Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q1 2022 Earnings Presentation
32 slides from Nomad Foods's earnings presentation, May 11, 2022
Slide 1: First Quarter 2022 Earnings Results
FIRST QUARTER 2022 Earnings Results May 11, 2022
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the “Company”). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentatio
Slide 3: First Quarter 2022 Key Financial Metrics
First Quarter 2022 Key Financial Metrics Total Revenue Adjusted Adjusted Adjusted Gross Margin EBITDA EPS € 733m 27.9% € 132m € 0.43 3.6% -250bp -4.4% -8.5% YoY Decline YoY Growth YoY Decline YoY Decline Reiterating FY22 Adj. EPS guidance of €1.71 - €1.75 3
Slide 4: First Quarter 2022 Highlights
First Quarter 2022 Highlights • We delivered positive revenue growth driven by the first-time inclusion of the Fortenova acquisition despite difficult pandemic comps and unprecedented inflationary pressures • Our price increases were phased throughout Q1, with a significant portion coming late in th
Slide 5: We are quickly adjusting to new market realities
We are quickly adjusting to new market realities • Nomad has a history of successfully handling challenges, including our topline recovery in 2015-16, Brexit, COVID-19, double-digit inflation and now the war in Ukraine • Our investment in supply chain capabilities is paying off as our service levels
Slide 6: Consistent top line and bottom line growth through several challenging periods
Nomad has delivered consistent top line and bottom line growth through several challenging periods Revenues Adjusted EBITDA Adjusted EPS 6% CAGR 8% CAGR 13% CAGR €2.6 billion €487 million €1.55 €1.9 per share billion €325 million €0.84 per share 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020
Slide 7: First Quarter 2022 Key Operating Highlights
First Quarter 2022 Key Operating Highlights (in €m unless otherwise noted) 1Q 2022 1Q 2021 YoY Change Revenue €733 €707 4% Organic revenue growth/(decline) (4.5)% Adjusted Gross profit 205 215 (5)% Adjusted Gross margin 27.9% 30.4% (250) bp Adjusted operating expense (94) (94) —% Depreciation & amor
Slide 8: First Quarter 2022 Free Cash Flow Highlights
First Quarter 2022 Free Cash Flow Highlights 3 months ended 3 months ended (in €m unless otherwise noted) March 31, 2022 March 31, 2021 Adjusted EBITDA €132 €138 Change in working capital (29) 14 Capital expenditures1 (21) (20) Cash taxes (9) (21) Cash interest & other2 (27) (13) Adjusted free cash
Slide 9: Reiterate 2022 Guidance
Reiterate 2022 Guidance Total Revenue Organic Revenue Adjusted EPS Growth Growth Growth High-single digit Low-single digit Double-digit Growth Growth Growth Adjusted EPS €1.71 - 1.75 9
Slide 10: Questions?
Questions?
Slide 11: Appendix
Appendix
Slide 12: Contents
Contents 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.
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/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - Three months ended March 31, 2022 compared to March 31, 2021 Three months ended March 31, 2021 YoY Growth Reported Revenue Growth 3.6% Of which: - Organic Revenue Growth / (Decline) (4.5)% - Acquisitions 6.7% - T
Slide 15: Reconciliation of Non-IFRS Financial Measures: Q1 2022 Adjusted P&L
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three months ended March 31, 2022 As reported for the three As adjusted for the three € in millions, except per share data months ended March 31, Adjustments months ended March 31, 2022 2022 Revenue 732
Slide 16: Reconciliation of Non-IFRS Financial Measures: Q1 2021 P&L
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Three months ended March 31, 2021 As reported for the three As adjusted for the three € in millions, except per share data months ended March 31, Adjustments months ended March 31, 2021 2021
Slide 17: Reconciliation of Profit to EBITDA and Adjusted EBITDA
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to EBITDA and Adjusted EBITDA (unaudited) Three months ended € in millions March 31, 2022 March 31, 2021 Profit for the period 56.0 49.3 Taxation 17.0 14.4 Net financing costs 14.6 40.3 Depreciation
Slide 18: Reconciliation to Adjusted free cash flow, Q1
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the three months ended March 31, 2022 and the three months ended March 31, 2021 Three months ended (in €m) March 31, 2022 March 31, 2021 Net
Slide 19: Statement of Profit or Loss 2021
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2021 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2021 Decem
Slide 20: EBITDA 2021
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2021 a. Represents non-cash fair value uplift of inventory recorded as part of the Findus Switzerland and As reported for the Fortenova’s acquisition purchase price accounting. € i
Slide 21: Statement of Profit or Loss 2020
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 € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2020 Decem
Slide 22: EBITDA 2020
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2020 a. Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the As reported for the European Union to our supply chain, such as tariffs
Slide 23: Statement of Profit or Loss 2019
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 twelve months ended € in millions, except per share data December 31, 2019 Adjustments Decem
Slide 24: EBITDA and Adjusted EBITDA 2019
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: Statement of Profit or Loss 2018
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 twelve months ended € in millions, except per share data December 31, 2018 Adjustments Decem
Slide 26: EBITDA 2018
3. Reconciliation of Non-IFRS Financial Measures (continued) 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 months ended acc
Slide 27: Statement of Profit or Loss 2017
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 twelve months ended € in millions, except per share data December 31, 2017 Adjustments Decem
Slide 28: EBITDA 2017
3. Reconciliation of Non-IFRS Financial Measures (continued) 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 relation to inve
Slide 29: Statement of Profit or Loss 2016
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 twelve months ended € in millions, except per share data December 31, 2016 Adjustments Decem
Slide 30: EBITDA 2016
3. Reconciliation of Non-IFRS Financial Measures (continued) 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 costs incurre
Slide 31: Reconciliation to Adjusted free cash flow 2021 and 2020
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the Twelve months ended December 31, 2021 and the Twelve months ended December 31, 2020 Twelve months Twelve months a. Adjustment to add bac
Slide 32: Reconciliation to Adjusted free cash flow 2016-2019
3. Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the Twelve months ended December 30, 2019, 2018, 2017 & 2016 Twelve months ended Twelve months ended Tw