Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q4 2023 Earnings Presentation
39 slides from Nomad Foods's earnings presentation, Feb 29, 2024
Slide 1: Fourth Quarter 2023 Earnings Results
FOURTH QUARTER 2023 Earnings Results February 29, 2024
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 2023 Key Financial Metrics
Fourth Quarter 2023 Key Financial Metrics Total Revenue Gross Margin Adjusted Adjusted EBITDA** EPS** €761m 27.3% €117m €0.32 +1.9% organic** $0.35* 0.32 *Q4 23 Adjusted EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based on USD/EUR FX rate of 1.
Slide 4: Full Year 2023 Key Financial Metrics
Full Year 2023 Key Financial Metrics Total Revenue Gross Margin Adjusted Adjusted EBITDA** EPS** €3.0b 28.2% €535.0m €1.61 +4.9% organic** $1.74* 0.32 *Full Year 23 Adjusted EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based on USD/EUR FX rate o
Slide 5: Nomad Financial History - Another Record Year in 2023
Nomad Financial History - Another Record Year in 2023 Revenues Adjusted EBITDA Adjusted EPS ~€0.17 impact in 2023/24 7% CAGR 7% CAGR 10% CAGR from higher interest costs €3.0 €535 billion million Total Adjusted Free Cash Flow €1.61 2016 - 2023 per share €1.9 €325 €2.0+ bn billion million €0.84 per sh
Slide 6: Fourth Quarter and Full Year Highlights
Fourth Quarter and Full Year Highlights • Solid top-line momentum with 4.9% organic revenue growth in 2023 • Sequentially improving volume and market share trends in the fourth quarter as we lap year-ago pricing and begin to benefit from higher A&P spending as well as other growth investments • Disc
Slide 7: Five Years Pipeline of New Products Innovation
Five Years Pipeline of New Products Innovation 7
Slide 8: Fourth Quarter 2023 Key Operating Highlights
Fourth Quarter 2023 Key Operating Highlights (in €m unless otherwise noted) 4Q 2023 4Q 2022 YoY Change Revenue €761 €750 1.4% Organic revenue growth/(decline) 1.9% Gross profit 208 193 8% Gross margin 27.3% 25.7% 160 bp Adjusted operating expense* (117) (103) 14% Depreciation & amortization 26 23 15
Slide 9: Full Year 2023 Key Operating Highlights
Full Year 2023 Key Operating Highlights (in €m unless otherwise noted) FY 2023 FY 2022 YoY Change Revenue €3,045 €2,940 3.6% Organic revenue growth/(decline) 4.9% Gross profit 859 815 5% Gross margin 28.2% 27.7% 50 bp Adjusted operating expense* (419) (380) 10% Depreciation & amortization 95 89 7% A
Slide 10: Fourth Quarter 2023 Free Cash Flow Highlights
Fourth Quarter 2023 Free Cash Flow Highlights Year Ended Year Ended (in €m unless otherwise noted) December 31, 2023 December 31, 2022 Adjusted EBITDA* €535 €524 Change in working capital 59 (96) 1 Capital expenditures (82) (79) Cash taxes (93) (80) 2 Cash interest & other (119) (80) Adjusted free c
Slide 11: Initial 2024 Guidance
Initial 2024 Guidance Total Revenue Adjusted EBITDA** Adjusted EPS** Adjusted Free Cash Flow Conversion** 3 - 4% 4 - 6% €1.75 - €1.80 90 - 95% growth growth 9% - 12% growth Including Positive Volume $1.89 - $1.95* Growth 11 *2024 Adjusted EPS guidance range converted to USD, the currency in which No
Slide 12: Attractive Organic Long-Term Growth
Attractive Organic Long-Term Growth Enhanced Capital Allocation Expected To Amplify Organic Growth In-Line With Historical Levels Revenue EBITDA EPS Cashflow 3 - 4% 5 - 7% 7 - 9% 90 - 95% Revenue growth *Adjusted EBITDA *Adjusted EPS *Adjusted Free Growth Growth Cashflow Conversion Balanced Price an
Slide 13: Questions?
Questions?
Slide 14: Appendix
Appendix
Slide 15: 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 16: 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 17: Reconciliation of reported to organic revenue growth/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - December 31, 2023 compared with December 31, 2022: Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2023 YoY Change YoY Change Reported Revenue Growth 1.4% 3.6% Of which: - Organic Revenue Gr
Slide 18: 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, 2023 As reported for the As adjusted for the € in millions, except per share data three months ended Adjustments three months ended December 31, 2023 December 31, 2023 Re
Slide 19: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (unaudited) Three months ended December 31, 2023 For the three € in millions months ended December 31, 2023 Profit for the period 24.7 Taxation 21.5 Net financing costs 20.5 Depreciation and amortization 26.2 Exceptional it
Slide 20: 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 As adjusted for the € in millions, except per share data three months ended Adjustments three months ended December 31, 2022 December 31, 2022 Re
Slide 21: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (unaudited) Three months ended December 31, 2022 For the three € in millions months ended December 31, 2022 Profit for the period 37.1 Taxation 9.2 Net financing costs 19.3 Depreciation and amortization 22.8 Exceptional ite
Slide 22: 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, 2023 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2023 Decem
Slide 23: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2023 For the twelve months € in millions ended December 31, 2023 Profit for the period 192.7 Taxation 60.9 Net financing costs 86.8 Depreciation and amortization 95.0 Exceptional i
Slide 24: 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 As adjusted for the twelve € in millions, except per share data twelve months ended Adjustments months ended December December 31, 2
Slide 25: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2022 For the twelve months € in millions ended December 31, 2022 Profit for the period 249.8 Taxation 71.2 Net financing costs 54.4 Depreciation and amortization 88.6 Exceptional i
Slide 26: 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 As adjusted for the twelve € in millions, except per share data twelve months ended Adjustments months ended December December 31, 2
Slide 27: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2021 For the twelve months € in millions ended December 31, 2021 Profit for the period 181.0 Taxation 55.7 Net financing costs 106.0 Depreciation and amortization 71.6 Acquisition
Slide 28: 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 29: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2020 For the twelve months € in millions ended December 31, 2020 Profit for the period 225.1 Taxation 70.4 Net financing costs 63.7 Depreciation and amortization 67.6 Exceptional i
Slide 30: 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 31: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2019 For the twelve months € in millions ended December 31, 2019 Profit for the period 153.6 Taxation 56.7 Net financing costs 73.2 Depreciation and amortization 68.3 Exceptional i
Slide 32: 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 33: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2018 For the twelve months € in millions ended December 31, 2018 Profit for the period 170.5 Taxation 56.6 Net financing costs 56.0 Depreciation 39.3 Amortization 7.0 Acquisition p
Slide 34: 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 35: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2017 For the twelve months € in millions ended December 31, 2017 Profit for the period 136.5 Taxation 32.0 Net financing costs 74.4 Depreciation 35.9 Amortization 6.5 Exceptional i
Slide 36: 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 37: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2016 For the twelve months € in millions ended December 31, 2016 Profit for the period 36.4 Taxation 39.6 Net financing costs 62.1 Depreciation 43.3 Amortization 7.8 Exceptional it
Slide 38: 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, 2023 and the Year ended December 31, 2022. Year Ended Year Ended (in €m) December 31, 2023 December 31, 2022 Net
Slide 39: 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 years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017 & 2016. € in millions, Year ended 2023 2022 2021 2020 2019 2018 2017 2