Mezzan Holding Company Kscc · KSE:MEZZAN
Mezzan Holding Company Kscc — Mezzan Holding Company — FY2022 Earnings Presentation
17 slides from Mezzan Holding Company Kscc's earnings presentation, Mar 23, 2023
Slide 1: FY 2022 Earnings Presentation
FY 2022 Earnings Presentation March 23, 2023 1
Slide 2: Disclaimer
Disclaimer This con dential document is provided for informational purposes only. THE INFORMATION SET OUT IN THIS PRESENTATION AND PROVIDED IN THE DISCUSSION SUBSEQUENT THERETO DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES IN ANY JURISDICTION. IT IS SOLELY FOR US
Slide 3: Agenda
Agenda Tailwinds & Headwinds Q4 & FY22 Results Q4 & FY22 Financial Review Q&A 3
Slide 4: Mezzan Today: Tailwinds
Mezzan Today: Tailwinds ➜ ➜ ➜ Profitable FIFA World Cup contract. ➜ Pharmaceutical - restarted successfully. ➜ KITCO brand performance in Jordan. ➜ ➜ Improvement in Account Receivables collection. ➜➜ ➜ ➜ 4
Slide 5: Mezzan Today: Headwinds
➜ ➜ Mezzan Today: Headwinds ➜➜ Inflation (Raw material and salaries). ➜ World Cup's dynamic nature pressured resources during the quarter. ➜ ➜ ➜ ➜ ➜ ➜ 5
Slide 6: Q4 & FY22 Results Highlights
Q4 & FY22 Results Highlights KD Million Q4 EBITDA (2019-2022) Q4’22 Q4’21 % Diff FY’22 FY’21 % Diff KD Million Revenue 60.6 53.9 12.5% 255.2 245.1 4.1% EBITDA 8.5 2.2 279.8% 11.6 21.8 -46.9% 8.5 Net Income 4.6 -1.2 499.6% -1.7 9.6 -117.6% Net Pro t 4.6 -1.1 513.8% -2.0 8.4 -123.3% 4.0 2.2 0.8 Attrib
Slide 7: Q4 & FY22 Results Highlights
Q4 & FY22 Results Highlights KD Million Q4 Revenue Q4 Gross Profit Q4 Net Profit 14.0 4.6 60.6 12.3 12.5 52.7 52.0 53.9 10.0 0.7 -3.5 -1.1 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 7
Slide 8: Financial Review
Financial Review 8
Slide 9: FY2022 Revenue: Contribution by Business Line
FY2022 Revenue: Contribution by Business Line FOOD REVENUE +6.4% NON-FOOD REVENUE -1% Vs.FY’21 Vs.FY’21 68.6% Share of of total Group 31.4% Share of of total Group Revenue Revenue 9
Slide 10: FY2022 Revenue: Growth by Business Division
FY2022 Revenue: Growth by Business Division Vs.FY’21 Manufacturing FOOD &Distribution 51.8% of Group revenue +9.2% +6.4% Catering 11.7% of Group revenue -2.4% 4.1% Services 5.1% of Group revenue +1.4% NON-FOOD FMCG & -0.7% Healthcare 28.9% of Group revenue -1.7% Industrials 2.5% of Group revenue +11
Slide 11: FY2022 Revenue: Contribution and Growth by Country
FY2022 Revenue: Contribution and Growth by Country Top-line Contribution Vs.FY’21 Kuwait UAE Qatar KSA Jordan Iraq 69.8% 13.7% 9.0% 2.9% 3.6 1.1% +0.3% +10.5% +14.1% +38.6% +26.0% +9.7% 11
Slide 12: FY2022 P&L
FY2022 P&L KD Million Q4’22 Q4’21 % Di FY’22 FY’21 % Di Revenue 60.6 53.9 12.5% 255.2 245.1 4.1% Gross Margin 14.0 12.5 12.3% 51.1 53.0 -3.5% GM % 23.1% 23.1% 20.0% 21.6% SG&A / Other -8.7 -14.4 -39.7% -49.6 -41.8 -18.6% Operating Pro t 5.4 -1.9 383.1% 1.5 11.2 -86.3% Other -0.8 0.6 -225.0% -3.2 -1.
Slide 13: FY2022 Cashflow
FY2022 CASHFLOW KD Million 2022 2021 Di Operating cash ow before WC changes 21.1 23.0 -2.0 Working capital / Other -9.6 -0.4 -9.2 Operating cash ow 11.4 22.6 -11.2 Lower operating cash flow driven by Capital / other -10.3 -10.8 0.5 lower net profit and higher capital spend. Cash ow before Financing
Slide 14: Balance Sheet as of Dec 31, 2022
Balance Sheet as of Dec 31, 2022 KD Million Total Assets Equity Net Debt Net Debt to Capitalization KD Million KD Million KD Million % 272.1 39.1% 267.5 120.0 74.4 36.6% 260.2 252.9 117.7 113.5 64.2 31.3% 30.6% 111.4 53.5 53.0 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 202
Slide 15: A note on debt levels (as of December 2022)
A note on debt levels (as of 31 December 2022) KD Million Net debt stood at KWD 64.2mn Up by KWD 11.2mn from December 2021 levels, mainly due to 10.3mn investment in Net Capital. Net Debt / EBITDA of 5.5x (Yearly) up by 3.1x vs December 2021. 5.5 4.3 4.0 4.0 4.1 3.8 3.1 3.0 2.9 2.8 2.7 2.6 2.4 2.4 2
Slide 16: Q&A
Q&A 16
Slide 17: Investor Relations Contact
Investor Relations Contact Omar Fouda Investor Relations Manager omar.fouda@mezzan.com 17
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