Noumi Limited · ASX:NOU
Noumi — Investor Presentation (February 2022)
28 slides from Noumi's investor presentation, Feb 28, 2022
Slide 1: 1H FY22 Investor Presentation
Noumi Limited 80 Box Road Taren Point NSW 2229 Australia ABN 41 002 814 235 28 February 2022 ASX Market Announcements ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 1H FY22 Investor Presentation Noumi Limited (ASX: NOU) provides the following document for release to the market for the
Slide 2: Noumi Limited Half Year 2022 Results
NOUMI LIMITED Half Year 2022 Results 28 February 2022
Slide 3: Important notice and disclaimer
Important notice and disclaimer Summary Information Only This presentation criteria contains general information about Noumi Limited and its consolidated entities (“Noumi Limited”) and its activities current as at the date of this presentation. It is provided in summary and does not purport to be co
Slide 4: Agenda
Agenda HY22 KEY POINTS 01 COMPANY EVOLUTION 02 FINANCIAL PERFORMANCE 03 STRATEGY 04 CLOSING REMARKS 05 Noumi Limited HY22 Results 3
Slide 5: HY22 Key Points
HY22 Key Points Noumi Limited HY22 Results 4
Slide 6: First half results impacted by COVID-19
First half results impacted by COVID-19 MILKLAB growth continues and operational turnaround gains momentum Financial performance impacted by challenging operating and > business conditions largely impacted by COVID-19 Significant reduction in demand due to Delta and Omicron variant > across out-of-h
Slide 7: HY22 Financial & Operating Metrics
HY22 Financial & Operating Metrics 7% 4% $265m 124ML 2 h 8% Net Revenue Dairy UHT sales 62ML 79% 87% Export sales $4.6m 8T h 19% Adj Op EBITDA 1 Lactoferrin sales 24ML MILKLAB sales 6bps h6% 1.7% 46ML Adj Op EBITDA Plant-based sales Margin1 % 1. Adjusted for non-trading and non-recurring i
Slide 8: HY22 Strategy Achievements
HY22 Strategy Achievements HY22 progressing ‘Reset, Transform, Grow’ transformation program that will return the Company to long-term, sustainable and profitable growth ✓ Completed sale of Specialty Seafood, enabling Company to focus entirely on two growth drivers ✓ Settled US litigation, removing a
Slide 9: Strategy on course despite COVID-19 impact on HY22 operating cash flows
Strategy on course despite COVID-19 impact on HY22 operating cash flows and challenging circumstances Managing the health and safety of our employees, > suppliers, customers and stakeholders Consumer COVID-19 driven shift into retail and e- > commerce with a reduction in out-of-home channels, partic
Slide 10: Company's Transformation and Evolution
Company’s Transformation and Evolution Noumi Limited HY22 Results 9
Slide 11: FY22 puts Noumi firmly in the Transform phase
FY22 puts Noumi firmly in the Transform phase FY21 FY21 - 23 FY23 - 25 RESET TRANSFORM GROW The financial, structural, operational and Actions to Transform the Company, Those improvements provide the cultural Reset of the Company was are underway, with operational springboard to Grow the business su
Slide 12: Reset - What has been achieved so far?
Reset - What has been achieved so far? The Company has made significant progress on the turnaround since June 2020 Development of detailed business Financial Improvement Board and Management renewal Cultural and Governance change plan and operating strategy ✓ HY22 results showed resilience in ✓ Deta
Slide 13: Transformation Initiatives underway
Transformation Initiatives underway Transformation program benefits expected to be realised over a 3 year period CORPORATE STRATEGY ✓ Marketing campaign of key brands across the portfolio ✓ Minimise currency risk for export customers through conversion to A$ contracts • Strategic insights-led new pr
Slide 14: Financial Performance
Financial Performance Noumi Limited HY22 Results 13
Slide 15: HY22 Financial Performance (continuing operations)
HY22 Financial Performance (continuing operations ) 2 Change $ million HY22 HY211 Change (%) Total revenue from continuing operations2 declined $19.7m or 6.9% to Net Revenue 265.3 285.0 (19.7) (6.9) $265.3m, reflecting a $15.5m reduction in traded milk sales, a reduction of $13.8m from the removal o
Slide 16: Significant items contributing to net losses after tax of $65.8m
Significant items contributing to net losses after tax of $65.8m1 $50.7m of US litigation settlement-related expenses $10.9m loss in fair value on Convertible Notes. Elected to pay in kind interest since inception - not accrued in balance sheet although an input in the fair value approach $4.8m gain
Slide 17: Revenue composition
Revenue composition 1 Plant-based Traded Milk Export 31% 3% ANZ Retail 29% 36% 4% 20% 66% Other 12% Out-of-home Dairy & Nutritionals Bulk 3 SEA Contract 9% 19% MILKLAB China 21% 20% 2 REGION BRAND 26% Private Label 10% Australia’s Own 71% 3% ANZ PUREnFERRIN 9% 6% 7% Bulk Others Proprietary 1. Exclud
Slide 18: Financial Performance | Plant-based Beverages
Financial Performance | Plant-based Beverages Financial results Summary of performance Change Change ($m) HY22 HY211 Delivered commendable growth across all channels and owned ($) (%) brands despite impact of COVID-19 on out-of-home market Net Revenue 83.2 75.2 8.0 10.7 Adjusted Operating EBITDA2, 3
Slide 19: Financial Performance | Dairy & Nutritionals
Financial Performance | Dairy & Nutritionals Financial results Summary of performance Change Change ($m) HY22 HY211 ($) (%) Revenue from Dairy & Nutritionals declined $27.7m or 13.2% to Net Revenue 182.0 209.8 (27.7) (13.2) $182.0m, main drivers include $15.5m lower traded milk, $12.7m deletion of 2
Slide 20: Balance Sheet & Capital Management
Balance Sheet & Capital Management Summary 31 Dec 30 Jun Change $’m 2021 20211 (%) Proforma net assets of $190.6m when including Convertible Notes2 of $239.5m as equity. The Current assets 121.5 133.8 (9.2) Convertible Notes will cease to be a liability at such Assets held for sale 23.0 6.5 n.m. tim
Slide 21: Cashflow & Working Capital
Cashflow & Working Capital Summary 2 Continuing Operations ($m) 31 Dec 2021 31 Dec 20201 Cash flow from continuing operations before financing and non- recurring adjustments was $17.2m lower reflecting sales mix, Cash flow from operations2 (4.9) 12.3 investment in marketing and workforce in anticipa
Slide 22: Strategy
Strategy Noumi Limited HY22 Results 21
Slide 23: Strategy | Plant-based Beverages
Strategy | Plant-based Beverages Focus Areas Continued new product development and innovation in the > growth areas of out-of-home, retail and export channels Continued growth in export markets, with a focus on Southeast > Asia Energising the larger field force to engage with customers and > drive a
Slide 24: Strategy | Dairy & Nutritionals
Strategy | Dairy & Nutritionals Focus Areas Accelerate delivery of operational efficiency programs across > processing facilities to improve performance and drive profitability Continued commitment to improve yields through further > rationalisation of product lines Continued focus on building longe
Slide 25: Closing Remarks
Closing Remarks Noumi Limited HY22 Results 24
Slide 26: Key drivers of potential future profitability into FY22 and beyond
Key drivers of potential future profitability into FY22 and beyond Key Drivers Progress ✓ Operational turnaround initiatives critical to improving processes at the sites, particularly ✓ Operational turnaround initiatives underway at Shepparton with delays due to COVID-19 Operational ✓ Transformation
Slide 27: Trading Update and Outlook
Trading Update and Outlook Emergence of the COVID- The Company continues to As the impact of COVID 19 Omicron strain across face cost pressures related eases and the results of the Australia’s eastern to or caused by COVID-19, operational turnaround seaboard in December including higher raw program
Slide 28: Noumi Limited HY22 Results
Noumi Limited HY22 Results 27