DUBLIN – March 15, 2022 - Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") has today released its financial results for the fourth quarter and fiscal year ended December 31, 2021.
Highlights for FY’21:
- Transformational year for the Group
- Significant increase in scale and footprint following acquisition of remaining 55.0% of Dole Food Company, Inc. ("DFC" or "Legacy Dole") by Total Produce plc ("TP") to create Dole plc ("Dole")
- Following the acquisition, revenue has increased 113.7%, Adjusted EBITDA1 56.5% and total assets 147.5%
- On a pro-forma2 basis, revenue increased 3.5% and Adjusted EBITDA increased 5.9% for the full year
- Group is well positioned for long term sustainable growth following completion of IPO and debt refinancing
- Net Debt1 / pro-forma Adjusted EBITDA 2.87x as of December 31, 2021
Transformational impact of the acquisition of DFC by TP
On July 29, 2021, TP completed the acquisition of the remaining 55.0% of DFC, to create Dole plc. Following this acquisition, the Group has increased significantly in scale and geographical footprint. Revenue has increased 48.5% to $6.5 billion for the full year 2021 compared to 2020. Pro-forma revenue for the full year 2021 of $9.3 billion has increased 113.7% compared to revenue for 2020. Revenue for 2021 includes five months of DFC revenue for the period of July 30, 2021 to December 31, 2021.
Adjusted EBITDA has increased 15.3% to $290.1 million for the full year 2021 compared to 2020. Pro-forma Adjusted EBITDA for the full year 2021 of $393.6 million has increased 56.5% compared to Adjusted EBITDA for 2020. Adjusted EBITDA for 2021 includes five months of DFC Adjusted EBITDA for the period of July 30, 2021 to December 31, 2021, and TP's 45.0% share of DFC Adjusted EBITDA for seven months for the period of January 1, 2021 to July 29, 2021.
Total assets has increased 147.5% to $4.7 billion following the acquisition. The Group now has a strategic and valuable asset base, including over 114,000 acres of owned land and other land holdings, over 160 distribution and manufacturing facilities, 75 packing houses, 12 cold storage facilities, five salad manufacturing plants and 13 owned vessels.
| |
FY'21 |
FY'21 |
FY'20 |
Variance |
Variance |
| |
Pro-forma |
Reported (Unaudited) |
Reported |
Pro-forma FY'21 v Reported FY'20 |
Reported FY'21 v Reported FY'20 |
| Revenue - $’m(2) |
9,286 |
6,454 |
4,346 |
+113.7% |
+48.5% |
| Adjusted EBITDA - $’m(1),(2) |
393.6 |
290.1 |
251.5 |
+56.5% |
+15.3% |
| Total Assests- $’m |
|
4,668 |
1,886 |
|
+147.5% |
1 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share and Net Debt are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.
2 This press release contains pro-forma financial information. The unaudited pro-forma consolidated financial statements for Dole plc illustrate the effects of the acquisition of DFC by TP and the effects of the IPO and refinancing as if they had occurred on January 1, 2020. This is comparable to the pro-forma financial statements presented in the Form F-1 filed with the SEC at the time of the IPO. The financial statements which will be filed in due course with the SEC, and which will be available on our website once filed (https://www.doleplc.com/investors), will contain the results of TP for the first 7 months to July 29, 2021 (including equity earnings from TP’s 45.0% shareholding in DFC) plus the combined results of TP and DFC from July 30, 2021 to December 31, 2021. Comparative period results to December 31, 2020, are comprised of the full year results of TP including equity earnings from TP’s 45.0% shareholding in DFC.
Pro-forma Financial Information - Highlights (Unaudited)
| |
Q4'21 |
Q4'20 |
FY'21 |
FY'20 |
FY Variance |
| Pro-Forma Revenue - $’m(2) |
2,251 |
2,201 |
9,286 |
8,969 |
+3.5% |
| Pro-Forma Adjusted EBITDA - $’m(1),(2) |
61.1 |
71.8 |
393.6 |
371.8 |
+5.9% |
| Pro-Forma Adjusted Net Income - $’m(1),(2) |
13.5 |
18.0 |
141.2 |
126.3 |
+11.8% |
| Pro-Forma Adjusted Fully Diluted EPS -$(1),(2) |
0.14 |
0.19 |
1.49 |
1.33 |
+11.8% |
Commenting on the results, Carl McCann, Executive Chairman said:
“2021 marked a transformational year for the Group following the acquisition of the remaining 55.0% of DFC by Dole plc and the subsequent IPO of the Group on NYSE. Our scale and footprint have increased significantly and we are well positioned to deliver long term sustainable growth. The Group delivered a strong performance for the full year of 2021, with growth across key metrics in line with guidance. Our diversified business model has continued to provide resilience within a challenging macroeconomic environment, while our strategic asset base and multi-continental sourcing model provide a competitive advantage. Our people have once again been the driver of this strong performance and we thank them for their dedication and determination.
For the 2022 financial year, we are targeting revenue in the range of $9.6 billion to $9.9 billion and Adjusted EBITDA of $370.0 million to $380.0 million. The year on year expected reduction in Adjusted EBITDA is primarily due to the significant impact of the Value Added Salads product recall and temporary plant closures. We are monitoring the ongoing geopolitical situation in Ukraine and Russia; however, it is difficult to predict today what impact this may have on the macroeconomic environment and our business.”
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