Greencore Group Plc · LSE:GNC
Greencore — Shareholder Meeting (January 2019)
12 slides from Greencore's shareholder meeting presentation, Jan 29, 2019
Slide 1: Annual General Meeting
Annual General Meeting 29 January 2019
Slide 2: FY18 Financial Performance
FY18 FINANCIAL PERFORMANCE* ▪ Results in line with guidance: Adjusted EPS of 15.1p ▪ Pro forma revenue growth of 8.7% in continuing business ▪ Enhanced free cash flow generation ▪ Strong returns profile * The Group uses Alternative Performance Measures ('APMs') which are non-IFRS measures to monitor
Slide 3: High Relevance to Consumer and Retailer Needs
HIGH RELEVANCE TO CONSUMER AND RETAILER NEEDS Proliferation of meal and snacking Consumers seeking convenience occasions Fresher, healthier, ‘local’ product Food to go driving retailer growth 3 and returns
Slide 4: Structural Growth in UK Market
STRUCTURAL GROWTH IN UK MARKET Greencore portfolio growth well ahead of UK food market Revenue progress FY18, value growth (%) ▪ Good growth in food to go category ▪ Additional wins in café and UK food convenience formats 3.7% market1 ▪ Expansion of distribution offer Greencore continuing Portfolio
Slide 5: Extension of Our Key Customer Relationships
EXTENSION OF OUR KEY CUSTOMER RELATIONSHIPS Long-term, sole-supply partnerships Doing more for our customers % of Greencore UK net sandwich sales in 3-yr+ contracts ▪ Capacity investments 90% 58% ▪ Collaboration on sourcing 23% ▪ End-to-end cost reduction ▪ Category management 2012 2015 2018 FY18 hi
Slide 6: Well-Positioned for FY19…
WELL-POSITIONED FOR FY19… ▪ Drive growth in food to go categories ▪ Improve ready meal performance ▪ Extend operational efficiency programme across the business ▪ Review and reduce central costs ▪ Navigate Brexit challenges 6
Slide 7: …and the Longer Term
…AND THE LONGER TERM Context Opportunities ▪ Attractive convenience ▪ Sustain demand for fresh, local food market of c.67m convenient food consumers ▪ Broaden reach of food to go as ▪ Proliferation of customers extend their reach channels and buying ▪ Leverage capabilities into adjacent behaviours c
Slide 8: Q1 Trading Update
Q1 TRADING UPDATE ▪ Encouraging start to FY19 ▪ Revenue from continuing operations of £363.5m (a 5.8% pro forma increase) o 6.4% pro forma increase in food to go categories o 4.7% pro forma increase in rest of continuing operations ▪ Refinancing of primary debt agreements completed in January 2019 ▪
Slide 9: Greencore Group – The Greencore Way
” greencore group the greencore @ way
Slide 10: Disclaimer – Forward Looking Statements
DISCLAIMER – FORWARD LOOKING STATEMENTS Certain statements made in this document are forward‐looking. These represent expectations for the Group’s business, and involve known and unknown risks and uncertainties, many of which are beyond the Group’s control. The Group has based these forward‐looking
Slide 11: Definitions of APMs
DEFINITIONS OF APMS The Group uses the following Alternative Performance Measures ('APMs') which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole Pro Forma Revenue Growth • Pro Forma Revenue Growth for continuing operations in FY18 adjusts reported reven
Slide 12: Definitions of APMs
DEFINITIONS OF APMS Capital Expenditure • The Group defines Maintenance Capital Expenditure as the expenditure required for the purpose of sustaining the operating capacity and asset base of the Group, and of complying with applicable laws and regulations. It includes continuous improvement projects