Glanbia Plc · EURONEXT:GL9
Glanbia — H1 2022 Earnings Presentation
22 slides from Glanbia's earnings presentation, Aug 17, 2022
Slide 1: Glanbia plc Half Year 2022 Results presentation
Glanbia plc Half Year 2022 Results presentation 17 August 2022 Group Managing Director Group Finance Director
Slide 2: Important notice
2 Glanbia plc | Half Year 2022 presentation Important notice 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 unc
Slide 3: HY 2022 Highlights
3 Glanbia plc | Half Year 2022 presentation HY 2022 Highlights Financial Highlights Strategic Highlights GPN branded LFL* revenue growth +15.8% Completed the disposal of 40% interest in Glanbia • volume +1.9%, pricing +13.9% Ireland GN NS LFL* revenue growth +19.5% • volume +1.6%, pricing +17.9% Acq
Slide 4: HY 2022 Revenue overview
4 Glanbia plc | Half Year 2022 presentation HY 2022 Revenue overview Volume growth demonstrates business strength in inflationary environment H1 2022 Revenue Growth (Constant Currency) Volume Price LFL* Acquisition Total BRANDED 1.9% 13.9% 15.8% 0.8% 16.6% GPN TOTAL 0.5% 13.6% 14.1% 0.8% 14.9% NS 1.
Slide 5: FY 2022 Focus areas
5 Glanbia plc | Half Year 2022 presentation FY 2022 Focus areas Group-wide: Focused actions to mitigate inflation and supply chain risks, sustained cost focus and reinvestment in growth GPN GN NS • Sustain brand momentum across Optimum Nutrition • Grow micronutrient and bioactive solutions and and h
Slide 6: FY 2022 Outlook
6 Glanbia plc | Half Year 2022 presentation FY 2022 Outlook LFL* revenue EBITA EBITA Margin OCF growth % GPN & GN GPN: c.-50bps vs. PY 80%+ OCF conversion GPN - low teens growth v PY GN NS: c.-100bps vs. PY GN NS - strong double digit Adjusted EPS growth for continuing operations, 9% to 13% constant
Slide 7: Glanbia Performance Nutrition
Glanbia Performance Nutrition HY 2022 review
Slide 8: GPN HY 2022 update
8 Glanbia plc | Half Year 2022 presentation GPN HY 2022 update Branded LFL* Revenue Revenue Growth 15.8% Revenue • Positive pricing across all brands VOLUME 1.9% • Strong demand and consumption trends in PRICE 13.9% +15.8% performance nutrition, healthy lifestyle and direct-to-consumer (D2C) GPN Rev
Slide 9: Leading brands in performance & lifestyle nutrition
9 Glanbia plc | Half Year 2022 presentation Leading brands in performance & lifestyle nutrition Performance Nutrition Healthy Lifestyle Weight Management D2C % GPN Revenue 52.8% 17.2% 16.3% 6.0% H1 LFL* Sales Growth +23.2%cc +28.1%cc -12.1%cc +18.2%cc US Consumption** +32.3% +19.2% -16.7% - • Contin
Slide 10: GPN HY 2022 Revenue
10 Glanbia plc | Half Year 2022 presentation GPN HY 2022 Revenue By Region By Channel By Format 5% 12% 12% 32% 32% 22% 14% 68% 69% 34% Americas +12% Online +17% Powders +18% International +19% FDMC +20% RTE +10% Distributor +16% RTD +1% Specialty 0% Other +29% GPN LFL* growth – HY 2022 vs. HY 2021 *
Slide 11: Glanbia Nutritionals HY 2022 review
Glanbia Nutritionals HY 2022 review
Slide 12: Glanbia Nutritionals HY 2022 update
12 Glanbia plc | Half Year 2022 presentation Glanbia Nutritionals HY 2022 update Revenue • Volume growth driven by Nutritional Solutions Revenue Progression micronutrient, flavour and bioactive portfolios and US Cheese +30.5% • Supply chain challenges successfully navigated EBITA €89.4m • Growth acr
Slide 13: Nutritional Solutions HY 2022 update
13 Glanbia plc | Half Year 2022 presentation Nutritional Solutions HY 2022 update Revenue • Strong growth in micronutrient, flavour and Revenue Progression bioactive portfolios, increased internal dairy revenue +19.5% • Pricing action across portfolio to mitigate inflation EBITA €71.7m • Growth acro
Slide 14: Nutritional Solutions HY 2022 update
14 Glanbia plc | Half Year 2022 presentation Nutritional Solutions HY 2022 update Adding to our core technologies +19.5% LFL* revenue growth through acquisitions NS Revenue by Category Bioactives CORE 56% 44% SOLUTIONS Micro-nutrients Protein Healthy Dairy & Plant snacking Premix Non-Dairy Dairy LFL
Slide 15: US Cheese HY 2022 update
15 Glanbia plc | Half Year 2022 presentation US Cheese HY 2022 update Revenue Progression Revenue • Volume growth related to Michigan +35.4%cc JV plant commissioned in 2021 • Price increase related to year-on- year impact of market pricing €17.7m EBITA • EBITA growth driven by incremental volumes an
Slide 16: Finance HY 2022 review
Finance HY 2022 review
Slide 17: Half Year Group Income Statement
17 Glanbia plc | Half Year 2022 presentation Half Year Group Income Statement HY 2022 results summary Constant Reported currency pre-exceptional €m currency HY 2022 HY 2021 Change Change Revenue (wholly-owned) 2,828.8 2,042.2 +38.5% +26.8% EBITA (wholly-owned) 171.7 159.9 +7.4% (3.5%) • Revenue grow
Slide 18: HY 2022: Strong Balance Sheet
18 Glanbia plc | Half Year 2022 presentation HY 2022: Strong Balance Sheet Operating cash outflow Glanbia Ireland disposal Interim dividend increased €28.6m for €307m by 10% Net debt €648.1m Acquisition of Sterling €127.1m returned in share Technology for $59.4m buybacks Net debt to adjusted EBITDA
Slide 19: Other financial matters
19 Glanbia plc | Half Year 2022 presentation Other financial matters HY 22 average exchange rate €1 = $1.09 • For FY 22 based on current exchange rates expect FX to be a ~12% benefit to constant currency results Total exceptional gain after tax €62.8 million • Disposal of the Group’s stake in Glanbi
Slide 20: Conclusion
Conclusion
Slide 21: Conclusion
21 Glanbia plc | Half Year 2022 presentation Conclusion Strong revenue momentum expected to continue into H2 Strong year-on-year EBITA growth and cash conversion expected in H2 Guidance for FY 2022 adjusted EPS for continuing operations of 9% to 13% on a constant currency basis (21% to 25% reported
Slide 22: Questions
Questions