Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q4 2022 Earnings Presentation
34 slides from Nomad Foods's earnings presentation, Feb 23, 2023
Slide 1: Fourth Quarter 2022 Earnings Results
FOURTH QUARTER 2022 Earnings Results February 23, 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: Fourth Quarter 2022 Key Financial Metrics
Fourth Quarter 2022 Key Financial Metrics Total Revenue Adjusted Adjusted Adjusted Gross Margin EBITDA EPS €750m 25.7% €113m €0.33 $0.35* +6.6% -80bps +0.1% Flat YoY Growth YoY decline YoY Growth YoY 3 *Q4 22 EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purp
Slide 4: Nomad Financial History - Another Record Year in 2022
Nomad Financial History - Another Record Year in 2022 4
Slide 5: Fourth Quarter Performance
Fourth Quarter Performance • Strong Q4 revenue performance (+6.6%) in a challenging consumer environment • Double-digit Q4 net pricing further closed the gap between price and raw material inflation • Our supply chain delivered: 2022 service levels improved and we are more than 50% covered on raw ma
Slide 6: 2022 Business Highlights
2022 Business Highlights Fish supply: Executed diversification strategy • Successfully diversified fish supply chain, shifting to new species, geographies, and sources • High quality, ASC-compliant farmed sources coming on-line in early 2023 Supply chain: Leveraged to full effect • Built strategic r
Slide 7: Fourth Quarter 2022 Key Operating Highlights
Fourth Quarter 2022 Key Operating Highlights (in €m unless otherwise noted) 4Q 2022 4Q 2021 YoY Change Revenue €750 €704 7% Organic revenue growth/(decline) 8% Adjusted Gross profit 193 186 3% Adjusted Gross margin 25.7% 26.5% (80) bp Adjusted operating expense (103) (94) 9% Depreciation & amortizat
Slide 8: Full Year 2022 Key Operating Highlights
Full Year 2022 Key Operating Highlights (in €m unless otherwise noted) FY 2022 FY 2021 YoY Change Revenue €2,940 €2,607 13% Organic revenue growth/(decline) 2% Adjusted Gross profit 815 753 8% Adjusted Gross margin 27.7% 28.9% (120) bp Adjusted operating expense (380) (338) 12% Depreciation & amorti
Slide 9: Fourth Quarter 2022 Free Cash Flow Highlights
Fourth Quarter 2022 Free Cash Flow Highlights Year Ended Year Ended (in €m unless otherwise noted) December 31, 2022 December 31, 2021 Adjusted EBITDA €524 €487 Change in working capital (96) (23) Capital expenditures1 (79) (79) Cash taxes (80) (95) Cash interest & other2 (80) (58) Adjusted free cas
Slide 10: Establishing 2023 Guidance
Establishing 2023 Guidance Cash Flow Total Revenue Adjusted EPS Conversion Mid-single digit 90 - 95% €1.50 - €1.55 Growth $1.61 - $1.66* 10 *2023 EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based on USD/EUR FX rate of 1.07 as of
Slide 11: Questions?
Questions?
Slide 12: Appendix
Appendix
Slide 13: 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 14: 1. 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 15: 2. Reconciliation of reported to organic revenue growth/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - December 31, 2022 compared with December 31, 2021: Three Months Ended Twelve Months Ended December 31, 2022 December 31, 2022 YoY Change YoY Change Reported Revenue Growth 6.6% 12.8% Of which: - Organic Revenue G
Slide 16: 3. Reconciliation of Non-IFRS Financial Measures
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three Months Ended December 31, 2022 As reported for the three As adjusted for the three € in millions, except per share data months ended December Adjustments months ended December 31, 2022 31, 2022 Re
Slide 17: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (unaudited) Three months ended December 31, 2022 As reported for the € in millions three months ended December 31, 2022 Profit for the period 37.1 Taxation 9.2 Net financing costs 19.3 Depreciation and amortization 22.8 Exc
Slide 18: 3. 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 December 31, 2021 As reported for the three As adjusted for the three € in millions, except per share data months ended December Adjustments months ended December 31, 2021
Slide 19: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (unaudited) Three months ended December 31, 2021 As reported for the three € in millions months ended December 31, 2021 Profit for the period 28.8 Taxation 13.5 Net financing costs 15.6 Depreciation and amortization 20.9 Ac
Slide 20: 3. 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, 2022 As reported for the twelve As adjusted for the twelve € in millions, except per share data months ended December Adjustments months ended December 31, 2
Slide 21: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2022 As reported for the € in millions twelve months ended December 31, 2022 Profit for the period 249.8 Taxation 71.2 Net financing costs 54.4 Depreciation and amortization 88.6 E
Slide 22: 3. 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, 2021 As reported for the twelve As adjusted for the twelve € in millions, except per share data months ended December Adjustments months ended December 31, 2
Slide 23: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2021 As reported for the € in millions twelve months ended December 31, 2021 Profit for the period 181.0 Taxation 55.7 Net financing costs 106.0 Depreciation and amortization 71.6
Slide 24: 3. 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 € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2020 Decem
Slide 25: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2020 As reported for the € in millions twelve months ended December 31, 2020 Profit for the period 225.1 Taxation 70.4 Net financing costs 63.7 Depreciation and amortization 67.6 E
Slide 26: 3. 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 twelve months ended € in millions, except per share data December 31, 2019 Adjustments Decem
Slide 27: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2019 As reported for the € in millions twelve months ended December 31, 2019 Profit for the period 153.6 Taxation 56.7 Net financing costs 73.2 Depreciation and amortization 68.3 E
Slide 28: 3. 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 € in millions, except per share data twelve months ended twelve months ended December 31, 2018 Adjustments Decem
Slide 29: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2018 As reported for the € in millions twelve months ended December 31, 2018 Profit for the period 170.5 Taxation 56.6 Net financing costs 56.0 Depreciation 39.3 Amortization 7.0 A
Slide 30: 3. 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 € in millions, except per share data twelve months ended twelve months ended December 31, 2017 Adjustments Decem
Slide 31: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2017 As reported for the € in millions twelve months ended December 31, 2017 Profit for the period 136.5 Taxation 32.0 Net financing costs 74.4 Depreciation 35.9 Amortization 6.5 E
Slide 32: 3. 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 twelve months ended € in millions, except per share data December 31, 2016 Adjustments Decem
Slide 33: 3. Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2016 As reported for the € in millions twelve months ended December 31, 2016 Profit for the period 36.4 Taxation 39.6 Net financing costs 62.1 Depreciation 43.3 Amortization 7.8 Ex
Slide 34: 3. 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 year ended December 31, 2022 and the Year ended December 31, 2021. (in €m) Year Ended Year Ended December 31, 2022 December 31, 2021 Net