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Nomad Foods Reports First Quarter 2017 Financial Results
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PR Newswire
FELTHAM, England, May 25, 2017
FELTHAM, England, May 25, 2017 /PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD) today reported financial results for the first quarter ended March 31, 2017 and raises its full year 2017 guidance.
- Reported revenue decreased 2.9% to €531 million
- Organic revenue increased 1.1%
- Reported Profit for the period of €48 million
- Adjusted EBITDA decreased 11% to €89 million
- Reported EPS of €0.26; Adjusted EPS decreased 14% to €0.25
- Company raises 2017 Adjusted EBITDA guidance to be approximately €315 to €325 million
Management Comments
Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "2017 is off to a strong start with organic revenue growing +1.1% in Q1, a marked improvement from recent quarters and particularly encouraging given the later timing of Easter this year versus last. Both retailers and consumers are responding well to our targeted "Must Win Battle" activations, which continue to grow as a percentage of our overall portfolio. As expected, Q1 gross margins reflect higher planned promotions to help ease price increases into the UK market. We are pleased with the execution of these actions and expect promotions to moderate in Q2. Based on our year-to-date performance and increased visibility into the year, we are increasing our 2017 guidance."
Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "Following a successful and encouraging Q1, we are now even more optimistic about our prospects for the balance of the year. We look forward to capitalizing on our forward momentum with respect to both continued organic growth, as well as strategic opportunities. Our business is strong, and we believe Stéfan and our entire team are delivering great results and are well-positioned to build long-term value for all of our stakeholders."
First Quarter 2017 Results
- Revenue decreased 2.9% to €531 million. After adjusting for foreign exchange currency translation and an extra trading day in the year-ago period, organic revenue growth was 1.1%. Organic revenue growth was driven by 3.0% growth in volume/mix offset by 1.9% decline in price, where UK price increases were more than offset by elevated planned promotions in the UK and the anniversary of unusually low promotional levels in other markets.
- Gross profit decreased 7% to €156 million. Gross margin contracted 120 basis points to 29.4% as higher volume, positive mix and UK price increases were more than offset by elevated planned promotions in the UK and the anniversary of unusually low promotional levels in other markets. Foreign exchange currency translation adversely impacted gross margin by 20 basis points.
- Adjusted Operating expense was unchanged at €80 million. Advertising and promotion expense increased 3% to €30 million reflecting more seasonally balanced spending in 2017 versus 2016 while Indirect expense decreased 2% to €50 million.
- Adjusted EBITDA decreased 11% to €89 million due to the aforementioned factors. Foreign exchange currency translation adversely affected adjusted EBITDA by €4 million.
- Adjusted Profit after tax and Adjusted EPS decreased 14% to €45 million and €0.25, respectively.
2017 Guidance
The Company raises its 2017 Adjusted EBITDA outlook to a range of approximately €315 to €325 million, versus the prior expectation of approximately €315 million, which now assumes organic revenue growth at a low-single digit percentage rate.
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 25, 2017 at 1:30 p.m. BST time (8:30 a.m. Eastern time). Investors interested in participating in the live call can dial 888-283-6901 from the U.S. International callers can dial 719-457-2506.
In addition, the call will be broadcast live over the internet hosted at the "Investor Relations" section of the Company's website at http://www.nomadfoods.com. The webcast will be archived for 30 days. A telephone replay will be available approximately two hours after the call concludes and will be available through Thursday, June 8th, by dialing 844-512-2921 from the U.S., or 412-317-6671 from international locations and entering confirmation code 2009235.
Nomad Foods Contact
Investor Relations Contacts
Taposh Bari, CFA
Nomad Foods Limited
+1-718-290-7950
John Mills
ICR, Partner
+1-646-277-1254
Media Contact
Liz Cohen
Weber Shandwick
+1-212-445-8044
About Nomad Foods
Nomad Foods (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and across the broader food sector. Nomad Foods produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe. The Company's portfolio of leading frozen food brands includes Birds Eye, Iglo, and Findus. More information on Nomad Foods Limited is available at http://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 first quarter ended March 31, 2017 and for comparative purposes, the quarter ended March 31, 2016.
Adjusted financial information for the three months ended March 31, 2017 and 2016 presented in this press release reflects the historical reported financial statements of Nomad Foods, adjusted primarily for share based payment charges, exceptional items and foreign currency exchange charges/gains.
EBITDA is profit or loss for the period before taxation, net financing costs, depreciation and amortization. Adjusted EBITDA is EBITDA adjusted to exclude (when they occur) exited markets, trading day impacts, chart of account ("CoA") alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, the impact of share based payment charges, charges relating to the Founders Preferred Shares Annual Dividend Amount, charges relating to the redemption of warrants and other unusual or non-recurring items. 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 EPS is defined as basic earnings per share excluding, when they occur, the impacts of exited markets, trading day impacts, chart of account ("CoA") alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, share based compensation expense and other non-operating items as well as certain other items considered unusual or non-recurring in nature. 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 for the three months ended March 31, 2017 and 2016 presented in this press release reflects reported revenue adjusted for currency translation and non-comparable trading items such as expansion, acquisitions, disposals, closures, chart of account ("CoA") alignments, trading day impacts or any other event that artificially impact the comparability of our results.
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.
| Nomad Foods Limited As Reported | |||
| Statements of Profit or Loss (unaudited) | |||
| Three months ended March 31, 2017 and 2016 | |||
| | | | |
| € millions | Three months ended | | Three months ended |
| Revenue | 531.3 | | 547.1 |
| Cost of sales | (375.2 ) | | (379.6 ) |
| | | | |
| Gross profit | 156.1 | | 167.5 |
| Other operating expenses | (80.9 ) | | (80.0 ) |
| Exceptional items | 0.1 | | (23.1 ) |
| | | | |
| Operating profit | 75.3 | | 64.4 |
| Finance income | 1.6 | | 15.6 |
| Finance costs | (17.7 ) | | (21.3 ) |
| | | | |
| Net financing costs | (16.1 ) | | (5.7 ) |
| | | | |
| Profit before tax | 59.2 | | 58.7 |
| Taxation | (11.2 ) | | (16.5 ) |
| | | | |
| Profit for the period | 48.0 | | 42.2 |
| | | | |
| Basic earnings per share | | | |
| Profit for the period in € millions | 48.0 | | 42.2 |
| Weighted average shares outstanding in millions | 183.6 | | 183.1 |
| Basic earnings per share in € | 0.26 | | 0.23 |
| | | | |
| Diluted earnings per share | | | |
| Profit for the period in € millions | 48.0 | | 42.2 |
| Weighted average shares outstanding in millions | 183.7 | | 183.1 |
| Diluted earnings per share in € | 0.26 | | 0.23 Werbung Mehr Nachrichten zur Nomad Foods Ltd Aktie kostenlos abonnieren
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