Glanbia Plc · EURONEXT:GL9
Glanbia — Glanbia Plc Ord — FY2021 Earnings Presentation
28 slides from Glanbia's earnings presentation, Mar 3, 2022
Slide 1: Glanbia plc Full Year 2021 Results presentation
Glanbia plc Full Year 2021 Results presentation 3rd March 2022 Group Managing Director Group Finance Director
Slide 2: Important notice
2 Glanbia plc | Full Year 2021 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: FY 2021 Results summary
3 Glanbia plc | Full Year 2021 presentation FY 2021 Results summary Adjusted EPS from continuing operations up 23.9%, constant currency GPN delivered 18.3% LFL* branded revenue growth and 15.9% LFL* total revenue growth GN NS delivered 17.3% LFL* revenue growth Excellent cash performance, OCF conver
Slide 4: Strategic execution in FY 2021
4 Glanbia plc | Full Year 2021 presentation Strategic execution in FY 2021 Significant progress on Acquired LevlUp Sale of 40% interest Continued prioritisation of efficiency and demand in Q2 in Glanbia Ireland employee health and safety initiatives Acquired PacMoore Commissioned Supply chain contin
Slide 5: Delivering growth in FY 2022 and navigating volatility
5 Glanbia plc | Full Year 2021 presentation Delivering growth in FY 2022 and navigating volatility Strong demand trends Strong demand trends have Deliver high single-digit Revenue in GPN and GN NS continued, monitoring elasticity growth in GPN and GN NS Cost inflation developed, Mitigating inflation
Slide 6: Glanbia Performance Nutrition
Glanbia Performance Nutrition FY 2021 review
Slide 7: GPN FY 2021 update
7 Glanbia plc | Full Year 2021 presentation GPN FY 2021 update Strong revenue and margin growth Revenue Progression € 1,400m FY 21 LFL • Strong volume performance driven 1.2% € 1,300m 4.5% branded by strong consumption trends 11.4% revenue € 1,200m 18.3% cc* • Price increases implemented H2 € 1,303m
Slide 8: Leading brand in sports nutrition
8 Glanbia plc | Full Year 2021 presentation Leading brand in sports nutrition Brand health • Strong growth in ON consumption +18.8%* • ON global revenue up 34.9% driven by positive demand • Market share gains in top 5 tracked markets** Consumer engagement and behaviour • Global roll out of Proven ca
Slide 9: Lifestyle nutrition portfolio
9 Glanbia plc | Full Year 2021 presentation Lifestyle nutrition portfolio Brand health Brand health • Consumption down 4.3%* reflecting headwinds in diet category • Consumption growth across think! and AG brands grew 9.6% • SlimFast global revenue down 0.6% • Amazing Grass - #1 brand in greens categ
Slide 10: Glanbia Nutritionals
Glanbia Nutritionals FY 2021 review
Slide 11: Glanbia Nutritionals FY 2021 update
11 Glanbia plc | Full Year 2021 presentation Glanbia Nutritionals FY 2021 update Revenue Progression € 3,100m 18.1% FY 21 FY 21 EBITA EBITA margin € 3,000m €125.5m 4.3% +9.8% cc* -10bps cc* 1.0% € 2,900m (7.7%) Revenue € 2,800m • Volume growth across all business areas • Excellent supply chain perfo
Slide 12: Nutritional Solutions FY 2021 update
12 Glanbia plc | Full Year 2021 presentation Nutritional Solutions FY 2021 update Revenue Progression € 1,000m FY 21 LFL FY 21 FY 21 EBITA Revenue EBITA margin € 900m 3.7% 3.5% +17.3% €101.1m 11.5% 13.6% +15.7% cc* -50bps cc* € 800m € 700m (2.7%) Revenue • Sector depth and strength driving double-di
Slide 13: Strong 2021 growth building on 2020 resilience
13 Glanbia plc | Full Year 2021 presentation Strong 2021 growth building on 2020 resilience GN NS Revenue by Category FY 21 GN NS growth rate exceeding market growth rates GN NS delivered 17.3% LFL* revenue growth Non-Dairy Dairy 59% 41% Dairy Non-Dairy LFL Volume Growth 13.1% 13.9% Sports & Supplem
Slide 14: US Cheese FY 2021 update
14 Glanbia plc | Full Year 2021 presentation US Cheese FY 2021 update Revenue Progression € 2,300m Volume FY 21 EBITA 19.8% +19.8% €24.4m € 2,200m -9.3% cc* € 2,100m • Strong business model in volatile dairy environment € 2,000m (12.1%) • Volume growth reflected good demand from customers and new ca
Slide 15: Finance
Finance FY 2021 review Mark Garvey Group Finance Director
Slide 16: FY 2021: Strong performance in a challenging environment
16 Glanbia plc | Full Year 2021 presentation FY 2021: Strong performance in a challenging environment Wholly-owned revenue Strong operating cash flow Two acquisitions completed €91m returned in share growth of 13.1% cc* conversion +100% for €76m buybacks Adjusted EPS from Net debt to adjusted Strate
Slide 17: Glanbia Ireland disposal update
17 Glanbia plc | Full Year 2021 presentation Glanbia Ireland disposal update Sale of 40% stake in Glanbia Ireland for €307 million All shareholder approvals now completed Expected completion in Q2 2022 Treated as a discontinued operation in presentation of financials
Slide 18: Full Year Group Income Statement
18 Glanbia plc | Full Year 2021 presentation Full Year Group Income Statement FY 2021 results summary Constant Reported currency €'m currency FY 2021 FY 2020 Change Change Revenue (wholly-owned) 4,196.9 3,823.1 9.8% 13.1% EBITA (wholly-owned) 270.6 209.6 29.1% 34.0% • Revenue growth driven by GPN an
Slide 19: Cash flow and balance sheet
19 Glanbia plc | Full Year 2021 presentation Cash flow and balance sheet Cash flow FY 2021 FY 2020 Balance Sheet FY 2021 FY 2020 Operating cash flow (OCF) €334.2m €334.8m Net Debt €602.7m €493.9m OCF Conversion 100.2% 122.4% Net Debt: adjusted EBITDA 1.71x 1.70x Adjusted EBIT: Net Financing Target 8
Slide 20: Other financial matters
20 Glanbia plc | Full Year 2021 presentation Other financial matters Total exceptional items after tax €42.1 million • GPN transformation investment • Restructuring of legacy pension schemes to de-risk balance sheet, FY 21 net pension liability €14.2m Estimated effective tax rate in FY 22 12% to 13%
Slide 21: Strategy update
Strategy update
Slide 22: Linking Purpose to Performance
22 Glanbia plc | Full Year 2021 presentation Linking Purpose Our Capabilities to Performance Our Priorities Sustainable Strong Operations Global Brands Delivering better Protect & Grow nutrition for every Purposeful Our Portfolio of step of life’s Growth through Brands & journey Innovation Ingredien
Slide 23: Nutrition Portfolio
23 Glanbia plc | Full Year 2021 presentation Nutrition Portfolio FY 21 earnings Activity Strategic rationale Mid-term ambition Revenue growth EBITA margin GPN Sports & lifestyle Attractive consumer €145m* consumer branded categories with strong portfolio growth trends 1 2 % Wholly- 4% to 6% 12%+ own
Slide 24: Growing our GPN brand portfolio
24 Glanbia plc | Full Year 2021 presentation Growing our GPN brand portfolio GPN Revenue by Channel FY 21 GPN Revenue by Category FY 21 Lifestyle Nutrition Sports Nutrition Portfolio Portfolio 13% 31% Lifestyle 31% 22% Sports Nutrition 69% 34% Online FDMC Distributor Speciality Sports Nutrition Life
Slide 25: Nutritional Solutions: Adding to our core technologies
25 Glanbia plc | Full Year 2021 presentation Nutritional Solutions Adding to our core technologies Leading positions Supplying growth markets through acquisitions • Global presence in protein solutions • Health & wellness trends driving and micro-nutrients end-market growth • Science-backed innovati
Slide 26: Sustainable operations
26 Glanbia plc | Full Year 2021 presentation Sustainable operations Environmental Social Governance Committed to SBTi carbon 77% of employees feel Enhanced female Carbon emissions reductions Diversity, comfortable being Board Diversity representation across Scopes 1, 2 and 3 Equity & themselves at w
Slide 27: Conclusions
27 Glanbia plc | Full Year 2021 presentation Conclusions All targets met or exceeded in 2021 Growth trends continuing into 2022; monitoring elasticity in a volatile environment Taking decisive action to mitigate significant short-term inflation FY 2022 adjusted EPS growth, 2% to 8% constant currency
Slide 28: Questions
Questions