JDE Peet’s Shares Preliminary Results for FY 22

By: Alexis Rubinstein, Managing Editor - Coffee Network

Mon, 30 Jan 2023, 19:43

Alexis Rubinstein

Managing Editor

CoffeeNetwork (New York) - JDE Peet’s (EURONEXT: JDEP), the world’s leading pure-play coffee and tea company by revenue, hosted its Strategic Update Meeting for institutional investors and analysts in Amsterdam last week. During this event, the company provided, among other things, an update on its achievements and progress versus its strategic roadmap, a selection of preliminary financial results for FY 22 as well as its outlook for 2023.

“I am very pleased with the progress we have made since we introduced our updated strategy two years ago,” said Fabien Simon, CEO of JDE Peet’s. “In spite of the challenging macro-economic environment, we are delivering on our commitments to build a stronger, more productive, and more inclusive enterprise. We kept high-quality standards for our consumers and customers, meaningfully reinvested in core assets, rebuilt employee pride and engagement, transformed from a laggard to a leader in ESG, while resuming cost competitiveness and achieving our financial commitments. Strengthening our fundamentals, our brands and our innovation capabilities elevates our growth trajectory and our ability to create a sustaining long-term shareholder return and societal value.”

The company will launch a fully compostable capsule in 2023, which will contribute to a circular economy. This new-to-the-world technology allows for a high-quality in-cup experience that was not achievable in existing compostable alternatives to date. This innovation will be introduced in selected markets throughout 2023 under L’OR, the global leading grocery brand in espresso capsules.

In line with the company’s purpose to unleash the possibilities of coffee and tea to create a better future, JDE Peet’s has made significant progress on its sustainability agenda over the last two years. In addition to the reduction of its scope 1 & 2 green-house-gases by 17% since 2020, one of the key achievements in 2022 was the increase in responsibly sourced coffee from 30% in 2021 to 77%. In 2023, JDE Peet’s will submit its stronger and new SBTi ambition to net-zero.

Preliminary FY 22 financial results

At the occasion of its Strategic Update Meeting, JDE Peet’s confirms its 2022 outlook and shares the following preliminary, unaudited results related to FY 22:

• Sales increased by 16.4%, driven by organic growth of 11.3%

• Gross profit increased by 3.3%

• SG&A increased by 10.6%, driven by working-media and other growth-related investments

• Adj. EBIT decreased by 5.9%, and organically by -9.3%, as SG&A increased

• Underlying EPS increased to EUR 1.91

• Free cash flow of more than EUR 1.3 bn with a net leverage of 2.65x

The company will publish its FY 22 financial statements as scheduled on 22 February 2023, which may slightly deviate from the preliminary results set out in this release.

Outlook FY 2023

The company shared the following outlook for FY 23:

• Organic sales growth at the high end of its medium-term range of 3 – 5%

• Low single-digit organic adjusted EBIT growth, with a moderate increase in SG&A

• A stable dividend

Medium- to Long-Term Targets reiterated

For the medium- to long-term, JDE Peet's continues to target organic sales growth of 3 to 5% and mid-single digit organic adjusted EBIT growth, a free cash flow conversion of approximately 70% and stable to increasing dividends over time.

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