FELTHAM, England, Sept. 5,
2023 /PRNewswire/ -- Nomad Foods Limited
(NYSE: NOMD) (the "Company") will be participating in a
fireside chat at the Barclays Global Consumer Staples Conference
today, September 5, 2023 at
2:15 p.m. ET. An audio webcast of the
fireside chat will be made available on Nomad Foods' website at
http://www.nomadfoods.com. At the conference, the Company is
expected to discuss its confidence in the business, including its
outlook for the balance of the year.
"We look forward to attending the Barclays conference and
highlighting the execution of our stepped-up A&P investment
program and believe it will lead to sequential volume and market
share improvements in the back half of this year and into 2024.
We are pleased to reiterate our previously provided full-year
2023 guidance. For full-year 2023, management continues to expect
Adjusted EPS of €1.54 to €1.57, mid-single-digit organic revenue
growth, and Adjusted Free Cash Flow of approximately €250 million.
For the third quarter 2023, management expects revenues of €750 to
€755 million, Adjusted EBITDA of €127 to €133 million, and Adjusted
EPS of €0.37 to €0.39," said Stéfan Descheemaeker, Chief Executive
Officer.
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.
Nomad Foods Contacts
Investor Relations
Contact
Anthony Bucalo
Nomad Foods Limited
+1-914-907-8724
Financial Information
Nomad Foods is presenting
forecasted adjusted and organic financial information, which is
considered non-IFRS financial information. Such information is
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 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 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 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.
Adjusted and organic non-IFRS financial information should be
read in conjunction with 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.
Forward-Looking Statements
Forward-Looking Statements and Disclaimers
This press release contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995
regarding, among other things: future operating and financial
performance, including with respect to Adjusted EPS, organic
revenue growth and Adjusted Free Cash Flow for full year 2023 and
revenue, Adjusted EBITDA and Adjusted EPS for the third quarter
2023, and volume and market share improvements for 2023 and beyond.
The reader is cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events. If underlying assumptions prove inaccurate or known
or unknown risks or uncertainties materialize, actual results could
vary materially from the expectations and projections of the
Company. These forward-looking statements are subject to a number
of risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company's control. Actual results
could differ materially from those stated or implied in these
forward-looking statements due to a number of factors, including
but not limited to, risks detailed in the sections entitled "Risk
Factors" and elsewhere in the Company's most recent Annual Report
on Form 20-F filed with the Securities and Exchange Commission, as
well as in the Company's Current Reports on Form 6-K. The
forward-looking statements included in this press release should
not be unduly relied upon, represent the Company's views only as of
the date of this press release and do not represent the Company's
views as of any subsequent date. The Company undertakes no
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
changes in the Company's expectations or otherwise, except as
required by law.
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SOURCE Nomad Foods Limited