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
March 31, 2017
|
|
Three months ended
March 31, 2016
|
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
|
Nomad Foods Limited As Reported
|
Statements of Financial Position
|
As of March 31, 2017 (unaudited) and December 31, 2016
(audited)
|
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
€ millions
|
|
|
|
Non-current assets
|
|
|
|
Goodwill
|
1,745.6
|
|
1,745.6
|
Intangibles
|
1,725.3
|
|
1,726.6
|
Property, plant and
equipment
|
294.5
|
|
298.2
|
Other receivables
|
0.4
|
|
0.4
|
Deferred tax
assets
|
65.0
|
|
64.9
|
|
|
|
|
Total non-current assets
|
3,830.8
|
|
3,835.7
|
|
|
|
|
Current assets
|
|
|
|
Cash and cash
equivalents
|
371.6
|
|
329.5
|
Inventories
|
298.8
|
|
325.0
|
Trade and other
receivables
|
144.8
|
|
135.7
|
Indemnification assets
|
75.9
|
|
65.5
|
Capitalized borrowing
costs
|
5.0
|
|
5.0
|
Derivative financial instruments
|
6.4
|
|
13.1
|
|
|
|
|
Total current
assets
|
902.5
|
|
873.8
|
|
|
|
|
Total
assets
|
4,733.3
|
|
4,709.5
|
|
|
|
|
Current liabilities
|
|
|
|
Current tax
payable
|
170.2
|
|
162.3
|
Trade and other payables
|
460.5
|
|
472.7
|
Provisions
|
103.3
|
|
116.7
|
Derivative financial instruments
|
0.7
|
|
1.4
|
|
|
|
|
Total current liabilities
|
734.7
|
|
753.1
|
|
|
|
|
Non-current liabilities
|
|
|
|
Loans and borrowings
|
1,451.2
|
|
1,451.8
|
Employee
benefits
|
192.4
|
|
190.9
|
Trade and other payables
|
—
|
|
1.0
|
Provisions
|
76.1
|
|
77.0
|
Deferred tax
liabilities
|
333.9
|
|
333.2
|
|
|
|
|
Total non-current
liabilities
|
2,053.6
|
|
2,053.9
|
|
|
|
|
Total liabilities
|
2,788.3
|
|
2,807.0
|
|
|
|
|
Net
assets
|
1,945.0
|
|
1,902.5
|
|
|
|
|
Equity attributable to equity holders
|
|
|
|
Share capital
|
—
|
|
—
|
Capital reserve
|
1,800.7
|
|
1,800.7
|
Share based compensation reserve
|
2.3
|
|
1.0
|
Founder Preferred Share Dividend reserve
|
493.4
|
|
493.4
|
Translation
reserve
|
81.3
|
|
84.0
|
Cash flow hedging reserve
|
4.3
|
|
8.4
|
Accumulated
deficit
|
(437.0 )
|
|
(485.0 )
|
|
|
|
|
Total
equity
|
1,945.0
|
|
1,902.5
|
|
|
|
|
Nomad Foods Limited As Reported
|
Statements of Cash Flows (unaudited)
|
Three months ended March 31, 2017 and three months ended
March 31, 2016
|
|
|
Three months ended
|
|
Three months ended
|
|
March 31, 2017
|
|
March 31, 2016
|
€ millions
|
|
|
|
Cash flows from operating activities
|
|
|
|
Profit for the
period
|
48.0
|
|
42.2
|
Adjustments for:
|
|
|
|
Exceptional items
|
(0.1 )
|
|
23.1
|
Share based payment
expense
|
1.3
|
|
0.2
|
Depreciation and
amortization
|
12.3
|
|
12.1
|
Loss on disposal of property, plant and
equipment
|
0.2
|
|
—
|
Finance
costs
|
17.7
|
|
21.3
|
Finance income
|
(1.6 )
|
|
(15.6 )
|
Taxation
|
11.2
|
|
16.5
|
|
|
|
|
Operating cash flow before changes in working capital, provisions and
exceptional
items
|
89.0
|
|
99.8
|
|
|
|
|
Decrease in
inventories
|
26.3
|
|
31.5
|
Increase in trade and other
receivables
|
(9.0 )
|
|
(20.4 )
|
Decrease in trade and other payables
|
(14.7 )
|
|
(18.1 )
|
Decrease in employee benefits and other
provisions
|
(0.3 )
|
|
(1.3 )
|
|
|
|
|
Cash generated from operations before tax and exceptional
items
|
91.3
|
|
91.5
|
|
|
|
|
Cash flows relating to exceptional
items
|
(23.4 )
|
|
(16.5 )
|
Tax refunded /
(paid)
|
0.8
|
|
(1.1 )
|
|
|
|
|
Net cash generated from operating
activities
|
68.7
|
|
73.9
|
|
|
|
|
Cash flows used in investing activities
|
|
|
|
Purchase of property, plant and
equipment
|
(6.8 )
|
|
(5.7 )
|
Purchase of
intangibles
|
(1.2 )
|
|
(0.1 )
|
|
|
|
|
Cash used in investing activities
|
(8.0 )
|
|
(5.8 )
|
|
|
|
|
Cash flows used in financing activities
|
|
|
|
Payment of finance leases
|
(1.6 )
|
|
—
|
Gain on settlement of
derivatives
|
0.5
|
|
—
|
Interest
paid
|
(15.2 )
|
|
(19.0 )
|
Interest received
|
0.2
|
|
2.4
|
|
|
|
|
Net cash used in financing
activities
|
(16.1 )
|
|
(16.6 )
|
|
|
|
|
Net increase in cash and cash equivalents
|
44.6
|
|
51.5
|
|
|
|
|
Cash and cash equivalents at beginning of
period
|
329.5
|
|
186.1
|
Effect of exchange rate fluctuations
|
(2.5 )
|
|
(2.7 )
|
|
|
|
|
Cash and cash equivalents at end of period (a)
|
371.6
|
|
234.9
|
|
|
|
|
(a)
|
Cash and cash equivalents comprise cash at bank of €371.0 million and
restricted cash of €0.6 million (March 31, 2016: cash at
bank of €667.9 million less bank overdrafts of €433.0 million).
|
Nomad Foods Limited
|
Adjusted Financial Information
|
|
|
|
The following table reconciles Adjusted financial information for the three
months ended March 31, 2017 to the reported results of
Nomad Foods for such period.
|
|
|
|
|
|
|
Adjusted Statements of Profit or Loss (unaudited)
|
Three Months Ended March 31, 2017
|
|
|
|
|
|
|
|
Three months
|
|
|
|
Adjusted three months
|
€ millions
|
ended March 31, 2017
|
|
Adjustments
|
|
ended March 31, 207
|
Revenue
|
531.3
|
|
—
|
|
531.3
|
Cost of sales
|
(375.2 )
|
|
—
|
|
(375.2 )
|
|
|
|
|
|
|
Gross
profit
|
156.1
|
|
—
|
|
156.1
|
Other operating expenses
|
(80.9 )
|
|
1.3 (a)
|
|
(79.6 )
|
Exceptional
items
|
0.1
|
|
(0.1 )(b)
|
|
—
|
|
|
|
|
|
|
Operating profit
|
75.3
|
|
1.2
|
|
76.5
|
Finance income
|
1.6
|
|
(1.4 )
|
|
0.2
|
Finance costs
|
(17.7 )
|
|
—
|
|
(17.7 )
|
|
|
|
|
|
|
Net financing
costs
|
(16.1 )
|
|
(1.4 )(c)
|
|
(17.5 )
|
|
|
|
|
|
|
Profit before tax
|
59.2
|
|
(0.2 )
|
|
59.0
|
Taxation
|
(11.2 )
|
|
(2.4 )(d)
|
|
(13.6 )
|
|
|
|
|
|
|
Profit for the
period
|
48.0
|
|
(2.6 )
|
|
45.4
|
|
|
|
|
|
|
Weighted average shares outstanding in €
millions – basic
|
183.6
|
|
|
|
183.6
|
Basic earnings per share
|
0.26
|
|
|
|
0.25
|
|
|
|
|
|
|
Weighted average shares outstanding in €
millions – diluted
|
183.7
|
|
|
|
183.7
|
Diluted earnings per
share
|
0.26
|
|
|
|
0.25
|
|
|
(a)
|
Adjustment to add back share based payment charges.
|
(b)
|
Adjustment to eliminate exceptional items which management believes are
non-recurring and do not have a continuing impact.
See table 'Adjusted EBITDA (unaudited) three months ended March 31, 2017' for a detailed list of exceptional
items.
|
(c)
|
Adjustment to eliminate €0.9 million of foreign exchange translation
gains and €0.5 million of gains on non-trading foreign
currency derivatives.
|
(d)
|
Adjustment to reflect the 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.
|
Nomad Foods Limited
|
|
Adjusted Financial Information (continued)
|
|
|
|
Adjusted EBITDA (unaudited)
|
|
Three Months Ended March 31, 2017
|
|
|
|
|
Three months ended
|
€ millions
|
March 31, 2017
|
Profit for the period
|
48.0
|
Taxation
|
11.2
|
Net financing
costs
|
16.1
|
Depreciation
|
9.9
|
Amortization
|
2.4
|
|
|
EBITDA
|
87.6
|
|
|
Exceptional items:
|
|
Investigation and implementation of strategic opportunities and other
items
|
5.6 (a)
|
Findus Group integration
costs
|
2.5 (b)
|
Costs related to
transactions
|
2.1 (c)
|
Other restructuring costs
|
0.1 (d)
|
Remeasurement of indemnification
assets
|
(10.4 )(e)
|
|
|
Other Adjustments:
|
|
Share based payment
charge
|
1.3 (f)
|
|
|
Adjusted EBITDA (g)
|
88.8
|
|
|
(a)
|
Elimination of costs incurred in relation to investigation and
implementation of strategic opportunities and other items for the
combined group following acquisition by the Company and other items considered non-recurring.
|
(b)
|
Elimination of costs recognized by Nomad Foods relating to the integration
of the Findus Group.
|
(c)
|
Elimination of costs incurred in relation to completed and potential
acquisitions and one-off compliance costs incurred as a result
of listing on the New York Stock Exchange.
|
(d)
|
Elimination of costs for restructuring activities associated with operating
locations.
|
(e)
|
Adjustment to reflect the remeasurement of the indemnification assets
recognized on the acquisition of the Findus Group, which
is capped at the value of shares held in escrow at the share price as at March 31, 2017.
|
(f)
|
Elimination of share payment charges relating to the Management Share
Awards and the 2016 Non-Executive Directors Restricted
Stock Award.
|
(g)
|
Adjusted EBITDA margin 16.7% for the three months ended March 31, 2017
is calculated by dividing Adjusted EBITDA by
revenue of €531.3 million per page 7.
|
Nomad Foods Limited
|
Adjusted Financial Information (continued)
|
|
|
|
|
|
|
Adjusted Statements of Profit or Loss (unaudited)
|
Three Months Ended March 31, 2016
|
|
|
|
|
|
|
€ millions
|
Three months ended
March 31, 2016
|
|
Adjustments
|
|
Adjusted three months
ended March 31, 2016
|
Revenue
|
547.1
|
|
—
|
|
547.1
|
Cost of sales
|
(379.6 )
|
|
—
|
|
(379.6 )
|
|
|
|
|
|
|
Gross
profit
|
167.5
|
|
—
|
|
167.5
|
Other operating expenses
|
(80.0 )
|
|
0.2 (a)
|
|
(79.8 )
|
Exceptional
items
|
(23.1 )
|
|
23.1
(b)
|
|
—
|
|
|
|
|
|
|
Operating profit
|
64.4
|
|
23.3
|
|
87.7
|
Finance income
|
15.6
|
|
(13.2 )
|
|
2.4
|
Finance costs
|
(21.3 )
|
|
—
|
|
(21.3 )
|
|
|
|
|
|
|
Net financing
costs
|
(5.7 )
|
|
(13.2
)(c)
|
|
(18.9 )
|
|
|
|
|
|
|
Profit before tax
|
58.7
|
|
10.1
|
|
68.8
|
Taxation
|
(16.5 )
|
|
0.7 (d)
|
|
(15.8 )
|
|
|
|
|
|
|
Profit for the
period
|
42.2
|
|
10.8
|
|
53.0
|
|
|
|
|
|
|
Weighted average shares outstanding in € millions –
basic
|
183.1
|
|
|
|
183.1
|
Basic earnings per share
|
0.23
|
|
|
|
0.29
|
|
|
|
|
|
|
Weighted average shares outstanding in € millions –
diluted
|
183.1
|
|
|
|
183.1
|
Diluted earnings per share
|
0.23
|
|
|
|
0.29
|
|
|
(a)
|
Adjustment to add back share based payment charge. This add back was not
previously presented as an adjustment for the three
months ended March 31, 2016 results of the Company. This change has been made to allow for comparability with the current
period.
|
(b)
|
Adjustment to eliminate exceptional items which management believes are
non-recurring and do not have a continuing impact.
See table 'Adjusted EBITDA (unaudited) three months ended March 31, 2016' for a detailed list of exceptional
items.
|
(c)
|
The Company's adjustment to eliminate (€13.2) million of foreign exchange
translation gains.
|
(d)
|
The Company's adjustment to reflect the tax impact of the above at the
applicable tax rate for each exceptional item, determined
by the nature of the item and the jurisdiction in which it arises.
|
Adjusted EBITDA (unaudited)
|
Three months ended March 31, 2016
|
|
|
€ in millions
|
Three months
ended March 31, 2016
|
Profit for the period
|
42.2
|
Taxation
|
16.5
|
Net financing
costs
|
5.7
|
Depreciation
|
10.5
|
Amortization
|
1.6
|
|
|
EBITDA
|
76.5
|
|
|
Exceptional items:
|
|
Costs related to
transactions
|
1.0 (a)
|
Costs related to management incentive plans
|
1.2 (b)
|
Investigation and implementation of strategic opportunities and other
items
|
3.8 (c)
|
Cisterna fire
costs
|
0.3 (d)
|
Findus Group integration
costs
|
4.2 (e)
|
Remeasurement of indemnification
assets
|
12.6 (f)
|
|
|
Other
Adjustments:
|
|
Share based payment
charge
|
0.2 (g)
|
|
|
Adjusted EBITDA (h)
|
99.8
|
|
|
(a)
|
Elimination of costs incurred in relation to completed and potential
acquisitions and one-off compliance costs incurred as a result
of listing on the New York Stock Exchange.
|
(b)
|
Adjustment to eliminate long term management incentive scheme costs from
prior ownership.
|
(c)
|
Elimination of costs incurred in relation to investigation and
implementation of strategic opportunities and other items for the
combined group following acquisition by the Company and other items considered non-recurring.
|
(d)
|
Elimination of incremental operational costs incurred as a result of a fire
in August 2014 in the Iglo Group's Italian production
facility which produces Findus branded stock for sale in Italy.
|
(e)
|
Elimination of costs recognized by Nomad Foods relating to the integration
of the Findus Group.
|
(f)
|
Adjustment to reflect the remeasurement of the indemnification assets
recognized on the acquisition of the Findus Group, which
is capped at the value of shares held in escrow at the share price as at March 31, 2016.
|
(g)
|
Elimination of the 2016 Non-Executive Directors Restricted Stock
Award.
|
(h)
|
Adjusted EBITDA margin 18.2% for the three months ended March 31, 2016
is calculated by dividing Adjusted EBITDA by
revenue of €547.1 million per page 9.
|
Nomad Foods Limited
|
Adjusted Financial Information (continued)
|
|
|
Appendix 1: Reconciliation from reported to organic revenue
growth
|
Year on Year Growth - March 31, 2017 compared with March 31,
2016
|
|
|
|
YoY
Growth
|
Reported Revenue
Growth/(Decline)
|
(2.9%)
|
Trading Day
Impact
|
1.7%
|
Translational FX
(a)
|
2.3%
|
|
|
Organic Revenue
Growth/(Decline)
|
1.1%
|
|
|
(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 expectations regarding (i) the Company's ability to expand its presence in the frozen foods
market; (ii) the success of the Company's strategic initiatives; (iii) completion of successful acquisitions in the
same and adjacent categories; (iv) the future operating and financial performance of the Company including our guidance with
respect to Adjusted EBITDA; (v) synergies from combining the Findus and Iglo businesses and (vi) the success of the
unified Findus brand. 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) economic conditions, competition and other risks that may affect the Company's
future performance; (ii) the risk that securities markets will react negatively to actions by the Company; (iii) the
ability to recognize the anticipated benefits to the Company of strategic opportunities; (iv) the successful completion of
strategic acquisitions; (v) changes in applicable laws or regulations; and (vi) the other risks and uncertainties
disclosed in the Company's public filings and any other public disclosures by the Company. Given these risks and uncertainties,
prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak
only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation
to update or revise publicly any forward-looking statements, whether as a result of new information, future events or
otherwise.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nomad-foods-reports-first-quarter-2017-financial-results-300463722.html
SOURCE Nomad Foods Limited