Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — H1 2021 Earnings Presentation
24 slides from Italian Wine Brands's earnings presentation, Sep 17, 2021
Slide 1: Investors Presentation 17 September 2021
Investors Presentation 17 September 2021 1
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Slide 3: Agenda
3 Agenda 1. First half 2021 at a glance 2. Financial Highlights Alessandro Mutinelli Chairman and Group CEO 3. Q&A Pier Paolo Quaranta Managing Director & IR Italian Wine Brands Spa | www.italianwinebrands.it | info@italianwinebrands.it
Slide 4: Italian Wine Brands Spa | www.italianwinebrands.it | info@italianwinebrands.it
® 4 Italian Wine Brands Spa | www.italianwinebrands.it | info@italianwinebrands.it
Slide 5: Half 2021 at a glance
1 Half 2021 at a glance First part of 2021 represents a milestone for Italian IWB Stand-Alone results Wine Brands: we have become the first Italian non cooperative group thanks to organic growth and the Eur 99,5 m > 80% NET SALES 1H2021 (+8,0% YOY) SALES ON INTERNATIONAL MARKETS acquisition of Enoit
Slide 6: Half 2021 – IWB organic business performance
1 half 2021 – IWB organic business performance • 1h 2021 sales up to Eur 99.5 m from Eur 92.2 m in 2020 (+8.0% yoy) Net Sales – all channels • International Eur 79.9 m, + 9.5% YOY, 80,3% on total • Domestic Eur 19.6 m, + 1.1 % YOY, 19,7% on total Wholesale • 1h 2021 sales up to Eur 56.5 m (+11.7% yo
Slide 7: Half 2021 – Enoitalia update and M&A activity
1 half 2021 – Enoitalia update and M&A activity 13 May 2021: Issue of the Bond Loan “Italian Wine Brands S.p.A. Euro 130,000,000 2.5% Senior Unsecured Fixed Rate Notes due 13 May 2027” Enoitalia Acquisition 17 June 2021: Signing of the binding agreements regarding the acquisition of 100% of Enoitali
Slide 8: Half 2021 – IWB Group (IWB + ENO) markets
1 half 2021 – IWB Group (IWB + ENO) markets IWB Stand Alone Enoitalia Stand Alone Aggregated IWB + Eno ∆% 30.06.2021 30.06.2020 30.06.2021 30.06.2020 30.06.2021 30.06.2020 20/21 Total Net Sales 99.501 92.158 97.644 87.941 197.145 180.099 9,5% Net Sales Italy 19.555 19.341 19.445 22.325 39.000 41.666
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Slide 10: 2. Financial Highlights
2. Financial Highlights We delivered solid both “stand alone” and aggregated (IWB + Eno) financial results in terms of growth, margins and cash flow generation. Integration between IWB and Enoitalia is underway as well as M&A activity. 12 Italian Wine Brands Spa | www.italianwinebrands.it | info@ita
Slide 11: Financial Highlights – IWB stand alone
2. Financial Highlights – IWB stand alone • Growth of Total Net Sales 2016 - 2021 from Eur 64.6 m to 99.5 m with a Cagr of 9,0%, 99,5 compared to 3/4 % of growth of Italian 92,2 wines on the same reference markets 79,5 • Increased market shares compared to 69,9 70,1 72,6 69,0 competitors in Switzerl
Slide 12: IWB stand alone Net Sales organic - Wholesale
2. Financial Highlights – IWB stand alone Net Sales organic - Wholesale • Exceptional growth 2016-2021: wholesale revenues up of 123,2% 99,5 in five years, +Eur 31,2m in 92,2 absolute terms • Strong competitive positioning 69,0 69,9 70,1 64,6 both in terms of brands and in 56,5 terms of customers/ma
Slide 13: IWB stand alone Net Sales organic - Wholesale
2. Financial Highlights – IWB stand alone Net Sales organic - Wholesale Eur Millions 1H2016 1H2017 1H2018 1H2019 1H2020 1H2021 ∆ % 20/21 Cagr 16/21 Wholesale - Italy 0,0 0,0 0,7 1,5 2,6 3,2 23,6% N/A Wholesale - International 25,3 30,4 34,5 35,8 48,0 53,3 11,1% 16,1% Switzerland 8,6 9,2 10,9 11,2 19
Slide 14: IWB stand alone Net Sales organic - Distance Selling
2. Financial Highlights – IWB stand alone Net Sales organic - Distance Selling • Distance selling accounts for 42,8% of 1H2021 net sales 99,5 (45,1% in 1H2020, 46,4% in 92,2 1H2019 and 49,2% in 1H2018), further reducing its contribution to the Group 69,0 69,9 70,1 64,6 revenues 56,5 50,6 • DS stable
Slide 15: IWB stand alone Net Sales organic - Distance Selling
2. Financial Highlights – IWB stand alone Net Sales organic - Distance Selling Eur Millions 1H2017 1H2018 1H2019 1H2020 1H2021 ∆ % 20/21 Cagr 17/21 Distance selling Italy 18,0 15,1 13,9 16,8 16,4 (2,3%) (2,3%) Direct Mailing 7,3 7,0 6,5 7,6 7,6 (0,0%) 0,9% Teleselling 9,5 6,4 5,6 4,9 5,3 7,9% (13,8%
Slide 16: Organic Ebitda, Net Profit, Net Financial Position
2. Financial Highlights – IWB stand alone Organic Ebitda, Net Profit, Net Financial Position Ebitda: almost tripled from Eur 4.0 m in 1H2016 to Eur 11.8 m in 23,3 1H2021 21,6* • Overall increase over the period of raw material incidence on sales 11,8 due to change in revenues mix (+wholesale – dista
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Slide 18: Financial Highlights – IWB + ENO
2. Financial Highlights – IWB + ENO Aggregated IWB + Eno Revenues, Ebitda, Net Profit, Net Financial Position 1 half 2020 / 1 half 2021 Restated data in Eur/000 30.06.2021 30.06.2021 30.06.2021 30.06.2020 30.06.2020 30.06.2020 Enoitalia IWB Pro-forma Enoitalia IWB Pro-forma ∆ % 20/21 Aggregated Aggr
Slide 19: Financial Highlights – IWB + ENO, Last twelve months
2. Financial Highlights – IWB + ENO Aggregated IWB + Eno Revenues, Ebitda, Net Profit, Net Financial Position Last twelve months 30.6.20/30.6.21 LTM LTM LTM 30.06.2021 Pro- 30.06.2021 30.06.2021 forma Aggregated Enoitalia IWB Net Sales + Other Income 211.701 213.849 425.550 EBITDA Adjusted 17.237 (*
Slide 20: Historical Financial Highlights 2016-2021 Extended P&L
2. Historical Financial Highlights 2016-2021 Extended P&L 2016 - 2021 Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 Net Sales 64.586 68.989 69.940 70.073 92.158 99.501 Change in inventory 1.837 1.045 (315) 3.239 4.255 8.219 Other income 532 492 728 643 490 1.147 Total Rev
Slide 21: Extended Balance Sheet 2015 - 2020
2. Historical Financial Highlights 2016-2021 Extended Balance Sheet 2015 - 2020 (end of the year) Eur/000 31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 Intangibles & Goodwill net of tax reserves 74.721 75.890 76.657 78.385 79.679 94.288 Tangibles 16.954 15.526 14.232 14.736 14.53
Slide 22: Extended Balance Sheet 2016 - 2021
2. Historical Financial Highlights 2016-2021 Extended Balance Sheet 2016 - 2021 (end of June) Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 Intangibles & Goodwill net of tax reserves 75.081 76.074 78.039 78.765 93.687 95.135 Tangibles 16.076 14.777 15.238 14.331 14.000 15
Slide 23: Extended Cash flow 2016 - 2021
2. Historical Financial Highlights 2016-2021 Extended Cash flow 2016 - 2021 Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 EBITDA 3.150 6.301 5.328 6.670 10.151 11.640 Taxes (155) (1.105) (813) (1.040) (1.741) (1.308) Net increase / (decrease) in provisions (526) (122) (56
Slide 24: Thank you for your attention
Thank you for your attention 26