Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — FY2022 Earnings Presentation
22 slides from Italian Wine Brands's earnings presentation, Mar 24, 2023
Slide 1: FY Results 2022
FY Results 2022 Alessandro Mutinelli – Chairman & CEO Pier Paolo Quaranta – MD & IR Gabriella Fabotti – Group CFO Milan, March 24, 2023
Slide 2: FY 2022 at a glance
FY 2022 at a glance 2022 was a challenging year, characterized by the scarcity of materials and the IWB FY 22 Pro-Forma financial results increase in costs which penalized the economic results in the short term. Eur 430.2 m > 80% NET SALES 2022 (+5% YOY) SALES ON INTERNATIONAL MARKETS In this contin
Slide 3: Our journey: keeping the promises
Our journey: keeping the promises January 29, 2015 – Listing of Italian Wine Brands «We want to be an aggregating company, to become the first Italian private wine group, with a turnover of €400 M.» The outcome…. • 5 acquisitions in 7 years • Turnover from 140 M € to 430 M € (2022) • IWB first Itali
Slide 4: Our journey: what's next
Our journey: what’s next «Predicting the future and trying to control it is a utopia». Having said that, we have sown the seeds for long-lasting growth, and now I'll explain how we will do it.
Slide 5: Our journey: what we are
Our journey: what we are Our vision: a branded product of us, anywhere, to make customers happy. Therefore, our mission is to create and distribute valued brands worldwide, across any sales channel. Our actions are the consequence of who we are, our values, what we believe is right and for which we
Slide 6: Our journey: the key drivers for the growth
Our journey: the key drivers for the growth The key elements that support our growth and margins through the cycle We produce Unique Strong and Expertise in worldwide Motivated what our international flexible capital wine branding multichannel clients love to team structure have, market distribution
Slide 7: Our journey: what's the Global category outlook?
Our journey: what’s the Global category outlook? Category growth is being driven globally by the premium brands and sparkling wines on existing global markets Global wine category growth % IWB • Sparkling/prosecco has been grown trends2 revenue3 consistently in the latest ten years (from 142m btg. i
Slide 8: Premium and luxury markets outlook
Our journey: Premium and luxury markets outlook1 A select number of markets matter most in the premium and luxury segment • Global premium and luxury wine segment Premium and luxury market ($bn) sales totaled $60bn in 2020, with US predominant market Largest premium and luxury wine markets 20,0 • Th
Slide 9: We have already exceptional brands, and we keep innovating
Our journey: we have already exceptional brands, and we keep innovating A deep and diverse portfolio, growing through consumer-led focus and innovation Grande Alberone: A global premium Luna di Luna: US phenomenon, with over Gigino: Luxury Supertuscan product line large scale distributed brand (>4m
Slide 10: Our journey: targeted investments for the growth
Our journey: targeted investments for the growth Our core enterprise Areas where we are prioritizing strengths today further investment Nr. 2 largest Prosecco Consumer-led premium and luxury portfolio producer of Italy • Enhance portfolio through innovation • Expand commercial and marketing activiti
Slide 11: Our journey: now phase four
Our journey: now phase four 1. Create a single operating company to maximize synergies and Exploiting value, to simplify the business volumes and margins from the 2. Focus on higher value- existing platform. added red wines and Continuous sparkling in line with improvement of Expansion market demand
Slide 12: Our journey in numbers
Our journey in numbers The 600,0 actions over timelapse…. In numbers Mid Single 14,00% Digit Growth 13,00% 500,0 12,5% 12,6% 430,2 12,00% 408,9 11,5% 400,0 11,0% 11,00% 10,7% 10,2% 300,0 10,00% 9,7% 9,5% 204,3 211,0 8,7% 9,00% 200,0 149,7 149,9 157,5 145,9 8,00% 7,8% 100,0 7,00% 41,8 37,2 25,6 26,5
Slide 13: Financial Highlights
W ITALIAN WINE BRANDS Creator de Locellenee Financial Highlights
Slide 14: Net Sales – Wholesale
Financial Highlights Net Sales – Wholesale Eur Millions 2016 2017 2018 2019 2020 2021PF 2022PF ∆ % 21/22 Cagr 18/22 Wholesale - Italy 0,0 0,0 2,5 3,6 5,5 42,6 43,4 1,98% 105,10% Wholesale - International 69,0 69,0 74,7 84,0 114,1 256,8 260,0 1,27% 36,59% UK 5,1 5,1 9,7 13,2 14,7 72,5 64,5 (10,99%) 6
Slide 15: Net Sales – Ho.Re.Ca.
Financial Highlights Net Sales – Ho.Re.Ca. Eur Millions 2021PF 2022PF ∆ % 21/22 Cagr 20/22 Ho.re.ca. - Italy 0,3 2,4 753,59% NA Ho.re.ca. - International 25,7 54,5 112,29% NA UK 16,5 27,4 65,87% NA USA 3,9 10,2 163,82% NA Germany 1,0 3,3 240,64% NA Canada 1,6 2,5 57,02% NA Netherlands 0,2 1,6 917,93
Slide 16: Net Sales – Distance Selling
Financial Highlights Net Sales – Distance Selling Eur Millions 2016 2017 2018 2019 2020 2021PF 2022PF ∆ % 21/22 Cagr 18/22 Distance selling Italy 37,3 37,3 31,4 29,7 34,0 32,8 27,7 (15,59%) (3,07%) Direct Mailing 16,3 16,3 14,8 14,1 16,1 15,4 12,3 (20,39%) (4,58%) Teleselling 17,8 17,8 12,7 11,3 9,8
Slide 17: Ebitda, Net Profit, Net Financial Position
Financial Highlights Ebitda, Net Profit, Net Financial Position Ebitda pro-forma: Decreased from Eur 41.8 m of 2021 to Eur 37.2 m of 2022. In terms of % margin on Net sales, Ebitda pro-forma decreased from 10.2% in 2021 to 8,6% in 2022 for the following reasons: • Net impact of cost of dry goods inc
Slide 18: Ebitda, Net Profit, Net Financial Position
Financial Highlights Ebitda, Net Profit, Net Financial Position Net Profit: Main costs below Ebitda Adjusted 2022: • Net interest of Eur 5.6m, of which 12 months interests on bond loan (3,6m), other interests and fx loss (0,3m), short term bilateral facilities and commissions (1.7m); • Depreciation,
Slide 19: Extended BS 2016 - 2022
Financial Highlights Extended BS 2016 - 2022 Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021PF 31.12.2022PF Intangibles & Goodwill net of tax reserves 75.890 76.656 78.385 79.424 94.288 208.620 245.899 Tangibles 15.526 14.232 14.736 14.539 15.104 50.124 52.131 Rights of use
Slide 20: Extended PL 2016 - 2022
Financial Highlights Extended PL 2016 - 2022 Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021PF 31.12.2022PF Net Sales 145.937 149.736 149.863 157.494 204.311 408.934 430.312 Change in inventory 825 2.402 (1.162) 1.329 4.780 19.524 3.320 Other income 1.901 1.278 1.486 1.220
Slide 21: Extended Cash Flow 2016 - 2022
Financial Highlights Extended Cash Flow 2016 - 2022 Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021PF 31.12.2022PF Ebitda reported 14.158 13.422 16.304 23.604 38.809 35.871 +(-) changes in NWC 1.206 (2.186) (1.686) 440 (13.487) (9.096) + (-) Funds (622) (808) (82) (763) (61
Slide 22: Q&A Session
Q&A Session