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We will now take our first question from Cathal Kenny from Davy Research. It can take a few quarters to level out and rebalance. Your line is open. 39:51 We progressed our portfolio activity in-line with the strategy of simplifying our business behind our growth platforms to the disposal of our interest in Glanbia Ireland to the Co-op. The impact of inflation in GPN is material with the year-over-year cost of goods inflation of approximately 20% with inflation of dairy input costs around 70% of that total figure. And why did the diet routine not return, because we, of course, have also seen that the U.S. market is open for a bit longer. We've touched on many of these areas, earlier in our presentation today. 14:43 On our GPN lifestyle nutrition brand portfolio, again, it's 31% of our overall branded revenues and that grew by almost 4% in 2021. And we're confident that we will do that through '21. We are almost concluded. And the reason I can say that is the scale of the transformation work that we have done. PDF. However, a return to lockdowns in Q4 did result in year-on-year decline, albeit not to the extent of Q2. With this program, we are optimizing our gross margins, and that is giving us the space to invest in our brands if we feel thats needed. And our consumer research will tell us very clearly that a significant number of consumers, particularly in our core North America absolutely still want to lose weight, but there has been waves of caution around COVID and around mobility. And your question around inventory, an important one, we have very new disciplines now in terms of; a, we have, as you know, changed quite a lot of our distributors in a number of different markets. And maybe just as well if you could just say what you think your expectation is for overall GPN like-for-like growth for the full year? In the joint venture, Southwest Cheese had a very, very strong performance. And so that gives us the confidence to continue to invest as we move through the year. We anticipate approximately 5 million of additional costs will be incurred in the second half related to this transformation program, which will conclude the investment phase of the program. So both ON and SlimFast are strong brands that we believe are well positioned as consumers increase engagements and the motivations of active lifestyle and weight management in a post-COVID environment. In fact, we believe that it was the right decision. Could you give an idea of the level of increase in marketing investments that you're talking about? October 11, 2022. We have already started to see some of that in the first quarter that I've referenced. Glanbia PLC (OTCPK:GLAPF) Q4 2020 Earnings Conference Call February 24, 2021, 03:30 ET Company Participants Liam Hennigan - Group Director of Strategic Planning & IR Siobhn Talbot -. So I wonder if you could just talk about where we are with contract now in terms of the size and expectations, whether it's completely out by the end of '21. Firstly, we have brought a sharper geographic focus to the business. Good morning, and welcome to the Glanbia plc 2021 Full Year Results Call with Siobhan Talbot, Group Managing Director; and Mark Garvey, Group Finance Director. This growth has been converted into a significant profit uplift, with GPN EBITA up year-on-year 418.4% and GN EBITA up 17.1%. So, really pleased to see that, and that's been an ongoing point to focus for us. I noticed a lot of your COVID costs were in your exceptional items. So, we continue to see that very strong optimum performance, think! 35:42 Weve enhanced our capabilities across bioactive, flavors, both further has destocking technologies, plant-based solutions, and of course, novel ingredients, including for example, clean label, edible film, and glitter. And secondly, we are about micronutrients [indiscernible] both blend on vitamin and mineral premixes, which support consumer needs across a range of needs, infant nutrition, clinical nutrition, immunity, and mainstream food and beverage. Those are the two questions. There was a one-off benefit of 3.4 million from a legal settlement which also occurred during the second quarter, and there were acquisition transaction and integration-related costs of 3.4 million incurred during the year. Obviously, all within the view that we'd like to make sure we're maintaining a 12% to 13% margin overall as we look at that. It's extremely difficult to be absolutely prescriptive at this point of the year on the level of top line growth. 22:59 Share of joint ventures reports to the continuing operations, rose 19.2 million, profit up to tax compared to 37.7 million in 2021. We are a global nutrition company on a mission to help people lead healthy, active lives. But if you think about the operating model going forward with structural gross margin improvement and higher A&P support, how should that look like? Pricing trends in Q4 continued the positive trajectory of Q3 as those price increases implemented in the second half drove overall pricing positive for the full year. And we'll keep our dividend payout ratio between the 25% and 35% range. But the real variable within that is actually the incremental marketing investment that I mentioned. Is that the right way to think about it? 51:16 So while our [indiscernible] continues to be areas we've spoken about before continuing to innovate, doing some really good work in terms of broadening the reach of the brands, we've been very focused on the weight, the fast weight loss piece for broadening, the brand into the weight management. You may now disconnect. And as I referenced, consumption for ON in North America grew by 4%, largely driven by the accelerated channel shift by consumers to e-commerce. Thank you. So there, too, very pleased that, again, despite the vagaries of COVID and, again, while shipments -- in fact, shipments for Optimum were quite positive as well as consumption. Our EBITA performance in GPN at 90.2 million was up over 400% from the prior year, reflecting our strongest first half performance in GPN. Thanks a million for that. Pricing, too, was largely positive across the year, driven by the cheese business. As well as our strong top line growth, we saw a significant uplift on margins, which improved by over 1,000 basis points to 14.1% from last years low. Glanbia's (GLAPF) Management on Half Year 2020 Results - Earnings Call In 2021, we would expect the results for joint ventures to be more in line with the 2019 result as we do not expect the favorability we saw in 2020 to repeat. So lots of reasons to believe in top line. We clearly have the direct-to-consumer technology where we can integrate the company quite easily into our existing Body & Fit platform, for example. But our overall powder performance did actually very well and continues to be very resilient. Thank you. On the call today, I will outline a summary of our financial performance of strategic execution during 2021, as well as the trends we are so far in 2022. 54:50 And indeed people not back in offices or doing all of the things that we all did so frequently pre-COVID, it is really and only just fat caution. On the call today, I will outline a summary of our financial performance of strategic execution during 2021, as well as the trends we are so far in 2022. Did you get my questions? Please go ahead. It drove good pricing momentum in the second half, which again takes us into positive for the full year. COVID, as we know, has not gone away and the teams continue to execute really well, both operationally and strategically, while navigating the ongoing challenges of this pandemic. Like-for-like revenue increased 1.8% constant currency. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Please go ahead, sir. 1-800-Flowers.com (FLWS) Q1 2023 Earnings Call Transcript. And together that delivered branded like-for-like revenue growth to 2021 of over 18%, and a two-year growth of over 5%, having fully recovered from the COVID challenges of 2020. And so and if you take certain diets, for example, like the Keto diet, it takes an element of discipline. And if Ive missed an earlier question on that, forgive me. SlimFast, again, very classic marketing, its all there about the master brands and how that interacts. Your point on marketing and this has been something, I suppose, we have been talking to over the last number of years. I just wondered if you could lay out some of the criteria that you're thinking about for those and where we might expect those in terms of maybe categories or geographies. Dairy, as you can imagine, particularly on the ready-to-eat space, was more impacted by COVID as we were coming through 2020 and the early part of 21. Good morning, and welcome to the Glanbia plc Half Year 2020 Results Call with Siobhn Talbot, Group Managing Director; and Mark Garvey, Group Finance Director. 24:53 Net-debt-EBITDA was 1.71x and interest cover was 15.1x, well within covenants and the group has total available banking facilities of 1.16 billion with no arrangement expiring prior to January 2024. So I think we will watch that into the fall and into the winter and the new diet season. I will walk through some key financial highlights of the year. As of yesterday, we had purchased 4.1 million shares for a total of 41.4 million at an average price of 10.16. During the year, the group acquired Foodarom for an initial purchase price of CAD 60 million and invested 48 million in strategic capital expenditure. And in that context, the business and team delivered a strong build on that performance in 2021. 46:26 The shape of the movements through 2021 and 2022 means that you're going to see the bulk of the margin drag actually in the first half because we've been coming from a declining market in 2020 into a rising market of 2021. 33:55 We had good growth across all of our channels in 2021, as continued growth in channels that had performed well through COVID such as online and Food, Drug, Mass and Club complemented a recovery in the more COVID-related channels of specialty and distributors. From a brand perspective, Optimum Nutrition performed well, with positive consumption in measured channels, while the more specialty brands of BSN and Isopure were negatively impacted by COVID restrictions. Our strategic priorities are not new and our focus on driving growth in our portfolio of leading sports and lifestyle brands and science led ingredient solutions through a blend of organic and acquired growth. 25:09 In 2021, the Group had exceptional items of 42.1 million net of tax, which are primarily related to the transformation programme Glanbia Performance Nutrition and the restructuring of pension liabilities. Earnings per share was $2.35 . 65:40 We'll now take our next question from Lauren Molyneux. On these ventures through universal self-financed models provide supply chain and innovation capability, provides visibility and assurance, which support our two primary growth platforms. So I think we had a number of factors come together. 22:38 As finance costs for the year was 17.5 million, compared to 20.5 million, reflecting the benefit of lower average net debt in 2021 compared to the prior year. This was driven by both increased brand investment and the return of consumers to our brands as lockdown restrictions ease globally. And my second question is just on margins, I guess, particularly GPN margins. INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. Group Managing Director & Executive Director, Group Finance Director & Executive Director, Senior Independent Non-Executive Director. Media Update: New two-year efficacy and safety data for tolebrutinib, Sanofi's investigational, brain-penetrant and bioactive BTK inhibitor, to be presented at ECTRIMS 2022. From a category perspective, we saw good demand across clinical, supplements and, indeed, mainstream food and beverage. Id now like to speak briefly to the GPN transformation project. Looking at the groups income statement for the half year, wholly owned revenues were 2 billion, up 20.3% constant currency. In my comments, I did mention we have another smaller amount of investment for the second half, but we are almost done in terms of the restructuring work we have actually put in place, whether its resetting distributor relationships, existing contract, combining our manufacturing facilities, that will be done essentially by the end of this year, a little bit ahead of schedule for us as well. This call is now Again, thank you for -- thank you to everybody for your time today. In GPN, we have continued strong momentum in our performance in general lifestyle brands, while the diet category remains sluggish as consumers just didn't prioritize dieting in a COVID challenged environment. And were really excited to have the acquisition of the 60% stake in LevlUp, a profitable e-commerce gaming nutrition brand for our GPN direct-to-consumer portfolio. And as a result of that, GPN was really well-positioned when markets reopened this year. That has been a very successful acquisition program with Watson and Foodarom over the last 2 years. Transcript : Glanbia plc, 2021 Earnings Call, Mar 03, 2022 Thats a very new company. Irish food group Glanbia has reported a near 8 per cent fall in underlying earnings on back of a notable contraction in its performance nutrition business. 25:36 18 million pretax was incurred in the current year of the programme and the investment phase of this multi-year strategic program is now complete and no further costs are anticipated. 44:51 We've seen this before, as I say, in 2014 and what has happened is that demand ultimately responds to high prices and supply, sorry, supply response to high prices and it starts to meet demand. So you mentioned COVID cost in the second quarter. At this time, I would like to turn the. Please go ahead. The average euro-dollar rate for the year was $1.1420 compared to $1.12 for the prior year, resulting in an approximate 1.5% headwind in reported results compared to constant currency. The total 2021 dividend will be within the groups 25% to 35% of adjusted earnings per share payout ratio. Turning to the GPN growth strategy. No companies found. Under "subject", search for and add the "transcripts" using the blue up arrow. 23:40 Operating cash flow generated for the year was 334 million -line with the prior year, obviously albeit with higher EBITDA and increased working capital investments. We have a wide range of 6% to 12%. And what we have been increasing there is our digital touch points around the SlimFast app, around social engagement. 03:08 2022 has started very well, we expect further revenue and earnings growth this year. Thank you. I will walk through the results of the first half of 21. We expect adjusted EBITDA of between $641 million and $671 million, and adjusted EPS adjusted for special items -- I'm sorry. I mean I think in Q2 you were nearly at 7% level. 46:05 To your point around our hedging strategy in the context of what we were seeing at the back end of 2021, the GPN team again, who are very good at procurement in this space went long in terms of supply. Yes. There's generally a lift in January versus the prior back-end of the year. And have you noted any changes in your competitive landscape? And you mentioned a strong start to 2022. The group has ended the half with a strong balance sheet. And then my second question is on SlimFast, sorry, Mark, you were just talking about a little bit in the last answer to the question. With that, operator, Id like to turn the call over to questions. And so that and focusing really on the key brands that I have referenced, Optimum Nutrition, SlimFast and where we have particular opportunities to dial up our message on think! Glanbia plc (OTCPK:GLAPF) Q3 2019 Earnings Conference Call October 31, 2019 4:30 AM ET Company Participants Liam Hennigan - Group Director-Strategic, Planning and Investor Relations Siobhan. Operating earnings of $1.1 billion and net earnings of $902 million. And we have a long experience and these knowledge of the dairy space and that gives us confidence to navigate this current inflationary cycle. But there are a number of things going on with the North America team particularly that I think we will be excited to talk about into next year in terms of innovation and what we are doing with our brands. And on the GPN margin, absolutely. We absolutely believe that, that will come back given the exact timing of when they will come back, it could be a point of discussion, probably the latter part of the year, maybe around Q4. Please go ahead. McDonald's Q3 2022 Earnings Call Transcript Thu., October 27, 2022 | AlphaStreet Listen to Conference Call Participants Corporate Executives Mike Cieplak Investor Relations Chris Kempczinski President & Chief Executive Officer Ian Borden Chief Financial Officer Analysts John Glass, Morgan Stanley Dennis Geiger, UBS Eric Gonzalez, KeyBanc From an ingredient perspective, NS has strong capability across both dairy and non-dairy, with non-dairy now representing 59% of the business and is primarily focused on micro nutrients immunity solutions and flavors. Like-for-like revenue declined 13.3%, including the impact of the exit of the U.S. contract business, with like-for-like branded revenue down 10.8% in 2020. I think this is the right thing to do, and I strongly believe it will have a positive impact on all of our stakeholders. This is the operator speaking. Our after-tax underlying underwriting gain of $478 million was once again very strong. 45:20 That's not to say, they're not seeing their own inflation headwinds, but over the run of 2022 and as we come into 2023, Im very confident that milk supply globally will grow and particularly in the high-end ways we will see that supply meeting demand and therefore pricing normalizing. And the brands have some really exciting programs across new campaigns, product launches and various events planned across core retailers in the U.S. in the second half as well as an ongoing expansion of our digital touch points with consumers. 27:43 And importantly, at the upcoming AGM, the board will take approval to renew the group's authorization to continue to use share buyback programs as a capital allocation tool. Plenty to be done. And within our key platforms, GPN delivered like-for-like branded revenue growth of 30.5%, and Nutritional Solutions grew revenue by 20.7%. And interestingly, in terms of our portfolio, protein stayed very resilient, and protein powder is actually very resilient. Turning then to GPN performance, we saw very strong consumption trends, which accelerated in the second quarter, which drove that 30.5% increase in like-for-like branded revenue. And the broad portfolio reach, the depth of our customer relationships, both those factors were such that the business navigated the year extremely well, despite the challenges of COVID in some areas. Couple of questions for me. 51:59 Maybe Mark will take the large point. It's really difficult to be prescriptive on the quarter that that flows through, but our general knowledge of dairy is that dairy does respond to high pricing and prices are very high for milk, right across the globe currently. The group ended the year with a strong balance sheet and net debt is 603 million, and a net debt EBITDA ratio of 1.7x in-line the prior year. So we'll update that all through the year as we speak with you. So, very pleased to get over 10% again at 10.1% and obviously our ambition is to drive that on further, but to your question on M&A, M&A is absolutely an important part of our overall investment strategy, as well as our internal organic CapEx program as well. Food, drug, mass and club and online channels remained open during the 2020 lockdowns, so we were really happy to see continued growth in those channels. So, we brought the science to the marketing really as one should and are really focused on in very real-time, establishing what are the best returns that we can get. I'll outline how the pandemic has changed our markets and how we've evolved our strategy to drive growth in 2021 from our growth platforms of GPN and GN. Can this be 2023 or is it going to be longer than that? GLAPY (Glanbia) Shiller PE Ratio as of today (November 03, 2022) is 15.45. As always, I'm very happy take any follow-up questions. 53:05 Yes. As Siobhn said, 2020 was a challenging year, particularly in the second quarter, as most of our key markets were severely impacted by lockdowns as a result of the pandemic. Having completed a number of years ago a full integration of all our technology offerings to create one platform and one face to the customer, we now have built on those technologies with strong organic growth and a number of bolt-on acquisitions. We expect high single-digit revenue growth and EBITDA broadly in-line with 2021 levels. As always, this is due to the efforts of our people, our supply chain partners and, of course, our customers and consumers. That gives us some comfort around that. But we do, at this point, expect the level of disruption to alleviate as we move through particularly the second half. 31:52 Margin optimization is of course and has been an ongoing focus for the group, particularly again in those growth platforms of GPN and GN Nutritional Solutions. What gives us a tremendous amount of confidence, of course, is that we can see on the bottom line that we have improvements coming through on momentum. 47:14 Yes, it's an interesting point actually because I would say that the high-end whey rose earlier than the generally dairy complex, but as youve probably seen in the recent times, all of dairy has increased, particularly protein, but still when you look at a relative point of protein base of high-end whey would still be out of [indiscernible] versus the commodities. And clearly, the more the revenues come through, the operating leverage gives us improvement as well on the margin side. And building on the trust that consumers have in our brand Optimum Nutrition, we launched the Building Better Lives campaign. On the margin side, we're somewhat more confident as the successful continuation of the GPN transformation program underpins our expectation of the delivery of double-digit margins in GPN in 2021. -, Glanbia confident for full-year on strong quarterly revenue growth, Transcript : Glanbia plc, Q3 2022 Interim Management Statement Call, Nov 03, 2022, Glanbia's Q3 Revenue Surges 37% On Pricing Growth. So we expect that to rightsize itself as we get into 2021, but we are seeing some of those additional costs come through in North America. Yes, of course, competitively, there will be different activities happening in terms of promotional agendas. I know its obviously going to be down versus H1 in H2, but it can be down year-on-year as well. Glanbia plc (OTCPK:GLAPF) Full Year 2019 Earnings Conference Call February 26, 2020 4:00 AM ET Company Participants Liam Hennigan - Group Director-Strategic, Planning and Investor Relations. Question on your 2022 margin guidance in GPN, could you clarify once again what you are assuming in terms of pricing and inflation? Our environmental sustainability strategy, which is labeled Pure Food + Pure Planet, was published with associated targets. But were obviously hearing from some other companies as well about the softness of the weight management category, Weight Watchers were calling it out. North America Lifestyle delivered a robust performance, albeit that like-for-like revenue declined 5.3%. 27:53 And with that, I would hand it back to Siobhan. Yes, no problem. I wondered, firstly, on GPN, you referenced the key brands increasing in consumption, I think, 4% in measured channels for Optimum Nutrition and SlimFast. Like all of our joint ventures, these JVs are independently financed with our own banking facilities, which are nonrecourse to the group. For us, really, it's more what can drive top line in the first instance in terms of potential acquisition opportunities here. And that will continue to be a very live program for us for brands like Optimum Nutrition. We do expect some margin headwinds in the second half due to input cost inflation and a rebalancing of mix as the dairy ingredient volumes will pick up further. In the second half of 2019, the group performed a comprehensive review of GPN across brand strategy, geographic footprint and operating model. Probably the judgment call for us, in many instances, James, is that we believe, for example, the trigger events for SlimFast will happen at some point through '21. Some of thats coming through from our transformation program to allow us to invest more in our brands in terms of moving them forward with the consumer. In the first half, the group, including joint ventures, incurred exceptional charges of 52.2 million net of tax, which are related to the transformation program in Glanbia Performance Nutrition and the restructure of the groups legacy UK pension schemes. Our systems are very well capable of making sure we manage that. The effective tax rate for the year was 11.3%, a decrease from 12.3%, representing the geographic footprint of the group's profitability during the year. COVID-19 is a health crisis. The average maturity of the group's facilities was 4.4 years compared to 2.8 years in the prior year. Please go ahead. Directions: Under "company", search for and add the company name using the blue up arrow. Within GPN, the transformation project, which commenced in late 2019, is very much on track and delivering ahead of expectations. Demand for dairy protein as a nutrition source has also been resilient through the crisis. Thank you. So, that really gives us the confidence because we can see line of sight of that. The group has a strong balance sheet that ended 2021 with net debt of 603 million, compared to 494 million at the end of the prior year. We have increased marketing investment in these brands in recent years and we will continue to do that in 2021. 12:55 Turning then to our leading brands. Wholly owned revenue grew by 0.6% constant currency to 3.8 billion, with a good performance from Glanbia Nutritionals, offset by Glanbia Performance Nutrition weakness, particularly in Q2. 30:54 I've outlined earlier, our performance expectations for 2022, which are focused on growing revenue and earnings, despite significant inflation headwinds across the group. Nutritional Solutions extended its strategic capabilities through the acquisition of Foodarom in the third quarter. As I said, we are seeing really good growth for our Nutritional Solutions across a wide range of other categories, mainstream food and beverage, beverage in particular, immunity, supplementation. Driven by brand expansion and good philosophies across key channels. Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Please disable your ad-blocker and refresh. We maintained the integrity of our supply chain throughout 2021 and into 2022 to maintain delivery of our nutritious brands and ingredients to our customers and consumers. I have two questions. The depth of the portfolio in GN and the robust business models of our joint ventures continued to deliver this year. And today, were launching a new 50 million share buyback program. Yes, thank you for that. 06:18 Our number one priority, since the outset of the pandemic has been the health and safety of our employees. The first one is, coming back to the U.S. dieting market, what does your consumer inside tells you [indiscernible] long now in the U.S.? Our Optimum Nutrition and SlimFast brands are market leaders in their respective categories. Q3. The machine-assisted output provided is partly edited and is designed as a guide.
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