Dole Plc · NYSE:DOLE
Dole — Deutsche Bank dbAccess 2023 Global Consumer Conference
32 slides from Dole's conference presentation, Jun 8, 2023
Slide 1: Investor Presentation
Investor Presentation June 2023
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements that reflect Dole plc’s current views statement to reflect events or circumstances after the date on which such statement is made with respect to future events, financial performance, expected synergies and industry except as required
Slide 3: Dole plc Overview
DOLE PLC OVERVIEW
Slide 4: Our Evolution
Our Evolution BRINGING TOGETHER COLLECTIVE STRENGTHS AND RESOURCES TO BETTER SERVE OUR CUSTOMERS INVESTOR PRESENTATION 4
Slide 5: A Global Leader in Fresh Produce
A Global Leader in Fresh Produce 2022 We produce, market and distribute an extensive variety of fresh Revenue produce $9.2bn 2022 Our produce is sourced both locally and from around the world from our deep sourcing network Adjusted EBITDA Sales in over 75 countries, with North America and Europe bei
Slide 6: Global Reach & Resources
Global Reach & Resources INVESTOR PRESENTATION 6
Slide 7: Our Segments
OUR SEGMENTS Diversified Fresh Produce Diversified Fresh Produce Fresh Fruit Fresh Vegetables EMEA Americas & ROW #1 in North America and #2 in Sell a wide variety of imported Extensive sales and marketing A leader in Fresh Packed Europe for conventional and organic and local fresh fruit and capabil
Slide 8: Multi-Faceted Strategy
Multi-Faceted Strategy FOR SUSTAINABLE LONG-TERM GROWTH Renewed focus on Expand market M&A in a penetration across fragmented and global footprint – growing market “Grow the Core” Grow market share Expand from continued presence in faster product innovation growing and enhanced categories: consumer
Slide 9: Value Creation Through Collaboration
Value Creation Through Collaboration PRODUCTS Accelerated strategic development of REGIONS Increased collaboration between high growth products such as legacy Total Produce and Dole Food Avocados, Berries and Organic Company entities in regions such as Produce the United Kingdom, France and Spain Pr
Slide 10: Experienced Executive Management Team and Board
Experienced Executive Management Team and Board Management team supported by a global base of over 37,400 Years of Produce employees across 29 Experience countries 42 34 22 26 12 Non – Executive Directors • Timothy George • Imelda Hurley • Rose Hynes • Michael Meghan • Helen Nolan Carl McCann Rory B
Slide 11: Financial Review
FINANCIAL REVIEW
Slide 12: Q1'23 Highlights
Q1’23 Highlights ▪ Strong results delivered in Q1’23 driven by growth in Revenue – Continuing Operations1 Fresh Fruit and Diversified Fresh Produce EMEA Q1’23 Q1’22 Variance Variance LFL ▪ Announced agreement to sell Fresh Vegetables division to $2.0bn $2.0bn +1.0% +3.7% Fresh Express for gross proc
Slide 13: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q1’23 Q1’22 FY’22 Adjusted Adjusted Adjusted Revenue Revenue Revenue EBITDA EBITDA EBITDA Fresh Fruit 799 69.2 750 60.4 3,047 205.5 Diversified Fresh Produce – EMEA 798 23.4 791 19.3 3,153 111.1 Diversified Fresh Produce – Americas & ROW 423 7.8 464 12.2 1
Slide 14: Fresh Fruit
Fresh Fruit REVENUE $’M Q1'23 REVIEW +6.5% ▪ 6.5% increase in revenue 750 799 YoY ▪ Increase driven by higher worldwide pricing of bananas and pineapples, and increases in volumes of bananas sold worldwide, partially offset by lower Q1'22 Q1'23 volumes of pineapples sold ▪ 14.6% increase in Adjusted
Slide 15: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M -8.5% Q1'23 REVIEW +0.9% YoY -13.4% ▪ 0.9% increase in revenue primarily driven by 791 798 inflation-justified price increases across the segment, +7.3% offset partially by an unfavorable impact of $53.4 LFL million from foreign currency translation Q1'22 Q
Slide 16: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q1'23 REVIEW (8.8%) ▪ 8.8% decrease in revenue 464 YoY 423 ▪ Decrease driven by timing differences for the Chilean cherry season, as well as a challenging Q1'22 Q1'23 quarter for berries and grapes, partially offset by continued strong performance
Slide 17: Capital Allocation and Leverage
Capital Allocation and Leverage CAPEX Invest in our business Q1’23: $17.6m (1) Continuing Operations to drive long term growth Maintain leverage in line LEVERAGE Q1’23: 2.8x (2) with targeted level: 3.0x Q1’23: $0.08 Commitment to return DIVIDEND per share cash to shareholders 1. Total Group capital
Slide 18: Sustainability
“ <= _@ SUSTAINABILITY
Slide 19: Sustainability Update
Sustainability Update FY’22 Highlights FY’23 Disclosures 4% reduction in Scope 1 and Scope 2 emissions Further to our commitment First disclosure to CDP as Dole plc: achieved B rating in Climate to the Science Based Change Target Initiative (SBTi), Dole plc will set detailed Set 2030 goals for Dole
Slide 20: The Dole Way: ESG Goals and Commitments
The Dole Way: ESG Goals and Commitments INVESTOR PRESENTATION 20
Slide 21: FY'23 Outlook & Strategic Priorities
FY’23 OUTLOOK & Strategic Priorities
Slide 22: FY'23 Outlook
FY’23 Outlook FY’23 Adjusted EBITDA $350m Capital Expenditure ~ $120m 15.7917 in Interest Expense ~ $90m INVESTOR PRESENTATION 22
Slide 23: FY'23 Strategic Priorities
FY’23 Strategic Priorities Efficiently Complete sale Maintain Continuing our focus on expanding managing our of Fresh disciplined our presence in fast growing operating costs Vegetables approach to categories such as berries, avocados in a high division capital and organic produce inflation allocati
Slide 24: Appendix: Non-GAAP Measures and Reconciliations
APPENDIX Non-GAAP Measures and Reconciliations
Slide 25: Non-GAAP Measures
Non-GAAP Measures Dole plc’s results are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). value uplift for biological assets and inventory related to the acquisition of Legacy Dole, adding impairment charges on property, plant and equipment, subtracting the fair
Slide 26: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED Three Months Ended Mar 31, 2023 Mar 31, 2022 (U.S. Dollars in thousands) Net income (Reported GAAP) $20,483 $3,409 Loss from discontinued operations, net of income taxes 14,506 25,230 Income from continuing
Slide 27: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation RECONCILIATION FROM NET INCOME ATTRIBUTABLE TO DOLE PLC SHAREHOLDERS TO ADJUSTED NET INCOME – UNAUDITED Three Months Ended Mar 31, 2023 Mar 31, 2022 (U.S. Dollars in thousands, except per share amounts) Net income (loss) attributable to Dole plc (Reported GAAP) $14
Slide 28: Like for Like Analysis – Q1'23
Like for Like Analysis – Q1’23 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Mar 31, 2022 Currency Acquisitions and Increase Mar 31, 2023 Translation Divestitures (Decrease) (U.S. Dollars in millions) Fresh Fruit $749.8 $ - $ - $49.1 $798.9 Diversified Fresh Produce -
Slide 29: Reconciliation of Adjusted EBITDA to Net Debt
Reconciliation of Adjusted EBITDA to Net Debt Mar 31, 2023 Mar 31, 2022 (U.S. Dollars in millions) Adjusted EBITDA – continuing operations $100.4 $91.8 Deduct EBITDA of equity method investments (5.2) (4.0) Interest paid (19.4) (9.9) Tax paid (8.2) (13.5) Other (0.1) 1.0 Operating cash flows before
Slide 30: Net Debt
Net Debt Mar 31, 2023 (U.S. Dollars in millions) Debt (Reported GAAP) Bank overdrafts (11.9) Current maturities (255.0) Long-term debt, net (1,014.0) Total debt, net (1,280.9) Less: Debt discounts and debt issuance costs (17.0) Total gross debt (1,297.9) Cash and cash equivalents 266.2 Net Debt (Non
Slide 31: Estimated 2022 Revenue and Adjusted EBITDA – Continuing Operations
Estimated 2022 Revenue and Adjusted EBITDA – Continuing Operations REVENUE Last Twelve Q1’22 Q2’22 Q3’22 Q4’22 FY’22 Q1’23 Months (U.S. Dollars in millions) Fresh Fruit $750 $806 $751 $740 $3,047 $799 $3,096 Diversified Fresh Produce - EMEA 791 850 760 752 3,153 798 3,160 Diversified Fresh Produce -
Slide 32: Contact: investors@doleplc.com
Contact: investors@doleplc.com
Dole — Deutsche Bank dbAccess 2023 Global Consumer Conference on 6ix