Glanbia PLC · EURONEXT:GL9
Glanbia — FY2008 Earnings Presentation
17 slides from Glanbia's earnings presentation, Mar 4, 2009
Slide 1: 2008 Full year results
from local to global, a world of cheese and nutritional ingredients 4 March 2009 2008 Full year results 2008 Full year results 4 March, 2009 Slide 1
Slide 2: 2008 Full year results highlights
2008 Full year results from local to global, a world of cheese and nutritional ingredients ■ Good results in increasingly challenging market ■ Like-for-like revenue up 8.9% ■ Operating margin pre exceptional up 80 basis points ■ Profit before tax pre exceptional up 20.8% ■ Adjusted earnings per shar
Slide 3: Summary income statement
2008 Summary income statement from local to global, a world of cheese and nutritional ingredients 2008 2007 Change Revenue €2,232.2m €2,206.6m Up 1.0%1 Operating profit pre exceptional €134.1m €115.8m Up 15.7% Operating margin pre exceptional 6.0% 5.2% Up 80 bps Net financing costs (€21.1m) (€17.3m)
Slide 4: Exceptional Items
2008 Exceptional Items from local to global, a world of cheese and nutritional ingredients 2008 2007 Exit from Pigmeat (€3.9m) (€20.4m) Rationalisation costs (€14.5m) (€2.4m) Joint Venture deferred tax charge (€1.0m) - Total Exceptional (€19.4m) (€22.8m) ■ Rationalisation costs relate primarily to r
Slide 5: Key financial ratios
2008 Key financial ratios from local to global, a world of cheese and nutritional ingredients ■ Net debt €452.1 million, up €231.9 million, mainly Optimum acquisition ■ Free cash flow €72.4 million (2007: €53.1 million) ■ EBIT interest cover 6.4 times (2007: 6.7 times) ■ EBITDA interest cover 7.9 ti
Slide 6: Optimum Nutrition acquisition
Optimum Nutrition acquisition from local to global, a world of cheese and nutritional ingredients ■ Largest US manufacturer of whey protein based sports nutrition products ■ Strong business – brands and performance ■ Acquired August 2008 for US$323.0 million (€217.9 million) ■ Global nutrition marke
Slide 7: International
International from local to global, a world of cheese and nutritional ingredients 2008 2007 Change % of Group Revenue €1,489.2m €1,403.2m Up 6.1% 57 Operating profit pre exceptional €82.5m €85.2m Down 3.2% 55 Operating margin pre exceptional 5.5% 6.1% Down 60 bps ■ Market environment - Nutritionals:
Slide 8: Ireland
Ireland from local to global, a world of cheese and nutritional ingredients 2008 2007 Change % of Group Revenue €743.0m €803.4m Down 7.5% 29 Operating profit pre exceptional €51.5m €30.6m Up 68% 34 Operating margin pre exceptional 6.9% 3.8% Up 310 bps ■ Market environment - Consumer Foods: economic
Slide 9: Joint Ventures & Associates
Joint Ventures & Associates from local to global, a world of cheese and nutritional ingredients 2008 2007 Change % of Group Revenue1 €370.3m €352.9m Up 4.9% 14 Operating profit pre exceptional €17.0m €5.9m Up €11.1m 11 Profit after interest and tax2 €7.3m €1.0m Up €6.3m 1. Not included in Group reve
Slide 10: How we progressed
How we progressed from local to global, a world of cheese and nutritional ingredients 2007-2009 Targets 2007 A 2008 A 2009 F Adjusted EPS growth +25% + 18.5% + c.2% - 5% 10-14% Operating margin 5.2% 6.0% c. 6.0% 5%+ Free cash flow (pre exceptional) €53.1 million €72.4 million c. €60 million €45 mill
Slide 11: 2009 Outlook
2009 Outlook from local to global, a world of cheese and nutritional ingredients ■ Global dairy markets volatile and weak ■ Global economic downturn and credit market issues affecting sentiment ■ Consumer demand patterns changing; key segments for Glanbia remain resilient ■ 2009 adjusted earnings pe
Slide 12: Summary
Summary from local to global, a world of cheese and nutritional ingredients ■ Well invested in recent years, with good geographic and business balance ■ Strong global footprint and leading market positions ■ Scale facilities, excellent science-based nutritional ingredients capability ■ Debt reductio
Slide 13: Supplementary information
from local to global, a world of cheese and nutritional ingredients Supplementary information 2008 Full year results 4 March, 2009 Slide 13
Slide 14: Consolidated Income Statement – Pre Exceptional
Consolidated Income Statement – Pre Exceptional from local to global, a world of cheese and nutritional ingredients €’million 2008 2007 Revenue1 €2,232.2 €2,206.6 Operating profit pre exceptional €134.1 €115.8 Finance income and costs (€21.1) (€17.3) Share of results of Joint Ventures & Associates1
Slide 15: Summary Group Cash Flow
2008 Summary Group Cash Flow from local to global, a world of cheese and nutritional ingredients € million 2008 2007 EBITDA pre exceptional 167.6 149.2 Working capital movement 0.5 (39.1) Net interest and taxation paid (49.7) (20.0) Additional pension contributions (14.0) (11.0) Business sustaining
Slide 16: Summary Group balance sheet
2008 Summary Group balance sheet from local to global, a world of cheese and nutritional ingredients € million 2008 2007 Change Property, plant and equipment 361.1 298.8 62.3 Investments 100.6 98.1 2.5 Intangible assets 359.2 137.6 221.6 Non-current receivables 11.9 7.0 4.9 Working capital 52.6 67.0
Slide 17: from local to global, a world of cheese and nutritional ingredients
from local to global, a world of cheese and nutritional ingredients 2008 Full year results 4 March, 2009 Slide 17