Revenue growth of +5.8% with Adjusted EPS of
€0.46
Updated Full Year Adjusted EPS Guidance of
€1.52 - €1.55
FELTHAM, England, May 10, 2023
/PRNewswire/ -- Nomad Foods Limited (NYSE: NOMD), today reported
financial results for the three month period ended March 31, 2023. Key operating highlights and
financial performance for the first quarter 2023, when compared to
the first quarter 2022, include:
- Reported revenue increased 5.8% to €775 million
- Organic revenue growth of 8.0%
- Reported Profit for the period of €41 million
- Adjusted EBITDA increased 11.3% to €146 million
- Adjusted EPS increased 7.0% to €0.46
Management Comments
Stéfan Descheemaeker, Nomad
Foods' Chief Executive Officer, stated, "Nomad Foods got off to an
exciting start in 2023 as our revenue momentum from the second half
of last year continued through the beginning of this year. During
the quarter, we grew organic sales 8.0%, Adjusted EBITDA 11.3%, and
Adjusted EPS 7.0% year-over-year. Our strong overall performance
benefited from double-digit pricing realization, disciplined supply
chain management, and the roll-out of the new commercial and supply
chain strategies that we announced in February. As a result of this
strong performance, we are raising the bottom end of our expected
Adjusted EPS range to €1.52 from €1.50. Our new guidance stands at
€1.52 to €1.55, based on the expectation of mid-single-digit
revenue growth and Adjusted Free Cash Flow conversion in the range
of 90% to 95%, which are both unchanged from our original
guidance."
Noam Gottesman, Nomad Foods'
Co-Chairman and Founder, commented, "We are delighted to report a
strong set of results to start 2023, anchored by leading brands,
top-notch people, and excellent supply chain execution. The steps
we took to further refine and protect our business last year were
evident in our performance during this quarter and have proved
Nomad Foods' continued resilience. We delivered double-digit
pricing, maintained our investment in long-term growth, and
expanded margins, which positions us well for the balance of the
year and gives us confidence to deliver our revised guidance.
Frozen food remains a compelling value proposition to our consumers
in any economic environment, and we see more opportunities ahead.
We will continue to invest in sustainable growth and driving value
for shareholders."
First Quarter of 2023 results compared to the First
Quarter of 2022
- Revenue increased 5.8% to €775 million. Organic
revenue growth of 8.0% was comprised of a 7.1% decline in
volume/mix offset by a 15.1% increase in price.
- Gross profit increased 9.5% to €224 million. Gross
margin increased 100 basis points to 28.9%, 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 cover
positions from 2022.
- Adjusted operating expenses increased 6.1% to €100
million.
- Adjusted EBITDA increased 11.3% to €146 million and
Adjusted Profit for the period increased 7% to €81 million
due to the aforementioned factors.
- Adjusted EPS increased 7.0% to €0.46, reflecting the
increase in Adjusted Profit after tax. Reported EPS decreased 25.0%
to €0.24.
2023 Guidance
For the full year 2023,
management now expects Adjusted EPS of €1.52 to €1.55 versus our
previous guidance of €1.50 to €1.55. We have raised the bottom end
of our range to €1.52 from €1.50. Full year guidance assumes
mid-single-digit organic revenue growth and Adjusted Cash Flow
conversion in the range of 90% to 95%.
Conference Call and Webcast
The Company will
host a conference call with members of the executive management
team to discuss these results today, Wednesday, May 10, 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 North America by
dialing +1-844-512-2921 and by international listeners by
dialing +1-412-317-6671; the replay pin number is 10177893.
Nomad Foods Contacts
Investor Relations
Contact
Anthony Bucalo
Nomad Foods Limited
+1-914-907-8724
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.
Financial Information
Nomad Foods is presenting
Adjusted and Organic financial information, which is considered
non-IFRS financial information, for the three months ended
March 31, 2023 and for comparative purposes, the three months
ended March 31, 2022.
Adjusted financial information for the three months ended
March 31, 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 months ended
March 31, 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 7 to 10, 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
March 31, 2023 and March 31, 2022
|
|
|
|
|
|
Three months
ended
March 31, 2023
|
|
Three months
ended
March 31, 2022
|
|
€m
|
|
€m
|
Revenue
|
775.1
|
|
732.9
|
Cost of
sales
|
(550.9)
|
|
(528.2)
|
Gross
profit
|
224.2
|
|
204.7
|
Other operating
expenses
|
(114.5)
|
|
(98.1)
|
Exceptional
items
|
(30.1)
|
|
(19.0)
|
Operating
profit
|
79.6
|
|
87.6
|
Finance
income
|
1.1
|
|
0.9
|
Finance
costs
|
(30.1)
|
|
(15.5)
|
Net financing
costs
|
(29.0)
|
|
(14.6)
|
Profit before
tax
|
50.6
|
|
73.0
|
Taxation
|
(9.4)
|
|
(17.0)
|
Profit for the
period
|
41.2
|
|
56.0
|
|
|
|
|
Basic & diluted
earnings per share in €
|
0.24
|
|
0.32
|
Nomad Foods Limited
As Reported
Condensed
Consolidated Interim Statements of Financial
Position
As at March 31,
2023 (unaudited) and December 31, 2022
(audited)
|
|
|
|
|
|
As at March 31,
2023
|
|
As at December 31,
2022
|
|
€m
|
|
€m
|
Non-current
assets
|
|
|
|
Goodwill
|
2,101.2
|
|
2,101.6
|
Intangibles
|
2,457.1
|
|
2,457.6
|
Property, plant and
equipment
|
553.3
|
|
542.9
|
Other non-current
assets
|
8.0
|
|
8.1
|
Derivative financial
instruments
|
0.4
|
|
0.2
|
Deferred tax
assets
|
104.2
|
|
100.4
|
Total non-current
assets
|
5,224.2
|
|
5,210.8
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
370.9
|
|
369.7
|
Inventories
|
493.2
|
|
457.1
|
Trade and other
receivables
|
319.0
|
|
266.8
|
Indemnification
assets
|
1.8
|
|
1.8
|
Derivative financial
instruments
|
12.7
|
|
19.9
|
Total current
assets
|
1,197.6
|
|
1,115.3
|
Total
assets
|
6,421.8
|
|
6,326.1
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
726.0
|
|
695.4
|
Current tax
payable
|
182.5
|
|
183.0
|
Provisions
|
52.9
|
|
36.1
|
Loans and
borrowings
|
24.3
|
|
22.6
|
Derivative financial
instruments
|
4.7
|
|
3.7
|
Total current
liabilities
|
990.4
|
|
940.8
|
Non-current
liabilities
|
|
|
|
Loans and
borrowings
|
2,138.3
|
|
2,142.3
|
Employee
benefits
|
135.3
|
|
132.1
|
Other non-current
liabilities
|
1.0
|
|
1.1
|
Provisions
|
1.6
|
|
1.3
|
Derivative financial
instruments
|
70.1
|
|
56.6
|
Deferred tax
liabilities
|
441.5
|
|
445.7
|
Total non-current
liabilities
|
2,787.8
|
|
2,779.1
|
Total
liabilities
|
3,778.2
|
|
3,719.9
|
Net
assets
|
2,643.6
|
|
2,606.2
|
Equity attributable
to equity holders
|
|
|
|
Share capital and
capital reserve
|
1,596.7
|
|
1,596.7
|
Share-based
compensation reserve
|
22.1
|
|
13.8
|
Translation
reserve
|
89.3
|
|
89.3
|
Other
reserves
|
10.8
|
|
19.8
|
Retained
earnings
|
924.7
|
|
886.6
|
Total
equity
|
2,643.6
|
|
2,606.2
|
Nomad Foods Limited
As Reported
Condensed
Consolidated Interim Statements of Cash Flows
(unaudited)
For the three months
ended March 31, 2023 and the three months ended March 31,
2022
|
|
|
|
|
|
For the three
months
ended March 31, 2023
|
|
For the three
months
ended March 31, 2022
|
|
€m
|
|
€m
|
Cash flows from
operating activities
|
|
|
|
Profit for the
period
|
41.2
|
|
56.0
|
Adjustments
for:
|
|
|
|
Exceptional
items
|
30.1
|
|
19.0
|
Share based payment
expense
|
12.3
|
|
1.2
|
Depreciation and
amortization
|
22.3
|
|
21.2
|
Loss on disposal of
property, plant and equipment
|
0.5
|
|
0.1
|
Net finance
costs
|
29.0
|
|
14.6
|
Taxation
|
9.4
|
|
17.0
|
Operating cash flow
before changes in working capital, provisions and
exceptional items
|
144.8
|
|
129.1
|
Increase in
inventories
|
(34.3)
|
|
(19.6)
|
Increase in trade and
other receivables
|
(53.7)
|
|
(54.2)
|
Increase in trade and
other payables
|
20.6
|
|
44.1
|
Increase in employee
benefits and other provisions
|
1.9
|
|
0.5
|
Cash generated from
operations before tax and exceptional items
|
79.3
|
|
99.9
|
Cash flows relating to
exceptional items
|
(14.0)
|
|
(12.6)
|
Tax paid
|
(10.0)
|
|
(9.1)
|
Net cash generated
from operating activities
|
55.3
|
|
78.2
|
Cash flows from
investing activities
|
|
|
|
Purchase of property,
plant and equipment and intangibles
|
(20.6)
|
|
(20.4)
|
Interest
received
|
1.1
|
|
—
|
Cash used in
investing activities
|
(19.5)
|
|
(20.4)
|
Cash flows from
financing activities
|
|
|
|
Repurchase of ordinary
shares
|
—
|
|
(26.8)
|
Payment of lease
liabilities
|
(7.0)
|
|
(5.5)
|
Payment of financing
fees
|
(0.5)
|
|
—
|
Interest
paid
|
(19.3)
|
|
(22.7)
|
Other financing cash
flows
|
—
|
|
1.7
|
Net cash used in
financing activities
|
(26.8)
|
|
(53.3)
|
Net increase in cash
and cash equivalents
|
9.0
|
|
4.5
|
Cash and cash
equivalents at beginning of period
|
366.8
|
|
254.2
|
Effect of exchange
rate fluctuations
|
(4.9)
|
|
(2.9)
|
Cash and cash
equivalents at end of period
|
370.9
|
|
255.8
|
Nomad Foods Limited
Adjusted Financial
Information
(In € millions, except per share data)
Reconciliation of Non-IFRS Financial Measures
The following table reconciles adjusted financial information
for the three months ended March 31,
2023 to the reported results of Nomad Foods for such
period.
Adjusted Statement
of Profit or Loss (unaudited)
Three Months Ended
March 31, 2023
|
|
|
|
|
|
|
|
|
€ in
millions, except per share data
|
As reported for
the
three months ended
March 31, 2023
|
|
Adjustments
|
|
|
|
As adjusted for
the
three months ended
March 31, 2023
|
Revenue
|
775.1
|
|
—
|
|
|
|
775.1
|
Cost of
sales
|
(550.9)
|
|
—
|
|
|
|
(550.9)
|
Gross
profit
|
224.2
|
|
—
|
|
|
|
224.2
|
Other operating
expenses
|
(114.5)
|
|
14.3
|
|
(a)
|
|
(100.2)
|
Exceptional
items
|
(30.1)
|
|
30.1
|
|
(b)
|
|
—
|
Operating
profit
|
79.6
|
|
44.4
|
|
|
|
124.0
|
Finance
income
|
1.1
|
|
—
|
|
|
|
1.1
|
Finance
costs
|
(30.1)
|
|
5.9
|
|
|
|
(24.2)
|
Net financing
costs
|
(29.0)
|
|
5.9
|
|
(c)
|
|
(23.1)
|
Profit before
tax
|
50.6
|
|
50.3
|
|
|
|
100.9
|
Taxation
|
(9.4)
|
|
(10.9)
|
|
(d)
|
|
(20.3)
|
Profit for the
period
|
41.2
|
|
39.4
|
|
|
|
80.6
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding in millions - basic
|
174.5
|
|
|
|
|
|
174.5
|
Basic earnings per
share
|
0.24
|
|
|
|
|
|
0.46
|
Weighted average shares
outstanding in millions - diluted
|
174.5
|
|
|
|
|
|
174.5
|
Diluted earnings per
share
|
0.24
|
|
|
|
|
|
0.46
|
|
|
(a)
|
Represents share based
payment charge including employer payroll taxes of €13.9 million
and non-operating M&A transaction
costs of €0.4 million.
|
(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 €5.8
million of foreign exchange translation losses and €0.1 million of
foreign exchange losses on derivatives.
|
(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 March 31,
2022 to the reported results of Nomad Foods for such
period.
Adjusted Statement
of Profit or Loss (unaudited)
Three Months Ended
March 31, 2022
|
|
|
|
|
|
|
|
|
€ in
millions, except per share data
|
As reported for
the
three months ended
March 31, 2022
|
|
Adjustments
|
|
|
|
As adjusted for
the
three months ended
March 31, 2022
|
Revenue
|
732.9
|
|
—
|
|
|
|
732.9
|
Cost of
sales
|
(528.2)
|
|
—
|
|
|
|
(528.2)
|
Gross
profit
|
204.7
|
|
—
|
|
|
|
204.7
|
Other operating
expenses
|
(98.1)
|
|
3.7
|
|
(a)
|
|
(94.4)
|
Exceptional
items
|
(19.0)
|
|
19.0
|
|
(b)
|
|
—
|
Operating
profit
|
87.6
|
|
22.7
|
|
|
|
110.3
|
Finance
income
|
0.9
|
|
(0.9)
|
|
|
|
—
|
Finance
costs
|
(15.5)
|
|
—
|
|
|
|
(15.5)
|
Net financing
costs
|
(14.6)
|
|
(0.9)
|
|
(c)
|
|
(15.5)
|
Profit before
tax
|
73.0
|
|
21.8
|
|
|
|
94.8
|
Taxation
|
(17.0)
|
|
(2.5)
|
|
(d)
|
|
(19.5)
|
Profit for the
period
|
56.0
|
|
19.3
|
|
|
|
75.3
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding in millions - basic
|
174.4
|
|
|
|
|
|
174.4
|
Basic earnings per
share
|
0.32
|
|
|
|
|
|
0.43
|
Weighted average shares
outstanding in millions -
diluted
|
174.4
|
|
|
|
|
|
174.4
|
Diluted earnings per
share
|
0.32
|
|
|
|
|
|
0.43
|
(a)
|
Represents share based
payment charge including employer payroll taxes of €1.3 million and
non-operating M&A transaction
costs of €2.4 million.
|
(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 €0.9
million of foreign exchange translation gains.
|
(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
|
€ in
millions
|
March 31,
2023
|
|
March 31,
2022
|
Profit for the
period
|
41.2
|
|
56.0
|
Taxation
|
9.4
|
|
17.0
|
Net financing
costs
|
29.0
|
|
14.6
|
Depreciation &
amortization
|
22.3
|
|
21.2
|
Exceptional items
(a)
|
30.1
|
|
19.0
|
Other add-backs
(b)
|
14.3
|
|
3.7
|
Adjusted
EBITDA
|
146.3
|
|
131.5
|
|
|
|
|
Revenue
|
775.1
|
|
732.9
|
Adjusted EBITDA
margin (c)
|
18.9 %
|
|
17.9 %
|
|
|
(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
March 31, 2023 of €13.9 million (2022: €1.3 million) as well as the
elimination of non-operating M&A transaction costs for the
three month period to March 31, 2023 of €0.4 million (2022:
€2.4 million). We exclude these 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.
|
(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
- March 31, 2023 compared with March 31,
2022:
|
|
|
|
Three Months
Ended
March 31, 2023
|
|
YoY
change
|
Reported Revenue
Growth
|
5.8 %
|
|
|
Of which:
|
|
Organic Revenue
Growth/(Decline)
|
8.0 %
|
Translational FX
(a)
|
(2.2) %
|
Total
|
5.8 %
|
(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) the impact of commercial and supply chain strategies
on its overall performance; (ii) its future operating and financial
performance, including with respect to revenue growth, Adjusted
Free Cash Flow conversion, Adjusted EPS, 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 (v) 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 UK and
the European Union as a result of Brexit, as well as the potential
adverse impact of Brexit on currency exchange rates, global
economic conditions and cross-border agreements that affect the
Company's business; (xv) loss of the Company's financial
arrangements with respect to receivables factoring; (xvi) the loss
of any of the Company's major customers or a decrease in
demand for its products; (xvii) economic conditions that may affect
the Company's future performance including exchange rate
fluctuations; (xviii) the Company's ability to successfully
interpret and respond to key industry trends and to realize
the expected benefits of its responsive actions; (xix) the
Company's failure to comply with, and liabilities related to,
environmental, health and safety laws and regulations; (xx)
changes in applicable laws or regulations; and (xxi) 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.
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SOURCE Nomad Foods Limited