Dole Plc · NYSE:DOLE
Dole — Shareholder Meeting (May 2022)
20 slides from Dole's shareholder meeting presentation, May 31, 2022
Slide 1: Annual General Meeting
Annual General Meeting May 31, 2022
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s current views with respect to future events, financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties that may cause actual results to dif
Slide 3: Dole plc Overview
Dole plc Overview
Slide 4: Two Companies with Rich Histories Coming Together
Two Companies with Rich Histories Coming Together More than 300 years of combined history as leaders in fruits and vegetables 1851 1899 1901 1978 1990 2013 2018 The foundations of The Vaccaro James Dole Dole bananas are Introduces Dole completes sale Dole partners with the Dole are laid by brothers
Slide 5: A Global Leader in Fresh Produce
A Global Leader in Fresh Produce • We produce, market and distribute an extensive 2021 2021 variety of fresh fruits and vegetables Pro-Forma Pro-Forma Adj Revenue EBITDA • Our produce is sourced both locally and from around $9.3bn $393.6m the world from our deep sourcing network • Sales in over 75 c
Slide 6: Global Reach & Resources
Global Reach & Resources Global Facilities 254 Northern Europe 89 Marketplace Operations CZECH REP. SLOV FRANC AKIA E Ripening North Centres America Rest of 34 World 9 Global footprint Southern INDI A enables diversified 13 Europe 23 sourcing, improves customer fulfilment Salads and reduces risk Pla
Slide 7: Strategic Asset Base
Strategic Asset Base • Highly valuable strategic asset base, including over 250 facilities • Over 114,000 acres of owned farms and other land ~160 ~75 Distribution holdings Packing and Houses Manufacturing Facilities • Owned acreage combined with a multi-continental 12 sourcing model enables operati
Slide 8: Multi-Faceted Strategy for Sustainable Long-Term Growth
Multi-Faceted Strategy for Sustainable Long-Term Growth Continue to focus on synergistic Expand market M&A in a penetration across fragmented and global footprint – “Grow the Core” growing market Grow Expand market share presence in faster from continued growing categories: product innovation Avocad
Slide 9: Continuous Deep Commitment to Sustainability
Continuous Deep Commitment to Sustainability ENVIRONMENTAL ETHICAL & SOCIAL ECONOMIC Energy Water & soil Waste Nutrition Our Communities people Food safety Risk management Reduce, Remove, Promotion, Nurture & Investment, Reduction & Recycle & Reduce & Sponsorship & Develop Support & Structure Strate
Slide 10: Financial & Operational Review
Financial & Operational Review
Slide 11: 2021 – A Transformational Year
2021 – A Transformational Year Key Financials • Acquisition of DFC by Dole plc completed July 2021 FY’21 FY’20 Variance • Significant increase in Scale and Footprint • Over 114,000 acres of owned land Revenue $9.3bn $4.3bn +113.7% Pro-Forma Reported • 160+ distribution facilities • 75 packing houses
Slide 12: Pro-Forma Financial Results – FY'21
Pro-Forma Financial Results – FY’21 FY’21 FY’20 Variance Revenue - $’m 9,286 8,969 +3.5% Adjusted EBITDA - $’m 393.6 371.8 +5.9% Adjusted Net Income - $’m 141.2 126.3 +11.8% Adjusted Fully Diluted EPS - $ $1.49 $1.33 +11.8% AGM Presentation – May 2022 12
Slide 13: Pro-Forma Segmental Results – FY'21
Pro-Forma Segmental Results – FY’21 Revenue -$’m FY’21 FY’20 Variance Fresh Fruit 2,877 2,796 +2.9% Diversified Fresh Produce - EMEA 3,438 3,263 +5.4% Diversified Fresh Produce – Americas & ROW 1,780 1,713 +3.8% Fresh Vegetables 1,281 1,268 +1.0% Intercompany elimination (89) (70) +27.7% Total 9,286
Slide 14: Strategic Highlights – FY'21
Strategic Highlights – FY’21 • Price increases agreed across the business to mitigate inflationary pressures • Synergies: Integration of management teams and progress being made in important areas • Delivery of 2 new vessels - Dole Aztec and Dole Maya • Successful replanting of 2,900 acres in Hondur
Slide 15: Q1'22 Highlights
Q1’22 Highlights Revenue • Increase in revenue to $2.2bn following acquisition of DFC Q1’22 Q1’21 Q1’21 Pro-forma • Marginally behind prior year pro-forma comparative $2.2bn $1.1bn $2.3bn • Price increases in response to significant cost inflation • Negative FX translation impact in Diversified Fres
Slide 16: Q1'22 - Segmental Results
Q1’22 - Segmental Results $’m Q1’22 Q1’21 Pro-forma Revenue Adjusted Revenue Adjusted EBITDA EBITDA Fresh Fruit 749.8 61.8 744.6 91.6 Diversified Fresh Produce – EMEA 791.1 20.1 793.7 24.9 Diversified Fresh Produce – Americas & ROW 463.7 12.3 421.7 10.1 Fresh Vegetables 274.8 (12.7) 327.7 4.5 Inters
Slide 17: Capital Allocation and Leverage
Capital Allocation and Leverage FY’21: $190m Invest in our business to Capex drive long term growth Q1’22: $17m Q3’21: $0.08 per share Q4’21: $0.08 per share Commitment to return Dividend Q1’22: $0.08 per share cash to shareholders FY’21: 2.87x Maintain leverage in line Leverage Q1’22: 3.75x with ta
Slide 18: FY'22 Outlook
FY’22 Outlook
Slide 19: FY'22 Outlook
FY’22 Outlook Prior Indication Revised May 24, 2022 Revenue $9.6bn - $9.9bn $9.4bn - $9.7bn Adjusted EBITDA $370m - $380m $350m - $370m Capital Expenditure ~$125m Unchanged Net Interest Expense ~$45m Unchanged Adjusted Effective Tax Rate ~25% - 28% ~23% - 27% AGM Presentation – May 2022 19
Slide 20: FY'22 Strategic Priorities
FY’22 Strategic Priorities • Focus on operating costs, integration and synergies • Continue to re-build Value Added salads profitability • Continue to focus on fast growing categories – Berries, Avocados, Organic Produce • Continue to seek out value enhancing acquisition opportunities • Continue to