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Nomad Foods(NOMD) - 2024 Q1 - Quarterly Report
2024-05-09 10:45
Exhibit 99.2 Nomad Foods Limited Condensed Consolidated Interim Financial Statements (unaudited) For the three months ended March 31, 2024 Nomad Foods Limited—Interim management report General information Nomad Foods Limited (NYSE: NOMD) is Europe's leading frozen foods company. Nomad Foods Limited's (the "Company" or "Nomad") 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 conv ...
Nomad Foods Announces Successful Repricing of Existing Senior Secured Term Loan
Prnewswire· 2024-04-29 20:30
WOKING, England, April 29, 2024 /PRNewswire/ -- Nomad Foods Limited ("Nomad Foods" or the "Company") today announced that it has repriced its existing USD denominated Term Loan B of USD 693 million principal (the "Term Loan"). The closing of the repricing of the Term Loan is expected to occur on or before May 7, 2024, subject to customary closing conditions. Following the closing, the margin on the Term Loan will be reduced by 50 basis points to SOFR + 250 basis points, which is expected to result in approx ...
Nomad Foods to Report First Quarter 2024 Financial Results on Thursday, May 9, 2024
Prnewswire· 2024-04-26 13:23
WOKING, England, April 26, 2024 /PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD), today announced it will report results for the first quarter ended March 31, 2024 before New York Stock Exchange market open on Thursday, May 9, 2024. A conference call with members of the executive management team will be held to discuss the results with additional comments and details.The conference call is scheduled to begin at 8:30 AM Eastern Daylight Time on Thursday, May 9, 2024. To participate on the live call listeners ...
Nomad Foods(NOMD) - 2023 Q4 - Annual Report
2024-02-29 11:46
Financial Performance - Record-high net sales and Adjusted EBITDA for full year 2023, with Adjusted EPS of €1.61[1] - Full year 2024 guidance: organic net revenue growth of 3%-4%, Adjusted EBITDA growth of 4%-6%, and Adjusted EPS of €1.75-€1.80, implying 9-12% growth[3] - Q4 2023 revenue increased 1.4% to €761 million, with organic revenue growth of 1.9% driven by a 7.5% price increase offset by a 5.6% volume/mix decline[6][7] - Full year 2023 revenue increased 3.6% to €3.045 billion, with organic revenue growth of 4.9% driven by a 14.4% price increase offset by a 9.5% volume/mix decline[6][13] - Adjusted EBITDA for Q4 2023 increased 3.2% to €117 million, while full year 2023 Adjusted EBITDA increased 2% to €535 million[6][13] - Adjusted free cash flow for 2023 was €300 million, representing a 109% conversion rate[6] - Gross profit for Q4 2023 increased 8% to €208 million, with gross margin up 160 basis points to 27.3%[7] - Full year 2023 gross profit increased 5% to €859 million, with gross margin up 50 basis points to 28.2%[13] - Adjusted operating expenses for Q4 2023 increased 14% to €117 million due to higher A&P investment[13] - Full year 2023 Adjusted EPS decreased 4.2% to €1.61, reflecting higher interest charges[13] - Adjusted EBITDA margin for the twelve months ended December 31, 2023, was 17.8%, calculated based on Adjusted EBITDA and Revenue of €2,939.7 million[34] - Organic revenue growth for the twelve months ended December 31, 2023, was 4.9%, contributing to a total reported revenue growth of 3.6%[35] - Adjusted free cash flow for the year ended December 31, 2023, was €299.9 million, representing 109% of adjusted profit for the period[38] - The company reported a profit for the period of €192.7 million in 2023, down from €249.8 million in 2022, impacted by exceptional items and other adjustments[27] - Revenue for the three months ended December 31, 2023, was €760.8 million, with an adjusted operating profit of €90.4 million[29] - Adjusted EBITDA for Q4 2023 was €116.6 million, with an Adjusted EBITDA margin of 15.3% based on revenue of €760.8 million[45][48] - Revenue for Q4 2023 was €760.8 million, compared to €750.2 million in Q4 2022, showing a 1.4% increase[45][50] - Adjusted EBITDA for the full year 2023 was €535.0 million, with an Adjusted EBITDA margin of 17.6% based on revenue of €3,044.5 million[61][62] - The company's revenue for the full year 2023 was €3,044.5 million, compared to €2,985.0 million in 2022, reflecting a 2.0% increase[57][61] - Revenue for the twelve months ended December 31, 2022 was €2,939.7 million[64] - Gross profit for the period was €815.3 million[64] - Adjusted operating profit increased to €435.8 million, up from €375.4 million as reported[64] - Profit for the period after adjustments was €293.4 million, compared to €249.8 million as reported[64] - Basic and diluted earnings per share increased to €1.68 from €1.43 after adjustments[64] - Adjusted EBITDA for the twelve months ended December 31, 2022 was €524.4 million[68] Cash Flow and Financial Position - Total assets increased to €6,416.7 million in 2023 from €6,326.1 million in 2022, driven by growth in non-current assets and current assets[26] - Net cash generated from operating activities rose to €430.8 million in 2023, up from €303.8 million in 2022, reflecting improved operational efficiency[27] - The company repurchased ordinary shares worth €170.9 million in 2023, significantly higher than the €26.8 million repurchased in 2022[27] - Cash and cash equivalents at the end of 2023 stood at €399.7 million, including bank overdrafts of €13.2 million[27] - Adjusted profit for the period was €274.8 million, with adjusted free cash flow conversion at 109%[38] Costs and Expenses - The company incurred €68.4 million in expenses related to the Business Transformation Program for the full year 2023[61][62] - Fortenova Group integration costs for Q4 2023 were €2.8 million, contributing to the overall exceptional items[45][46] - Share-based payment charges and employer payroll taxes for the full year 2023 amounted to €26.1 million[57][62] - Depreciation and amortization for the full year 2023 totaled €95.0 million[61] - The Information Technology Transformation program was completed in 2023, with associated expenses of €0.6 million for the full year[61][62] - Exceptional items included €37.0 million for Business Transformation Program and €9.5 million for Fortenova Group integration costs[68] - Depreciation and amortization amounted to €88.6 million[68] - Net financing costs after adjustments were €65.9 million, up from €54.4 million as reported[64] - Taxation after adjustments increased to €76.5 million from €71.2 million as reported[64]
Nomad Foods(NOMD) - 2023 Q4 - Annual Report
2024-02-29 11:46
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 o Shell Company Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 001-37669 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) o Registration Statement Pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Fiscal Ye ...
Nomad Foods(NOMD) - 2023 Q2 - Earnings Call Presentation
2023-08-09 14:01
Nomad Foods Disclaimer Certain statements and matters discussed in this Presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aim", "anticipate", "believe", "continue", "estimate", "expect", "intend", "may", "should", "strategy", "will" and words of similar meaning, including all matters that are not historical facts. This Presentation includes forward-looking statements about the Company's: (i) ...
Nomad Foods(NOMD) - 2023 Q1 - Earnings Call Transcript
2023-05-11 01:20
Anthony Bucalo - Head of Investor Relations Stefan Descheemaeker - Chief Executive Officer Samy Zekhout - Chief Financial Officer Jason English - Goldman Sachs John Baumgartner - Mizuho Securities Peter Saleh - BTIG Simon Negin - UBS Steve Powers - Deutsche Bank Rob Dickerson - Jefferies Jon Tanwanteng - CJS Securities Company Participants Good morning and welcome to the Nomad Foods' First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After toda ...
Nomad Foods(NOMD) - 2022 Q4 - Earnings Call Transcript
2023-02-25 18:57
Financial Data and Key Metrics Changes - In 2022, the company achieved record sales, adjusted EBITDA, and adjusted EPS for the sixth consecutive year, with adjusted EPS of $1.68, reflecting a 60% increase since 2016 [3][15] - Full-year adjusted EBITDA grew 8% to $524 million, with an adjusted EBITDA margin of 17.8%, down 90 basis points from the previous year [17][35] - Fourth quarter adjusted EPS was flat at $0.33, translating to $0.35 at current US dollar spot rates [17][35] Business Line Data and Key Metrics Changes - The company reported a 7.7% organic revenue growth in Q4, with total revenues increasing by 6.6% to $750 million [35] - Full-year organic revenues grew 1.8%, driven by price increases that offset volume declines [35] - Adjusted gross profit for Q4 grew 3% to $193 million, while adjusted COGS increased by 7.7% to $558 million due to raw material inflation [17][35] Market Data and Key Metrics Changes - The company experienced mid-single-digit declines in full-year volume and mix, but value share increased by about 0.5 points for the year [15][35] - The company expects market share to improve sequentially in 2023 due to innovation efforts and increased advertising and promotion investments [35] Company Strategy and Development Direction - The company plans to strengthen its brand through increased investment in advertising and promotion, particularly as market conditions normalize [4][33] - The strategy includes broadening affordable choices to address inflationary pressures on consumers while managing supply chain efficiency [4][33] - The company aims to maximize portfolio value through prudent pricing and improved revenue growth management strategies [33] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2023 is expected to be a transitional year towards a more normalized consumer environment, with plans in place to meet financial objectives and maintain growth [4][5] - The company anticipates lower inflation levels in 2023 compared to 2022, but still plans to take pricing actions to protect its cost structure [21][39] - Management expressed confidence in achieving 2025 targets, emphasizing operational strength and investment plans funded by cost savings [53] Other Important Information - The company successfully refinanced its debt portfolio, extending maturities to mid-2028 and 2029, which provides greater flexibility for cash allocation strategies [5][36] - Adjusted free cash flow for the year was $189 million, with a cash flow conversion of 65%, impacted by working capital increases [17][36] Q&A Session Summary Question: What drove the decline in gross margins year-over-year? - Management noted that while pricing was in line with expectations, the margins were impacted by higher raw material costs, which they are addressing through pricing strategies [8][19] Question: What is the cost inflation estimate for 2023? - Management indicated that inflation is expected to be lower than in 2022, but pricing actions will still be necessary to protect the cost structure [21][39] Question: What are the expectations for Fortenova in 2023? - Management confirmed that Fortenova's revenue growth should be accretive to overall company guidance, with ongoing integration efforts expected to accelerate [22] Question: How is the brand investment strategy evolving? - Management emphasized a balanced approach, focusing on both advertising investments and competitive pricing to maintain market share against private labels [45][47] Question: How does the company view its volume compared to pre-COVID levels? - Management reported a slight decline in volume compared to pre-COVID but noted an increase in consumer reach, indicating a stronger consumer base [51] Question: How confident is the company in achieving its 2025 targets? - Management expressed confidence in meeting 2025 targets, highlighting operational strength and a commitment to delivering superior shareholder returns [53]
Nomad Foods(NOMD) - 2022 Q4 - Annual Report
2023-02-23 12:35
Nomad Foods Reports Fourth Quarter and Full Year 2022 Financial Results Full year Adjusted EPS of €1.68 Completes 6th consecutive year of record annual reported revenue, Adjusted EBITDA and Adjusted EPS 2023 Adjusted EPS guidance range of €1.50 to €1.55 FELTHAM, England - February 23, 2023 - Nomad Foods Limited (NYSE: NOMD) (the "Company" or "Nomad Foods"), today reported financial results for the three and twelve-month periods ended December 31, 2022. Key operating highlights and financial performance for ...
Nomad Foods(NOMD) - 2022 Q4 - Annual Report
2023-02-23 12:34
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) Commission file number 001-37669 Nomad Foods Limited (Exact Name of Registrant as Specified in Its Charter) British Virgin Islands (Jurisdiction of Incorporation or Organization) No. 1 New Square Bedfont Lakes Business Park Feltham, Middlesex TW14 8HA, United Kingdom (Address of Principal Executive Offices) Samy Zekhout No. 1 New Square Bedfont Lakes Business Park Feltham, Middlesex TW14 8HA Telephone:+(44) 208 918 ...