Q4 and FY 23/24
Results presentation
"40 years of Food
Innovation"
Disclaimer
Today's presentation includes forward-looking statements that reflect Greenyard NV's current views with respect to future events, financial performance, expected synergies and industry conditions. These statements are not statements of historical fact. The words "believe", "may", "could", "will", "should", "would", "anticipate", "estimate", "expect", "intend", "objective", "seek", "strive", "target" or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved.
These forward-looking statements are subject to various risks and uncertainties that may cause actual results to differ materially from those expressed or implied statements. Greenyard NV has provided additional information in its recent reports concerning certain factors, risks and uncertainties that could cuase actual results to differ materially from those contained in this presentation. These factors include, but are not limited to weather conditions, natural disasters, crop disease, pests, other natural conditions and geopolitical risks, which may affect prices and the demand for our products, and our ability to mitigate such risks, our ability to compete and innovate against our competitors, and increases in commodity or raw product costs that could adversely affect our operating results.
Although we believe that the expectations reflected in this presentation are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as otherwise noted, these forward-looking statements speak only as of the date on which such statements are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by law. If one or more risks or uncertainties materialize, or if our underlying assumptions prove to be incorect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Greenyard NV disclaims any liability for statements made or published by third parties and does not undertake to correct incorrect data, information, conclusions or opinions published by third parties in relation to this or any other presentation or press release issued by Greenyard NV.
In this presentation, we use certain alternative performance measures ("APM") to evaluate current and past performance and prospects for the future to supplement our IFRS financial information presented in accordance with IFRS. These APMs are important factors in assessing our operating results and profitability because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These APMs have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by IFRS. Our presentation of APMs should not be construed as an interference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realised in their entirety or at all. A reconciliation of APMs to the most directly comparable IFRS measures is contained in appendix to this presentation.
All definitions are available in the Glossary of the Annual Report.
2
Today's Presenters
Francis Kint Nicolas De Clercq
Chief Executive | Chief Financial |
Officer | Officer |
Greenyard Group | Greenyard Group |
3
Review Financial Year
2023/2024
Key figures
Significant increase in net sales (LfL): +10,9% to € 5,1bn, crossing the € 5bn sales mark for the first time in Greenyard's 40 year history.
With an 11,5% growth, Adjusted EBITDA increased even faster than net
sales, landing at € 186,5m, above initial guidance of € 175m-€ 180m.
Net result increased by 63% to € 15,2m, resulting in an increase of EPS from 16cts to 28cts.
Net Financial Debt drops by another 4% to € 266,3m, despite the impact
of inflation on the value of the inventories and despite more investments.
Leverage drops to 1,87x.
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AY 23/24 Group Highlights and Developments
- F&V traffic driver in all retail segments
- Pure plant is the future
- 40 years of Greenyard
- Solid management of economic, supply chain and weather conditions throughout the Group
- Strong focus on operational performance, resulting in record-high sales and EBITDA
- Purchase of the Gigi brand and production, strengthened by post balance sheet acquisition of Crème de la Crème
- Growing our people
- Board will propose to AGM to increase Dividend from 10 to 25 cents
6
Highlights by segment
Fresh segment
- Growth with existing ICRs
- Start smaller but interesting ICR: Dohle Hit (~100 stores)
- Growth electric fleet - kinetic battery pack and electric cooling
- New varieties (e.g. Eden Pear) to match the consumer's flavour (fork to field).
- Increasing convenience trends
Long Fresh segment (frozen + ambient)
- Record high results Long Fresh despite high inflation
- New sauce kitchen and packaging line for sauces Prepared (o.a. for sachets for meal kits)
- Capacity expansion to meet consumer demand
- Purchase of the Gigi brand and production, strengthened by post balance sheet acquisition of Crème de la Crème
7
ESG ambitions and realisations
CO²
Water
Waste
Packaging
- Scope 1 & 2: good progress in reduction target 2025 by switching to renewable energy in Poland Germany and Belgium.
- Investment in solar on rooftops and windmill project ongoing in Bree
- Scope 3 engagement target on schedule
- Target reached: saving 100 000m³ versus reference year.
- Next years: invest in 2 large water re-usage projects (Bree and Westrozebeke) to reach our long term targets
- Better sorting
- Effects of lower quality (climate change) have negative effect
- Further focus on this stream
- Phasing-outnon-recyclable multilayer packaging
- Today, +99% recyclable
Responsible
sourcing
- Good progress made
8
Financial Review
Group
Summary key financials
1 |
+11,1%+10,6%
P: +7,3%
Q: +2,6%
O: +1,0%
In €m
2 | Adj EBITDA increase with 11,5% thanks to strong |
processing in Long Fresh and higher compensation for | |
interest costs and depreciations under the ICR models |
186,5 | |||
167,3 | |||
Adjusted | |||
EBITDA | |||
3,6% | 3,6% | margin | |
In €m | MAR 22/23 | MAR 23/24 |
3 | Strong reduction of leverage to 1,87x thanks to |
higher EBITDA and lower NFD |
290,0
285,0 | 2,9 | |||||
277,3 | ||||||
280,0 | 2,7 | |||||
275,0 | 266,3 | 2,5 | ||||
270,0 | ||||||
2,18 | 2,3 | |||||
265,0 | ||||||
260,0 | 1,87 | 2,1 | ||||
255,0 | ||||||
1,9 | ||||||
250,0 | ||||||
1,7 | ||||||
245,0 | ||||||
240,0 | 1,5 | |||||
MAR 22/23 | MAR 23/24 | |||||
Pre-IFRS 16 calculation | NFD (in €m) | Leverage | ||||
4 | Strong improvement in Net Result thanks to higher |
operating result lower non-recurring costs and taxes, | |
partially offset by higher depreciations and interests |
15,2 | |||
9,3 | |||
In €m | MAR 22/23 | MAR 23/24 | Net result |
10 | * Reported sales: € 4 690,1m YTD Mar 22/23 and € 5 135,9m YTD Mar 23/24 // * Divestments: Fresh UK in March 2022 and Fresh France in March 2023 |
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Greenyard NV published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 15:59:02 UTC.