: Definitions of Non-IFRS financial measures
1. Definitions of Non-IFRS financial measures referred to in this presentation Non-IFRS financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have
Slide 14: Reconciliation of reported to organic revenue growth
2. Reconciliation of reported to organic revenue growth Year on Year Growth - September 30, 2021 compared to September 30, 2020 Three months ended Nine months ended September 30, 2021 September 30, 2021 YoY Growth YoY Growth Reported Revenue Growth 4.0% 2.4% Of which: - Organic Revenue Growth (Decli
Slide 15: Reconciliation of Non-IFRS Financial Measures
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three months ended September 30, 2021 As reported for the three months As adjusted for the three months € in millions, except per share data ended September 30, 2021 Adjustments ended September 30, 2021
Slide 16: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Three months ended September 30, 2020 As reported for the three months As adjusted for the three months € in millions, except per share data ended September 30, 2020 Adjustments ended Septem
Slide 17: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Nine months ended September 30, 2021 As reported for the nine months As adjusted for the nine months € in millions, except per share data ended September 30, 2021 Adjustments ended September
Slide 18: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Nine months ended September 30, 2020 As reported for the nine months As adjusted for the nine months € in millions, except per share data ended September 30, 2020 Adjustments ended September
Slide 19: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to EBITDA and Adjusted EBITDA (unaudited) Three months ended Nine months ended € in millions September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Profit for the period 51.7 56.
Slide 20: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the nine months ended September 30, 2021 and the nine months ended September 30, 2020 Nine months Nine months a. Adjustment to add back cash
Slide 21: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2020 As reported for the As adjusted for the twelve months ended December twelve months ended December € in millions, except per share data 31, 2020 Adjustme
Slide 22: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2020 As reported for the a. Expenses associated with the integration of the Findus Switzerland business acquired on December 31, € in millions twelve months ended 2020.
Slide 23: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2019 As reported for the As adjusted for the twelve months ended December twelve months ended December € in millions, except per share data 31, 2019 Adjustme
Slide 24: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2019 As reported for the a. Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the European € in millions twelve months end
Slide 25: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2018 As reported for the As adjusted for the twelve months ended December twelve months ended December € in millions, except per share data 31, 2018 Adjustme
Slide 26: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2018 As reported for the a. Non-cash fair value uplift of inventory recorded as part of the Goodfella's Pizza and Aunt Bessie's purchase price € in millions twelve month
Slide 27: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2017 As reported for the As adjusted for the twelve months ended December twelve months ended December € in millions, except per share data 31, 2017 Adjustme
Slide 28: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2017 As reported for the a. Costs incurred related to enhanced control compliance procedures in territories. € in millions twelve months ended b. Costs incurred in relat
Slide 29: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2016 As reported for the As adjusted for the twelve months ended December twelve months ended December € in millions, except per share data 31, 2016 Adjustme
Slide 30: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2016 As reported for the a. Elimination of costs incurred in relation to completed and potential acquisitions and one-off compliance € in millions twelve months ended co