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Unlocking Value UNLOCKING VALUE Post Holdings, Inc. 2018 Annual Report Net Sales Adjusted EBITDA(1) Operating Cash Flow (in millions) (in millions) (in millions) 6,257.2 1,230.7 719.3 5,225.8 5,026.8 989.1 4,648.2 933.9 502.4 451.6 657.4 386.7 2,411.1 344.5 163.0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net Sales by Category POST CONSUMER BRANDS WEETABIX REFRIGERATED FOOD ACTIVE NUTRITION PRIVATE BRANDS REFRIGERATED REFRIGERATED FOODSERVICE RETAIL 29% 7% 25% 12% 13% 14% Financial Highlights (in millions except per share data) 2014 2015 2016 2017 2018 Net Sales $ 2,411.1 $ 4,648.2 $ 5,026.8 $ 5,225.8 $ 6,257.2 Gross Profit 621.2 1,174.4 1,547.4 1,574.1 1,866.8 Operating (Loss) Profit (207.7) 212.7 545.7 520.3 587.5 Net (Loss) Earnings Available to Common Stockholders (358.6) (132.3) (28.4) 34.8 457.3 Diluted (Loss) Earnings per Common Share $ (9.03) $ (2.33) $ (0.41) $ 0.50 $ 6.16 Operating Cash Flow 163.0 451.6 502.4 386.7 719.3 Adjusted EBITDA(1) 344.5 657.4 933.9 989.1 1,230.7 Adjusted Net (Loss) Earnings Available to Common Stockholders(1) (16.6) 35.7 205.8 211.0 309.6 Adjusted Diluted (Loss) Earnings per Common Share(1) $ (0.42) $ 0.62 $ 2.59 $ 2.67 $ 4.08 POST HOLDINGS, INC. 2018 ANNUAL REPORT 1 In 2018, Post focused on leveraging capabilities across business units to promote organic growth and generate cash, unlocking the value within. TO OUR SHAREHOLDERS Value Algorithm Post accomplished much in fiscal 2018 Our scorecard ultimately remains despite a challenging environment. the value we build. During fiscal 2018 our Among this year’s highlights, we: share price grew 11% from the beginning to the end of the year, but with meaning- • Delivered on financial targets for the ful volatility along the way. That volatility year, including generating nearly 1. has continued into fiscal 2019. From our $500 million in free cash flow(1). Post now derives greater formation in 2012 through year end fiscal than 50% of its EBITDA • Completed the acquisition of Bob Evans 2018, our share price has compounded at from businesses that grow in Farms in January 2018. an average of 21% per annum. The macro environment remains aggregate >6% per year • Successfully reorganized Michael challenging. Last year the headline story Foods and Bob Evans into pure was Amazon acquiring Whole Foods and channel-focused businesses. its implications on traditional retail. The 2. • Announced the formation of 8th Avenue channel migration toward electronic and The remainder of EBITDA Food & Provisions (“8th Avenue”) via mobile commerce continued this year, is derived from cereal: a a partnership with Thomas H. Lee and this shift implicates supply chain exe- high-cash generative category Partners, L.P. cution, consumer marketing and product 2 POST HOLDINGS, INC. 2018 ANNUAL REPORT Great Taste All Bagged Up 2% POST CONSUMER BRANDS THREE-YEAR BAG COMPOUND ANNUAL GROWTH RATE(2) development. Our traditional channels and investment. Interrupters are, by defi- are becoming omni channel and this nition, transitory and risk overreaction. Our will become the new normal. This year organization must be adaptable enough % “disruption” seemed the focus, specifi- to respond to disruptors — ideally to be 20 cally as it relates to new brands in old disruptors — and to ignore interrupters. categories. Disruption is not new. The Our success or failure in this POST CONSUMER BRANDS first disruptor noticed that a rounded challenge begins with our organizational U.S. READY-TO-EAT block would roll and thus gave birth to design. Summer reading this year (3) CEREAL MARKET SHARE the transportation industry. Unfortu- included On Grand Strategy by John nately, they did not plan enough drivers Lewis Gaddis. We highly recommend for the wheels they invented, but that’s it. In a passage that loosely describes another story. While disruption pre-dates the difference between a decentralized modern capitalism, the pace of disruption and centralized form of organization, has accelerated as new technologies Gaddis writes, “Controlled environments enable new ideas to commercialize at a encourage complacency, making it hard remarkable clip. The challenge we face to cope when controls break down, as as stewards of your capital is to separate they sooner or later must. Constant the disruptors from the interrupters. disruptions, however, prevent recuper- Disruptors permanently alter the land- ation: nothing’s ever healthy. There’s scape of a category and require response a balance, then, between integrative POST HOLDINGS, INC. 2018 ANNUAL REPORT 3 and disintegrative processes in the provides Post greater exposure to grow- natural world — an edge of chaos, so to ing areas of traditional grocery — chiefly speak — where adaptation, especially the rapidly growing retail side dish self-organization, tends to occur.” category. In a short time, Bob Evans This in short is how we seek to create has become a leader in this category value for you. By seeking to balance the which for the last five years has grown integrative and the disintegrative we approximately 14% per year(4). The strive to find the equilibrium that leads to product offerings address large conflated adaptation. We believe that value can be themes such as convenience, great taste built by harnessing energy (integrative) or and affordability. The integrative nature by unleashing energy (disintegrative). of the transaction is derived from the In 2018, we had examples of each. Bob Evans business being highly comple- mentary with the Michael Foods retail Integrative – Bob Evans Farms and foodservice businesses. Michael % and Michael Foods Foods’ Simply brand of potatoes is the 43 In January 2018 we completed the market leader in cut potatoes where acquisition of Bob Evans Farms. We are Bob Evans leads in mashed potatoes. PENETRATION OF delighted to welcome to Post the Bob All retail brands have been combined WEETABIX BRAND Evans associates. This transaction is under Mike Townsley and Bob Evans PRODUCTS IN U.K. HOMES(6) important in several ways. First, it leadership and all foodservice business #1 Iconic READY-TO-EAT U.K. U.K. Brand CEREAL BRAND(5) 4 POST HOLDINGS, INC. 2018 ANNUAL REPORT has been combined under Mark Westphal in private brands and we acquired several and Michael Foods leadership. The businesses toward that effort. Eventually, combination affords opportunity with our prior parent became available in the respect to both in terms of better cost, market. By that time, we had acquired service and merchandising. Finally, both Michael Foods and we chose to allocate businesses share a common supply chain capital in a different manner. This pivot which enables us to better leverage scale rendered our private brands business across the platform. less strategic to us. Nevertheless, we continued to believe in the long-term Disintegrative – 8th Avenue Food opportunity behind private brands. & Provisions With our capital allocation focused We have often said that on the spectrum elsewhere, and a perceived opportunity of strategic to opportunistic, Post tends to consolidate the private brands sector, % towards the latter. Nothing better we sought a different structure and 6 illustrates this philosophy than our announced in January of this year our approach to private brands. Recall that intent to “strategically partner” in this EGG FOODSERVICE our prior parent was the leader in private pursuit. This strategic partnership could VOLUME GROWTH IN brands food, and was ultimately sold. have been via a partial public offering FISCAL 2018 At the time, we perceived there to be an and we initially followed that course. opportunity for Post to be a consolidator During the process, we were approached Innovative Leader and Partner #1 FOODSERVICE PROVIDER OF VALUE-ADDED EGGS AND VALUE-ADDED POTATOES(7) POST HOLDINGS, INC. 2018 ANNUAL REPORT 5 Quick-to-Table Farm Fresh 14% SIDE DISH CATEGORY FIVE-YEAR COMPOUND ANNUAL GROWTH RATE(4) by several firms who saw similar 2018 Performance opportunity. In August, we announced Post Consumer Brands Post Consumer that we had reached an agreement with Brands continued to outperform a Thomas H. Lee Partners, L.P. to recapital- somewhat sluggish ready-to-eat cereal ize our private brands business into category. Our acquisition of MOM Brands #1 8th Avenue Food & Provisions. The has over-delivered in cost reduction, and transaction resulted in Post receiving we are applying the same discipline to the MANUFACTURER OF $875 million in cash while retaining North American operations of Weetabix. REFRIGERATED SIDE (8) approximately 60% of the common equity Meanwhile, looking to the future of this DISHES of 8th Avenue. We are delighted with the business and this category we had a outcome and we look forward to further leadership change. Chris Neugent led building this business with a great partner. the combination of Post Foods and MOM We are especially pleased to have Jim Brands following seven years as CEO of Dwyer, an experienced business builder MOM Brands. In July, Chris moved into and formerly the leader of our Michael a strategic planning role working with Foods business, running 8th Avenue. As Weetabix and our other businesses in an aside, 8th Avenue in Brooklyn is where honing their strategies for organic growth. Jim’s grandparents lived after immigrat- At the same time, Howard Friedman ing to the United States. joined us from Kraft Heinz where he ran 6 POST HOLDINGS, INC. 2018 ANNUAL REPORT Full of Good Energy Industry leading growth in ready-to-drink shakes their meat and dairy business. We want Refrigerated Food Michael Foods had to congratulate Chris for all he accom- a stellar year, continuing to improve both plished with Post and with MOM Brands.
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