We have a strong media efficiency in the SlimFast brand. 33:34 As weve stated earlier, we now have a really strong portfolio in GPN across consumer motivations, channels, and in the geographies. So overall, no particular reaction that would cause us any concern from a brand perspective. 13:17 Global revenue for ON was really strong growing by almost 35% with growth across all regions. So Mark, maybe you'd pick up the second part, please? This morning, I am going to cover the results. Please. Our journey continues, fueled by organic growth, strategic investments, and acquisitions that . In terms of the distributors, yes, I mean, thats been a clear comeback in terms of where we were at this time last year. 64:33 think! But also home cooking from scratch is up and thats often seen as healthier. Good morning, and thank you all for joining todays call. And as a result, heading into 2021, as we think about capital allocation for the coming 1 to 2 years, our CapEx was a little bit below average of 64 million in 2020. Again, in those North America measured channels, it increased by 4%, with the brand gaining share in retail and growing well in e-commerce. This year, they did spike to multiyear highs. Weve increased our interim dividend by 10%. 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. Is this happening to you frequently? So you're going to see that uptick a little bit now this year as we sort of get some programs up and running. We will always be a bit watchful on that, but I think its fair to say we would expect probably at least mid-teens at this point in time for the year. This is the operator speaking. Just looking briefly then at the strategic journey of Nutritional Solutions over the last number of years, which has set us up with a great platform for growth and bolt-on acquisitions, Nutritional Solutions started out as a specialty ingredients business, predominantly dairy based. Those are my questions. I think some of the mix issues that we're having some challenges with base as well as you go through the year. Just two for me, please. With that, I'll now happily take your questions with Mark. And how should we think about that in terms of margin profile for this year? The next slide highlights a reflection on our H2 priorities and how they come through in our financial results, specifically the scale of the pickup in financial performance in the second half of the year. Adjusted earnings per share for continuing operations was up 23.9% on a constant currency basis. This key project which commenced in the latter part of 2019 and since then is well on track to deliver over the 200 basis points of net margin benefit that we spoke to with the growth savings being reinvested as planed in higher brand marketing investments. Thank you. Firstly, I think in Optimum Nutrition, for example, our focus really on those strategic product groups, around Gold Standard, around Amino Energy. And then just given that cost backdrop that you're facing this year and the various hedging and security purchasing that you've got in place, how should we think about the shape of the year ahead between a sort of H1 and the H2? As I mentioned earlier, during 2021, the group allocated 91 million to share buyback activity, purchasing 7.3 million shares as an average price of 12.51. Glanbia plc (OTCPK:GLAPF) Half Year 2020 Earnings Conference Call August 12, 2020 3:30 AM ET Company Participants Siobhn Talbot - Group Managing Director Mark Garvey - Group Finance. Please go ahead. So I feel pretty good. While we've achieved a lot to date, we've set ourselves ambitious targets which will guide our contribution to a sustainable future in global nutrition. We reorganized our business across Americas and international regions and we have aligned our resources to the growth opportunities. 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. That gives us a reasonably predictable profitable number there. In terms of input costs, as we look at whey cost 80% or WPI 90%, the trend is for those costs to go up this year, probably more on the 80% side than the 90% side. I was wondering whether you could talk about in the margin profile, whether it would be margin-accretive for GPN? Could you just give us a bit of an idea of the historic growth of the business, the type of products it provides and maybe the profitability of the business as well, please? Inventory, though, as business picks up, and we need to make sure we have the right inventory in the right places. Is this happening to you frequently? We haven't seen this level of pricing since 2014 and probably didn't improve, they even hit the current level of pricing at that point in time. In fact, SlimFast actually grew share in the year. 07:07 In GN Nutritional Solutions, we had continued strong top-line momentum, which was fueled by continued customer and consumer trends in areas such as healthy snacking, immunity, where we have a huge range of innovative ingredient solutions. So were again very confident that price increases will go through mostly around the September timeframe. Both projects are expected to be fully commissioned by the end of the first half of 2021. You're absolutely right that we saw different parts of the portfolio respond differently to COVID, so I'm sure we'll see the inverse of that. 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. This represents a payout of 0.361 of adjusted earnings per share, which is marginally outside our target range of 25% to 35%. And with that, Jason, I'll hand to Mark who will pick up on cheese and working capital. Volume was up almost 20%, which was driven by the commissioning of the large facility I've mentioned earlier in Michigan. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. But the advantage for us in getting into this space and the way we structured it is we can learn more about the space. Pricing did decline as a result of lower cheese markets. But as you can imagine, the efficiencies that we are able to achieve now through this transformation program is just freeing up a lot of flexibility for us in terms of investing behind our brands or investing from an innovation perspective and still maintain a good margin in that business. 08:35 Based on today's market environment and our current expectations for the rest of the year, we expect to deliver both group revenue and EBITDA growth for 2022. The first one is with regards to the turnaround program in GPN. On the M&A side, we are looking at a number of targets on the Nutritional Solutions side right now. 67:22 If there's other pricing that we need to do, we can do that, but there's also other areas of revenue growth management, R&D, cost efficiency pieces that we can look at through the rest of the year. 11:19 Constant currency volume growth was 11.4% and price was up 4.5%. Its growing at a strong double-digit rate and is profitable. In terms of the high single digits, I think at this point it is fair to say that the growth in sports will outpace the growth in lifestyle. And its a low-fat ready-to-mix product that works well with the consumers that were targeting as well. And so that gives us the confidence to continue to invest as we move through the year. I haven't done the arithmetic on this Siobhan and Mark, but is that just simply the arithmetic dilution of gross profit that comes from protecting gross profit and the rising price environment or does it signal that you expect to under recover your input inflation in pricing? The group has invested $82.5 million to date on the Michigan joint venture, and no material additional investment is envisaged. The Board has decided to maintain the dividend in line with prior year as a result of the strong cash performance during 2020, the reduction in net debt during the year and the resulting strong financial position of the group. Just want to [indiscernible] some of the things in the conversation and forgive me on the first one, I've been a bit distracted on the call, if its already been asked, but just to really drilling to the GPN FY 2022 guidance, the high single digit organic growth, just ramping, Im hearing on the call would suggest to me that that will be mainly price driven with little or no volume, given slow lifestyle etcetera, but tell me if help me if you can on that? In the first half, a decision was made to de-risk the groups balance sheet in relation to UK-based legacy defined pension benefit schemes. 22:16 Looking at the income statement, you can see that on a constant currency basis revenues were up 13.1%, EBITDA was up 34% as a result of strong performance by GPN and GN. So we'll update that all through the year as we speak with you. Its in a ready to drink sparkling format as well, getting some really nice incremental distribution on that project across a number of channels in the U.S., very complementary to the overall GPN portfolio. Today's. We have, like, more ready-to-drink in our portfolio as well. 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? Of course, we dont have full visibility as to how whey prices will evolve through 2022. Just wondered, when you think about Nutritional Solutions long-term and your legacy whey protein exposure there, how are you viewing that trend? 08:07 Given this context, we have started to 2022 very well with very good growth momentum across both GPN and GN Nutritional Solutions. 55:59 I mean, Nutritional Solutions is a fantastic business for us. has had a really great run in recent times, post rebranding that we did of that. Signed up already? 07:39 Our clear strategic focus for 2022 and beyond is to drive growth across both GPN and Nutritional Solution as the nutrition partner of choice to our customers and consumers. Our portfolio, which focuses on ingredients and brands that support active and healthy lifestyles, is perfectly positioned against these trends. And to date, weve not seen material demand elasticity in response to those actions. Our Optimum Nutrition and SlimFast brands are market leaders in their respective categories. Regulated information. Now the second question is then also on GPN. Firstly, on GPN, just a comment, I guess, around the competitive landscape. In turn, that has delivered adjusted earnings per share growth of 85%. Two questions from me. We delivered a very strong top line results in the first half. 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. That farm level farmers are seeing inflation across a number of dimensions, as well for sure, whether it is a seed and fertilizer, and will remain conscious of that, but current pricing would actually absorb that and should facilitate growth. That would be helpful. Good morning and welcome to the Glanbia plc Half Year 2021 Results Call with Siobhan Talbot, Group Managing Director and Mark Garvey, Group Finance Director. News Alerts. The capital cost of this consolidation will be approximately $45 million, of which $15 million has been incurred in 2020. protein bar had a great year and its growth outpaced the category. 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. So I think we will watch that into the fall and into the winter and the new diet season. We've done a lot of work on return on investment for our marketing, targeting consumers at different levels and increasing awareness with key consumers that are new to the category and consumer that are right in that sweet spot of usage. Naturally, you would expect we also find that digital engagement is really important, social engagement, the Building Better Lives campaign. Before I get into the outlook, I'd like to speak with you first about our strategic execution on 2021 because that provides important context for our 2022 plans. We are a global nutrition company on a mission to help people lead healthy, active lives. Yes, I would say we have done a lot of work over the last 12 months to 18 months around the return on the investments that we could get on our marketing. Glanbia has always welcomed people regardless of color, gender or sexual orientation, and we're now committing to take further steps to ensure that we continue to respect and include all of our people. Hi, good morning Siobhan, Mark and Liam, congrats on the strong results. Transcript : Glanbia plc, 2021 Earnings Call, Mar 03, 2022. Real-time Irish Stock Exchange As previously mentioned, for the full year, we expect joint venture profit after tax to be broadly in line with the 2019 results. Please disable your ad-blocker and refresh. 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. We have already started to see some of that in the first quarter that I've referenced. Pricing was positive, reflecting the pass-through of dairy market pricing. 33:10 My final comment on this slide is that, of course, importantly we acknowledge we're very focused on delivering shareholder value across all of our metrics, top-line, margin and retirement capital employed. We have a number of activities with some of our key North American retailers. 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. Please go ahead. Thanks, Heidi. James, many thanks for those questions. Core income for the third quarter was $526 million and core return on equity was 7.9%. 01:13 Good morning, and thank you all for joining todays call. Net debt was 550 million compared to 651 million at the same time last year. 59:13 Thank you. Our smaller brand Amazing Grass delivered good consumption growth as consumers sought out products providing natural immunity. Channels being very important in accessing our consumers. So I was wondering if you could talk a bit more -- you mentioned that plant and ready-to-eat, ready-to-drink are focus for potential GPN acquisitions. So, we see this as just an element of COVID recovery, to be honest, that hasnt happened as yet. We dont see it as a risk fundamental risk to our whey dairy propositions. Overall EBITA declined by 36.2% as a result of those lower margins and lower revenue. Our after-tax underlying underwriting gain of $478 million was once again very strong. 62:49 And we have a very strong position, as you know with some of the key players and retain our strong market share and some of the key players, particularly in North America. And it centers on 3 core items. 69:07 We continue to navigate this and be very watchful too as we move to 2022. And so when you go up to the helicopter level, based on what we know today and on the planned incremental brand investment for H2, were confident of getting close this year to our targeted margin of 12% to 13% for GPN and delivering within that range for next year, as previously guided. 32:20 The largest 2022 inflation headwinds, as I said earlier, is dairy cost of goods and GPN. I think that's probably the right way forecast that. This encompasses SlimFast, The think!, and Amazing Grass. Capital investment in 2020 was 64.2 million, of which 47.7 million was strategic capital expenditure, which included projects such as the initial phase of the production plant reconfiguration and the investment in the direct-to-consumer e-commerce platform in GPN as well as extending solutions capabilities in GN. Thanks. 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. 35:26 This portfolio was supported by a really strong innovation capability, which has evolved strongly in recent years and been augmented by acquisition for further complementary capabilities, as we really developed solutions capability to meet our customer and consumer needs. And my second question just relates to margin within Nutrition Solutions. And you are -- also highlight you see some headwinds in certain parts of that business on the growth side, but at the same time, you sound optimistic for the like-for-like in solutions for 2021. We are very clear on both our strategic priorities and indeed the specific capabilities that are unique to Glanbia that would drive that long-term sustainable growth. We had the natural conversations that one has with customers. And we're confident that we will do that through '21. 70:42 The other one I want to ask you is, is the 300 basis points of margin headwind. You should take that that would be largely pricing and will monitor the volumes and elasticity as we go. Foodarom was acquired by GN for an initial purchase price of CAD 60 million and closed in August 2020. October 11, 2022. We generated the record earned premium and reported an underlying combined ratio of 92.5%. In addition, the average interest rate was 2.9% compared to 3.4% in the prior year. 65:40 We'll now take our next question from Lauren Molyneux. Revenue growth, earnings and cash conversion well ahead of original expectations; Adjusted earnings per share ("EPS") of 87.15 cent (2020: 73.78 cent), up 22.1% constant currency (up 18.1% reported); Adjusted EPS for continuing operations of 77.84 cent (2020: 65.21 cent), up 23.9% constant . We do see some mix changes and inflation-related margin headwinds in H2. Another strong guide around conversion for '21. SlimFast continues to be a very strong brand and the most recognized weight management brand in the U.S., with 98% brand recognition in the category. We have great positioning across the key retailers in our markets, particularly in the UK and in North America. In terms of online, we continue to grow really nicely in that channel. And as I've mentioned, we are now 90% covered for 2022 on our key dairy input requirements, which puts us in a really strong position. I wonder if you could sort of give a reference of how that compared versus the overall market in those channels in terms of how their market share performed through the year. 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.? Of course, we all changed our ways of working through the year, and we sustained strong engagement with our customers across both the ingredient and branded businesses. So, based on our current market environment and our current expectations for the year ahead, we expect to deliver group growth and adjusted EPS for continuing operations in a range of 2% to 8% on a constant currency basis. That's been a really nice build and capability for us. Because as we see consumers continue to look at different options, plant potentially is an interesting one, we've looked at this before. Of course, we all know that the pandemic is not the only reason that most of us will remember 2020. Of course, we're not complacent about that point. As the program continues, there were 14.8 million in costs incurred in the first half related to people and property-related costs and professional fees. We responded to strong demand for functional ingredients across areas such as supplements and immunity, increasing collaboration with our customers also on things like sustainability initiatives and evolving ways of working that has no doubt helped to cement many of our relationships. 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. GPN revenues grew by 28.1% constant currency (up 19.9% reported) on prior year driven . So that's the routine or the rhythm, for the want of a better word, we are in now as we speak. And I guess following on in terms of your expectation for getting price increases in H2 as well, does that competitive landscape, I guess, give you confidence that youll be able to get them through? 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. But were obviously hearing from some other companies as well about the softness of the weight management category, Weight Watchers were calling it out. 03:08 2022 has started very well, we expect further revenue and earnings growth this year. 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. Firstly, coming back on GPN margins, can you just clarify do you expect GPN margins to be down year-on-year in H2? The SlimFast brand was in line with the prior year, but we continue to see some headwinds as we navigate COVID as consumers havent yet fully reengaged with dieting. In addition, as we said previously, through 2020, SlimFast had very strong prior year comparisons in the second half as, in fact, 2019 SlimFast consumption in North America grew by 49%. Siobhan Talbot . Nutritional Solutions, our Ingredient Solutions business again had a really strong year. Just sort of one follow-up, if you don't mind. Today's conference is being recorded. As I said on the call just now, there's no doubt that Q2 was the quarter that was most severely impacted by COVID as the market lockdowns, curtailed demand, curtailed routes to market. Turning then to GPN. While the prior year Q2 comparator for GPN was undoubtedly very challenged due to COVID, underlying consumption trends remain very strong for GPN. And we grew those branded like-for-like revenues by over 18.3%. In terms of our ability internally, I mean, we pretty much work at market pricing from a GPN perspective, whether they are buying that from an internal Glanbia Nutritionals business or whether we are looking at that externally. Please. 46:58 Okay. 00:29 Thank you. Again, we have a number of programs ready to sort of jump start that as well from our perspective. Do stay safe and well. Q4. Year-on-year, the North America performance portfolio like-for-like branded revenue declined by 9%. So, what are your consumer insights in terms of why the category is still a bit slow? I mean I think in Q2 you were nearly at 7% level. Glanbia plc (OTCPK:GLAPF) Q4 2021 Earnings Conference Call March 3, 2022 3:30 AM ET, Liam Hennigan - Group Director, Strategic Planning and Investor Relations. 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