Tasfoods Limited · ASX:TFL
Tasfoods — H1 2023 Earnings Presentation
19 slides from Tasfoods's earnings presentation, Aug 28, 2023
Slide 1: 1H 2023 Results Presentation
Contact Scott Hadley | CEO E: scott.hadley@tasfoods.com.au 1H 2023 Results 1H 2023 Results Presentation | August 2023
Slide 2: Sale of Betta Milk & Meander Valley Dairy
Sale of Betta Milk & Meander Valley Dairy
Slide 3: Asset Sales to Reposition TasFoods
Asset Sales to Reposition TasFoods • TasFoods has entered a binding business sale contract with Bega Cheese Limited (ASX: BGA, Bega) subject to a number of conditions for the sale of Betta Milk and Meander Valley Dairy for the cash consideration of AUD $11.0 million (less employee entitlements), plu
Slide 4: Highlights
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Slide 5: 1H 2023 Financial Highlights
1H 2023 Financial Highlights • Revenue of $38.2 million, up 11.8% on pcp (prior comparable period), primarily driven by the successful implementation of increased pricing; • Gross margin for the Group improved 2% points for the period. Poultry experienced an 8% gross margin improvement driven by the
Slide 6: Transformation progressing
Transformation progressing Our 3-phase horizon model remains our ambition over the medium term. Some elements have been completed and there is continued work to do on financial stability which remains the priority. The divestment of Betta Milk, Meander Valley Dairy and Shima Wasabi progresses the st
Slide 7: A Clear Investment Proposition: TasFoods Strategic Focus
A Clear Investment Proposition TasFoods Strategic Focus TasFoods focus continues to be on four key pillars to ensure the Company can leverage our competitive advantage and realise our potential Fortress Tasmania Mainland & Adjacent Expansion International Markets Capitalise on our home- Expand strat
Slide 8: Financial Information
Financial Information
Slide 9: Price and cost management delivering improved revenue and profitability
Price and cost management delivering improved revenue and profitability metrics for 1H 2023 FY22 Profit or Loss ($000’s) HY23 HY22 • Sales revenue increased by 12% which was driven by an excellent performance from Nichols, where revenue grew by 17% Income Revenue from operations 38,158 34,131 • Raw
Slide 10: Balance sheet
Balance sheet $000's Jun 23 Dec 22 Current Assets • The Group is supported by a balance sheet with a net asset Cash & Cash Equivalents 999 351 position of $14.6m (noting property, plant and equipment Trade & Other Receivables Biological Assets 4,698 2,631 4,734 2,557 balances of $20.8m) Inventory 4,
Slide 11: Cash flow
Cash flow $000's HY23 HY22 • Net cash outflows from operating activities were $2.3m for Cash flows from operating activities the half year which is reflective of: Receipts from customers 38,563 34,963 Payments to suppliers and employees (40,619) (37,447) — Operational cost increases across the busin
Slide 12: Segment Performance
Segment Performance
Slide 13: Poultry Division
Poultry Division Strong performance by Nichols highlighted by a return to profitability • Sales revenue for the poultry division grew by 17% on the pcp to $22.4 million. This is an exceptional result taking into account SKU rationalisation and the exiting of the Organic business. • Sales volume in k
Slide 14: Dairy Division
Dairy Division Revenue growth strong, offset by input cost rises impacted profitability • Sales revenue for the dairy division grew by 5% to $15.5 million. The sales growth was driven by increases in Pyengana Cheese (9%), Betta Milk (4%) and Meander Valley Dairy (4%). • Input costs in the dairy divi
Slide 15: Shared Services
Shared Services Shared services improved capability at the lowest cost • The Shared Services function continues to be right sized as we reposition it as a smaller unit of core functions in 2023. Business unit specific functions have been re-positioned to ensure full end to end business accountabilit
Slide 16: Summary
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Slide 17: Summary
Summary • The sale of the Betta Milk and Meander Valley Dairy businesses, together with the prior disposal of Shima Wasabi, further progresses the strategic repositioning of TasFoods. • Tasfoods will establish a strong foundation, both operationally and financially, from which to drive sustainable g
Slide 18: Disclaimer
Disclaimer This presentation is provided by TasFoods Ltd ACN 084 800 902 (TasFoods) to provide summary information about TasFoods and its subsidiaries and their activities as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be comp
Slide 19: Contact
Contact Scott Hadley | CEO E: scott.hadley@tasfoods.com.au