Volume recovery on-track; Revenue growth of
+1.1% with Adjusted EPS of €0.37
Reiterates full year 2024 financial
guidance
WOKING, England, May 9, 2024
/PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD), today reported
financial results for the three month period ended March 31, 2024. Key operating highlights
and financial performance for the first quarter 2024, when compared
to the first quarter 2023, include:
- Reported revenue increased 1.1% to €784 million
- Organic revenue growth of 0.3%
- Adjusted EBITDA decreased 16.4% to €122 million
- Adjusted EPS of €0.37
Management Comments
Stéfan Descheemaeker, Nomad
Foods' Chief Executive Officer, stated, "I am pleased with the
solid start to the year as our first quarter's results demonstrated
tangible progress on our key growth initiatives. Our volume and
market share trends improved sequentially as targeted investments
and exceptional execution at retail is driving accelerated growth
in our core must-win-battles. Looking ahead, I am excited about our
building momentum as our growth flywheel starts to spin faster,
fueled by our outstanding progress on productivity initiatives and
a more favorable costs environment."
He continued, "As a result, we are maintaining our full year
guidance to deliver revenue growth of 3%-4%, Adjusted EBITDA growth
of 4%-6%, and Adjusted EPS of €1.75-€1.80."
Noam Gottesman, Nomad Foods'
Co-Chairman and Founder, commented, "We are delighted with the
trajectory of the business as our strategies to return to volume
growth in 2024 are working. Frozen food categories remain healthy
and we are well-positioned to leverage our strong brands, impactful
innovation, and excellent supply-chain into delivering sustained,
top-tier sales and profit growth in 2024 and beyond. Our attractive
organic growth outlook coupled with strong cash generation, and
disciplined capital allocation gives us the confidence that we will
continue to generate superior returns for our shareholders."
First Quarter of 2024 results compared to the First
Quarter of 2023
- Revenue increased 1.1% to €784 million. Organic
revenue growth of 0.3% was driven by favorable price/mix of
2.5%. Quarterly volume declines moderated to -2.2%, a marked
improvement from -8.0% in 4Q23.
- Gross profit decreased 5.9% to €211 million. Gross
margin decreased 200 basis points to 26.9% as anticipated impact
from balance sheet inventory revaluation due to lower inflation
more than offset positive contribution from favorable mix and
higher productivity.
- Adjusted operating expenses increased 11.5% to €112
million due to the planned increase in A&P investments, ongoing
investments in building capabilities, and inflationary
headwinds.
- Adjusted EBITDA decreased 16.4% to €122 million due to
the aforementioned factors.
- Adjusted Profit for the period decreased 25% to €61
million, and as a result, Adjusted EPS decreased by €0.09 to
€0.37. Reported EPS decreased €0.03 to €0.21.
2024 Guidance
For the full year 2024, the
Company continues to expect organic revenue growth of 3%-4%, driven
by positive volume/mix, Adjusted EBITDA growth of 4%-6%, and
Adjusted EPS of €1.75-€1.80, implying growth of 9-12%. Based on
USD/EUR exchange rate as of May 1st,
this translates into 2024 Adjusted EPS of $1.87-$1.93. The Company expects full year cash
flow conversion in the range of 90% to 95%.
Conference Call and Webcast
The Company will
host a conference call with members of the executive management
team to discuss these results today, Thursday, May 9, 2024 at 1:30 p.m. BST (8:30 a.m.
Eastern Daylight Time). To participate on the live call,
listeners in North America may
dial +1-877-451-6152 and international listeners may dial
+1-201-389-0879. Additionally, there will be a presentation to
accompany the conference call and the call is being webcast. Both
can be accessed at the Nomad Foods website at www.nomadfoods.com
under Investor Relations. A replay of the conference call will be
available on the Company website for two weeks following the event
and can be accessed by listeners in North
America by dialing +1-844-512-2921 and by international
listeners by dialing +1-412-317-6671; the replay pin number is
13745160.
Enquiries
Investor Relations
Contact
Amit Sharma, Head of
Investor Relations
amit.sharma@nomadfoods.com
About Nomad Foods
Nomad Foods (NYSE: NOMD) is
Europe's leading frozen food
company. The Company's portfolio of iconic brands, which includes
Birds Eye, Findus, iglo, Ledo and
Frikom, have been a part of consumers' meals for
generations, standing for great tasting food that is convenient,
high quality and nutritious. Nomad Foods is headquartered in the
United Kingdom. Additional
information may be found at www.nomadfoods.com.
Non-IFRS Financial Information
Nomad Foods is
presenting Adjusted and Organic financial information, which is
considered non-IFRS financial information, for the three months
ended March 31, 2024 and for comparative purposes, the three
months ended March 31, 2023.
Adjusted financial information for the three months ended
March 31, 2024 and 2023 presented in this press release
reflects the historical reported financial statements of Nomad
Foods, adjusted primarily for share based payment expenses and
related employer payroll taxes, non-operating M&A related
costs, acquisition purchase price adjustments, exceptional items
and foreign currency translation charges/gains.
Adjusted EBITDA is profit or loss for the period before
taxation, net financing costs, depreciation and amortization,
adjusted to exclude, when they occur, the impacts of exited
markets, acquisition purchase price adjustments and exceptional
items such as restructuring charges, goodwill and intangible asset
impairment charges and other unusual or non-recurring items. In
addition, we exclude other adjustments such as the impact of share
based payment expenses and related employer payroll taxes, and
non-operating M&A related costs, because we do not believe they
are indicative of our normal operating costs, can vary
significantly in amount and frequency, and are unrelated to our
underlying operating performance. The Company believes Adjusted
EBITDA provides important comparability of underlying operating
results, allowing investors and management to assess operating
performance on a consistent basis.
Adjusted EBITDA should not be considered as an alternative to
profit/(loss) for the period, determined in accordance with IFRS,
as an indicator of the Company's operating performance.
Adjusted Profit for the period is defined as profit for the
period excluding, when they occur, the impacts of exited markets,
acquisition purchase price adjustments and exceptional items such
as restructuring charges, goodwill and intangible asset impairment
charges, unissued preferred share dividends, as well as certain
other items considered unusual or non-recurring in nature. In
addition, we exclude other adjustments such as the impact of share
based payment expenses and related employer payroll taxes, and
non-operating M&A related costs, because we do not believe they
are indicative of our normal operating costs, can vary
significantly in amount and frequency, and are unrelated to our
underlying operating performance. The Company believes Adjusted
Profit after tax provides important comparability of underlying
operating results, allowing investors and management to assess
operating performance on a consistent basis.
Adjusted EPS is defined as basic earnings per share excluding,
when they occur, the impacts of exited markets, acquisition
purchase price adjustments and exceptional items such as
restructuring charges, goodwill and intangible asset impairment
charges, as well as certain other items considered unusual or
non-recurring in nature. In addition, we exclude other adjustments
such as the impact of share based payment expenses and related
employer payroll taxes, and non-operating M&A related costs,
because we do not believe they are indicative of our normal
operating costs, can vary significantly in amount and frequency,
and are unrelated to our underlying operating performance. The
Company believes Adjusted EPS provides important comparability of
underlying operating results, allowing investors and management to
assess operating performance on a consistent basis.
Organic revenue growth/(decline) is an adjusted measurement of
our operating results. The comparison for the three months ended
March 31, 2024 and 2023 presented in this press release takes
into consideration only those activities that were in effect during
both time periods. Organic revenue growth/(decline) reflects
reported revenue adjusted for currency translation and
non-comparable trading items such as expansion, acquisitions,
disposals, closures, trading day impacts or any other event that
artificially impacts the comparability of our results period over
period.
Adjustments for currency translation are calculated by
translating data of the current and comparative periods using a
budget foreign exchange rate that is set once a year as part of the
Company's internal annual forecast process.
Adjusted Free Cash Flow – Adjusted free cash flow is the amount
of cash generated from operating activities before cash flows
related to exceptional items (as described above), non-operating
M&A related costs and working capital movements on employer
taxes associated with share based payment awards, but after capital
expenditure (on property, plant and equipment and intangible
assets), net interest paid, proceeds/(payments) on settlement of
derivatives where hedge accounting is not applied and payments of
lease liabilities. Adjusted free cash flow reflects cash flows that
could be used for payment of dividends, repayment of debt or to
fund acquisitions or other strategic objectives. Cash flow
conversion is Adjusted Free Cash Flow as percentage of Adjusted
Profit for the period.
Adjusted and Organic non-IFRS financial information should be
read in conjunction with the unaudited financial statements of
Nomad Foods included in this press release as well as the
historical financial statements of the Company previously filed
with the SEC.
Nomad Foods believe its non-IFRS financial measures provide an
important additional measure with which to monitor and evaluate the
Company's ongoing financial results, as well as to reflect its
acquisitions. Nomad Foods' calculation of these financial measures
may be different from the calculations used by other companies and
comparability may therefore be limited. The Adjusted and Organic
financial information presented herein is based upon certain
assumptions that Nomad Foods believes to be reasonable and is
presented for informational purposes only and is not necessarily
indicative of any anticipated financial position or future results
of operations that the Company will experience. You should not
consider the Company's non-IFRS financial measures an alternative
or substitute for the Company's reported results and are cautioned
not to place undue reliance on these results and information as
they may not be representative of our actual or future results
as a Company.
Please see on pages 7 to 11, the non-IFRS reconciliation tables
attached hereto and the schedules accompanying this release for an
explanation and reconciliation of the Adjusted and Organic
financial information to the most directly comparable IFRS measure.
The Company is unable to reconcile, without unreasonable efforts,
Organic Growth, Adjusted EBITDA and Adjusted EPS guidance to the
most directly comparable IFRS measure.
|
Nomad Foods Limited
As Reported
Condensed
Consolidated Interim Statements of Profit or Loss
(unaudited)
Three months ended
March 31, 2024 and March 31, 2023
|
|
|
Three months
ended
March 31, 2024
|
|
Three months
ended
March 31, 2023
|
|
€m
|
|
€m
|
|
Revenue
|
783.7
|
|
775.1
|
|
Cost of
sales
|
(572.8)
|
|
(550.9)
|
|
Gross
profit
|
210.9
|
|
224.2
|
|
Other operating
expenses
|
(115.4)
|
|
(114.5)
|
|
Exceptional
items
|
(23.5)
|
|
(30.1)
|
|
Operating
profit
|
72.0
|
|
79.6
|
|
Finance
income
|
5.9
|
|
1.1
|
|
Finance
costs
|
(36.0)
|
|
(30.1)
|
|
Net financing
costs
|
(30.1)
|
|
(29.0)
|
|
Profit before
tax
|
41.9
|
|
50.6
|
|
Taxation
|
(7.4)
|
|
(9.4)
|
|
Profit for the
period
|
34.5
|
|
41.2
|
|
|
|
|
|
Basic & diluted
earnings per share in €
|
0.21
|
|
0.24
|
|
Nomad Foods Limited
As Reported
Condensed
Consolidated Interim Statements of Financial
Position
As at March 31,
2024 (unaudited) and December 31, 2023
(audited)
|
|
|
As at March 31,
2024
|
|
As at December 31,
2023
|
|
€m
|
|
€m
|
|
Non-current
assets
|
|
|
|
|
Goodwill
|
2,103.2
|
|
2,105.0
|
|
Intangibles
|
2,467.0
|
|
2,468.2
|
|
Property, plant and
equipment
|
563.4
|
|
563.7
|
|
Other non-current
assets
|
7.3
|
|
7.1
|
|
Derivative financial
instruments
|
1.4
|
|
0.7
|
|
Deferred tax
assets
|
106.1
|
|
106.9
|
|
Total non-current
assets
|
5,248.4
|
|
5,251.6
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
390.7
|
|
412.9
|
|
Inventories
|
432.6
|
|
446.4
|
|
Trade and other
receivables
|
343.8
|
|
263.4
|
|
Current tax
receivable
|
39.7
|
|
40.7
|
|
Indemnification
assets
|
0.5
|
|
0.5
|
|
Derivative financial
instruments
|
6.0
|
|
1.2
|
|
Total current
assets
|
1,213.3
|
|
1,165.1
|
|
Total
assets
|
6,461.7
|
|
6,416.7
|
|
Current
liabilities
|
|
|
|
|
Trade and other
payables
|
810.3
|
|
769.8
|
|
Current tax
payable
|
189.3
|
|
189.5
|
|
Provisions
|
31.5
|
|
35.1
|
|
Loans and
borrowings
|
26.2
|
|
21.4
|
|
Derivative financial
instruments
|
8.9
|
|
12.2
|
|
Total current
liabilities
|
1,066.2
|
|
1,028.0
|
|
Non-current
liabilities
|
|
|
|
|
Loans and
borrowings
|
2,126.9
|
|
2,113.7
|
|
Employee
benefits
|
152.1
|
|
158.3
|
|
Other non-current
liabilities
|
0.5
|
|
0.5
|
|
Provisions
|
1.4
|
|
1.4
|
|
Derivative financial
instruments
|
69.8
|
|
97.8
|
|
Deferred tax
liabilities
|
425.6
|
|
425.1
|
|
Total non-current
liabilities
|
2,776.3
|
|
2,796.8
|
|
Total
liabilities
|
3,842.5
|
|
3,824.8
|
|
Net
assets
|
2,619.2
|
|
2,591.9
|
|
Equity attributable
to equity holders
|
|
|
|
|
Share capital and
capital reserve
|
1,419.0
|
|
1,426.1
|
|
Share-based
compensation reserve
|
34.5
|
|
31.4
|
|
Translation
reserve
|
104.6
|
|
101.0
|
|
Other
reserves
|
(11.8)
|
|
(24.6)
|
|
Retained
earnings
|
1,072.9
|
|
1,058.0
|
|
Total
equity
|
2,619.2
|
|
2,591.9
|
|
Nomad Foods Limited
As Reported
Condensed
Consolidated Interim Statements of Cash Flows
(unaudited)
For the three months
ended March 31, 2024 and the three months ended March 31,
2023
|
|
|
For the three
months
ended March 31, 2024
|
|
For the three
months
ended March 31, 2023
|
|
€m
|
|
€m
|
|
Cash flows from
operating activities
|
|
|
|
|
Profit for the
period
|
34.5
|
|
41.2
|
|
Adjustments
for:
|
|
|
|
|
Exceptional
items
|
23.5
|
|
30.1
|
|
Share based payment
expense
|
3.1
|
|
12.3
|
|
Depreciation and
amortization
|
23.1
|
|
22.3
|
|
Loss on disposal of
property, plant and equipment
|
0.4
|
|
0.5
|
|
Net finance
costs
|
30.1
|
|
29.0
|
|
Taxation
|
7.4
|
|
9.4
|
|
Operating cash flow
before changes in working capital, provisions and
exceptional items
|
122.1
|
|
144.8
|
|
Decrease/(increase) in
inventories
|
14.2
|
|
(34.3)
|
|
Increase in trade and
other receivables
|
(81.3)
|
|
(53.7)
|
|
Increase in trade and
other payables
|
77.1
|
|
20.6
|
|
(Decrease)/increase in
employee benefits and other provisions
|
(0.2)
|
|
1.9
|
|
Cash generated from
operations before tax and exceptional items
|
131.9
|
|
79.3
|
|
Cash flows relating to
exceptional items
|
(24.0)
|
|
(14.0)
|
|
Tax paid
|
(8.9)
|
|
(10.0)
|
|
Net cash generated
from operating activities
|
99.0
|
|
55.3
|
|
Cash flows from
investing activities
|
|
|
|
|
Purchase of property,
plant and equipment and intangibles
|
(18.8)
|
|
(20.6)
|
|
Interest
received
|
2.0
|
|
1.1
|
|
Cash used in
investing activities
|
(16.8)
|
|
(19.5)
|
|
Cash flows from
financing activities
|
|
|
|
|
Repurchase of ordinary
shares
|
(7.1)
|
|
—
|
|
Payment of lease
liabilities
|
(7.2)
|
|
(7.0)
|
|
Dividends
paid
|
(22.3)
|
|
—
|
|
Payment of financing
fees
|
(0.5)
|
|
(0.5)
|
|
Interest
paid
|
(50.4)
|
|
(19.3)
|
|
Net cash used in
financing activities
|
(87.5)
|
|
(26.8)
|
|
Net
(decrease)/increase in cash and cash equivalents
|
(5.3)
|
|
9.0
|
|
Cash and cash
equivalents at beginning of period
|
399.7
|
|
366.8
|
|
Effect of exchange
rate fluctuations
|
(3.7)
|
|
(4.9)
|
|
Cash and cash
equivalents at end of period
|
390.7
|
|
370.9
|
|
Nomad Foods
Limited
Adjusted Financial
Information
(In € millions, except
per share data)
|
|
|
Reconciliation of
Non-IFRS Financial Measures
|
|
|
The following table
reconciles adjusted financial information for the three months
ended March 31, 2024 to the reported results of Nomad Foods for
such period.
|
|
|
Adjusted Statement
of Profit or Loss (unaudited)
Three Months Ended
March 31, 2024
|
|
|
€ in
millions, except per share data
|
As reported for
the
three months ended
March 31, 2024
|
|
Adjustments
|
|
|
|
As adjusted for
the
three months ended
March 31, 2024
|
|
Revenue
|
783.7
|
|
—
|
|
|
|
783.7
|
|
Cost of
sales
|
(572.8)
|
|
—
|
|
|
|
(572.8)
|
|
Gross
profit
|
210.9
|
|
—
|
|
|
|
210.9
|
|
Other operating
expenses
|
(115.4)
|
|
3.7
|
|
(a)
|
|
(111.7)
|
|
Exceptional
items
|
(23.5)
|
|
23.5
|
|
(b)
|
|
—
|
|
Operating
profit
|
72.0
|
|
27.2
|
|
|
|
99.2
|
|
Finance
income
|
5.9
|
|
(4.1)
|
|
|
|
1.8
|
|
Finance
costs
|
(36.0)
|
|
10.4
|
|
|
|
(25.6)
|
|
Net financing
costs
|
(30.1)
|
|
6.3
|
|
(c)
|
|
(23.8)
|
|
Profit before
tax
|
41.9
|
|
33.5
|
|
|
|
75.4
|
|
Taxation
|
(7.4)
|
|
(7.4)
|
|
(d)
|
|
(14.8)
|
|
Profit for the
period
|
34.5
|
|
26.1
|
|
|
|
60.6
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding in millions - basic
|
163.2
|
|
|
|
|
|
163.2
|
|
Basic earnings per
share
|
0.21
|
|
|
|
|
|
0.37
|
|
Weighted average shares
outstanding in millions - diluted
|
163.3
|
|
|
|
|
|
163.3
|
|
Diluted earnings per
share
|
0.21
|
|
|
|
|
|
0.37
|
|
|
|
(a)
|
Represents share based
payment charge including employer payroll taxes of €3.4 million and
non-operating M&A transaction costs of €0.3 million.
|
|
(b)
|
Represents exceptional
items which management believes are non-recurring and do not have a
continuing impact. See Note 6, Exceptional items, within 'Exhibit
99.2 - Condensed Consolidated Interim Financial Statements' for a
detailed list of exceptional items.
|
|
(c)
|
Elimination of €4.1
million net gains on repricing of debt, €10.2 million of foreign
exchange translation losses and €0.2 million of foreign exchange
losses on derivatives.
|
|
(d)
|
Represents tax impact
of the above at the applicable tax rate for each adjustment,
determined by the nature of the item and the jurisdiction in which
it arises.
|
|
Reconciliation of
Non-IFRS Financial Measures (continued)
|
|
|
The following table
reconciles adjusted financial information for the three months
ended March 31, 2023 to the reported results of Nomad Foods for
such period.
|
|
|
Adjusted Statement
of Profit or Loss (unaudited)
Three Months Ended
March 31, 2023
|
|
|
€ in
millions, except per share data
|
As reported for
the
three months ended
March 31, 2023
|
|
Adjustments
|
|
|
|
As adjusted for
the
three months ended
March 31, 2023
|
|
Revenue
|
775.1
|
|
—
|
|
|
|
775.1
|
|
Cost of
sales
|
(550.9)
|
|
—
|
|
|
|
(550.9)
|
|
Gross
profit
|
224.2
|
|
—
|
|
|
|
224.2
|
|
Other operating
expenses
|
(114.5)
|
|
14.3
|
|
(a)
|
|
(100.2)
|
|
Exceptional
items
|
(30.1)
|
|
30.1
|
|
(b)
|
|
—
|
|
Operating
profit
|
79.6
|
|
44.4
|
|
|
|
124.0
|
|
Finance
income
|
1.1
|
|
—
|
|
|
|
1.1
|
|
Finance
costs
|
(30.1)
|
|
5.9
|
|
|
|
(24.2)
|
|
Net financing
costs
|
(29.0)
|
|
5.9
|
|
(c)
|
|
(23.1)
|
|
Profit before
tax
|
50.6
|
|
50.3
|
|
|
|
100.9
|
|
Taxation
|
(9.4)
|
|
(10.9)
|
|
(d)
|
|
(20.3)
|
|
Profit for the
period
|
41.2
|
|
39.4
|
|
|
|
80.6
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding in millions - basic
|
174.5
|
|
|
|
|
|
174.5
|
|
Basic earnings per
share
|
0.24
|
|
|
|
|
|
0.46
|
|
Weighted average shares
outstanding in millions -
diluted
|
174.5
|
|
|
|
|
|
174.5
|
|
Diluted earnings per
share
|
0.24
|
|
|
|
|
|
0.46
|
|
|
|
(a)
|
Represents share based
payment charge including employer payroll taxes of €13.9 million
and non-operating M&A transaction costs of €0.4
million.
|
|
(b)
|
Represents exceptional
items which management believes are non-recurring and do not have a
continuing impact. See Note 6, Exceptional items, within 'Exhibit
99.2 - Condensed Consolidated Interim Financial Statements' for a
detailed list of exceptional items.
|
|
(c)
|
Elimination of €5.8
million of foreign exchange translation losses and €0.1 million of
foreign exchange losses on derivatives.
|
|
(d)
|
Represents tax impact
of the above at the applicable tax rate for each adjustment,
determined by the nature of the item and the jurisdiction in which
it arises.
|
|
Reconciliation of
Non-IFRS Financial Measures (continued)
Reconciliation of
Profit for the period to Adjusted EBITDA (unaudited)
|
|
|
Three months
ended
|
|
€ in
millions
|
March 31,
2024
|
|
March 31,
2023
|
|
Profit for the
period
|
34.5
|
|
41.2
|
|
Taxation
|
7.4
|
|
9.4
|
|
Net financing
costs
|
30.1
|
|
29.0
|
|
Depreciation &
amortization
|
23.1
|
|
22.3
|
|
Exceptional items
(a)
|
23.5
|
|
30.1
|
|
Other add-backs
(b)
|
3.7
|
|
14.3
|
|
Adjusted
EBITDA
|
122.3
|
|
146.3
|
|
|
|
|
|
Revenue
|
783.7
|
|
775.1
|
|
Adjusted EBITDA
margin (c)
|
15.6 %
|
|
18.9 %
|
|
|
|
(a)
|
Adjustment to add back
exceptional items. See Note 6, Exceptional items, within 'Exhibit
99.2 - Condensed Consolidated Interim Financial Statements' for a
detailed list of exceptional items.
|
|
(b)
|
Represents the
elimination of share-based payment charges including employer
payroll taxes for the three month period to March 31, 2024 of €3.4
million (2023: €13.9 million) as well as the elimination of
non-operating M&A transaction costs for the three month period
to March 31, 2024 of €0.3 million (2023: €0.4 million). We exclude
these costs because we do not believe they are indicative of our
normal operating costs, can vary significantly in amount and
frequency, and are unrelated to our underlying operating
performance.
|
|
(c)
|
Adjusted EBITDA margin
is calculated by dividing Adjusted EBITDA by Revenue.
|
|
Nomad Foods
Limited
Adjusted Financial
Information (continued)
|
|
|
Appendix 1:
Reconciliation from reported to organic revenue
growth/(decline)
|
|
|
Year on Year Growth
- March 31, 2024 compared with March 31,
2023:
|
|
|
Three Months
Ended
March 31, 2024
|
|
YoY
change
|
|
Reported Revenue
Growth
|
1.1 %
|
|
|
|
Of which:
|
|
|
Organic Revenue
Growth/(Decline)
|
0.3 %
|
|
Translational FX
(a)
|
0.8 %
|
|
Total
|
1.1 %
|
|
(a)
|
Translational FX is
calculated by translating data of the current and comparative
periods using a budget foreign exchange rate that is set once a
year as part of the Company's internal annual forecast
process.
|
|
Nomad Foods
Limited
|
|
Adjusted Financial
Information (continued)
|
|
|
Appendix 2:
Historical Year on Year Organic revenue growth/(decline) split by
volume and Price/Mix
|
|
YoY
change
|
Three Months
Ended
March 31,
2024
|
|
|
|
Volume
|
(2.2) %
|
|
Price/Mix
|
2.5 %
|
|
Organic Revenue
Growth/(decline)
|
0.3 %
|
|
YoY
change
|
Twelve Months
Ended
December 31, 2023
|
Three Months
Ended
December 31, 2023
|
Three Months
Ended
September 30, 2023
|
Three Months
Ended
June 30, 2023
|
Three Months
Ended
March 31, 2023
|
|
|
|
|
|
|
|
Volume
|
(10.9) %
|
(8.0) %
|
(12.7) %
|
(12.0) %
|
(9.7) %
|
|
Price/Mix
|
15.8 %
|
9.9 %
|
14.3 %
|
20.6 %
|
17.7 %
|
|
Organic Revenue
Growth/(decline)
|
4.9 %
|
1.9 %
|
1.6 %
|
8.6 %
|
8.0 %
|
|
|
|
|
|
|
|
YoY
change
|
Twelve Months
Ended December 31, 2022
|
Three Months Ended
December 31, 2022
|
Three Months Ended
September 30, 2022
|
Three Months Ended
June 30, 2022
|
Three Months Ended
March 31, 2022
|
|
|
|
|
|
|
|
Volume
|
(6.9) %
|
(8.3) %
|
(5.6) %
|
(7.3) %
|
(6.3) %
|
|
Price/Mix
|
8.7 %
|
16.0 %
|
12.8 %
|
4.1 %
|
1.8 %
|
|
Organic Revenue
Growth/(decline)
|
1.8 %
|
7.7 %
|
7.2 %
|
(3.2) %
|
(4.5) %
|
|
|
|
|
|
|
|
YoY
change
|
Twelve Months
Ended December 31, 2021
|
Three Months Ended
December 31, 2021
|
Three Months Ended
September 30, 2021
|
Three Months Ended
June 30, 2021
|
Three Months Ended
March 31, 2021
|
|
|
|
|
|
|
|
Volume
|
(2.4) %
|
(4.4) %
|
(0.3) %
|
(3.2) %
|
(1.6) %
|
|
Price/Mix
|
0.3 %
|
(0.1) %
|
(1.1) %
|
(1.3) %
|
3.4 %
|
|
Organic Revenue
Growth/(decline)
|
(2.1) %
|
(4.5) %
|
(1.4) %
|
(4.5) %
|
1.8 %
|
Forward-Looking Statements
Forward-Looking Statements and Disclaimers
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts, including the Company's expectations regarding
(i) its future operating and financial performance, including its
reiterated guidance with respect to organic net revenue growth,
Adjusted EBITDA growth, free cash flow conversion, Adjusted EPS,
and Adjusted EPS growth for 2024; (ii) its ability to generate
stronger bottom-line growth and superior shareholder returns; and
(iii) its success in 2024 and beyond.
These statements are not guarantees of future performance and
are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements,
including: (i) the Company's ability to effectively mitigate
factors that negatively impact its supply of raw materials,
including the conflict in Ukraine;
(ii) the Company's ability to successfully mitigate inflationary
changes in the market; (iii) the Company's ability to successfully
identify suitable acquisition targets and adequately evaluate the
potential performance of such acquisition targets; (iv) the
Company's ability to successfully implement its strategies
(including its M&A strategy) and strategic initiatives and to
recognize the anticipated benefits of such strategic initiatives;
(v) the Company's ability to accurately predict the performance of
its Green Cuisine brand and the Findus Switzerland and Fortenova's
frozen food businesses' and their impact on the Company's growth;
(vi) the Company's ability to effectively compete in its markets,
including the ability of Green Cuisine to effectively compete in
Continental Europe; (vii) changes in consumer preferences, such as
meat substitutes, and the Company's failure to anticipate and
respond to such changes or to successfully develop and renovate
products; (viii) the effects of reputational damage from unsafe or
poor quality food products; (ix) the risk that securities markets
will react negatively to actions by the Company; (x) the adequacy
of the Company's cash resources to achieve its anticipated growth
agenda; (xi) increases in operating costs, including labor costs,
and the Company's ability to manage its cost structure; (xii)
fluctuations in the availability of food ingredients and packaging
materials that the Company uses in its products; (xiii) the
Company's ability to protect its brand names and trademarks; (xiv)
the Company's ability to prevent, or remediate, any future
cybersecurity incidents; (xv) loss of the Company's financial
arrangements with respect to receivables factoring; (xvi) the loss
of any of the Company's major customers or a decrease in demand for
its products; (xvii) economic conditions that may affect the
Company's future performance including exchange rate fluctuations;
(xviii) the Company's ability to successfully interpret and respond
to key industry trends and to realize the expected benefits of its
responsive actions; (xix) the Company's failure to comply with, and
liabilities related to, environmental, health and safety laws and
regulations; (xx) changes in applicable laws or regulations; and
(xxi) the other risks and uncertainties disclosed in the Company's
public filings and any other public disclosures by the Company.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company does not undertake any obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
No Offer or Solicitation
This release and referenced conference call is provided for
informational purposes only and does not constitute an offer to
sell, or an invitation to subscribe for, purchase or exchange, any
securities or the solicitation of any vote or approval in any
jurisdiction, nor shall there be any sale, issuance, exchange or
transfer of the securities referred to in this press release in any
jurisdiction in contravention of applicable law.
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
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SOURCE Nomad Foods Limited