Lark Distilling Co. Ltd. · ASX:LRK
Lark Distilling — FY2023 Earnings Presentation
19 slides from Lark Distilling's earnings presentation, Aug 29, 2023
Slide 1: FY23 Investor Briefing
LARK DISTILLING CO FY23 INVESTOR BRIEFING 29 AUGUST 2023 For personal use only
Slide 2: FY23 Highlights and Strategic Priorities
For personal use only FY23 HIGHLIGHTS AND STRATEGIC PRIORITES Sash Sharma - CEO 2
Slide 3: FY23 Key Highlights
FY23 Results - LARK Distilling Co. FY23 | Key Highlights For personal use only Net sales of $17.0 million Operating EBITDA of Whisky bank of 2.4 (down $3.3m on FY22) ($2.0) million million litres* underwriting future Organic Net sales Statutory EBITDA of sales growth growth of 15% ($5.1) million *(a
Slide 4: Actions Taken Since Joining: Brand
Actions Taken Since Joining Brand For personal use only • Focus on LARK “spine” of core products in order to allow future ability to scale • Implemented a data-led approach to drive increased growth, understanding price corridors to operate in, formats to consider and geographical prioritisation • E
Slide 5: Actions Taken Since Joining: Channel, Customer & Consumer
Actions Taken Since Joining Channel, Customer & Consumer For personal use only • Responding to more challenging trading conditions and changes in consumer behaviour post-Covid • While impacted, Luxury products have remained more resilient domestically and internationally • Route-To-Consumer clarity
Slide 6: Actions Taken Since Joining: Operations, Finance & People
Actions Taken Since Joining Operations, Finance & People For personal use only Operational • Creation and introduction of operating model • Cambridge Distillery – sole production facility from May 2023 Financial • Focus on capital discipline • Building relationship with NAB • Restructured to right s
Slide 7: Progress with Asia Export Business
Progress with Asia Export Business Appointment of Asia Sales Director - based in Singapore For personal use only • • Alfred Goh – comes with significant spirits sales and marketing experience across Asia Pacific • Commenced engagement with multiple distribution partners with positive intent shown •
Slide 8: Global Travel Retail (GTR)
Global Travel Retail (GTR) In 2023, LARK started its journey in GTR For personal use only • • GTR acts as a shop window to engage with a highly engaged target consumer • As Australia's Number 1 Luxury Malt Whisky – the GTR channel is important in the seeding of LARK to international consumers • Earl
Slide 9: LARK's reputation continues to grow with award wins
FY23 Results - LARK Distilling Co. LARK's reputation continues to grow with wins across highly reputable international & domestic awards programs, cementing its position as Australia's No.1 Luxury Single Malt Whisky For personal use only LARK TASMANIAN PEATED LARK REBELLION LARK CLASSIC CASK Single
Slide 10: Awards across the LARK and Forty Spotted Gin portfolio
FY23 Results - LARK Distilling Co. Awarded for quality and innovation across the LARK and Forty Spotted Gin portfolio, creating PR hype and awareness, and providing trade and consumer confidence For personal use only DARK LARK SYMPHONY FORTY SPOTTED GIN Single Malt Whisky Blended Malt Whisky Citrus
Slide 11: FY23 Financial Highlights & Whisky Bank
For personal use only FY23 FINANCIAL HIGHLIGHTS & WHISKY BANK Iain Short - CFO 11 FY23 Results - LARK Distilling Co.
Slide 12: Profit & Loss Highlights
Profit & Loss Highlights Profit & Loss FY23 FY22 Var $ Var % • Reported Net Sales of $17.0 million were down $3.3m or -16% vs FY22 For personal use only Net Sales 17,023 20,279 (3,255) -16.1% Cost of sales (5,297) (6,797) 1,500 -22.1% • When normalising for non-organic and opportunistic transactions
Slide 13: Balance Sheet & Cashflow Highlights
Balance Sheet & Cashflow Highlights Balance Sheet A$'000 FY23 FY22 vs LY $ For personal use only Cash and cash equivalents 7,160 16,096 (8,937) • LARK ended FY23 with a cash balance of $7.2 million with a further $15 million undrawn Trade and other receivables 1,995 4,110 (2,115) committed bank faci
Slide 14: High Quality Whisky Bank – Underwriting Future Sales Growth
High Quality Whisky Bank – Underwriting Future Sales Growth • LARK’s whisky under maturation increased to 2.4 million litres at 43% For personal use only ABV at 30 June 2023 (FY22: 2.1m litres), supporting long term growth plans • Continued Whisky Bank alignment to long-term future portfolio require
Slide 15: Perspectives for FY24
LARK Distilling Co. For personal use only Perspectives for FY24 15
Slide 16: Investor Day - Hobart: Save the Date
LARK DISTILLING CO INVESTOR DAY - HOBART SAVE THE DATE: 17 OCTOBER 2023 For personal use only
Slide 17: Perspectives for FY24
LARK Distilling Co. Perspectives for FY24 For personal use only • Focus on international expansion for LARK will diversify the business and provide a platform for growth aiming to offset subdued consumer confidence • Focus on 'spine' core range with clear purpose for limited releases • 1H24 will cyc
Slide 18: Disclaimer
LARK Distilling Co. Disclaimer For personal use only The information contained in this presentation has been prepared by Lark Distilling Co. Limited (“LARK”). This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of
Slide 19: For more information contact
For personal use only For more information contact: Peter Kopanidis +61 412 171 673 investors@larkdistilling.com 19