NOMAD FOODS LIMITED FELTHAM, England, Aug. 25, 2016 /PRNewswire/ -- Nomad Foods Limited ("Nomad Foods" or the "Company") (NYSE: NOMD), today issues the following trading update for the three and six month periods ended June 30, 2016.
Reported Results
Nomad Foods is presenting as reported consolidated operating results and financial information for the three and six months ended June 30, 2016.
Highlights for the three months ended June 30, 2016
-- Revenue for the three months ended June 30, 2016 was EUR455.9 million,
resulting in a EUR7.3 million loss after tax, which includes exceptional
items of EUR55.1 million.
-- For the three months ended June 30, 2015, revenue was EUR102.8 million,
resulting in a loss after tax of EUR396.6 million, primarily resulting
from exceptional non-cash charges related to the Founder Preferred
Shares Annual Dividend Amount of EUR349.0 million.
-- For the three months ended June 30, 2016, loss per share was EUR0.04
compared to a loss per share of EUR4.41 in the three months ended June
30, 2015.
Highlights for the six months ended June 30, 2016
-- Revenue for the six months ended June 30, 2016 was EUR1,003.0 million,
resulting in a EUR34.9 million profit after tax, which includes
exceptional items of EUR78.2 million.
-- For the six months ended June 30, 2015, revenue was EUR102.8 million,
resulting in a loss after tax of EUR541.0 million, primarily resulting
from exceptional non-cash charges related to the Founder Preferred
Shares Annual Dividend Amount of EUR492.6 million.
-- For the six months ended June 30, 2016, earnings per share was EUR0.19
compared to a loss per share of EUR7.73 in the six months ended June 30,
2015.
As Adjusted and Pro Forma As Adjusted Results
Highlights for the three months ended June 30, 2016
Nomad Foods is presenting As Adjusted financial information for the three months ended June 30, 2016. As Adjusted financial information for the three months ended June 30, 2016 includes the reported results of Nomad Foods for such period, adjusted for share based payment charges, exceptional items and non-cash foreign currency translation charges/gains.
For comparative purposes, Nomad Foods is presenting Pro Forma As Adjusted financial information for the three months ended June 30, 2015. Pro Forma As Adjusted financial information for the three months ended June 30, 2015 includes the reported results of Nomad Foods for such period, which includes the results of Iglo Foods Holdings Limited and its subsidiaries (the "Iglo Group") from June 1, 2015 and (i) the reported results of the Iglo Group for the two months ended May 31, 2015; and (ii) the consolidated carve out results of Findus Sverige AB and its subsidiaries (the "Findus Group") for the three months ended June 30, 2015. The Pro Forma As Adjusted results have been normalised for transaction-related items, exceptional items, foreign currency translation charges/gains and taxation.
Please see the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the As Adjusted and Pro Forma As Adjusted financial information to the reported results of Nomad Foods.
Financial Information
Pro Forma As
Adjusted for the
Reported/As Adjusted three months
for the three months
ended June 30, 2016 ended June 30, 2015
EUR in millions, except per share data Difference %
Revenue 455.9 488.0 (32.1) (6.6%)
Gross profit 139.6 148.4 (8.8) (5.9%)
Gross profit margin 30.6% 30.4% 0.2% 0.7%
Adjusted EBITDA 77.9 72.9 5.0 6.9%
Adjusted EBITDA margin 17.1% 14.9% 2.2% 14.8%
Adjusted profit for the period 35.4 31.6 3.8 12.0%
Adjusted basic and diluted earnings per share EUR0.19 EUR0.18 EUR0.01 5.6%
-- Revenue was down EUR32.1 million or 6.6%, year-on-year. Adjusting for
currency impacts of EUR12.5 million and the exit from Russia of EUR1.6
million, the like for like decline was 3.8% - a 2.3% improvement on the
rate of decline in the first quarter of 2016. As has been the case in
the past few quarters, the decline in sales was driven by the Company's
three largest markets, namely the UK, Italy and to a lesser extent
Germany, although each of these markets again showed reduced rates of
decline year-on-year compared to the prior quarter.
-- Gross Profit declined EUR8.8 million compared to the Pro Forma As
Adjusted Gross Profit, driven primarily by lower sales volumes and
product mix partially offset by favourable pricing impacts.
-- Gross Profit Margin improved by 0.2% compared to the Pro Forma As
Adjusted Gross Profit Margin, driven by favourable pricing impacts,
improved trade terms management and a reduction in input costs.
-- As Adjusted EBITDA for the three months ended June 30, 2016 improved by
EUR5.0 million to EUR77.9 million, representing 17.1% of revenues. This
was due to the reduction in Gross Profit as discussed above, offset by
EUR12.1 million lower advertising and promotion ("A&P") investment as
the Company re-phased advertising spend to align with the anticipated
launch of the new advertising in the second half of the year and EUR2.1
million lower year-on-year indirect costs as a result of synergy
realisation and benefits from the Company's lean reorganisation
programme.
-- As Adjusted Earnings per Share increased by 1 Euro cent year-on-year,
due to the increase in As Adjusted Profit for the period.
Highlights for the six months ended June 30, 2016
Nomad Foods is presenting As Adjusted financial information for the six months ended June 30, 2016. As Adjusted financial information for the six months ended June 30, 2016 includes the reported results of Nomad Foods for such period, adjusted for share based payment charges, exceptional items and non-cash foreign currency translation charges/gains.
For comparative purposes, Nomad Foods is presenting Pro Forma As Adjusted financial information for the six months ended June 30, 2015. Pro Forma As Adjusted financial information for the six months ended June 30, 2015 includes the reported results of Nomad Foods for such period, which includes the results of the Iglo Group from June 1, 2015 and (i) the reported results of the Iglo Group for the five months ended May 31, 2015; and (ii) the consolidated carve out results of the Findus Group for the six months ended June 30, 2015. The Pro Forma As Adjusted results have been normalised for the differential in trading days (excluding the additional day for the leap year in 2016) between year-on-year periods, transaction-related items, exceptional items, foreign currency translation charges/gains and taxation.
Please see the non-IFRS reconciliation tables attached hereto and the schedules accompanying this release for an explanation and reconciliation of the As Adjusted and Pro Forma As Adjusted financial information to the reported results of Nomad Foods.
Financial Information
Pro Forma As
Adjusted for the
Reported/As Adjusted
for the six months six months
ended June 30, 2016
ended June 30, 2015
EUR in millions, except per share data Difference %
Revenue 1,003.0 1,058.8 (55.8) (5.3%)
Gross profit 307.1 327.1 (20.0) (6.1%)
Gross profit margin 30.6% 30.9% (0.3%) (1.0%)
Adjusted EBITDA 177.7 178.5 (0.8) (0.4%)
Adjusted EBITDA margin 17.7% 16.9% 0.8% 4.7%
Adjusted profit for the period 88.4 89.8 (1.4) (1.6%)
Adjusted basic and diluted earnings per share EUR0.48 EUR0.50 (EUR0.02) (4.0%)
-- Revenue was down EUR55.8 million or 5.3%, year-on-year. Adjusting for
currency impacts of EUR18.1 million, the exit from Russia of EUR2.5
million, an additional trading day in the three months ended March 31,
2016 due to the leap year of (EUR9.5) million and the business
acquisition of La Cocinera in Spain of (EUR8.3) million, the like for
like decline was 5.0%. As has been the case in the past few quarters,
the decline in sales was driven by the Company's three largest markets,
namely the UK, Italy and Germany, although each of these markets showed
a reduced rate of decline year-on-year compared to the second half of
2015.
-- Gross Profit declined EUR20.0 million compared to the Pro Forma As
Adjusted Gross Profit, driven primarily by lower sales volumes.
-- Gross Profit Margin declined by 0.3% compared to the Pro Forma As
Adjusted Gross Profit Margin, driven by an adverse mix and the dilutive
effect of the La Cocinera acquisition, partly offset by favourable
pricing, improved trade terms management and a reduction in input costs.
-- As Adjusted EBITDA for the six months ended June 30, 2016 decreased by
EUR0.8 million to EUR177.7 million, representing 17.7% of revenues. This
was due to the reduction in Gross Profit discussed above, offset by
EUR15.0 million lower A&P investment as the Company re-phased
advertising spend to align with the anticipated launch of the new
advertising in the second half of the year and EUR3.8 million lower
year-on-year indirect costs as a result of synergy realisation and
benefits from the Company's lean reorganisation programme.
-- As Adjusted Earnings per Share decreased by 2 Euro cents year-on-year,
due to the decrease in As Adjusted Profit for the period.
Management Comments
Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "We managed to successfully slow the rate of sales decline for the third successive quarter amidst challenging market conditions and have now halved the rate of decline since the trough in the three months ended September 30, 2015. We have maintained margins and cash generation consistent with our internal outlook. As we continue to implement our strategy and our actions start to reach the market place through the balance of the year, I am encouraged by our progressive quarterly improvement to the top line trend. We are highly confident of delivering our forecast synergies from combining the Findus and Iglo businesses and I am pleased with our progress to date on both integration and footprint consolidation. We remain committed to long-term value creation and I am encouraged with the team spirit being displayed during this turnaround phase."
Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "We believe that Stéfan and the whole Nomad Foods team have identified the correct strategy and are making the right decisions. There are encouraging indicators in "Must Win Battles" and we are pleased with our progress to date. Our immediate priority remains stabilizing our top line and further improving our strong foundation to support long-term value creation."
Conference Call
A conference call with members of the executive management team will be held to discuss the results with additional comments and details.
The conference call is scheduled to begin at 8:30 AM Eastern Daylight Time on Thursday, August 25, 2016. To participate on the live call listeners in North America may dial 888-819-8038 and international listeners may dial 913-312-6670.
Additionally, there will be a presentation to accompany the conference call and the call is being webcast and both can be accessed at 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 877-870-5176 and by international listeners by dialing 858-384-5517; the replay pin number is 8709528.
As Adjusted and Pro Forma As Adjusted Financial Information
As Adjusted financial information presented in this press release is based on the historical financial statements of Nomad Foods. Pro Forma As Adjusted financial information presented in this press release is based on the historical financial statements of Nomad Foods, as well as the historical financial statements of the Iglo Group and the Findus Group and has been prepared to reflect the acquisition of both the Iglo Group and the Findus Group and the changes in the financing structure associated with the acquisition of both Groups. As Adjusted and Pro Forma As Adjusted financial information should be read in conjunction with the audited financial statements of Nomad Foods included in this press release.
The As Adjusted and Pro Forma adjustments presented herein are based upon certain assumptions that Nomad Foods believes to be reasonable. As Adjusted and Pro Forma As Adjusted financial information is presented for informational purposes only and is not necessarily indicative of the combined financial position or results of operations that would have been realized had the acquisition of the Iglo Group or the Findus Group occurred on an earlier date, nor is it meant to be indicative of any anticipated combined financial position or future results of operations that the combined group will experience. The Pro Forma As Adjusted financial information was not prepared in accordance with the SEC's rules and standards relating to pro forma financial information and does not reflect the cost of any integration or benefits from the acquisition of the Iglo Group and Findus Group that may be derived in the future.
Non-IFRS Financial Measures
Nomad Foods also utilizes certain additional key performance indicators described below. Nomad Foods believe these indicators provide an important alternative measure with which to monitor and evaluate the Company's ongoing financial results, as well as to reflect its acquisitions. Nomad Foods' calculation of EBITDA, As Adjusted EBITDA, As Adjusted EBITDA margin, As Adjusted profit, As Adjusted basic and diluted earnings per share, revenue adjusted for certain items, Pro Forma As Adjusted financial information and As Adjusted operating cash flow before tax may be different from the calculations used by other companies and comparability may therefore be limited. EBITDA, As Adjusted EBITDA, As Adjusted EBITDA margin, As Adjusted profit, As Adjusted basic and diluted earnings per share, revenue adjusted for certain items, Pro Forma As Adjusted financial information and As Adjusted operating cash flow before tax are non-IFRS measures and you should not consider them an alternative or substitute for Profit or Loss after tax as a measure of operating performance.
EBITDA is Profit/Loss before tax for the period before net financing costs, depreciation and amortization. As Adjusted EBITDA is EBITDA adjusted to remove the impact of share based payment charges, exceptional items, charges relating to the Founders Preferred Shares Annual Dividend Amount, charges relating to the redemption of warrants and other similar items. Pro Forma As Adjusted EBITDA is As Adjusted EBITDA further adjusted to add the results of the Iglo Group and Findus Group to the reported results of Nomad Foods for periods when the Iglo Group and the Findus Group, respectively, were not owned by Nomad Foods. As Adjusted Operating cash flow before tax is As Adjusted EBITDA adjusted for working capital movement, movements in employee benefits and provisions and capital expenditures.
We believe EBITDA, As Adjusted EBITDA, Pro Forma As Adjusted EBITDA and As Adjusted operating cash flow before tax are useful indicators and can assist securities analysts, investors and other parties to perform their own evaluations. Accordingly, the information has been disclosed to permit a more complete and comprehensive analysis of our operating performance. EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the individual needs and circumstances of these companies. You should exercise caution in comparing EBITDA, As Adjusted EBITDA, Pro Forma As Adjusted EBITDA and As Adjusted operating cash flow before tax with similarly titled measures of other companies. EBITDA, As Adjusted EBITDA, Pro Forma As Adjusted EBITDA and As Adjusted operating cash flow before tax are not measures of liquidity or performance calculated in accordance with IFRS and should be viewed as a supplement to, not a substitute for, our results of operations presented in accordance with IFRS.
About Nomad Foods Limited
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.
Nomad Foods Limited As Reported
Statement of Profit or Loss (unaudited)
Three months ended June 30, 2016 and June 30, 2015
Three months ended Three months ended
June 30, 2016 June 30, 2015
EUR millions EUR millions
Revenue 455.9 102.8
Cost of sales (316.3) (95.9)
Gross profit 139.6 6.9
Other operating expenses (74.8) (19.2)
Charge related to Founder Preferred Shares Annual Dividend - (348.6)
Amount & Warrant Redemption Amount
Exceptional items (55.1) (20.9)
Operating profit/(loss) 9.7 (381.8)
Finance income 3.6 0.9
Finance costs (21.5) (15.0)
Net financing costs (17.9) (14.1)
----- -----
Loss before tax (8.2) (395.9)
Taxation 0.9 (0.7)
Loss for the period attributable to Parent Company (7.3) (396.6)
==== ======
Basic and diluted loss per share
Loss for the period in EUR millions (7.3) (396.6)
Weighted average shares outstanding 183,570,821 89,935,672
Basic and diluted loss per share in EUR (0.04) (4.41)
Nomad Foods Limited As Reported
Statement of Profit or Loss (unaudited)
Six months ended June 30, 2016 and June 30, 2015
Six months ended Six months ended
June 30, 2016 June 30, 2015
EUR millions EUR millions
Revenue 1,003.0 102.8
Cost of sales (695.9) (95.9)
Gross profit 307.1 6.9
Other operating expenses (154.8) (19.4)
Charge related to Founder Preferred Shares Annual Dividend - (492.2)
Amount & Warrant Redemption Amount
Exceptional items (78.2) (21.5)
Operating profit/(loss) 74.1 (526.2)
Finance income 19.2 0.9
Finance costs (42.8) (15.0)
Net financing costs (23.6) (14.1)
----- -----
Profit/(loss) before tax 50.5 (540.3)
Taxation (15.6) (0.7)
Profit/(loss) for the period attributable to Parent Company 34.9 (541.0)
==== ======
Basic earnings/(loss) per share
Profit/(loss) for the period in EUR millions 34.9 (541.0)
Weighted average shares outstanding 183,348,069 69,980,337
Basic earnings/(loss) per share in EUR 0.19 (7.73)
Diluted earnings/(loss) per share
Profit/(loss) for the period in EUR millions 34.9 (541.0)
Weighted average shares outstanding 183,380,256 69,980,337
Diluted earnings/(loss) per share in EUR 0.19 (7.73)
Nomad Foods Limited As Reported
Statement of Financial Position
As at June 30, 2016 (unaudited) and December 31, 2015 (audited)
As at December 31, 2015
As at June 30, 2016 EUR millions
EUR millions
Non-current assets
Goodwill 1,688.7 1,676.8
Intangibles 1,726.9 1,729.6
Property, plant and equipment 300.1 318.2
Other receivables 0.3 -
Deferred tax assets 58.6 60.6
---- ----
Total non-current assets 3,774.6 3,785.2
------- -------
Current assets
Cash and cash equivalents 505.6 618.7
Inventories 285.6 319.6
Trade and other receivables 113.7 118.7
Indemnification assets 61.3 77.8
Capitalized borrowing costs 5.0 5.0
Derivative financial instruments 5.5 4.7
Total current assets 976.7 1,144.5
----- -----
Total assets 4,751.3 4,929.7
------- -------
Current liabilities
Bank overdrafts 232.0 432.6
Derivative financial instruments 3.6 1.4
Current tax payable 114.7 97.7
Trade and other payables 404.3 422.3
Provisions 108.8 86.7
----- ----
Total current liabilities 863.4 1,040.7
----- -----
Non-current liabilities
Loans and borrowings 1,457.8 1,491.1
Employee benefits 213.7 168.9
Trade and other payables 1.4 1.6
Deferred tax liabilities 326.3 339.3
Total non-current liabilities 1,999.2 2,000.9
------- -------
Total liabilities 2,862.6 3,041.6
------- -------
Net assets 1,888.7 1,888.1
======= =======
Equity attributable to equity holders
Share capital - -
Capital reserve 1,800.5 1,762.4
Share based compensation reserve 0.7 0.1
Founder Preferred Share Dividend reserve 493.4 531.5
Translation reserve 80.7 84.5
Cash flow hedging reserve 2.2 1.1
Accumulated deficit (488.8) (491.5)
------- ------
Total equity 1,888.7 1,888.1
======= =======
Nomad Foods Limited As Reported
Statement of Cash Flows (unaudited)
For the six months ended June 30, 2016 and the six months ended June 30, 2015
For the six months ended
June 30, 2015
For the six months ended
June 30, 2016 EUR millions
EUR millions
Cash flows from operating activities
Profit/(loss) for the period 34.9 (541.0)
Reconciliation of profit/(loss) to net cash provided by operating activities:
Exceptional items 78.2 21.5
Non-cash charge related to Founder Preferred Shares Annual Dividend Amount and Warranty Redemption Amount - 492.2
Non-cash fair value purchase price adjustment of inventory - 26.0
Share based payment expense 0.6 -
Depreciation and amortization 24.8 2.7
Loss on disposal of property, plant and equipment 0.2 -
Finance costs 42.8 15.0
Finance income (19.2) (0.9)
Taxation 15.6 0.7
---- ---
Operating cash flow before changes in working capital, provisions and exceptional items 177.9 16.2
Decrease/(increase) in inventories 25.2 (4.1)
(Increase)/decrease in trade and other receivables (3.7) 24.7
(Decrease)/increase in trade and other payables (8.3) 22.7
(Decrease)/increase in employee benefits and other provisions (2.0) 0.4
----- ---
Cash generated from operations before tax and exceptional items 189.1 59.9
Cash flows relating to exceptional items (32.0) (73.0)
Tax paid (5.4) (1.4)
Net cash generated from/(used in) operating activities 151.7 (14.5)
----- -----
Cash flows from investing activities
Purchase of Iglo, net of cash acquired - (682.1)
Contingent consideration for purchase of Frudesa brand (8.0) -
Purchase of property, plant and equipment (12.2) (1.6)
Purchase of intangibles (0.1) -
Purchase of portfolio investments - (320.6)
Redemption of portfolio investments - 178.3
Net cash used in investing activities (20.3) (826.0)
------ -----
Cash flows from financing activities
Proceeds from issuance of Ordinary Shares - 1,014.2
Repayment of loan principal - (490.0)
Net payment of finance leases (0.4) -
Payment of financing fees - (5.4)
Interest paid (35.5) (11.5)
Interest received 4.6 0.1
--- ---
Net cash (used in)/generated from financing activities (31.3) 507.4
------ -----
Net increase/(decrease) in cash and cash equivalents 100.1 (333.1)
----- -----
Cash and cash equivalents at beginning of period 186.1 402.2
Effect of exchange rate fluctuations (12.6) 60.1
------ ----
Cash and cash equivalents at end of period(a) 273.6 129.2
===== =====
(a) Cash and cash equivalents
comprise cash at bank of
EUR505.6 million less bank
overdrafts of EUR232.0
million (June 30, 2015: cash
at bank of EUR608.0 million
less bank overdrafts of
EUR478.8 million).
Nomad Foods Limited
As Adjusted Financial Information
(In EUR millions, except per share data)
The following table reconciles As Adjusted financial information for the three months ended June 30, 2016 to the reported results of Nomad Foods for such period.
As Adjusted Statement of Profit or Loss (unaudited)
Three Months Ended June 30, 2016
As reported for the As Adjusted for the
three months ended three months ended
June 30, 2016 June 30, 2016
EUR in millions, except per share data Adjustments
---
Revenue 455.9 - 455.9
Cost of sales (316.3) - (316.3)
Gross profit 139.6 - 139.6
Other operating expenses (74.8) 0.4 (a) (74.4)
Exceptional items (55.1) 55.1 (b) -
Operating profit 9.7 55.5 65.2
Finance income 3.6 (1.3) 2.3
Finance costs (21.5) - (21.5)
Net financing costs (17.9) (1.3) (c) (19.2)
----- ---- -----
(Loss)/profit before tax (8.2) 54.2 46.0
Taxation 0.9 (11.5) (d) (10.6)
(Loss)/profit for the period (7.3) 42.7 35.4
==== ==== ====
Weighted average shares outstanding - basic(e) 183,570,821 183,570,821
Basic (loss)/earnings per share (0.04) 0.19
Weighted average shares outstanding - diluted(f) 183,570,821 183,600,409
Diluted (loss)/earnings per share (0.04) 0.19
(a) Adjustment to add back share
based payment charge.
Adjustment to add back
exceptional items which
management believes do not have
a continuing impact. See table
'EBITDA and As Adjusted EBITDA
(unaudited) three months ended
June 30, 2016' for a detailed
(b) list of exceptional items.
(c) Adjustment to eliminate (EUR1.3)
million of non-cash foreign
exchange translation gains.
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
(d) arises.
Basic weighted average shares
outstanding includes the 2015
Non-Executive Directors
Restricted Stock Award shares
(e) from the date of vesting.
Diluted weighted average shares
outstanding has been adjusted
by the dilutive impact of the
2015 and 2016 Non-Executive
Directors Restricted Stock
(f) Awards.
Nomad Foods Limited
As Adjusted Financial Information
(In EUR millions)
The following table reconciles EBITDA and As Adjusted EBITDA for the three months ended June 30, 2016 to the reported results of Nomad Foods for such
period.
EBITDA and As Adjusted EBITDA (unaudited)
Three Months Ended June 30, 2016
As reported for the
three months
ended June 30,
2016
EUR in millions
Loss before tax (8.2)
Net financing costs 17.9
Depreciation 11.0
Amortization 1.7
---
EBITDA 22.4
Exceptional items:
Transactions related costs 0.7 (a)
Costs related to management incentive plans 0.7 (b)
Investigation of strategic opportunities 1.6 (c)
Supply chain reconfiguration 39.7 (d)
Other restructuring costs (0.9) (e)
Integration costs 8.3 (f)
Remeasurement of indemnification assets 5.0 (g)
Other Adjustments:
Share based payment charge 0.4 (h)
As Adjusted EBITDA(I) 77.9
Working capital movement 20.2
Decrease in employee benefits and other provisions (0.7)
Capital expenditure (6.5)
-----
As Adjusted operating cash flow before tax 90.9
====
(a) Elimination of costs incurred in relation to completed acquisitions.
(b) Adjustment to eliminate long term management incentive scheme costs from prior ownership.
(c) Elimination of costs incurred in relation to investigation of strategic opportunities for the combined group following acquisition by the Company and other items considered non-recurring.
(d) Elimination of supply chain reconfiguration costs, namely the closure of the Bjuv factory.
(e) Elimination of other restructuring costs associated with operating locations.
(f) Elimination of costs recognized by Nomad Foods relating to the integration of the Findus Group.
(g) 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 June 30, 2016.
(h) Elimination of share payment charge relating to the Nomad Foods 2015 Long Term Incentive Plan
(i) As Adjusted EBITDA margin 17.1% for the three months ended June 30, 2016 is calculated by dividing As Adjusted EBITDA by As Adjusted revenue.
Nomad Foods Limited
Pro Forma As Adjusted Financial Information
(In EUR millions, except per share data)
The following table reconciles Pro Forma As Adjusted financial information for the three months ended June 30, 2015 to the reported results of Nomad Foods for such period.
Pro Forma As Adjusted Statement of Profit or Loss (unaudited)
Three Months Ended June 30, 2015
As reported for Add Iglo Add Findus Adjustments Combined
the three Group Group unaudited Pro Forma
months ended unaudited results for the As Adjusted
June 30, 2015 results for the three months for the three
two months ended June 30, months
ended May 31, 2015 ended June
EUR in millions, except per share data 2015 Combined 30, 2015
Revenue 102.8 242.8 150.6 496.2 (8.2) (a) 488.0
Cost of sales (95.9) (159.4) (116.3) (371.6) 32.0 (b) (339.6)
Gross profit 6.9 83.4 34.3 124.6 23.8 148.4
Other operating expenses (19.2) (46.7) (24.2) (90.1) 1.5 (c) (88.6)
Founder Preferred Shares Annual Dividend Amount & Warrant Redemption Amount (348.6) - - (348.6) 348.6 (d) -
Exceptional items (20.9) (63.7) 3.3 (81.3) 81.3 (e) -
Operating (loss)/profit (381.8) (27.0) 13.4 (395.4) 455.2 59.8
Finance income 0.9 1.6 1.2 3.7 (2.1) 1.6
Finance costs (15.0) (48.0) (4.3) (67.3) 46.9 (20.4)
Net financing costs (14.1) (46.4) (3.1) (63.6) 44.8 (f) (18.8)
----- ----- ---- ----- ---- -----
(Loss)/profit before tax (395.9) (73.4) 10.3 (459.0) 500.0 41.0
Taxation (0.7) (48.4) (2.9) (52.0) 42.6 (g) (9.4)
(Loss)/profit for the period (396.6) (121.8) 7.4 (511.0) 542.6 31.6
------ ------ --- ------ ----- ----
Weighted average shares outstanding - basic and diluted(h) 89,935,672 179,342,960
Basic and diluted (loss)/earnings per share (4.41) 0.18
(a) Adjustments to (i) decrease revenue
by (EUR8.1) million for the
differential in trading days
between year-on-year periods,
(ii) eliminate a EUR0.1 million
credit from intercompany trade
between the Findus Group and Iglo
Group for the three months ended
June 30, 2015 and (iii) reflect
accounting policy alignment between
Findus Group and Nomad Foods
policies to reclassify (EUR0.2)
million of advertising and
promotion expenses from other
operating expenses for the Findus
Group three month period.
(b) Adjustments to (i) decrease cost of
sales by EUR5.1 million for the
differential in trading days
between year-on-year periods,
(ii) add back EUR26.0 million non-
cash charge related to the increase
in inventory fair value recorded as
part of the Iglo Group's purchase
price accounting (PPA); (iii)
increase depreciation expense by
(EUR0.4) million net to reflect the
Iglo and Findus PPA adjustments to
the fair value of property, plant
and equipment, (iv) eliminate
(EUR0.1) million of intercompany
trade between the Findus Group and
Iglo Group for the three months
ended June 30, 2015 and (v) reverse
a EUR1.4 million non-cash Iglo
acquisition accounting adjustment
relating to the discontinuation of
hedge accounting on acquired
derivatives.
(c) Adjustments to (i) reflect (EUR0.6)
million incremental amortization on
the increase in the fair value
uplift of brands and customer lists
recorded as part of the Findus
acquisition PPA (there was no
increase in the value of definite
life intangible assets as part of
the Iglo Group PPA); (ii) reflect a
reduction of EUR0.2 million of
amortization based on the fair
valuation of intangible assets
acquired with the Iglo Group; (iii)
eliminate a EUR1.7 million Findus
prior ownership corporate charge;
and (iv) reflect accounting policy
alignment between the Findus Group
and Nomad Foods policies to
reclassify EUR0.2 million of
advertising and promotion expenses
to revenue and increasing expense
by (EURnil) million, net, relating
to the capitalization of new
product development costs of EUR0.3
million and related amortization of
(EUR0.3) million.
(d) Adjustment to add back a Nomad Foods
EUR348.6 million non-cash charge
relating to the Founder Preferred
Shares Annual Dividend Amount &
Warrant Redemption Amount.
(e) Adjustment to add back exceptional
items, which management believes
are not representative of the
Company's operations. See table
'Pro Forma EBITDA and Pro Forma As
Adjusted EBITDA (unaudited) three
months ended June 30, 2015' for a
detailed list of exceptional items.
(f) Adjustment of EUR26.3 million to
restate net financing costs to
reflect the new debt structure put
in place with the Iglo Acquisition
and the financing of the Findus
Acquisition and to eliminate
EUR18.5 million of non-cash
foreign exchange translation
charges.
(g) 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.
(h) Pro Forma As Adjusted weighted
average shares assumes all shares
issued in connection with the
acquisitions or for which the
proceeds were used to complete
acquisitions were issued as of
January 1, 2015. All other
adjustments for weighting are based
on actual issuance date.
Nomad Foods Limited
Pro Forma As Adjusted Financial Information
(In EUR millions)
The following table reconciles Pro Forma EBITDA and Pro Forma As Adjusted EBITDA for the three months ended June 30, 2015 to the reported results of Nomad Foods for such period.
Pro Forma EBITDA and Pro Forma As Adjusted EBITDA (unaudited)
Three Months Ended June 30, 2015
EUR in millions As reported for the Add Iglo Group Combined Pro
three months unaudited as Forma As
ended June 30, reported for the Adjusted for the
2015 two months ended three months
May 31, 2015 Add Findus ended June 30,
Group unaudited 2015
results for the
three months
ended June 30,
2015
(Loss)/profit before tax (395.9) (73.4) 10.3 (459.0)
Net financing costs 14.1 46.4 3.1 63.6
Depreciation 2.5 5.0 3.9 11.4
Amortization 0.2 0.5 0.6 1.3
--- --- --- ---
EBITDA (379.1) (21.5) 17.9 (382.7)
Exceptional items:
Transactions related costs 20.9 3.8 - (a) 24.7
Purchase price adjustments to intangible assets - 55.0 - (b) 55.0
Costs related to management incentive plans - 2.8 - (c) 2.8
Investigation of strategic opportunities - 1.5 - (d) 1.5
Cisterna fire net costs - 0.6 - (e) 0.6
Restructuring costs - - 6.5 (f) 6.5
Gain on purchase of La Cocinera - - (9.8) (g) (9.8)
Other Adjustments:
Founder Preferred Shares Annual Dividend Amount & Warrant Redemption(h) 348.6
Iglo(i) 24.4
Findus(j) 1.3
Pro Forma As Adjusted EBITDA(k) 72.9
----
(a) Elimination of costs incurred in
relation to completed and potential
acquisitions.
(b) Elimination of charges at the Iglo
Group level related to the purchase
price exercise on the acquisition
of the Iglo Group. At the Nomad
Foods level, this adjustment is
recognized within goodwill, but at
the Iglo Group level it is reported
within profit or loss.
(c) Adjustment to eliminate long term
management incentive scheme costs
from prior ownership.
(d) Adjustment to add back strategic
review costs incurred at Iglo Group
under prior ownership which are
considered non-recurring.
(e) 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.
This is shown net of insurance
income received from insurance
claims.
(f) Add back of restructuring costs
incurred by the Findus Group in
relation to various countries.
(g) Adjustment to eliminate bargain
purchase gain recognized by the
Findus Group on the April 2015
acquisition of La Cocinera in the
three months ended June 30, 2015.
(h) Adjustment to eliminate a EUR348.6
million non-cash charge related to
the Founder Preferred Shares Annual
Dividend Amount & Warrant
Redemption Amount.
(i) Adjustments to (i) decrease EBITDA
by (EUR3.0) million for the
differential in trading days
between year-on-year periods,
(ii) add back EUR26.0 million non-
cash charge related to the increase
in inventory fair value recorded as
part of the Iglo Group's purchase
price accounting (PPA) and (iii)
eliminate a EUR1.4 million non-
cash acquisition accounting
adjustment relating to the
discontinuation of hedge accounting
on acquired derivatives.
(j) Adjustments to reflect accounting
policy alignments between Findus
Group and Nomad Foods policies;
specifically expensing (EUR0.4)
million of capitalized new product
development costs and internal
labor costs and eliminating a
EUR1.7 million prior ownership
corporate charge.
(k) Pro Forma As Adjusted EBITDA margin
14.9% for the three months ended
June 30, 2015 is calculated by
dividing Pro Forma As Adjusted
EBITDA by Combined Pro Forma As
Adjusted revenue.
Nomad Foods Limited
As Adjusted Financial Information
(In EUR millions, except per share data)
The following table reconciles As Adjusted financial information for the six months ended June 30, 2016 to the reported results of Nomad Foods for such period.
As Adjusted Statement of Profit or Loss (unaudited)
Six Months Ended June 30, 2016
As reported As Adjusted for the six months
for the six ended June 30, 2016
months ended
June 30,
2016
EUR in millions, except per share data Adjustments
---
Revenue 1,003.0 - 1,003.0
Cost of sales (695.9) - (695.9)
Gross profit 307.1 - 307.1
Other operating expenses (154.8) 0.6 (a) (154.2)
Exceptional items (78.2) 78.2 (b) -
Operating profit 74.1 78.8 152.9
Finance income 19.2 (14.5) 4.7
Finance costs (42.8) - (42.8)
Net financing costs (23.6) (14.5) (c) (38.1)
----- ----- -----
Profit before tax 50.5 64.3 114.8
Taxation (15.6) (10.8) (d) (26.4)
Profit for the period 34.9 53.5 88.4
==== ==== ====
Weighted average shares outstanding - basic(e) 183,348,069 183,348,069
Basic earnings per share 0.19 0.48
Weighted average shares outstanding - diluted(f) 183,380,256 183,380,256
Diluted earnings per share 0.19 0.48
(a) Adjustment to add back share
based payment charge.
(b) Adjustment to add back
exceptional items which
management believes do not have
a continuing impact. See table
'EBITDA and As Adjusted EBITDA
(unaudited) six months ended
June 30, 2016' for a detailed
list of exceptional items.
(c) Adjustment to eliminate
(EUR14.5) million of non-cash
foreign exchange translation
gains.
(d) 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.
(e) Basic weighted average shares
outstanding includes shares
issued as a dividend against
Founder Preferred Shares in
January 2016 and 2015 Non-
Executive Restricted Stock
Award shares from date of
vesting.
(f) Diluted weighted average shares
outstanding has been adjusted
by the dilutive impact of the
2015 and 2016 Non-Executive
Restricted Stock Awards.
Nomad Foods Limited
As Adjusted Financial Information
(In EUR millions)
The following table reconciles EBITDA and As Adjusted EBITDA for the six months ended June 30, 2016 to the reported results of Nomad
Foods for such period:
EBITDA and As Adjusted EBITDA (unaudited)
Six Months Ended June 30, 2016
As reported for the
six months ended
June 30, 2016
EUR in millions
Profit before tax 50.5
Net financing costs 23.6
Depreciation 21.5
Amortization 3.3
---
EBITDA 98.9
Exceptional items:
Transactions related costs 1.7 (a)
Costs related to management incentive plans 1.9 (b)
Investigation of strategic opportunities 5.4 (c)
Cisterna fire costs 0.3 (d)
Supply chain reconfiguration 39.7 (e)
Other restructuring costs (0.9) (f)
Integration costs 12.5 (g)
Remeasurement of indemnification assets 17.6 (h)
Other Adjustments:
Share based payment charge 0.6 (i)
As Adjusted EBITDA(j) 177.7
Working capital movement 13.2
Increase in employee benefits and other provisions (2.0)
Capital expenditure (12.3)
------
As Adjusted operating cash flow before tax 176.6
=====
(a) Elimination of costs incurred in relation to completed acquisitions.
(b) Adjustment to eliminate long term management incentive scheme costs from prior ownership.
(c) Elimination of costs incurred in relation to investigation of strategic opportunities for the combined group following acquisition by the Company and other items considered non-recurring.
(d) Adjustment to add back incremental costs incurred as a result of an August 2014 fire in the Iglo Group's Italian production facility.
(e) Elimination of supply chain reconfiguration costs, namely the closure of the Bjuv factory.
(f) Elimination of other restructuring costs associated with operating locations.
(g) Elimination of costs recognized by Nomad Foods relating to the integration of the Findus Group.
(h) 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 June 30, 2016.
(i) Elimination of share payment charge relating to the Nomad Foods 2015 Long Term Incentive Plan
(j) As Adjusted EBITDA margin 17.7% for the six months ended June 30, 2016 is calculated by dividing As Adjusted EBITDA by As Adjusted revenue.
Nomad Foods Limited
Pro Forma As Adjusted Financial Information
(In EUR millions, except per share data)
The following table reconciles Pro Forma As Adjusted financial information for the six months ended June 30, 2015 to the reported results of Nomad Foods for such period:
Pro Forma As Adjusted Statement of Profit or Loss (unaudited)
Six Months Ended June 30, 2015
As reported for Add Iglo Adjustments Combined Pro
the six months Group Forma As
ended June 30, unaudited Add Findus Adjusted for the
2015 results for the Group six months
five months unaudited ended June 30,
ended May 31, results for the 2015
EUR in millions, except per share data 2015 six months Combined
ended June 30,
2015
Revenue 102.8 640.3 310.3 1,053.4 5.4 (a) 1,058.8
Cost of sales (95.9) (417.9) (240.5) (754.3) 22.6 (b) (731.7)
Gross profit 6.9 222.4 69.8 299.1 28.0 327.1
Other operating expenses (19.4) (109.5) (47.2) (176.1) 3.1 (c) (173.0)
Founder Preferred Shares Annual Dividend Amount &
Warrant Redemption Amount (492.2) - - (492.2) 492.2 (d) -
Exceptional items (21.5) (84.3) 1.2 (104.6) 104.6 (e) -
Operating (loss)/profit (526.2) 28.6 23.8 (473.8) 627.9 154.1
Finance income 0.9 2.0 3.3 6.2 (3.0) 3.2
Finance costs (15.0) (117.7) (13.8) (146.5) 105.7 (40.8)
Net financing costs (14.1) (115.7) (10.5) (140.3) 102.7 (f) (37.6)
----------------- ----- ------ ----- ------ ---
(Loss)/profit before tax (540.3) (87.1) 13.3 (614.1) 730.6 116.5
Taxation (0.7) (40.9) (3.8) (45.4) 18.7 (g) (26.7)
(Loss)/profit for the period (541.0) (128.0) 9.5 (659.5) 749.3 89.8
----------------- ------ ------ --- ------
Weighted average shares outstanding - basic and
diluted(h) 69,980,337 179,315,200
(7.73) 0.50
Basic and diluted (loss)/earnings per share
(a) Adjustments to (i) increase revenue
by EUR6.6 million for the
differential in trading days
between year-on-year periods,
(ii) eliminate (EUR0.4) million of
intercompany trade between the
Findus Group and Iglo Group for the
six months ended June 30, 2015 and
(iii) reflect accounting policy
alignment between Findus Group and
Nomad Food policies to reclassify
(EUR0.8) million of advertising and
promotion expenses from other
operating expenses for the Findus
Group six month period.
(b) Adjustments to (i) increase cost of
sales by (EUR4.2) million for the
differential in trading days
between year-on-year periods,
(ii) increase depreciation expense
by (EUR1.0) million net to reflect
purchase price accounting (PPA)
adjustments to the fair value of
property, plant and equipment,
(iii) eliminate EUR0.4 million of
intercompany trade between the
Findus Group and Iglo Group for the
six months ended June 30, 2015,
(iv) add back EUR26.0 million non-
cash charge related to the increase
in inventory fair value recorded as
part of the Iglo Group's purchase
price accounting (PPA) and (v)
reverse a EUR1.4 million non-cash
Iglo acquisition accounting
adjustment relating to the
discontinuation of hedge accounting
on acquired derivatives.
(c) Adjustments to (i) reflect (EUR1.1)
million incremental amortization on
the increase in the fair value
uplift of brands and customer lists
recorded as part of the Findus
acquisition PPA (there was no
increase in the value of definite
life intangible assets as part of
the Iglo Group PPA); (ii) reflect a
reduction of EUR0.5 million of
amortization based on the fair
valuation of intangible assets
acquired with the Iglo Group; (iii)
eliminate a EUR3.1 million Findus
prior ownership corporate charge;
and, (iv) reflect accounting policy
alignment between Findus Group and
Nomad Foods policies to reclassify
EUR0.7 million of advertising and
promotion expenses to revenue and
increase expense by (EUR0.1)
million, net, relating to the
capitalization of new product
development costs and related
amortization.
(d) Adjustment to add back a Nomad Foods
EUR492.2 million non-cash charge
relating to the Founder Preferred
Shares Annual Dividend Amount &
Warrant Redemption Amount.
(e) Adjustment to add back exceptional
items, which management believes do
not have a continuing impact. See
table 'Pro Forma EBITDA and Pro
Forma As Adjusted EBITDA
(unaudited) six months ended June
30, 2015' for a detailed list of
exceptional items.
(f) Adjustment of EUR67.8 million to
restate net financing costs to
reflect the new debt structure put
in place with the Iglo Acquisition
and the financing of the Findus
Acquisition and to eliminate
EUR34.9 million of non-cash
foreign exchange translation
charges.
(g) 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.
(h) Pro Forma As Adjusted weighted
average shares assumes all shares
issued in connection with the
acquisitions or for which the
proceeds were used to complete
acquisitions were issued as of
January 1, 2015. All other
adjustments for weighting are based
on actual issuance date.
Nomad Foods Limited
Pro Forma As Adjusted Financial Information
(In EUR millions)
The following table reconciles Pro Forma EBITDA and Pro Forma As Adjusted EBITDA for the six months ended June 30, 2015 to the reported results of Nomad Foods for such period:
Pro Forma EBITDA and Pro Forma As Adjusted EBITDA (unaudited)
Six Months Ended June 30, 2015
EUR in millions As reported Add Iglo Add Findus Combined
for the six Group Group Pro Forma
months ended unaudited as unaudited As Adjusted
June 30, 2015 reported for results for the for the six
the five six months months ended
months ended ended June June 30, 2015
May 31, 2015 30, 2015
(Loss)/profit before tax (540.3) (87.1) 13.3 (614.1)
Net financing costs 14.1 115.7 10.5 140.3
Depreciation 2.5 11.3 7.3 21.1
Amortization 0.2 1.2 1.0 2.4
--- --- --- ---
EBITDA (523.5) 41.1 32.1 (450.3)
Exceptional items:
Transactions related costs 21.5 3.8 - (a) 25.3
Purchase price adjustments to intangible assets - 55.0 - (b) 55.0
Costs related to management incentive plans - 22.9 - (c) 22.9
Investigation of strategic opportunities - 1.3 - (d) 1.3
Cisterna fire net costs - 1.3 - (e) 1.3
Restructuring costs - - 7.7 (f) 7.7
Gain on purchase of La Cocinera - - (9.8) (g) (9.8)
Other costs - - 0.9 (h) 0.9
Other Adjustments:
Founder Preferred Shares Annual Dividend Amount & Warrant Redemption(i) 492.2
Iglo(j) 29.8
Findus(k) 2.2
Pro Forma As Adjusted EBITDA(l) 178.5
-----
(a) Elimination of costs incurred in
relation to completed and potential
acquisitions.
(b) Elimination of charges at the Iglo
Group level related to the purchase
price exercise on the acquisition
of the Iglo Group. At the Nomad
Foods level, this adjustment is
recognized within goodwill, but at
the Iglo Group level it is reported
within profit or loss.
(c) Adjustment to eliminate long term
management incentive scheme costs
from prior ownership.
(d) Adjustment to add back strategic
review costs incurred at Iglo Group
under prior ownership considered
non-recurring.
(e) 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.
This is shown net of insurance
income received from insurance
claims.
(f) Add back of restructuring costs
incurred by the Findus Group in
relation to various countries.
(g) Adjustment to eliminate bargain
purchase gain recognized by the
Findus Group on the April 2015
acquisition of La Cocinera in the
three months ended June 30, 2015.
(h) Elimination of other costs
recognized by the Findus Group,
mainly relating to an emissions
permit penalty.
(i) Adjustment to eliminate a EUR492.2
million non-cash charge related to
the Founder Preferred Shares Annual
Dividend Amount & Warrant
Redemption Amount.
(j) Adjustments to (i) increase EBITDA
by EUR2.4 million for the
differential in trading days
between year on year periods, (ii)
add back EUR26.0 million non-cash
charge related to the increase in
inventory fair value recorded as
part of the Iglo Group's purchase
price accounting (PPA) and (iii)
eliminate a EUR1.4 million non-
cash acquisition accounting
adjustment relating to the
discontinuation of hedge accounting
on acquired derivatives.
(k) Adjustments to reflect accounting
policy alignments between Findus
Group and Nomad Foods policies;
specifically (i) expensing (EUR0.9)
million of capitalized new product
development costs and internal
labor costs and (ii) eliminating a
EUR3.1 million prior ownership
corporate charge.
(l) Pro Forma As Adjusted EBITDA margin
16.9% for the six months ended June
30, 2015 is calculated by dividing
Pro Forma As Adjusted EBITDA by
Combined Pro Forma As Adjusted
revenue.
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; (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-limited-announces-financial-results-for-the-periods-ended-june-30-2016-300317916.html
SOURCE Nomad Foods Limited
