Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q1 2020 Earnings Presentation
18 slides from Nomad Foods's earnings presentation, May 8, 2020
Slide 1: First Quarter 2020 Earnings Results
First Quarter 2020 Earnings Results May 7 th 2020
Slide 2: Disclosures
Disclosures 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 Presentati
Slide 3: First Quarter 2020 Financial Results Overview
First Quarter 2020 Financial Results Overview ORGANIC GROSS ADJUSTED ADJUSTED Revenue Growth Margin EBITDA EPS +7.7% 29.1% €120m €0.33 3
Slide 4: Year-to-Date Nielsen Sell Out Trends
Year-to-Date Nielsen Sell Out Trends NOMAD FOODS Weekly Sell Out Trajectory (Branded Retail Sales Value, YoY change) Branded Retail Sales ~ 90% of Total Company Revenues 76.7% 75.4% 30.9% 32.3% 28.2% 26.5% 16.8% 11.9% 6.4% 5.4% 0.9% 1.6% 0.8% 0.1% 1.7% -2.2% wk 1 wk 2 wk 3 wk 4 wk 5 wk 6 wk 7 wk 8 w
Slide 5: COVID-19 Impact on the Business Since March 2020
COVID-19 Impact on the Business Since March 2020 BUSINESS PERFORMANCE • Business was on track to achieve flat Q1 organic revenue growth, as of late February • Beginning in early March, demand rose sharply amidst government lockdowns in response to COVID-19 • March organic revenue growth was 20% poin
Slide 6: First Quarter 2020 Highlights
First Quarter 2020 Highlights 1 Business has demonstrated extreme resilience throughout the COVID-19 crisis 2 New consumers are entering frozen and driving increased market share and growth 3 Supply chain execution has enabled continuous production and distribution 4 Strong balance sheet and cash fl
Slide 7: First Quarter 2020 Key Operating Metrics
First Quarter 2020 Key Operating Metrics (in €m unless otherwise noted) 1Q 2020 1Q 2019 YoY Change Revenue €683 €618 10.5% Organic revenue growth 7.7% Gross profit 199 191 4% Gross margin 29.1% 30.9% (180) bp Adjusted operating expense (97) (85) 14% Depreciation & amortization 18 17 7% Adjusted EBIT
Slide 8: Key Free Cash Flow Metrics
Key Free Cash Flow Metrics 1 Calculated as the sum of purchases of property, plant & equipment and intangible non-current assets. 2 Calculated as the sum of net interest paid, proceeds/payments on settlement of derivatives and lease liability payments. 8
Slide 9: Raising 2020 Guidance
Raising 2020 Guidance Updated Guidance Prior Guidance ORGANIC ORGANIC Revenue Growth MSD% Revenue Growth LSD% ADJUSTED ADJUSTED EBITDA €450 – 460m EBITDA €440 – 445m ADJUSTED ADJUSTED EPS €1.24 – 1.27 EPS €1.19 – 1.21 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 referred to in this presentation
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 – March 31, 2020 compared with March 31, 2019 Three months ended March 31, 2020 YoY Growth Reported Revenue Growth 10.5% Of which: - Organic Revenue Growth 7.7% - Trading Days (a) 3.2% - Translational FX (b) (0.4)% Total 10.
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 March 31, 2020 As reported for the As adjusted for the € in millions, except per share data three months ended Adjustments three months ended March 31, 2020 March 31, 2020 Revenue 682
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 March 31, 2019 As reported for the As adjusted for the € in millions, except per share data three months ended Adjustments three months ended March 31, 2019 March 31, 2019
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, 2020 March 31, 2019 Profit for the period 47.4 22.3 Taxation 17.4 17.6 Net financing costs 12.0 14.8 Depreciation
Slide 18: Reconciliation 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 three months ended March 31, 2020 and the three months ended March 31,2019 Three months ended (in €m) March 31, 2020 March 31, 2019 Net