38:21 Of course, the health and safety of our teams has always been a priority for us. We are innovators and tastemakers, with a portfolio of leading brands enjoyed by customers worldwide. The group delivered operating cash flow of 335 million in 2020, representing a strong EBITDA cash conversion of 122%. As weve previously noted, our strong first half performance has raised our full year expectations, and we expect to deliver between 17% and 22% growth in full year adjusted earnings per share on a constant currency basis. The average maturity of the group's facilities was 4.4 years compared to 2.8 years in the prior year. As I mentioned, the average euro dollar rate for 2021 was 1 equal to $1.18. But confident we will get it at this point in time with working with that and never complacent about the elasticity always, as Mark also mentioned, but I think in good shape to execute that. And what are you seeing in the market, please? October 11, 2022. And we believe has structurally lifted the profitability of the business relative to its 2019 base. The group will pay an interim dividend of 0.1175, which is a 10% increase from the prior year. So there's a number of moving points around mix that impacted our Nutritional Solutions business last year. This is the fifth consecutive year of growth for Glanbia, with total revenues reaching a phenomenal 3.5 billion, up 6.9% on 2013. So very, very focused on evolving that gross margin and evolving the net margin of GPN. 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. Having been the channels most influenced by lockdowns, the distributors and specialty channels benefited most from the easing of restrictions. Pricing, too, was largely positive across the year, driven by the cheese business. Commissioning of both of these facilities is expected to be completed by the second quarter of 2021. 61:35 We'll now take the next question from [Cathal Kenny] [ph]. Investor conferences. We had really strong growth in the premix side in the first half. So a good start, Cathal. So, moving into that double-digit zone for the total portfolio, James, which will be somewhat of a step change for us. While COVID-19 impacted the diet category in 2020, SlimFast consumption also grew. Glanbia plc. Our Optimum Nutrition and SlimFast brands are market leaders in their respective categories. On the supply chain front, we are moving forward with the consolidation of our U.S. manufacturing footprint from 3 locations down to 1. Here, we've invested significantly behind the software behind that business. They trust that our products can help them lead healthier lives, and we will work to assure them that the same products are good for the planet also. And I acknowledge your point, and what I would say too, yes, we will always be ambitious to optimize our performance over a period of time. Please go ahead. Our strong operating performance also delivered rolling 12-month operating cash conversion of 129.6%. 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! GPN over delivered against its plans on the transformation platform, it added the German base level of brands for our portfolio. James, many thanks for those questions. Through our proprietary platform Ingenuity, we are providing a simpler, integrated and frictionless retail experience for consumers and brand owners. I think, as we get through the first quarter and you see vaccines and overall communities being more socially mobile, we would have a lot more confidence actually that we'd see that continue throughout the year and potentially maybe an uplift beyond mid-single digits. And we did a number of test-and-learn exercises through 2020 indeed. As anticipated revenue growth is offset by a margin decline of about 100 basis points versus the prior year. But on the Nutritional Solutions side as well, building our manufacturing capabilities in that business is really important for us. No problem. 59:13 Thank you. And then just secondly, on GPN. 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. This call is now Again, thank you for -- thank you to everybody for your time today. And then the second question is, on Slide 23 with medium-term targets, and you guide for 46% growth, I was wondering if the number assumes some add-on deals or not and then looking to the recent performance in particular if Nutritional Solutions, you have been well above the 46% range in recent years. We both increased our marketing investment and also focused strongly on making it more efficient and effective. And so that gives us the confidence of that recalibration. Why is category not coming back as expected? Yes, good morning. Glanbia Nutritionals is also the #1 producer of American-style cheddar cheese. So in the round, through many different levers, we have been on a journey of improving the margin. Efficiency from the GPN transformation program and operating leverage was also part of our margin story, as indeed with our strong volume growth. But the commodities have risen, but again high-end whey is more So, again, part of our confidence, but ultimately the high-end wheys will be calibrated back. 71:36 On your margin point of the 300 basis points, the important point there, I think to reassure focus that other growth level, our pricing actions would largely cover the inflation trends that we're seeing, our caution therefore is around elasticity and of course there is a lag in that. Year-on-year, the North America performance portfolio like-for-like branded revenue declined by 9%. Thanks a million for that. We already talked about a number of things. Pricing did decline as a result of lower cheese markets. I mean the dairy, it is of course, we're seeing inflation across number of dimension, Cathal, as everybody is, we're seeing across labor, across transport, across packaging, across ingredients, but the primary one that weve referenced is on the waste side, which is in the powder space, as you say. I was just wondering how to think about the magnitude of these and when you're putting these through? This was driven by both increased brand investment and the return of consumers to our brands as lockdown restrictions ease globally. 30:08 We are clear that the priority for our capital allocation and investments is a continued growth of our GPN and our Glanbia Nutritional Solutions portfolios, where we invest to grow organically across a range of ingredient sources, product format, and is a consumer usage occasions and motivation, both in the U.S. and in selective key international geographies. We are almost concluded. Isopure playing into a really nice clean product. Sports, very strong, consumption across the regions very strong, the measured channels in North America think!, again, Isopure, Amazing Grass all strong. I think you're going to see that come into the coming year as well. At this time, I would like to turn the conference over to Liam Hennigan, Group Director of Strategic Planning and Investor Relations. We have great brand awareness. Glanbia plc (OTCPK:GLAPF) Q2 2021 Earnings Conference Call August 12, 2021 03:30 ET Company Participants Liam Hennigan - Group Director, Strategic Planning and Investor Relations Siobhan. Todays conference is being recorded. The most significant portfolio realignment has been the agreement to dispose of our remaining 40% interest in Glanbia Ireland to the Co-op in Q4. So, what are your consumer insights in terms of why the category is still a bit slow? Weve committed facilities of over 1.1 billion with a weighted average maturity of 4.4 years and no facilities due for renewal in the coming 12 months. News Alerts. 16:53 Turning then to Glanbia Nutritionals, Glanbia Nutritionals had a very strong year with volume growth of over 18%. So, we may well see some volume, but at this point in time, given its too early in the year. I have two questions. In fact, it was relatively new but has had quite significant growth. 36:29 In terms of carbon emissions, we've committed to a 31% reduction in Scope 1 and 2 carbon emissions by 2030 and to reduce our carbon emission intensity in our dairy supply chain by 25% again by 2030, from the 2018 base year. Thanks, Siobhan and good morning to everyone on the call. The project initially focused on simplifying our product portfolio, streamlining our route to markets, which included the exit of practically all our private label contract manufacturing. During the year, the group replaced a significant element of its committed borrowing facilities, extending maturity dates and lowering future interest costs. But the real variable within that is actually the incremental marketing investment that I mentioned. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 91 million was return to shareholders via share buyback activity during 2021 and today, we are announcing a 10% increase in the 2021 final dividend, which will bring the total 2021 dividend to $0.2928, representing a 33.6% payout of 2021 earnings. 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. Thanks very much Siobhan. Underlying margins in the key business segments are very solid. Youll have heard other organizations speak to and the varying degrees across COGS. So, there's further pricing actions in GPN in 2022. That's been a really nice build and capability for us. For '21, James, we would actually plan that, in fact, all areas will grow. Quite simply, our channel exposure has been one of the biggest transformations that have happened in GPN. But also home cooking from scratch is up and thats often seen as healthier. However, we do see trends that would, at this point, indicate the potential to deliver mid-single-digit revenue growth for the full year in those key areas of branded GPN and GN Nutritional Solutions revenue. We believe that this increased marketing investment is really the right perspective to take now because consumers continue to emerge from the pandemic. A couple of questions from me. Looking then in more detail at those 2 key brands of Optimum Nutrition and SlimFast. So Mark, maybe you'd pick up the second part, please? We had strong cash flow, returning over 90 million to shareholders be it buybacks and of course, have increased our dividend. EBITA was up almost 10% to 125 million and this was driven entirely by the Nutritional Solutions business. And weve more planned now for the second 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. And their aim then was simple. 41:29 Thank you. So the question is, can we expect Nutritional Solutions to see margins back within the 13% to 15% target range already this year? Brand awareness for SlimFast remains very strong at 95%, and household penetration increased to 5%. Again, in those North America measured channels, it increased by 4%, with the brand gaining share in retail and growing well in e-commerce. Through enhanced engagement and health and safety measures, we have kept all of our operations running safely into plan. We will provide our 2023 growth capital outlook on our fourth-quarter earnings call. Interest and tax payments were 43 million, both lower than prior year due to lower average debt levels during the year and lower net tax payments. For full year 2022, we expect RevPAR growth between 40% and 43%. 18:22 The NS business is delivering growth ahead of its end market. And our ambition is to combine pure food with a pure planet. For number of years, GPN has been on a transformational journey with respect to channel orientation, in particular, growing brand presence in the e-commerce and FDMC channels. Of course, we're not complacent about that point. And its a low-fat ready-to-mix product that works well with the consumers that were targeting as well. As you know, plant protein, it's an interesting protein in the market, and consumers are clearly gravitating to that. 57:57 Yeah. On waste, we commit to zero waste to landfill in our operational sites by 2025 and a 50% reduction in food waste by 2030. 72:31 Thank you very much for your time this morning. 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. A number of our consumers we know participate in this landscape as well. And we will now take our next question from Karel Zoete with Kepler Cheuvreux. 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. In terms of the elasticity, it is a really interesting question because, again, history, I know doesn't always dictate the future, but if you look at historical passion, our brands, particularly on the sports side have tended to be quite resilient in times of economic recession, of challenges at individual consumer level, because really consumers are taking a lifestyle choice around areas of healthy living [indiscernible] and in many instances, they will prioritize that overall more discretionary aspects of their lives because it is quite can be quite fundamental to how they choose to live and maintain their health. Transcript : Glanbia plc, Q3 2022 Interim Management Statement Call, Nov 03, .. UK earnings, trading statements calendar - next 7 days, Financing Through The Lens Of Esg : Impact Of Policy And Challenges To Be Overcome, GLANBIA PLC : Monthly statement on voting rights. And we will now take our next question from James Targett with Berenberg. So from mid-single-digit perspective, we feel reasonably comfortable on that. But for what we can see today, that would cover that largely off. The cash cost of the buy-in in the period was 36 million, which is less than what the group had already committed to or would have expected to contribute to these schemes in future years. And of course, that provides us with resources to fund further growth opportunities. Our line just went dead here, so -- but we're back on track. This was driven by a robust performance from Glanbia Nutritionals, which grew like-for-like revenue by 10%. The group has ended the half with a strong balance sheet. And just finally, just on the Nutritional Solutions strategy evolution chart, which is interesting that you show, perhaps like rolling that forward, we are seeing quite a lot of momentum in the synthetic bio industry. This was largely driven by headwinds for the think! Importantly, the other side of that, from a margin perspective, is that weve executed price increases, as you know, the second half of 2020. The group had strong cash flow during the year as a result of focused working capital management. And then should we think about that as just a sort of a one-off investment, reinvesting the windfall from the strong first half or is this double-digit level of investment a new normalized level going forward? Please go ahead. I would say we are keeping an eye to elasticity as we look at the fourth quarter, just to make sure we understand how consumers will react to that, but we absolutely have no issue in terms of getting those prices through with our retailers. And while the rate of year-on-year decline again was there in Q4, with the reintroduction of restrictions, Q4 had that year-on-year decline, but it was significantly less than Q2, and we believe that the performance of our international business within GPN over the full year demonstrates how quickly that business can recover in a more normal trading environment. Please. We continue to target a conversion of over 80% of EBITDA into operating cash flow into 2021, albeit we expect that working capital will be an outflow as trading continues to improve during the year. It drove good pricing momentum in the second half, which again takes us into positive for the full year. Thank you. I know its obviously going to be down versus H1 in H2, but it can be down year-on-year as well. 15:10 Globally our revenue declined by 0.6%, as North America decline was offset by growth in the UK. 26:36 Return on capital employed was 10.1%, an improvement of 110 basis points reflecting the improved profitability of the group in 2021. But that's probably a journey we've been navigating already and are very mindful of that in our overall evolution of costs and how we might drive efficiencies to mitigate that. And so, you had this demand reaching a supply that has recalibrated the prior year, and so you had them a surge in pricing. I think it was timely in terms of our decisions, in terms of what we could see on our cost of goods line. In US Cheese then, revenues increased in the full year by 11.9%, with like-for-like revenue increased 13.8%. I'm just wondering where you see the opportunities there to add to your portfolio via any bolt-ons or if you could potentially do maybe a larger more transformative deal? To drive continued brand relevance, we have engaged with our consumers, and I think as I mentioned previously, we plan to reshape our SlimFast portfolio to meet the evolving needs of our consumers, across both the weight loss, but also weight management journey. Optimum Nutrition continued to activate the proven 360 global platform in 2020, focusing on supporting personal trainers and consumers looking to stay fit during lockdown. Login Sign Up for Free. When I spoke to you this time last year, we expected to grow our adjusted earnings in a range of 6% to 12% constant currency, based on what we were seeing at that time. And how should we think about that in terms of margin profile for this year? EBITA margins and EBITA declined in the year, largely due to dairy market dynamics as they reduced buy/sell margins and somewhat altered product mix. And I assume that, that mid-single-digit is branded like-for-like growth. Today's conference is being recorded. Having moved pricing in the latter part of 2020 and planned now for 2021, underlying margins are very solid across the business. And then you mentioned the promotional activity that maybe been delayed in Q1 from the start. We are democratising . We put a lot of thought into the pricing in the first instance. So despite all of the disruption of COVID and obviously, shipments being back, those 2 brands doing very well in the North American measured channels. 47:45 Okay thanks very much, very helpful. Yes, it's been interesting actually to see how consumers have evolved through the pandemic. Has that actually taken place? Firstly, I think in Optimum Nutrition, for example, our focus really on those strategic product groups, around Gold Standard, around Amino Energy. 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. Perhaps you can explain just the mix effect or the dynamic thats going on between the vit and minerals business and the dairy ingredients part? Yes, just a couple. Volumes in our key dairy ingredients were relatively stable, but we had some product mix effect from COVID, particularly COVID-related challenges in the convenience sector. Now the second question is then also on GPN. [Technical Difficulty]. Just in terms of the question you have on margins, James, I mean, the real impact for us in the second quarter was operating leverage issues in terms of that revenue being down so dramatically and unexpected for us, not able to move our fixed costs around, frankly, to be able to manage that scale of a decrease. And so that gives us the confidence to continue to invest as we move through the year. We believe this will return in the latter part of the year, and we have strong consumer-focused programs in place for the back-to-school, back-to-work periods. Your line is open. Is this happening to you frequently? I'll take the M&A question. In 2020, while pricing dynamics and some cost headwinds impacted the margins of the wholly owned US Cheese business, this was more than countered by strong margins in our U.S. joint ventures. Indeed, our very name, Glanbia, means pure food, and the very genesis of our nutritional portfolio was a desire to create value from what had been a waste product from dairy processing. And what we're doing then is acknowledging that and working on efficiencies and driving other savings, etcetera that cut that [indiscernible] that back down to the 100 basis points. 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