Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q2 2023 Earnings Presentation
20 slides from Nomad Foods's earnings presentation, Aug 9, 2023
Slide 1: Second Quarter 2023 Earnings Results
SECOND QUARTER 2023 Earnings Results August 9, 2023
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: Second Quarter 2023 Key Financial Metrics
Second Quarter 2023 Key Financial Metrics Total Revenue Gross Margin Adjusted Adjusted EBITDA EPS €745m 28.2% €132m €0.40 +8.6% organic $0.44* 6.9% Flat 4.5% Flat YoY Growth YoY Growth YoY Growth YoY Growth 3 *Q2 23 Adjusted EPS converted to USD, the currency in which Nomad Foods shares trade, for i
Slide 4: Second Quarter Performance
Second Quarter Performance • Strong topline performance with organic sales +8.6% • We are on target to recover the cumulative two-year impact of raw material price increases by year- end, leading to flat gross margins • Supply chain execution excels again: service levels remain at multi-year highs a
Slide 5: Second Quarter Business Highlights
Second Quarter Business Highlights Relentless focus on execution of 2023 commercial and supply chain plans • Expanded distribution of Goodfella's pizza in Europe • Adriatic region well prepared for peak ice cream season • Revenue Growth Management execution gaining momentum New A&P program will addr
Slide 6: Second Quarter Market Update
Second Quarter Market Update • Frozen Food is outperforming overall Food with double-digit sales growth year to date and more than half of our markets back in volume growth • We launched superiority campaigns across key Must Win Battles to reassert our quality advantage to consumers, including UK Pe
Slide 7: Second Quarter 2023 Key Operating Highlights
Second Quarter 2023 Key Operating Highlights (in €m unless otherwise noted) 2Q 2023 2Q 2022 YoY Change Revenue €745 €697 6.9% Organic revenue growth/(decline) 8.6% Gross profit 210 197 7% Gross margin 28.2% 28.2% — bp Adjusted operating expense (101) (92) 10% Depreciation & amortization 23 22 6% Adj
Slide 8: Second Quarter 2023 Free Cash Flow Highlights
Second Quarter 2023 Free Cash Flow Highlights 6 months ended June 6 months ended June (in €m unless otherwise noted) 30, 2023 30, 2022 Adjusted EBITDA €279 €258 Change in working capital (68) (125) 1 Capital expenditures (40) (34) Cash taxes (30) (25) 2 Cash interest & other (55) (38) Adjusted free
Slide 9: Updating 2023 Guidance
Updating 2023 Guidance Total Revenue Adjusted Cash Flow Adjusted EPS 90 - 95% Mid-single-digit Conversion €1.54 - €1.57 Growth ~€250m Adjusted EPS $1.68 - $1.72* 9 *2023 Adjusted EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based
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 - June 30, 2023 compared to June 30, 2022 Three Months Ended Six Months Ended June June 30, 2023 30, 2023 YoY Change YoY Change Reported Revenue Growth 6.9% 6.3% Of which: - Organic Revenue Growth/(Decline) 8.6% 8.
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 June 30, 2023 As reported for the three As adjusted for the three € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2023 2023 Revenue 745.1
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 June 30, 2022 As reported for the three As adjusted for the three € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2022 2022 Re
Slide 17: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2023 As reported for the six As adjusted for the six € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2023 2023 Revenue
Slide 18: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2022 As reported for the six As adjusted for the six € in millions, except per share data months ended June 30, Adjustments months ended June 30, 2022 2022 Revenue
Slide 19: Reconciliation of Profit for the period to Adjusted EBITDA
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to Adjusted EBITDA (unaudited) Three months ended Six months ended € in millions June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Profit for the period 49.2 74.6 90.4 130.6 Taxation 11.2 22.7
Slide 20: Reconciliation of operating cash flows to Adjusted free cash flow
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the six months ended June 30, 2023 and the six months ended June 30, 2022 Six months ended Six months ended (in €m) June 30, 2023 June 30, 2