Becle, S.a.b. De C.v. · BMV:CUERVO
Becle, S.a.b. De C.v — Investor Presentation (July 2023)
19 slides from Becle, S.a.b. De C.v's investor presentation, July 2023
Slide 1: Investor Presentation
Investor Presentation Becle, S.A.B de C.V. July 2023
Slide 2: Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide
Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide Becle Today Diversified Product Portfolio with Over 30 Brands 2022 Key Figures Exposure to the Right … With the Right High-Growth 27.4MM • Undisputed leader in tequila globally, Geographies… Categories of 9 Liter Case
Slide 3: Becle's Outstanding Performance Makes it Today a Stronger Credit than in 2015
Becle's Outstanding Performance Makes it Today a Stronger Credit than in 2015 2015 2022 Becle’s last bond issuance 18.2MM 1.5X 27.4MM of 9 Liter Cases of 9 Liter Cases NSV/Case (1) US$51 NSV/Case (1) US$86 933 MM 2.5X 2,362 MM Net Sales (US$) (2) Net Sales (US$) (2) Focus on brand premiumization Net
Slide 4: Our Company
Our Company 1 Undisputed Global Leader in Tequila and #3 in Irish Whiskey 2 Dominant Position in the Hottest Spirits Category… 3 …And a Privileged Competitive Position… …In High-Growth Spirits Categories Through an Extensive Product 4 Portfolio with Focus on Premiumization Proven Agility and Innovat
Slide 5: Undisputed Global Leader in Tequila and #3 in Irish Whiskey
1 Undisputed Global Leader in Tequila and #3 in Irish Whiskey Global Leader in Tequila… ... In Every Region As of 2022 Volume – Total Market Size 46.7MM 9L Cases As % of volume - 2022 United States (56% of 2022 Global Volume) 29.8% 1ST 22.5% 12.4% Owner of 3 of Top 6 Leading Tequila brands by Rest o
Slide 6: Dominant Position in the Hottest Spirits Category…
2 Dominant Position in the Hottest Spirits Category… Since Last Issuance, Tequila has… A …Been the Fastest Growing Major Spirits Category in the US and Second Fastest in the World B …Significantly Increased its Market Share (2017 - 2022 9L cases volume CAGR) (In terms of 9L cases volume) Tequila ove
Slide 7: …And a Privileged Competitive Position…
3 …And a Privileged Competitive Position… High Barriers of Entry Provided by Becle’s Vertical Integration and Own Distribution Agriculture Production Distribution Competitive Advantage Resulting from Appellation of Flagship Distilleries and Bottling Facilities Support Own Distribution Platform to Co
Slide 8: … In the Right Categories & Markets…
4 … In the Right Categories & Markets… Exposure to Dynamic Regions and Categories Spirits Growth | 2017-2022 9L cases Volume CAGR (1) (2) 73% of Becle’s Sales are in Tequila & Irish Whiskey 60% of Becle’s Sales are in the U.S. & Canada 12.3% 8.6% 8.0% 6.1% 2.7% (2.2%) (3) Tequila Irish Whiskey Total
Slide 9: … Through an Extensive Product Portfolio with Focus on Premiumization
4 … Through an Extensive Product Portfolio with Focus on Premiumization Diversified Brand Portfolio Net Sales by Category Jose Cuervo Family 1800 Other By value as of 2022 Tequila Prestige Super Premium Super Premium/ Premium Super Premium Ultra Premium Ultra Premium Irish Whiskey U.S. Whiskey Tequi
Slide 10: Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity
5 Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity Becle’s Agile & Innovative Business Model is a Key Driver of its Outperformance Net Sales Y-o-Y | (%) 32.1% Becle’s resiliency proven in 2022 results 20.6% 18.5% 17.9% 16.0% 12.5% 9.7% 8.5
Slide 11: Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth
6 Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth Best-In-Class Credit Metrics Total Debt / Market Cap (1) Total Debt / 2022 EBITDA 18.1% 18.1% 3.3x 3.1x 2.9x 10.4% 11.0% 1.8x 1.8x 7.1% 1.3x 4.9% Campari Brown Forman Remy Cointreau Pernod Ricard Diageo
Slide 12: Renowned Family Heritage and Strong Corporate Governance
7 Renowned Family Heritage and Strong Corporate Governance Becle is a Global Spirits Company with a Profound Family Heritage Ownership • Founded in 1758, Becle is today an 11th generation managed spirits company Public Float 13% • Public company since 2017 and part of the S&P/BMV IPC index ─ Market
Slide 13: Strong ESG Driven Culture
8 Strong ESG Driven Culture Our ESG (Environmental, Social and Governance) strategy is based on clear and defined business values and actions divided in three pillars for a sustainable future: i) Sustainable Governance, ii) From Source to Market and iii) Looking After Our People Awards, Recognitions
Slide 14: Becle's Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact
8 Becle’s Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact SDG Alignment Sustainable Agriculture Biodiversity Sustainable Sourcing Traceability of our agave plantations, Allowing local fauna to perform Sourcing of most of our guaranteeing non-
Slide 15: Financial Statements
Financial Statements 14
Slide 16: Income Statement
Income Statement (1) (1) Twelve months ended December 31st First quarter ended March 31st % of net % of net % of net 2021 2022 % of net sales 2022 (USD) (1) 2022 2023 2023 (USD) (2) (Ps&MM) sales sales sales Net sales 39,419 45,729 2,362 9,068 9,583 529 Cost of goods sold 18,145 46.03 20,642 45.1 1,
Slide 17: Balance Sheet
Balance Sheet As of March 31st As of December 31st (Ps$ MM) 1Q23 2021 2022 2022 (USD) (7) Cash and cash equivalents 4,503 12,791 4,521 233 Trade receivables 8,271 10,284 11,812 610 Inventories (1) 21,888 13,027 19,549 1,010 Other assets (2) 3,818 2,057 3,601 187 Total current assets 38,480 38,159 39
Slide 18: Cash Flow Statement
Cash Flow Statement Twelve months ended December 31st (Ps$ MM) 2021 (1) 2022 2022 (1) (USD) (1) Operating activities: Income before income taxes 6,908 8,231 425 Adjustment from items not implying cash flows: Depreciation and amortization 817 953 49 Loss on sale of property, plant and equipment 8 68
Slide 19: Full Year 2023 Guidance
9 Full Year 2023 Guidance As of April 28th, 2023 • Items provided below are based on the Company's current estimates and are not a guarantee of future performance. • There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factors di
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