Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — FY2022 Earnings Presentation
25 slides from Anora Group Oyj's earnings presentation, Feb 28, 2023
Slide 1: 2022 Results presentation
2022 Results presentation CEO Pekka Tennilä CFO Sigmund Toth 28 February 2023
Slide 2: Today's agenda and speakers
2022 Results presentation Today’s agenda and speakers Q4 and Full year 2022 Results presentation • Business review • Financial review • Closing remarks • Q&A CFO Sigmund Toth CEO Pekka Tennilä Q4 22 Results presentation | 28 February 2023 | 2
Slide 3: Business review
Business review Q4 22 Results presentation | 28 February 2023 | 3
Slide 4: Net sales grew mainly due to Globus Wine
Net sales grew mainly due to Globus Wine Net sales, EUR million Net sales excl. Globus Wine Comparable EBITDA, EUR million Q4 221.6 (205.6) Q4 200.0 Q4 20.9 (31.4) FY 702.7 (478.2*) FY 658.5 FY 76.1 (71.7) Growth also from Industrial Sales in monopoly markets, segment and international both for wine
Slide 5: Market development – monopoly sales continued to decline
Market development – monopoly sales continued to decline The decline in monopoly sales volumes due to the normalizing of the channel mix with consumption returning to the on-trade, DEVELOPMENT OF WINE AND SPIRITS SALES VOLUMES IN THE NORDICS travel retail and border trade as Covid-19 restrictions ha
Slide 6: Wine
Wine Events and product launches in Q4 Q4 Highlights NET SALES (TOTAL), MEUR • Good performance of Blossa 22 +16% with Blossa Rosé and Blossa Äppelglögg • Net sales increased by 15.9% to EUR 108 107.9 (93.1) 93 • Il Capolavoro of Globus Wine in • Net sales excluding Globus was Sweden EUR 82.6 millio
Slide 7: Spirits
Spirits Q4 Highlights NET SALES (TOTAL), MEUR Product launches in Q4 -2% • Net sales EUR 72.2 (74.0) million • In Sweden and Norway, seasonal aquavits, 74 72 e.g., Aalborg Juleakvavit 2022, O.P. Anderson • Growth in international sales, e.g. Julaquavit, Prima Julsnaps, Herrgårds Julakvavit, Baltics,
Slide 8: Industrial
Industrial Q4 Highlights NET SALES, TOTAL, MEUR +17% • External net sales grew by 17.4% to 79 EUR 45.5 (38.7) million. 68 33 Internal • Growth was driven by higher sales 29 prices in industrial products and contract manufacturing and following 46 External the increase in the cost of barley. 39 • Pro
Slide 9: Financial review
Financial review 2022 Results presentation | 28 February 2023 | 9
Slide 10: Barley sourcing
Barley sourcing Average barley price increased by 15% from Q4 21 to Q4 22 Q4 22: 47.9 (49.8) million kilos Historically, over a 5-year period, of grain the average barley market price BARLEY PRICE DEVELOPMENT (EUR/TN)* has been about 218 €/tn 400 275 350 e/tn** 300 250 200 150 100 50 0 2007 2008 200
Slide 11: Q4 net sales growth driven by Globus Wine and Industrial
Q4 net sales growth driven by Globus Wine and Industrial NET SALES (EXTERNAL), MEUR +8% • Net sales growth driven by the 221,6 acquisition of Globus Wine, 222 206 -2.0 6,8 Denmark. Excluding Globus Wine, 197 22 Globus Wine 11,2 192 205,6 net sales EUR 200 million. • Wine net sales in the monopoly co
Slide 12: FY 2022 net sales growth driven mainly by Globus Wine
FY 2022 net sales growth driven mainly by Globus Wine NET SALES (EXTERNAL), MEUR +6% • Net sales growth mainly driven by 702.7 the acquisition of Globus Wine. Net 703 665.0 22.1 665 7.2 8.4 sales without Globus Wine was EUR 629 628 44 Globus Wine 658.5 million. • Wine net sales in the monopoly count
Slide 13: Q4 decline in profitability due to normalisation, high input costs
Q4 decline in profitability due to normalisation after Covid-19, high input costs and a correction to inventory values of Clobus Wine COMPARABLE EBITDA, EUR MILLION, Q4 • Comparable EBITDA Q4 2022 9.4 (14.9) % -32% 35.1 36.3 30.6 • The decline in profitability was related to the normalisation 30.6 -
Slide 14: FY 2022 decline in profitability due to normalisation, high input costs
FY 2022 decline in profitability due to normalisation after Covid-19, high input costs and a correction to inventory values of Clobus Wine COMPARABLE EBITDA, EUR MILLION, FULL YEAR -25% -25% 98.3 101.0 101.0 • FY Comparable EBITDA 10.8 (15.2) %. -16.0 • The decline in profitability was related 80.7
Slide 15: Balance sheet key figures
Balance sheet key figures • The increase in net debt was due to the acquisition of Globus 2022 2021 Wine which was financed with debt. Net debt / comparable EBITDA (rolling 12 months) 4.0 1.8 • Cash and cash equivalents amounted to EUR 91.4 (168.9) million, while the interest-bearing debt including
Slide 16: Outlook 2023
Outlook 2023 • Comparable EBITDA expected to be between EUR 80-90 million. • Volumes in the monopolies are expected to be significantly lower than during COVID-19 restrictions. • Input costs are expected to remain at a high level. 2022 Results presentation | 28 February 2023 | 16
Slide 17: Dividend proposal by Anora's Board of Directors
Dividend proposal by Anora’s Board of Directors • Anora’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid for the financial year 2022. The dividend is proposed to be paid in two installments. • In its proposal the Board aims to maintain a stabl
Slide 18: ESG events in Q4
ESG events in Q4 Launch of the new Sustainability Roadmap: In Q4, Anora officially committed to set Regenerate the future science-based targets. New Roadmap with ambitious targets: • Carbon-neutral Koskenkorva Distillery during 2026 and all own production by 2030 – without compensations • Support re
Slide 19: Q&A
Q&A 2022 Results presentation | 28 February 2023 | 19
Slide 20: Summary
Summary Profitability declined In Q4 we officially Net sales growth in committed to in Q4 due to Q4 on a declining science-based declining markets, market due to targets in our new high input costs and acquisitions Sustainability inventory write-off roadmap Q4 22 Results presentation | 28 February 2
Slide 21: Closing remarks
Closing remarks Q4 22 Results presentation | 28 February 2023 | 21
Slide 22: Appendix
Appendix Q4 22 Results presentation | 28 February 2023 | 22
Slide 23: Income statement
Financial Review Income statement EUR million Q4 22 Q4 21 2022 2021 Net sales 221.6 205.6 702.7 478.2 Other operating income 2.3 5.9 10.9 10.5 Materials and services -134.8 -114.2 -414.3 -266.1 Employee benefit expenses -24.5 -28.0 -93.8 -69.6 Other operating expenses -45.8 -38.0 -137.6 -90.2 Deprec
Slide 24: Balance sheet
31 Dec 31 Dec Financial Review EUR million 2022 2021 EQUITY AND LIABILITIES Balance sheet Equity attributable to owners of the parent Share capital 61.5 61.5 Invested unrestricted equity fund 336.8 336.8 32 Dec 31 Dec EUR million 2022 2021 Legal reserve 0.5 0.4 ASSETS Hedge reserve 4.2 1.7 Non-curre
Slide 25: More information at anora.com/en/investors
More information at anora.com/en/investors