JDE Peet’s: reports full-year results 2022

Amsterdam / NL. (jde) JDE Peet’s N.V. (JDE), the world’s largest pure-play coffee and tea group by revenue, published its financial results for the full year 2022, the period from January to December. JDE is very pleased with the way the company navigated 2022, the group says in its statement. Key items:

• Total sales up +16.4 percent to EUR 8.2 billion, of which +11.3 percent organically, driven by price
• Gross profit up +3.3 percent supported by efficiencies, disciplined pricing and revenue management
• SG+A increased by 10.6 percent, driven by working media and other growth-related investments
• Adjusted Ebit down -5.9 percent, or -9.3 percent organically, to EUR 1,227 million, as SG+A increased
• Underlying EPS up +6.3 percent to EUR 1.91
• Free cash flow of EUR 1,358 million while leverage reduced to 2.65x
• Significant progress made on ESG, recognised by external ESG rating agencies
• Proposal to pay a cash dividend of EUR 0.70 per share in two equal instalments

Chief Executive’s Summary

Message from CEO Fabien Simon: «I am very pleased with the way JDE Peet’s navigated 2022, a year impacted by the ongoing effects of unprecedented inflation, decreasing consumer confidence, and the tragic war in Ukraine.

«Last year required us to make difficult but courageous choices on cost competitiveness and pricing leadership. We acted as a true category leader and were able to meet or exceed our financial commitments, without compromising on investments, nor on quality of our products and services.

«In 2022, we delivered double-digit sales growth, increased our absolute gross profit, delivered strong free cash flow and higher EPS, while increasing investments to support our long-term growth ambition in areas such as marketing, innovation, digital commerce, emerging market capabilities and sustainability.

«Consequently, we are emerging stronger for 2023, with an elevated growth portfolio, a competitive market share position, a well invested business and a more productive and very engaged enterprise.

«These many results and achievements were made possible by the resilience, resolution and agility of our people, who worked incredibly hard, together with every partner in our ecosystem, to manage these turbulent times, while simultaneously making continued strong progress on our growth- and purpose-led strategy.

«Although many of the conditions and challenges we faced in 2022 will to some extent persist in 2023, we believe that our pure-play focus, strong fundamentals, brands and innovation capabilities position us well to continue to create attractive shareholder returns as well as societal value.»

For additional information please read the Company’s PDF file below (266 KB):

20230222-JDE-Q42022.