Delegat Group Limited · NZX:DGL
Delegat — FY2021 Earnings Presentation
19 slides from Delegat's earnings presentation, Aug 27, 2021
Slide 1: FY21 Results
DELEGAT WINNING TOGETHER. FY21 Results 27 August 2021
Slide 2: Agenda
Agenda Introduction to meeting. Business Performance – 2021 Year under review. Investing for the Future. Delegat Outlook.
Slide 3: Performance Highlights
Performance Highlights Record Operating NPAT of $65.5 million. 8% higher than last year. Record Operating EBITDA of $122.9 million. 5% higher than last year. Strong cash from operations of $74.7 million. 13.8% Operating Return on Capital Employed. 3
Slide 4: Case Sales and FX
Case Sales and FX % Change Case Sales (000's) Jun 20211 Jun 2020 vs 2020 UK, Ireland and Europe 1,074 1,101 -2% North America (USA and Canada) 1,487 1,438 3% Australia, NZ and Asia Pacific 617 738 -16% Total Cases 3,178 3,277 -3% % Change Foreign Currency Rates Jun 2021 Jun 2020 vs 2020 GB£ 0.4988 0
Slide 5: Revenue Growth Analysis
Revenue Growth Analysis % Change NZ$ millions June 2021 June 2020 vs 2020 Sales Revenue 295.1 296.8 -1% Sales movements breakdown: Volume -3% Value 2% Foreign Exchange -2% Price 3% Country/Product Mix 1% 5
Slide 6: Operating Performance
Operating Performance Jun 2021 Jun 2020 % Change NZ$ millions Restated* vs 2020 Sales Revenue 295.1 296.8 -1% Operating Revenue 302.8 302.9 0% Operating Gross Profit 150.9 151.2 0% Operating Gross Margin 50% 50% Expenses (excl Promotion and Marketing) (43.0) (48.6) 12% Promotion and Marketing (8.0)
Slide 7: Operating Profit Movement – Last Year
Operating Profit Movement – Last Year NZ $millions *The financial statements for the year ended 30 June 2020 have been restated for growing costs under NZ IAS 41: Agriculture. 7 Refer to Note 1 of the financial statements.
Slide 8: Impact of 'Fair Value' Adjustments
Impact of ‘Fair Value’ Adjustments Jun 2021 Jun 2020 % Change NZ$ millions Restated* vs 2020 Operating NPAT 65.5 60.7 8% Operating NPAT % of Revenue 22% 20% Biological Produce (Grapes) 1 (7.3) 1.2 n/m2 Derivative financial Instruments 2.7 1.3 108% Total Fair Value Items (4.6) 2.5 n/m2 Taxation of NZ
Slide 9: Reported Profit Movement – Last Year
Reported Profit Movement – Last Year NZ $millions 70.0 $3.2m $65.4m 65.0 $6.3m $62.2m ($2.1m) ($2.9m) ($0.7m) ($1.4m) 60.0 ($5.6m) 55.0 50.0 45.0 Jun 2020 Margin Trade and Net FX Interest Other Building Tax Restatement Jun 2021 Actual impact Brand Impact Depreciation Impact* Actual Marketing *The fi
Slide 10: Balance Sheet Summary
Balance Sheet Summary Jun 2021 Jun 2020 % Change NZ$ millions Restated* vs 2020 Assets Current Assets 225.3 225.6 0% Fixed Assets 659.3 601.7 10% Total Assets 884.6 827.3 7% Liabilities Current Liabilities 44.8 46.7 -4% Lease Liability 93.9 79.5 18% Deferred Tax Liabilities 31.9 30.4 5% Senior Debt
Slide 11: Net Debt Movement
Net Debt Movement NZ $millions 11
Slide 12: Net Debt Overview
Net Debt Overview Jun 2021 Jun 2020 % Change NZ$ millions Restated* vs 2020 Funding Operating Cash Flow 74.7 84.3 -11% Net Debt 249.1 239.5 4% Key Ratios Operating Profit Measures Interest Cover 10.19 8.82 16% Return on Equity1 16.5% 17.5% -6% Return on Capital Employed 2 13.8% 13.9% -1% Reported Pr
Slide 13: 2021 Harvest
2021 Harvest Group Harvest: - Exceptional quality across all three of our wine regions - 37,470 tonnes, down 2% on 2020 13
Slide 14: Agenda
Agenda Introduction to meeting. Business Performance – 2021 Year under review. Investing for the Future. Delegat Outlook.
Slide 15: Investing in Growth – Capital Expenditure Update
Investing in Growth – Capital Expenditure Update 2019: Includes vineyard and winery developments in Hawke’s Bay, Marlborough and Barossa Valley. 2020: Includes vineyard and winery developments in Hawke’s Bay, Marlborough and Barossa Valley, and land acquisition in Million of $ New Zealand. 2021: Inc
Slide 16: Agenda
Agenda Introduction to meeting. Business Performance – 2021 Year under review. Investing for the Future. Delegat Outlook.
Slide 17: Delegat Sales Growth 2019 - 2024
Delegat Sales Growth 2019 - 2024 Thousands 9 Litre Cases 2021 2022 2023 2024 Case Sales (000s) Actual Forecast Projection Projection Total Cases 3,178 3,419 3,734 3,976 % Increase 8% 9% 6% 17
Slide 18: FY22 Operating Profit Guidance
FY22 Operating Profit Guidance Based on prevailing exchange rates, the Group forecasts to achieve a FY22 operating profit that is in the range of $57 to $61 million. Ongoing supply chain disruption will be continued to be monitored closely. 18
Slide 19: Thank you
DELEGAT Thank you