Nomad Foods Reports Second Quarter 2023 Financial Results
Revenue growth of +
Raise Full Year Adjusted EPS Guidance to
FELTHAM,
- Reported revenue increased
6.9% to€745 million - Organic revenue growth of
8.6% - Reported Profit for the period of
€49 million - Adjusted EBITDA increased
4.5% to€132 million - Adjusted EPS remained unchanged at
€0.40
Management Comments
Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "Nomad Foods maintained sales momentum from the first quarter of the year into the second quarter. We grew organic sales by
Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "Nomad Foods again reported a strong performance this quarter. We delivered strong organic revenue growth while protecting our Gross Margin through pricing and cost discipline. Additionally, we repurchased nearly
Second Quarter of 2023 results compared to the Second Quarter of 2022
- Revenue increased
6.9% to€745 million . Organic revenue growth of8.6% was comprised of a9.4% decline in volume/mix offset by a18.0% increase in price. - Gross profit increased
6.8% to€210 million . Gross margin remained unchanged at28.2% , linked to the successful recovery of higher input costs through pricing. - Adjusted operating expenses increased
9.7% to€101 million . - Adjusted EBITDA increased
4.5% to€132 million due to the aforementioned factors. Adjusted Profit for the period decreased2.4% to€69 million due to the impact of the refinancing we performed in November 2022, resulting in higher cash interest payments on a portion of our debt. - Adjusted EPS remained unchanged at
€0.40 , reflecting a small decrease in Adjusted Profit after tax. Reported EPS decreased34.9% to€0.28 .
First Six Months of 2023 results compared to the First Six Months of 2022
- Revenue increased
6.3% to€1,520 million . Organic revenue growth of8.3% was comprised of a8.5% decline in volume/mix offset by a16.8% increase in price. - Gross profit increased
8.2% to€434 million . Gross margin increased 50 basis points to28.6% , linked to the successful recovery of higher input costs through pricing, and a benefit in the cost of goods sold from the tail end of our cover positions from 2022. - Adjusted operating expenses increased
7.9% to€201 million . - Adjusted EBITDA increased
7.9% to€279 million . Adjusted Profit for the period increased2.5% to€149 million due to the aforementioned factors. - Adjusted EPS increased
2.4% to€0.86 , reflecting the increase in Adjusted Profit after tax. Reported EPS decreased30.7% to 0.52.
2023 Guidance
For the full year 2023, management is raising Adjusted EPS guidance to
Conference Call and Webcast
The Company will host a conference call with members of the executive management team to discuss these results today, Wednesday, August 9, 2023 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 +1-844-826-3033 and international listeners may dial +1-412-317-5185. 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
Nomad Foods Contacts
Investor Relations Contact
Anthony Bucalo
Nomad Foods Limited
+1-914-907-8724
About Nomad Foods
Nomad Foods (NYSE: NOMD) is
Financial Information
Nomad Foods is presenting Adjusted and Organic financial information, which is considered non-IFRS financial information, for the three and six months ended June 30, 2023 and for comparative purposes, the three and six months ended June 30, 2022.
Adjusted financial information for the three and six months ended June 30, 2023 and 2022 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, 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 and six months ended June 30, 2023 and 2022 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.
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 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 8 to 13, 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 Condensed Consolidated Interim Statements of Profit or Loss (unaudited) Three months ended June 30, 2023 and June 30, 2022 | |||
Three months ended | Three months ended | ||
€m | €m | ||
Revenue | 745.1 | 697.0 | |
Cost of sales | (535.0) | (500.2) | |
Gross profit | 210.1 | 196.8 | |
Other operating expenses | (103.9) | (96.1) | |
Exceptional items | (10.5) | 12.7 | |
Operating profit | 95.7 | 113.4 | |
Finance income | 1.9 | 2.7 | |
Finance costs | (37.2) | (18.8) | |
Net financing costs | (35.3) | (16.1) | |
Profit before tax | 60.4 | 97.3 | |
Taxation | (11.2) | (22.7) | |
Profit for the period | 49.2 | 74.6 | |
Basic & diluted earnings per share in € | 0.28 | 0.43 |
Statements of Profit or Loss (unaudited) Six months ended June 30, 2023 and June 30, 2022 | |||
Six months ended | Six months ended | ||
€m | €m | ||
Revenue | 1,520.2 | 1,429.9 | |
Cost of sales | (1,085.9) | (1,028.4) | |
Gross profit | 434.3 | 401.5 | |
Other operating expenses | (218.4) | (194.2) | |
Exceptional items | (40.6) | (6.3) | |
Operating profit | 175.3 | 201.0 | |
Finance income | 3.0 | 3.6 | |
Finance costs | (67.3) | (34.3) | |
Net financing costs | (64.3) | (30.7) | |
Profit before tax | 111.0 | 170.3 | |
Taxation | (20.6) | (39.7) | |
Profit for the period | 90.4 | 130.6 | |
Basic and diluted earnings per share in € | 0.52 | 0.75 |
Nomad Foods Limited As Reported Condensed Consolidated Interim Statements of Financial Position As at June 30, 2023 (unaudited) and December 31, 2022 (audited) | |||
As at June 30, 2023 | As at December 31, 2022 | ||
€m | €m | ||
Non-current assets | |||
Goodwill | 2,103.0 | 2,101.6 | |
Intangibles | 2,459.1 | 2,457.6 | |
Property, plant and equipment | 553.2 | 542.9 | |
Other non-current assets | 8.1 | 8.1 | |
Derivative financial instruments | 3.2 | 0.2 | |
Deferred tax assets | 109.1 | 100.4 | |
Total non-current assets | 5,235.7 | 5,210.8 | |
Current assets | |||
Cash and cash equivalents | 354.7 | 369.7 | |
Inventories | 485.5 | 457.1 | |
Trade and other receivables | 307.2 | 266.8 | |
Indemnification assets | 1.8 | 1.8 | |
Derivative financial instruments | 10.6 | 19.9 | |
Total current assets | 1,159.8 | 1,115.3 | |
Total assets | 6,395.5 | 6,326.1 | |
Current liabilities | |||
Trade and other payables | 712.6 | 695.4 | |
Current tax payable | 170.1 | 183.0 | |
Provisions | 42.7 | 36.1 | |
Loans and borrowings | 29.2 | 22.6 | |
Derivative financial instruments | 6.4 | 3.7 | |
Total current liabilities | 961.0 | 940.8 | |
Non-current liabilities | |||
Loans and borrowings | 2,141.0 | 2,142.3 | |
Employee benefits | 134.6 | 132.1 | |
Other non-current liabilities | 0.8 | 1.1 | |
Provisions | — | 1.3 | |
Derivative financial instruments | 68.9 | 56.6 | |
Deferred tax liabilities | 444.4 | 445.7 | |
Total non-current liabilities | 2,789.7 | 2,779.1 | |
Total liabilities | 3,750.7 | 3,719.9 | |
Net assets | 2,644.8 | 2,606.2 | |
Equity attributable to equity holders | |||
Share capital and capital reserve | 1,539.6 | 1,596.7 | |
Share-based compensation reserve | 24.3 | 13.8 | |
Translation reserve | 102.6 | 89.3 | |
Other reserves | 5.3 | 19.8 | |
Retained earnings | 973.0 | 886.6 | |
Total equity | 2,644.8 | 2,606.2 |
Nomad Foods Limited As Reported Condensed Consolidated Interim Statements of Cash Flows (unaudited) For the six months ended June 30, 2023 and the six months ended June 30, 2022 | |||
For the six months ended | For the six months ended | ||
€m | €m | ||
Cash flows from operating activities | |||
Profit for the period | 90.4 | 130.6 | |
Adjustments for: | |||
Exceptional items | 40.6 | 6.3 | |
Share based payment expense | 15.5 | 3.9 | |
Depreciation and amortization | 45.6 | 43.2 | |
Loss on disposal of property, plant and equipment | 0.6 | 0.2 | |
Net finance costs | 64.3 | 30.7 | |
Taxation | 20.6 | 39.7 | |
Operating cash flow before changes in working capital, provisions and | 277.6 | 254.6 | |
Increase in inventories | (25.5) | (75.8) | |
Increase in trade and other receivables | (43.4) | (88.6) | |
Increase in trade and other payables | 1.9 | 38.5 | |
(Decrease)/increase in employee benefits and other provisions | (1.3) | 0.1 | |
Cash generated from operations before tax and exceptional items | 209.3 | 128.8 | |
Cash flows relating to exceptional items | (30.2) | (28.7) | |
Tax paid | (30.3) | (24.8) | |
Net cash generated from operating activities | 148.8 | 75.3 | |
Cash flows from investing activities | |||
Purchase of subsidiaries, net of cash acquired | — | 0.6 | |
Purchase of property, plant and equipment and intangibles | (40.0) | (33.9) | |
Interest received | 2.7 | — | |
Redemption of investments | 0.3 | — | |
Cash used in investing activities | (37.0) | (33.3) | |
Cash flows from financing activities | |||
Repurchase of ordinary shares | (52.6) | (26.8) | |
Issuance of new loan principal | 6.0 | — | |
Repayment of loan principal | — | (8.7) | |
Payments related to shares withheld for taxes | (6.3) | (0.7) | |
Payment of lease liabilities | (14.0) | (12.4) | |
Payment of financing fees | (0.6) | — | |
Interest paid | (51.4) | (25.9) | |
Other financing cash flows | — | 0.8 | |
Net cash used in financing activities | (118.9) | (73.7) | |
Net decrease in cash and cash equivalents | (7.1) | (31.7) | |
Cash and cash equivalents at beginning of period | 366.8 | 254.2 | |
Effect of exchange rate fluctuations | (5.0) | (1.5) | |
Cash and cash equivalents at end of period | 354.7 | 221.0 |
Nomad Foods Limited Adjusted Financial Information
Reconciliation of Non-IFRS Financial Measures The following table reconciles adjusted financial information for the three months ended June 30, 2023 to the reported results of Three Months Ended June 30, 2023
| |||||||
€ in millions, except per share data | As reported for the | Adjustments | As adjusted for the | ||||
Revenue | 745.1 | — | 745.1 | ||||
Cost of sales | (535.0) | — | (535.0) | ||||
Gross profit | 210.1 | — | 210.1 | ||||
Other operating expenses | (103.9) | 2.9 | (a) | (101.0) | |||
Exceptional items | (10.5) | 10.5 | (b) | — | |||
Operating profit | 95.7 | 13.4 | 109.1 | ||||
Finance income | 1.9 | (0.3) | 1.6 | ||||
Finance costs | (37.2) | 12.2 | (25.0) | ||||
Net financing costs | (35.3) | 11.9 | (c) | (23.4) | |||
Profit before tax | 60.4 | 25.3 | 85.7 | ||||
Taxation | (11.2) | (5.8) | (d) | (17.0) | |||
Profit for the period | 49.2 | 19.5 | 68.7 | ||||
Weighted average shares outstanding in millions - basic | 173.7 | 173.7 | |||||
Basic earnings per share | 0.28 | 0.40 | |||||
Weighted average shares outstanding in millions - diluted | 173.7 | 173.7 | |||||
Diluted earnings per share | 0.28 | 0.40 |
(a) | Represents share based payment charge including employer payroll taxes of |
(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 |
(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 June 30, 2022 to the reported results of Adjusted Statement of Profit or Loss (unaudited) Three Months Ended June 30, 2022
| |||||||
€ in millions, except per share data | As reported for the | Adjustments | As adjusted for the | ||||
Revenue | 697.0 | — | 697.0 | ||||
Cost of sales | (500.2) | — | (500.2) | ||||
Gross profit | 196.8 | — | 196.8 | ||||
Other operating expenses | (96.1) | 4.0 | (a) | (92.1) | |||
Exceptional items | 12.7 | (12.7) | (b) | — | |||
Operating profit | 113.4 | (8.7) | 104.7 | ||||
Finance income | 2.7 | (2.7) | — | ||||
Finance costs | (18.8) | 3.2 | (15.6) | ||||
Net financing costs | (16.1) | 0.5 | (c) | (15.6) | |||
Profit before tax | 97.3 | (8.2) | 89.1 | ||||
Taxation | (22.7) | 4.0 | (d) | (18.7) | |||
Profit for the period | 74.6 | (4.2) | 70.4 | ||||
Weighted average shares outstanding in millions - basic | 174.1 | 174.1 | |||||
Basic earnings per share | 0.43 | 0.40 | |||||
Weighted average shares outstanding in millions - diluted | 174.1 | 174.1 | |||||
Diluted earnings per share | 0.43 | 0.40 |
(a) | Represents share based payment charge including employer payroll taxes of |
(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 |
(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 six months ended June 30, 2023 to the reported results of Nomad Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2023
| |||||||
€ in millions, except per share data | As reported for the | Adjustments | As adjusted for the | ||||
Revenue | 1,520.2 | — | 1,520.2 | ||||
Cost of sales | (1,085.9) | — | (1,085.9) | ||||
Gross profit | 434.3 | — | 434.3 | ||||
Other operating expenses | (218.4) | 17.2 | (a) | (201.2) | |||
Exceptional items | (40.6) | 40.6 | (b) | — | |||
Operating profit | 175.3 | 57.8 | 233.1 | ||||
Finance income | 3.0 | (0.3) | 2.7 | ||||
Finance costs | (67.3) | 18.1 | (49.2) | ||||
Net financing costs | (64.3) | 17.8 | (c) | (46.5) | |||
Profit before tax | 111.0 | 75.6 | 186.6 | ||||
Taxation | (20.6) | (16.7) | (d) | (37.3) | |||
Profit for the period | 90.4 | 58.9 | 149.3 | ||||
Weighted average shares outstanding in millions - basic | 174.1 | 174.1 | |||||
Basic earnings per share | 0.52 | 0.86 | |||||
Weighted average shares outstanding in millions - diluted | 174.2 | 174.2 | |||||
Diluted earnings per share | 0.52 | 0.86 |
(a) | Represents share based payment charge including employer payroll taxes of |
(b) | 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 |
(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 six months ended June 30, 2022 to the reported results of Nomad Adjusted Statement of Profit or Loss (unaudited) Six Months Ended June 30, 2022
| |||||||
€ in millions, except per share data | As reported for the | Adjustments | As adjusted for the | ||||
Revenue | 1,429.9 | — | 1,429.9 | ||||
Cost of sales | (1,028.4) | — | (1,028.4) | ||||
Gross profit | 401.5 | — | 401.5 | ||||
Other operating expenses | (194.2) | 7.7 | (a) | (186.5) | |||
Exceptional items | (6.3) | 6.3 | (b) | — | |||
Operating profit | 201.0 | 14.0 | 215.0 | ||||
Finance income | 3.6 | (3.6) | — | ||||
Finance costs | (34.3) | 3.2 | (31.1) | ||||
Net financing costs | (30.7) | (0.4) | (c) | (31.1) | |||
Profit before tax | 170.3 | 13.6 | 183.9 | ||||
Taxation | (39.7) | 1.5 | (d) | (38.2) | |||
Profit for the period | 130.6 | 15.1 | 145.7 | ||||
Weighted average shares outstanding in millions - basic | 174.3 | 174.3 | |||||
Basic earnings per share | 0.75 | 0.84 | |||||
Weighted average shares outstanding in millions - diluted | 174.3 | 174.3 | |||||
Diluted earnings per share | 0.75 | 0.84 |
(a) | Represents share based payment expense including employer payroll taxes of |
(b) | 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 |
(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 | Six months ended | ||||||
€ in millions | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||
Profit for the period | 49.2 | 74.6 | 90.4 | 130.6 | |||
Taxation | 11.2 | 22.7 | 20.6 | 39.7 | |||
Net financing costs | 35.3 | 16.1 | 64.3 | 30.7 | |||
Depreciation & amortization | 23.3 | 22.0 | 45.6 | 43.2 | |||
Exceptional items (a) | 10.5 | (12.7) | 40.6 | 6.3 | |||
Other add-backs (b) | 2.9 | 4.0 | 17.2 | 7.7 | |||
Adjusted EBITDA | 132.4 | 126.7 | 278.7 | 258.2 | |||
Revenue | 745.1 | 697.0 | 1,520.2 | 1,429.9 | |||
Adjusted EBITDA margin (c) | 17.8 % | 18.2 % | 18.3 % | 18.1 % |
(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 June 30, 2023 of |
(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 - June 30, 2023 compared with June 30, 2022: | |||
Three Months Ended | Six Months Ended | ||
YoY change | YoY change | ||
Reported Revenue Growth | 6.9 % | 6.3 % | |
Of which: | |||
Organic Revenue Growth/(Decline) | 8.6 % | 8.3 % | |
Translational FX (a) | (1.7) % | (2.0) % | |
Total | 6.9 % | 6.3 % |
(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. |
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 investment and capital allocation strategies and their impact on its overall performance; (ii) its future operating and financial performance, including with respect to revenue growth, Adjusted Free Cash Flow, Adjusted Free Cash Flow conversion, Adjusted EPS and Adjusted EPS growth for 2023; (iii) its ability to successfully promote sustainable growth and maximize value for its shareholders (iv) the continued popularity of frozen foods and the opportunities such popularity presents; (v) its volume and market share performance and (vi) the underlying assumptions necessary to realize its 2023 Guidance.
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) new regulations governing the import and export of goods between the
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