The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: James Targett - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: A couple of questions from me. Firstly, just actually sticking with foodservice. So obviously, the return to your anticipated return to positive volume
growth in Q4, is that, I assume, driven by your expectation of further improvement in foodservice volume? Or do you expect a reacceleration on
the retail side? I guess my question on the foodservice is that some of your peers have talked about some restocking benefits then in Q3, and of
course, as we see big markets like Europe would go back into lock down, there's a lot of concern that these foodservice volumes could pull it again
in the fourth quarter. So I just wondered what gives you that confidence that you can deliver further improvement in volumes in Q4, considering
that outlook for foodservice and maybe the benefit you got in Q3 from restocking -- from customer restocking?
And then secondly, just on the margin, could you maybe give us some color of how the percent of COVID cost were trending in sort of Q2, Q3, and
what your anticipation is for Q4, just to get an idea of to what extent that maybe those easing is driving the margin improvement?
Question: James Targett - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Sorry, sorry, just to clarify, when you said -- when you're talking about the -- in line in prior year in October, so are you talking about foodservice?
Just foodservice? And when you just talked about that positive, sorry, return to positive volumes in Q4, again, is that about T&N or you also think
foodservice will be positive in Q4? Sorry, just to clarify.
Question: Jason Molins - Goodbody Stockbrokers UC, Research Division - Analyst
: You've answered quite a few questions on foodservice, so I won't delve into that in any more detail. But maybe just in terms of some of the M&A
deals that you've completed, can you give any sense of quantum of those combined deals? And maybe in particular on the Bio-K, the probiotics
business, what sort of complementary opportunities that gives you over what you already had with Ganeden? That'd be something I'd be interested
to explore. And then just sort of finally, in terms of your guidance, the minus 8% to minus 11% that you've set out, what are -- given we're at the
start of November, what do you think are some of the key issues that maybe get you either at either end of that sort of guidance range?
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