Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q4 2021 Earnings Presentation
33 slides from Nomad Foods's earnings presentation, Feb 24, 2022
Slide 1: Fourth Quarter 2021 Earnings Results
FOURTH QUARTER 2021 Earnings Results February 24, 2022
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the “Company”). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentatio
Slide 3: 2021 Full Year Key Financial Metrics
2021 Full Year Key Financial Metrics Total Revenue Adjusted Adjusted Adjusted Gross Margin EBITDA EPS € 2.6bn 28.9% € 487M € 1.55 3.6% YoY growth 140 bp decline 4% YoY growth 15% YoY growth 6% (57)bp 6% 12% 2-year 2-year CAGR 2-year CAGR 2-year CAGR average 2021 FULL YEAR ADJUSTED EPS of €1.55 IS AT
Slide 4: Full Year 2021 Highlights
Full Year 2021 Highlights • Fifth consecutive year of record business growth across revenue, Adjusted EBITDA and Adjusted EPS • 2021 a year of consolidation following exceptional market growth in 2020, with European consumer demand structurally shifting to greater focus on food-at-home • Good progre
Slide 5: 2021 was a Year of Numerous Sustainability Milestones
2021 was a Year of Numerous Sustainability Milestones Added to Dow Jones Partnered with WWF Sustainability Europe Index Achieved a score of 100% in Health and Wellbeing Joined the Race to Zero Achieved 100% Renewable Electricity in all base business manufacturing * 5 100% Renewable electricity based
Slide 6: 2021 Marks the Fifth Consecutive Year of Record Financial Performance
2021 Marks the Fifth Consecutive Year of Record Financial Performance Revenues Adjusted EBITDA Adjusted EPS 6% CAGR 8% CAGR 13% CAGR €2.6 billion €487 million €1.55 €1.9 per share billion €325 million €0.84 per share 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 202
Slide 7: Fourth Quarter 2021 Key Operating Highlights
Fourth Quarter 2021 Key Operating Highlights (in €m unless otherwise noted) 4Q 2021 4Q 2020 YoY Change Revenue €704 €658 7.0% Organic revenue growth/(decline) (4.5)% Adjusted Gross profit 186 207 (10)% Adjusted Gross margin 26.5% 31.5% (500) bp Adjusted operating expense (94) (104) (9)% Depreciation
Slide 8: Full Year 2021 Free Cash Flow Highlights
Full Year 2021 Free Cash Flow Highlights 12 months ended 12 months ended (in €m unless otherwise noted) December 31, 2021 December 30, 2020 Adjusted EBITDA 487 467 Change in working capital (23) 96 Capital expenditures1 (79) (59) Cash taxes (95) (83) Cash interest & other2 (58) (76) Adjusted free ca
Slide 9: Strong free cashflows of €1.55bn since 2016 underpinning capital allocation strategy
Strong free cashflows of €1.55bn since 2016 underpinning long term capital allocation strategy Robust capital Average Net debt / EBITDA structure with 4.9 Free cashflow target range of years maturity at conversion of 3 - 4 times average cost of 90-100% over the 2.3% medium term EBITDA Active M&A Cap
Slide 10: Initiating 2022 Guidance
Initiating 2022 Guidance Total Revenue Organic Revenue Adjusted EPS Growth Growth Growth High-single digit Low-single digit Double digit growth growth Growth Adjusted EPS €1.71 - 1.75 10
Slide 11: Questions?
Questions?
Slide 12: Appendix
Appendix
Slide 13: Reconciliation of Non-IFRS financial measures: contents
The following tables have been included to allow users to reconcile Non-IFRS financial measures as well as Adjusted financial information included within this presentation to reported IFRS financial measures. 1. Definitions of Non-IFRS financial measures referred to in this presentation. 2. Reconcil
Slide 14: Definitions of Non-IFRS financial measures
1. Definitions of Non-IFRS financial measures referred to in this presentation Non-IFRS financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have
Slide 15: Reconciliation of reported to organic revenue growth/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - December 31, 2021 compared to December 31, 2020 Three months ended Twelve months ended December 31, 2021 December 31, 2021 YoY Growth YoY Growth Reported Revenue Growth 7.0% 3.6% Of which: - Organic Revenue Growt
Slide 16: Adjusted Statement of Profit or Loss, Q4 2021
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three months ended December 31, 2021 As reported for the three As adjusted for the three € in millions, except per share data months ended Adjustments months ended December 31, 2021 December 31, 2021 Re
Slide 17: EBITDA and Adjusted EBITDA, Q4 2021
3. Reconciliation of Non-IFRS Financial Measures EBITDA and Adjusted EBITDA (unaudited) Three months ended December 31, 2021 As reported for the a. Represents non-cash fair value uplift of inventory recorded as part of the Fortenova acquisition purchase price accounting € in millions three months en
Slide 18: Adjusted Statement of Profit or Loss, Q4 2020
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Three months ended December 31, 2020 As reported for the As adjusted for the € in millions, except per share data three months ended Adjustments three months ended December 31, 2020 December
Slide 19: EBITDA and Adjusted EBITDA, Q4 2020
3. Reconciliation of Non-IFRS Financial Measures EBITDA and Adjusted EBITDA (audited) Three months ended December 31, 2020 a. Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the As reported for the European Union to our supply chain, such as tariffs a
Slide 20: Adjusted Statement of Profit or Loss, 2021
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2021 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2021 December 31, 2021
Slide 21: EBITDA and Adjusted EBITDA, 2021
3. Reconciliation of Non-IFRS Financial Measures EBITDA and Adjusted EBITDA (unaudited) Twelve months ended December 31, 2021 As reported for the a. Represents non-cash fair value uplift of inventory recorded as part of the Findus Switzerland and Fortenova € in millions twelve months ended acquisiti
Slide 22: Adjusted Statement of Profit or Loss, 2020
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2020 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2020 Decem
Slide 23: EBITDA and Adjusted EBITDA, 2020
3. Reconciliation of Non-IFRS Financial Measures EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2020 a. Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the As reported for the European Union to our supply chain, such as tariffs
Slide 24: Adjusted Statement of Profit or Loss, 2019
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2019 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2019 Adjustments Decem
Slide 25: EBITDA and Adjusted EBITDA, 2019
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2019 As reported for the a. Expenses related to preparations for the potential adverse impacts of the United Kingdom exiting the European € in millions twelve months end
Slide 26: Adjusted Statement of Profit or Loss, 2018
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2018 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2018 Adjustments Decem
Slide 27: EBITDA and Adjusted EBITDA, 2018
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2018 As reported for the a. Non-cash fair value uplift of inventory recorded as part of the Goodfella's Pizza and Aunt Bessie's purchase price € in millions twelve month
Slide 28: Adjusted Statement of Profit or Loss, 2017
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2017 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2017 Adjustments Decem
Slide 29: EBITDA and Adjusted EBITDA, 2017
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2017 As reported for the a. Costs incurred related to enhanced control compliance procedures in territories. € in millions twelve months ended b. Costs incurred in relat
Slide 30: Adjusted Statement of Profit or Loss, 2016
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2016 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2016 Adjustments Decem
Slide 31: EBITDA and Adjusted EBITDA, 2016
3. Reconciliation of Non-IFRS Financial Measures (continued) EBITDA and Adjusted EBITDA (audited) Twelve months ended December 31, 2016 As reported for the a. Elimination of costs incurred in relation to completed and potential acquisitions and one-off compliance € in millions twelve months ended co
Slide 32: Reconciliation of operating cash flows to Adjusted free cash flow, 2021 and 2020
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the Twelve months ended December 30, 2021 and the Twelve months ended December 30, 2020 Twelve months Twelve months a. Adjustment to add bac
Slide 33: Reconciliation of operating cash flows to Adjusted free cash flow, 2016 to 2019
3. Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the Twelve months ended December 30, 2019, 2018, 2017 & 2016 Twelve months ended Twelve months ended Tw