Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — FY2019 Earnings Presentation
19 slides from Italian Wine Brands's earnings presentation, Mar 23, 2020
Slide 1: FY Results 2019
FY Results 2019 23 March 2020 1
Slide 2: The best is yet to come
The best is yet to come. At the moment, it seems there is no sun, only clouds. When the sea is rough and the waves appear formidable, we stay strong by holding fast to the helm believing that we will soon reach the shore safely. I would like to thank all of those at Italian Wine Brands for their exc
Slide 3: Agenda
Agenda Alessandro Mutinelli 1. Group Overview Chairman and Group CEO 2. Financial Highlights Pier Paolo Quaranta 3. Annexes Executive board member and MD 4. Q&A 3
Slide 4: 1. Group Overview
1. Group Overview Italian Wine Brands is one of the largest wine groups in Italy, the first to be listed on the Milan stock market. Eur 157,5 m 80% NET SALES 2019 (+5,1% YOY) SALES ON INTERNATIONAL MARKETS We produce high quality wines with proprietary brands Eur 18,1 m +3,5% originated in the most
Slide 5: 1. Group Overview - Figures
1. Group Overview - Figures • 2019 net sales up to Eur 157.5 m from Eur 149.9 m in 2018, +5.1% yoy Net Sales • International: Eur 123.5 m, +7,1% yoy, 77,4% on total Consolidation of international markets • Domestic : Eur 33.3 m, -1.4% yoy, 22,6% on total • Other: Eur 0,7 m, stable yoy Wholesale • 20
Slide 6: 1. Group Overview – 2019 projects
1. Group Overview – 2019 projects • Grande Alberone®: line extension with new still whites, organics, and sparkling • Revenues of Eur 13,3 m, + 36 %yoy • Launch of new line of superpremium Tuscan wines under the POGGIO DEL CONCONE® brand made from Merlot, Cabernet and Sangiovese grapes • Identified
Slide 7: 1. Group Overview – 2020 news
1. Group Overview – 2020 news • RdB AG is one of the leader in Switzerland in production and distribution of Italian organic sparkling wines • 2019 Net Sales of CHF 10.7 m, Ebitda margin higher than IWB, strong cash flow • Acquisition finalized on March 2, 2020 for a total maximum EV CHF 13,4 m, Ebi
Slide 8: 1. Group Overview
1. Group Overview Shareholders structure as at 03.15.2020 Governance Name Role Alessandro Mutinelli Chairman and Group CEO The BoD has been renewed by the General Simone Strocchi Vice – Chairman Shareholders’ meeting on 13 Pier Paolo Quaranta Executive Director and MD April 2018 with a three years A
Slide 9: 2. Financial Highlights
2. Financial Highlights We delivered strong financial results in 2019 thanks to a continuing development of top line combined with operating expenses control. We strive to improve further organic and external growth both through our proprietary brands development and M&A deals. This actions allowed
Slide 10: 2. Financial Highlights - Net Sales Total
2. Financial Highlights Net Sales - Total • Growth of Net Sales 2016-2020 pro-forma M&A with a Cagr of 4,6%, compared to 2/3% of growth of Italian wines on the same reference 167,1 157,5 markets 149,7149,9 145,9 • Increased market shares compared to competitors in Switzerland, Germany, UK and Nordic
Slide 11: 2. Financial Highlights - Net Sales Wholesale
2. Financial Highlights Net Sales - Wholesale • Exceptional growth 2016-2020 pro-forma M&A: sales up of 62,1% in 167,1 four years, +Eur 37,5m in absolute terms 157,5 149,7149,9 • Strong competitive positioning both in terms of brands and in 145,9 terms of customers/markets • Overall increase in all
Slide 12: 2. Financial Highlights - Net Sales Distance Selling
2. Financial Highlights Net Sales – Distance Selling • Stabilization of the business. For the first time in 5 years delivered growth in terms of # orders (from 941.623 in 2018 to 942.049 in 167,1 2019) 157,5 149,7149,9 • Reduction in sales due to decrease of average receipt (from Eur 145,9 89.43 in
Slide 13: Ebitda, Net Profit, Net Financial Position
2. Financial Highlights Ebitda, Net Profit, Net Financial Position • Ebitda: almost doubled from Eur 11.0 m in 2016 to Eur 20.0 m in 2019 pro- forma M&A (net of the positive effect of IFRS 16 of Eur 1.1 m) • Overall increase over the period of raw material incidence on sales due to change in revenue
Slide 14: 3. Annexes
3. Annexes Be one of the few to secure a case of Poggio del Concone Cuvée 1: this is the first release of only 4.999 bottles, each one numbered. Don’t miss this gem. Book it now on! https://www.poggiodelconcone.it/ 14
Slide 15: Extended P&L 2016 - 2019
3. Annexes Extended P&L 2016 - 2019 Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 Net Sales 145.937 149.736 149.863 157.494 Change in invetory 825 2.402 (1.162) 1.329 Other income 1.901 1.278 1.486 1.220 Total Revenues 148.664 153.416 150.187 160.043 Raw Material (78.527) (83.219) (86.082) (92
Slide 16: 2019 P&L – Management adjustments
3. Annexes 2019 P&L – Management adjustments Management Reported Restated Management Adjustments adjustment 1. Eur 607 k related to restructuring costs Eur/000 31.12.2019 1 2 31.12.2019 of the telephone contact center, subject to change of contract as from 1 Net Sales 157.494 157.494 April 2019 and
Slide 17: 2019 P&L – IFRS Effect
3. Annexes 2019 P&L – IFRS 16 Effect 31.12.2019 31.12.2019 net of Eur/000 IFRS 16 reported IFRS effect Net Sales 157.494 157.494 Change in invetory 1.329 1.329 Other income 1.220 1.220 Total Revenues 160.043 160.043 Raw Material (92.547) (92.547) Services (41.486) (1.153) (42.639) Personnel (7.441)
Slide 18: Extended Balance Sheet 2016 - 2019
3. Annexes Extended Balance Sheet 2016 - 2019 Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 Intangibles & Goodwill net of tax reserves 75.890 76.656 78.385 79.424 Tangibles 15.526 14.232 14.736 14.539 Rights of use (Ex IFRS 16) 0 0 0 10.860 Fixed Assets 91.416 90.888 93.121 104.823 Inventory 1
Slide 19: 4. Q&A
4. Q&A 19