Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Q1 2023 Earnings Presentation
17 slides from Nomad Foods's earnings presentation, May 10, 2023
Slide 1: First Quarter 2023 Earnings Results
FIRST QUARTER 2023 Earnings Results May 10, 2023
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: First Quarter 2023 Key Financial Metrics
First Quarter 2023 Key Financial Metrics Total Revenue Gross Margin Adjusted Adjusted EBITDA EPS €775m 28.9% €146m €0.46 $0.51* 5.8% 100bps 11.3% 7.0% YoY Growth YoY increase YoY Growth YoY Growth 3 *Q1 23 EPS converted to USD, the currency in which Nomad Foods shares trade, for illustrative purpose
Slide 4: First Quarter Performance
First Quarter Performance • Strong start to the year with organic revenues +8% in a challenging cost of living environment • Double-digit pricing helped further close the gap between price and raw material costs, in-line with our strategy to offset cumulative two-year cost inflation by year-end 2023
Slide 5: First Quarter Business Highlights
First Quarter Business Highlights Strong pricing and supply chain execution: Driving a positive margin path • Gross and EBITDA margins improved 100 bps on strong pricing execution and cost discipline • We remain on target for flat gross margins for 2023 Affordability execution: Addressing the cost o
Slide 6: First Quarter 2023 Key Operating Highlights
First Quarter 2023 Key Operating Highlights (in €m unless otherwise noted) 1Q 2023 1Q 2022 YoY Change Revenue €775 €733 5.8% Organic revenue growth/(decline) 8.0% Gross profit 224 205 10% Gross margin 28.9% 27.9% 100 bp Adjusted operating expense (100) (94) 6% Depreciation & amortization 22 21 5% Ad
Slide 7: First Quarter 2023 Free Cash Flow Highlights
First Quarter 2023 Free Cash Flow Highlights 3 months ended 3 months ended (in €m unless otherwise noted) March 31, 2023 March 31, 2022 Adjusted EBITDA €146 €132 Change in working capital (65) (29) 1 Capital expenditures (21) (21) Cash taxes (10) (9) 2 Cash interest & other (25) (27) Adjusted free c
Slide 8: Updating 2023 Guidance
Updating 2023 Guidance Cash Flow Total Revenue Adjusted EPS Conversion Mid-single-digit 90 - 95% €1.52 - €1.55 Growth Adjusted EPS $1.67 - $1.71* 8 *2023 EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes and based on USD/EUR FX rate of 1.1
Slide 9: Questions?
Questions?
Slide 10: Appendix
Appendix
Slide 11: Contents
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.
Slide 12: Definitions of Non-IFRS financial measures referred to in this presentation
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 13: Reconciliation of reported to organic revenue growth/(decline)
2. Reconciliation of reported to organic revenue growth/(decline) Year on Year Growth - March 31, 2023 compared to March 31, 2022 Three Months Ended March 31, 2023 YoY Change Reported Revenue Growth 5.8% Of which: - Organic Revenue Growth/(Decline) 8.0% - Translational FX (a) (2.2)% Total 5.8% (a) T
Slide 14: Reconciliation of Non-IFRS Financial Measures
3. Reconciliation of Non-IFRS Financial Measures Adjusted Statement of Profit or Loss (unaudited) Three Months Ended March 31, 2023 As reported for the three As adjusted for the three € in millions, except per share data months ended March 31, Adjustments months ended March 31, 2023 2023 Revenue 775
Slide 15: Reconciliation of Non-IFRS Financial Measures (continued)
3. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Three Months Ended March 31, 2022 As reported for the three As adjusted for the three € in millions, except per share data months ended March 31, Adjustments months ended March 31, 2022 2022
Slide 16: Reconciliation of Profit for the period to Adjusted EBITDA
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of Profit for the period to Adjusted EBITDA (unaudited) Three months ended € in millions March 31, 2023 March 31, 2022 Profit for the period 41.2 56.0 Taxation 9.4 17.0 Net financing costs 29.0 14.6 Depreciation & amortizati
Slide 17: Reconciliation of net cash flows from operating activities to Adjusted free cash flow
3. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the three months ended March 31, 2023 and the three months ended March 31, 2022 Three months ended Three months ended (in €m) March 31, 2023