Slide 1: LiNAS odt £P evert
LiNAS odt £P evert Che fF | occ a () retnemtT Adams.
Slide 2: Cheffelo Q4 and Full Year Report 2023
Cheffelo Q4 and Full Year Report 2023
Slide 3: Today's agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • Q4 2023 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO
Slide 4: Our purpose: Innovating the mealtime experience
Our purpose: Innovating the mealtime experience Our vision: Simplifying everyday life Strong local brands with heritage in innovation and entrepreneurship
Slide 5: Our business model: subscription-based home delivery of mealkits
Our business model: subscription-based home delivery of mealkits • Demand driven business model - Near-zero inventory - Minimal food waste • Local taste preferences - Local chefs and dieticians - Widest selection of recipes • Personalized customer experience - Proprietary tech solutions - AI recomme
Slide 6: Q4 financial highlights: Strong finish to the year
Q4 financial highlights: Strong finish to the year • Net sales growth* of 8.3% to MSEK 270.3 (255.4) • Growth in every market • Denmark growth of 47% • Significant cost savings in logistics • Contribution margin: 31.8% (All-Time-High) • Full year Contribution margin beating target of 30% • Adjusted
Slide 7: 2023 Must-Win-Battles, delivered
2023 Must-Win-Battles, delivered Increase marketing excellence • Customer acquisitions for 2023 were 29% higher vs. 2022 • Sales and marketing expenses decreased by 5.4% • Reduced customer acquisition cost of -27% • Significant reduction in discount vouchers offered Cultivate EPIC customer experienc
Slide 8: Stabilizing the top line, encouraging sales trends, improved profitability
Stabilizing the top line Encouraging sales trends +5.9% Y-o-y increase +7.9% +47% in 2H Net Revenue Y-o-y increase in Q4 Y-o-y increase in Q4 Net in local currency Order Frequency Sales Denmark Expect continued single digit growth 8 Improved Profitability Solid cash generation +569 bps +55.2 1.78 Ye
Slide 9: Market development Q4
Market development Q4 • Market conditions in Denmark are improving, while being more stressed and uncertain in Denmark Net sales +46.9% (-44.6%) Norway and Sweden due to high interest rates • Swedish Online Grocery Index Q4 +1.9% 1) • Online groceries in Denmark +9.7% in Q3 and Sweden Net sales +7.7
Slide 10: 2024 focus remains on strengthening the core
2024 focus remains on strengthening the core Marketing Excellence Long-term profitable growth • Performance marketing and social • Net Sales CAGR of 6-8% selling • >1.2b SEK in 2026 • New Nordic value proposition • EBIT margin approx. 4-6% • Strategic partnerships • 50-70 million range in 2026 Epic
Slide 11: Financials
Financials Cheffelo
Slide 12: Net sales
Net sales +8.3% loc currency • Growth in all markets • MSEK -6.4 Negative effect from Currency • Number of deliveries increased by 4.9% 255.4 270.3 • Order frequency increased by 7.9% Q4 Q4 Full year Full year Δ% Δ% 2023 2022 2023 2022 Net sales, MSEK 270.3 255.4 5.8% 999.7 1 081.4 -7.6% Net sales g
Slide 13: All-Time-High Contribution margin
All-Time- High Contribution margin 9% reduction • Successfully reached the target of an annual Contribution margin of 30% • 2.1 pp improvement in Contribution 216 SEK 198 SEK margin vs LY • 9% lower average Fulfillment cost per delivery in Q4 Q4 Q4 Full year Full year Δ% Δ% 2023 2022 2023 2022 Contr
Slide 14: Profitability
Profitability + MSEK 55.2 • Q4 Adjusted EBIT increased by MSEK 3.7. • Last year EBIT included a Goodwill impairment reserve of MSEK 120 30.7 • Full year marketing spend reduced by 5.4% while acquiring 25% more new customers -24.5 • Full year Adjusted EBIT improvement of MSEK 55.2 Q4 Q4 Full year Ful
Slide 15: Cashflow
Cashflow 25.1 • Cash balance at MSEK 91.9 (56.0) -27.4 MSEK 105.9 -6.5 -2.3 • Recurring seasonal effects behind -2.9 MSEK 91.9 changes in Net Working capital of MSEK -27.4 • Free cash flow for the full year amounted to MSEK 45.2 Q4 Q4 Full year Full year Δ Δ MSEK, unless otherwise stated 2023 2022 2
Slide 16: Proposed Dividend
Proposed Dividend • Board will propose a dividend of SEK 1.78, to be decided at the AGM on April 25th. 1.75 1.78 • With this dividend, we will have distributed a total of MSEK 48.6 in 0.30 cash to shareholders since 2022 in the form of dividends.
Slide 17: Looking forward
Looking forward • Continued single digit growth - Double-digit growth in Denmark to continue through much of 2024 • We expect to see contribution margins slightly above 30% on an annual basis • Sales and marketing expenses are expected to be around 13% in 2024 • Q1 2024 will contain Easter delivery
Slide 18: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 19: Takeaways
Takeaways: • Strongest quarter of the year: 8.3% growth* and 29.4% adjusted EBIT increase in Q4 • Net sales in Denmark +47% for the quarter • Increase in order frequency 7.8% • All strategic Must-Win-Battle delivered • Record Q4 Contribution margin 31.8% • Free cash flow for the year of MSEK 45.2 •
Slide 20: Q&A
Q&A
Slide 21: Appendix
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