Glanbia Plc · EURONEXT:GL9
Glanbia — H1 2015 Earnings Presentation
21 slides from Glanbia's earnings presentation, Aug 19, 2015
Slide 1: 2015 Half Year Results
2015 HALF YEAR RESULTS 19 AUGUST 2015 “Delivering better nutrition for every step of life’s journey”
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT This presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. Due to the inherent uncertainties, including both economic and
Slide 3: Agenda: 2015 Half Year Results Presentation
AGENDA: 2015 HALF YEAR RESULTS PRESENTATION 1. PERFORMANCE & TRENDS 2. OPERATIONAL REVIEW 3. FINANCE REVIEW 4. OUTLOOK 5. Q&A 2015 HALF YEAR RESULTS Glanbia plc – Delivering better nutrition for every step of life’s journey 3
Slide 4: Performance & Trends
PERFORMANCE & TRENDS 2015 HALF YEAR RESULTS
Slide 5: Half Year 2015 Performance Summary
HALF YEAR 2015 PERFORMANCE SUMMARY HY15 HY15 growth Constant Reported Wholly owned results €m currency currency HY 2015 Total Group Revenue 1,432 -3.9% +10.6% Revenue EBITA 139 +7.5% +29.1% €1.9bn EBITA margin 9.7% +110bps +140bps Total Group EBITA Adjusted EPS 40.60c +4.2% +25.1% €159m Interim Divi
Slide 6: Consumer Trends Affecting Our Business
CONSUMER TRENDS AFFECTING OUR BUSINESS Our Purpose: Delivering better nutrition for every step of life’s journey TRENDS WE ARE SEEING HOW WE ARE MEETING THEM MARKET LEADING PORTFOLIO OF PERFORMANCE NUTRITION BRANDS DEVELOPING INNOVATIVE INGREDIENT SOLUTIONS WITH HIGHER PROTEIN CONTENT SUPPLYING AN A
Slide 7: Operational Review
OPERATIONAL REVIEW = q
Slide 8: Global Performance Nutrition
GLOBAL PERFORMANCE NUTRITION OPERATIONAL REVIEW REVENUE* • Strong performance in H1 €453.5m • 16.4% branded revenue growth +3.7% like for like branded revenue growth +1.9% +21.1% CONSTANT CURRENCY REPORTED CURRENCY • Operational efficiencies, mix improvement & input EBITA* prices supported margin
Slide 9: Global Ingredients
GLOBAL INGREDIENTS OPERATIONAL REVIEW REVENUE • Satisfactory performance overall €609.3m • Challenging global dairy markets created headwinds -11.7% +7.7% CONSTANT CURRENCY REPORTED CURRENCY • Strong operational performance across all plants EBITA delivering volume growth of +6.8% €60.3m • Continuin
Slide 10: Dairy Ireland and Joint Ventures & Associates
OPERATIONAL REVIEW DAIRY IRELAND JOINT VENTURES & ASSOCIATES REVENUE EBITA EBITA margin REVENUE EBITA EBITA margin €368.9m €17.5m 4.7% €445.3m €20.2m 4.5% -20.4% -17.6% +10bps +4.3% +66.7% +170bps CONSTANT CURRENCY CONSTANT CURRENCY CONSTANT CURRENCY -11.5% -9.0% +10bps REPORTED CURRENCY REPORTED CU
Slide 11: Finance Review
FINANCE REVIEW 2015 HALF YEAR RESULTS
Slide 12: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS GOOD FINANCIAL METRICS FOR HY15 REPORTED CONSTANT CURRENCY CHANGE CHANGE WHOLLY OWNED REVENUE €1.4bn +10.6% -3.9% WHOLLY OWNED EBITA €138.5m +29.1% +7.5% WHOLLY OWNED EBITA MARGIN 9.7% +140bps +110bps ADJUSTED EPS 40.60c +25.1% +4.2% 2015 HALF YEAR RESULTS Glanbia plc – Deli
Slide 13: Segmental Overview
SEGMENTAL OVERVIEW PERFORMANCE LED BY WHOLLY-OWNED BUSINESSES HY15 Constant currency change €m Revenue EBITA Margin Revenue EBITA Margin Global Performance Nutrition 453.5 60.7 13.4% +1.9% +17.4% +180 bps Global Ingredients 609.3 60.3 9.9% -11.7% -9.5% +20 bps Dairy Ireland 368.9 17.5 4.7% +4.3% +66
Slide 14: Global Growth Platforms' Revenue Drivers: Global Performance Nutrition
GLOBAL GROWTH PLATFORMS’ REVENUE DRIVERS Global Performance Nutrition +21.1% (+1.9% cc*) 8.4% €454m 19.2% (7.1)% 0.6% €375m HY14 FX Volume Price M&A HY15 constant currency movement To arrive at the Constant Currency change, the average FX rate for the current period is applied to the relevant report
Slide 15: Global Growth Platforms' Revenue Drivers: Global Ingredients
GLOBAL GROWTH PLATFORMS’ REVENUE DRIVERS Global Ingredients +7.7% (-11.7% cc*) 6.8% (18.5)% 19.4% €609m €566m HY14 FX Volume Price HY15 constant currency movement To arrive at the Constant Currency change, the average FX rate for the current period is applied to the relevant reported result from the
Slide 16: Summary Income Statement
SUMMARY INCOME STATEMENT HY15 results summary pre exceptional Reported currency Constant currency €m HY15 HY14 Change Change Revenue 1,431.7 1,294.2 +10.6% -3.9% EBITA 138.5 107.3 +29.1% +7.5% EBITA margin 9.7% 8.3% +140bps +110bps - Amortisation of intangibles (15.6) (10.6) - Net finance costs (10.
Slide 17: Exceptional Items Summary
EXCEPTIONAL ITEMS SUMMARY €m HY15 HY14 Rationalisation costs (1.1) (0.6) Organisational redesign costs (3.1) - Disposal of interest in Joint Venture (3.6) - Transaction related costs - (3.0) Pre-tax exceptional charge (7.8) (3.6) Taxation credit 0.5 0.9 Total exceptional charge (7.3) (2.7) • Organis
Slide 18: Financing & Cashflow
FINANCING & CASHFLOW • €577 million net debt at 4 July 2015 (5 July 2014: €472 million) Financing KPIs HY15 HY14 Net debt / Adjusted EBITDA1 1.97 times 2.00 times Adjusted EBIT1 / Net Finance Cost 10.0 times 8.1 times 1. The definition of adjusted EBITDA, net debt and adjusted EBIT are as per our fi
Slide 19: Outlook
OUTLOOK Reiterating full year guidance of 9% - 11% growth in adjusted EPS, constant currency (c. 25% reported at current exchange rates) 2015 HALF YEAR RESULTS Glanbia plc – Delivering better nutrition for every step of life’s journey 19
Slide 20: Questions & Answers
QUESTIONS & ANSWERS 2015 HALF YEAR RESULTS
Slide 21: Investor Relations Contact
Liam Hennigan Head of Investor Relations Glanbia plc Glanbia House Kilkenny Ireland Email: ir@glanbia.ie Tel: +353 56 777 2308