Kri-kri Milk Industry S.a. · ATHEX:KRI
Kri-kri Milk Industry — KRI KRI — FY2023 Earnings Presentation
13 slides from Kri-kri Milk Industry's earnings presentation, April 2024
Slide 1: Analysts' Brief 2023 Full Year Results
Authentic products drive sustainable growth ANALYSTS’ BRIEF 2023 FULL YEAR RESULTS April 2024
Slide 2: Legal disclaimer
ANALYSTS’ BRIEF | FY 2023 Kri Kri Legal Legal disclaimer 02 This presentation was prepared by KRI KRI S.A. The information contained herein has been obtained from company and external sources believed to be reliable, but not guaranteed as to its accuracy or completeness. The information contained he
Slide 3: Sales
ANALYSTS’ BRIEF | FY 2023 Sales 03 2023 2022 Δ% Sales (€m) 216,3 171,9 25,9% Yogurt Ice cream Greece Exports Greece Exports 2023 2022 Δ% 2023 2022 Δ% 2023 2022 Δ% 2023 2022 Δ% €76,0m €62,4m 21,8% €97,5m €72,6m 34,4% €32,3m €26,9m 20,4% €8,4m €9,0m -6,5% 76,0 97,5 32,3 9,0 8,4 62,4 72,6 26,9 54,7 23,
Slide 4: Costs
ANALYSTS’ BRIEF | FY 2023 Costs 13 Raw milk price in Greece Key Highlights 150 140 135 • Declining raw materials prices • Positive impact on gross margin 130 122 118 120 110 100 90 80
Slide 5: Gross Profit bridge
ANALYSTS’ BRIEF | FY 2023 Gross Profit bridge 04 (€m)
Slide 6: Financial Results
ANALYSTS’ BRIEF | FY 2023 Financial Results 03 Profit and Loss Statement Margins FY 2023 FY 2022 FY 2021 FY 2023 FY 2022 FY 2021 Sales 216,33 171,88 134,60 Gross profit 72,47 31,46 41,17 33,5% 18,3% 30,6% Operating expenses 33,25 28,50 25,28 15,4% 16,6% 18,8% EBIT 40,28 4,03 16,67 18,6% 2,3% 12,4% E
Slide 7: Segment review Yogurt exports
ANALYSTS’ BRIEF | FY 2023 Segment review Yogurt exports 06 Key Highlights 97,5 • Strong growth in Italy +36% and the UK +33% 72,6 • Significant increase in Sweden, Austria and Belgium 20,1 • Yogurt exports now represent 56% of total 0,3 yogurt sales Sales EBIT 2023 2022 Sales +34.4% EBIT €20.1m Marg
Slide 8: Segment review Yogurt Greece
ANALYSTS’ BRIEF | FY 2023 Segment review Yogurt Greece 07 76,0 Key Highlights 62,4 Sales +21.8% • Market growth: 11,80 EBIT €11.8m • +3,4% in volume 0,80 Margin 15.5% • +10,1% in value Sales EBIT 2023 2022 • Slight decrease in the branded yogurts market share (-0,7pp in value) Winning at the marketp
Slide 9: Segment review Ice cream
ANALYSTS’ BRIEF | FY 2023 Segment review Ice cream 08 Sales EBIT Key Highlights • Strong growth in domestic sales 32,3 6,5 26,9 • Expansion of our sales network 8,4 8,9 2,3 • Leveraging the sales’ power of our new 0,9 0,6 premium range of Master Rich ice creams Greece Exports Greece Exports 2023 202
Slide 10: Cash Flow
ANALYSTS’ BRIEF | FY 2023 Cash Flow 09 FY 2023 FY 2022 FY 2021 Cash flow from operations 49,1 4,3 23,5 Cash flow from investments (17,2) (8,6) (10,6) Cash flow from finance (17,4) 0,7 (11,9) Free Cash Flow 31,9 (4,3) 12,9
Slide 11: Estimates for 2024
ANALYSTS’ BRIEF | FY 2023 Estimates for 2024 11 Total sales are expected to grow by +8%-11%, Sales Growth exceeding €233m. Profit Margins EBIT margin is expected to be around 15%. CapEx CAPEX is expected to be between €21m to €25m.
Slide 12: Business update
ANALYSTS’ BRIEF | FY 2023 Business update 13 Launching yogurts in France Launching Frozen Yogurts in USA • Launch of High protein yogurts in March 2024 • In agreement with local importers • Greek yogurt series launch is expected in Sep. 2024 • Launch is scheduled for June 2024 Launching natural bran
Slide 13: Share information
ANALYSTS’ BRIEF | FY 2023 Share information 12 Share information Shareholders’ structure Contact information KRI KRI S.A. MILK INDUSTRY Market: Main market Tsinavos Family : 72,8% 3rd km Serres-Drama Sector: Food & Beverage Serres Institutionals domestic : 11,9% PC 62125 Greece Ticker symbols: Insti