Slide 1: Q4'23 & FY'23 Results Presentation
Q4’23 & FY’23 Results Presentation
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s speak only as of the date on which such statements are made, and we do not current views with respect to future events, financial performance, expected undertake any obligation to update any forward-looking s
Slide 3: FY'23 Highlights
FY’23 Highlights
Slide 4: FY'23 Key Developments
FY’23 Key Developments Continued good momentum across the Group Launch of Dole Organics and “GO Organic” brand Launch of Golden Selection pineapples Significant value realized from sale of non-core assets - $84 million in cash proceeds generated during 2023 Strong free cash flow generation contribut
Slide 5: FY'23 Highlights
FY’23 Highlights Revenue – Continuing Operations (1) ▪ Strong financial results delivered in FY’23 FY'23 FY'22 Variance ➢ Revenue +2.8% $8.2bn $8.0bn 2.8% ➢ Adjusted EBITDA(2) +6.9% Adjusted EBITDA (2) – Continuing Operations ➢ Adjusted EBITDA(2) +10.0% on original FY’23 guidance FY'23 FY'22 Varianc
Slide 6: Operational Review
Operational Review
Slide 7: Operational Review Q4'23
Operational Review Q4'23 Fresh Fruit Diversified Fresh Produce Fresh Vegetables European operations continued to EMEA On January 31, 2023, we announced an benefit from better supply & demand agreement to sell the division to Fresh balance Strong end to the year, driven by good underlying Express for
Slide 8: Financial Review
Financial Review
Slide 9: Group Results
Group Results Q4'23 Q4'22 FY'23 FY'22 Revenue - $’m 2,072 2,043 8,245 8,024 Income from Continuing Operations - $’m 23.1 21.7 177.5 168.2 Net Income - $’m 28.9 13.4 155.7 111.8 Net Income attributable to Dole plc - $’m 22.3 6.8 124.1 86.5 Diluted EPS from Continuing Operations - $ 0.17 0.16 1.53 1.5
Slide 10: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q4'23 Q4'22 FY'23 FY'22 Adjusted Adjusted Adjusted Adjusted Revenue Revenue Revenue Revenue EBITDA EBITDA EBITDA EBITDA Fresh Fruit 749 28.8 740 39.5 3,136 208.9 3,047 205.5 Diversified Fresh Produce – EMEA 863 32.6 752 22.6 3,433 133.6 3,152 111.1 Diversi
Slide 11: Fresh Fruit
Fresh Fruit REVENUE $’M Q4'23 REVIEW ▪ 1.2% increase in revenue +1.2% 740 749 YoY ▪ Increase driven by higher worldwide volumes of bananas sold, an inflation justified increase in banana pricing in Europe and an increase in worldwide Q4'22 Q4'23 pricing of pineapples. These increases were offset in
Slide 12: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M -8.5% Q4'23 REVIEW +14.8% YoY -13.4% ▪ 14.8% increase in revenue primarily driven by price increases across the segment, a favorable impact 752 863 from foreign currency translation of $33.4 million +8.7% and an increase of $12.2 million from M&A activity L
Slide 13: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q4'23 REVIEW ▪ 14.7% decrease in revenue (14.7%) 574 490 YoY ▪ Decrease primarily due to lower volumes of cherries due to seasonal timing differences, as well as continued challenging performance for the berry category in North Q4'22 Q4'23 America
Slide 14: Capital Allocation and Leverage
Capital Allocation and Leverage FREE CASH FLOW – CONTINUING OPERATIONS (4) CASH CAPEX (5) Q4'23: $26.7m Continuing Operations FY'23: $78.0m $’m FY'23 FY'22 Net cash provided by operating activities (GAAP) 298.6 323.6 Cash capital expenditures – continuing operations (78.0) (85.6) Free cash flow – co
Slide 15: FY'24 Outlook and Strategic Priorities
FY’24 Outlook And Strategic Priorities
Slide 16: FY'24 Outlook
FY’24 Outlook FY’24 In line with FY’23 Adjusted EBITDA – continuing operations on a LFL basis 15.7917 in Capital Expenditure – continuing operations ~ $110 - $120 million Interest Expense ~ $85 million QUARTER 4 RESULTS 2023 16
Slide 17: FY'24 Strategic Priorities
FY’24 Strategic Priorities Accelerating Investing for Exiting the Focusing on Advancing on growth in core growth while Fresh cost control our business areas maintaining Vegetables and operating sustainability and categories disciplined business efficiencies goals and approach to across our adapting
Slide 18: Q&A
Q&A
Slide 19: Appendix: Non-GAAP Measures and Reconciliations
Appendix Non-GAAP Measures and Reconciliations
Slide 20: Non-GAAP Measures
Non-GAAP Measures Dole plc’s results are determined in accordance with U.S GAAP. disposal of business interests, adding the incremental costs from the fair value uplift for biological assets related to the acquisition of Legacy Dole, subtracting the gain or adding the loss on the sale of investments
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED Three Months Ended Year Ended Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 (U.S. Dollars in thousands) Net income (Reported GAAP) $28,934 $13,389 $155,709 $111,783 (Income) loss from discontinued oper
Slide 22: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation RECONCILIATION FROM NET INCOME ATTRIBUTABLE TO DOLE PLC SHAREHOLDERS TO ADJUSTED NET INCOME – UNAUDITED Three Months Ended Year Ended Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 (U.S. Dollars in thousands, except per share amounts) Net income attributable t
Slide 23: Like for Like Analysis – Q4'23
Like for Like Analysis – Q4'23 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Dec 31, 2022 Currency Acquisitions and Increase Dec 31, 2023 Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $740,167 $ - $ - $8,536 $748,703 Diversified Fresh Prod
Slide 24: Like for Like Analysis – FY'23
Like for Like Analysis – FY'23 Revenue for the Year Ended Impact of Foreign Impact of Like-for-like Dec 31, 2022 Currency Acquisitions and Increase Dec 31, 2023 Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $3,047,149 $ - $ - $88,717 $3,135,866 Diversified Fresh Produce
Slide 25: Net Debt
Net Debt Dec 31, 2023 (U.S. Dollars in thousands) Debt (Reported GAAP) Long-term debt, net (845,013) Current maturities (222,940) Bank overdrafts (11,488) Total debt, net (1,079,441) Less: Debt discounts and debt issuance costs (14,395) Total gross debt (1,093,836) Cash and cash equivalents 275,580
Slide 26: Contact: investors@doleplc.com
Contact: investors@doleplc.com