Noumi Limited · ASX:NOU
Noumi — FY2021 Earnings Presentation
30 slides from Noumi's earnings presentation, Aug 30, 2021
Slide 1: Freedom Foods Group Limited FY21 Results
FREEDOM FOODS GROUP LIMITED FY21 RESULTS 30 AUGUST 2021
Slide 2: Important notice and disclaimer
Important notice and disclaimer Summary Information Only This presentation criteria contains general information about Freedom Foods Group Limited and its consolidated entities (“Freedom Foods Group Limited”) and its activities current as at the date of this presentation. It is provided in summary a
Slide 3: Agenda
Agenda AGENDAFY21 ITEM HIGHLIGHTS 2 01 COMPANY EVOLUTION 02 FINANCIAL PERFORMANCE 03 STRATEGY 04 CLOSING REMARKS 05 3
Slide 4: FY21 Financial & Operating Highlights
p8% p5% $559m 256ML Net Revenue Dairy UHT sales p141% p170% FY21 Highlights $22.4m 28T Adj Op EBITDA1 Lactoferrin sales Financial & p14bps p6% 4.0% 87ML Operating Adj Op EBITDA Plant Based sales Margin1 % 1. Adjusted for non-trading and non-recurring items (including restructuring costs, product rec
Slide 5: FY21 Key Highlights - Strategy
FY21 Key Highlights - Strategy FY21 was a defining year, marking a start of our ‘Reset, Transform, Grow’ transformation program that will return the Company to long-term, sustainable and profitable growth ✓ Recapitalisation successfully completed ✓ Strategic plan now developed. Non-core assets ident
Slide 6: Company's Transformation and Evolution
Company’s Transformation and Evolution
Slide 7: FY21 was about resetting the Company for transformation and growth
FY21 was about resetting the Company for transformation and growth FY21 FY21 - 23 FY23 - 25 RESET TRANSFORM GROW The financial, structural, Actions to Transform the Those improvements operational and cultural Company, are underway, with provide the springboard Reset of the Company was operational im
Slide 8: Reset - What has been achieved so far?
Reset - What has been achieved so far? The Company has made significant progress on the turnaround since June 2020 Development of detailed business Reduction in losses Board and Management renewal Cultural and Governance change plan and operating strategy ✓ FY21 results showed a strong ✓ Detailed bu
Slide 9: Transformation Initiatives underway
Transformation Initiatives underway Transformation program benefits expected to be realised over a 3 year period CORPORATE STRATEGY ✓ Marketing campaign of key brands across the portfolio ✓ Minimise currency risk for export customers through conversion to A$ contracts • Strategic new product develop
Slide 10: Financial Performance
Financial Performance
Slide 11: FY21 Financial Performance (continuing operations)
FY21 Financial Performance (continuing operations ) 2 Total revenue from continuing operations2 rose 8.2% to $559.1m, with $ million FY21 FY201 Change Change (%) ✓ solid sales growth across both the Plant-based Beverages and Dairy and Nutritionals divisions. Net Revenue 559.1 516.7 42.4 8.2 Adj Oper
Slide 12: Significant Items
Significant Items ✓ $9.2m of costs related to the restatement of prior periods’ accounts (incl accounting and law firms) and recapitalisation activities ✓ $11.3m of recapitalisation costs directly related to the convertible notes and disclosed under net finance costs ✓ $7.4m of legal expenses in res
Slide 13: Revenue composition
Plant Based Traded Milk Revenue Export 6% 23% 27% 1 composition ANZ Retail 39% Seafood 2% Channel Segment 16% Out of Home 3% 65% 19% Other Dairy & Nutritionals Bulk 3 Bulk SEA PUREnFERRIN 7% 13% 6% Proprietary Australia’s Own China 15% 11% 11% Others 4% 2 Region Brand 16% MILKLAB 78% 26% 13% ANZ Pri
Slide 14: Financial Performance | Plant Based Beverages
Financial Performance| Plant Based Beverages Financial results Summary of performance Change Change Revenue increased 15.6% to $152.9 million as the plant-based beverages ✓ ($m) FY21 FY201 ($) (%) segment overcame the impact of COVID-19 on the out-of-home market to deliver robust growth across all c
Slide 15: Financial Performance | Dairy & Nutritionals
Financial Performance| Dairy & Nutritionals Financial results Summary of performance Change Change ✓ ($m) FY21 FY201 Revenue for the twelve months to 30 June 2021 rose 6.8% to $394.3 ($) (%) million as the business reset Net Revenue 394.3 369.3 25.1 6.8 Adjusted Operating EBITDA2 (4.1) (56.7) 52.6 9
Slide 16: Financial Performance | Speciality Seafood
Financial Performance| Speciality Seafood Financial results Summary of performance Change Change ✓ ($m) FY21 FY201 Revenue for the twelve-month period fell 21.7% per cent to $11.8 million ($) (%) as COVID-19 disrupted global supply chains, causing stock shortages Net Revenue 11.8 15.0 (3.3) (21.7) A
Slide 17: Balance Sheet & Capital Management
Balance Sheet & Capital Management 30 Jun 30 Jun Change Summary $’m 2021 20201 (%) Current assets 133.8 138.2 (3.2) Proforma net assets of $252.5m when including convertible notes2 of Assets held for sale 6.5 - n.m. ✓ $251m. The convertible notes will cease to be a liability at such time when the no
Slide 18: Cashflow & Working Capital
Cashflow & Working Capital Continuing Operations ($m) 30 Jun 2021 30 Jun 20201 Summary 2 Cash flow from operations2 11.5 (38.9) Cash flow from operations before financing and non-recurring Cash flow from operations including ✓ adjustments were $50.4m higher than prior period reflecting improved (47.
Slide 19: Strategic Priorities
freedqm, GROUP Making food bett
Slide 20: Leadership & Culture Reset
Leadership & Culture Reset Michael Perich leads a team of enthusiastic and motivated executives with significant experience in FMCG and transformation. Renewal of the leadership team has been completed with the recent addition of Denis Phelps (ex Danone Asia) and Gerard Smith (ex PepsiCo), who toget
Slide 21: Simplified brand portfolio, for greater focus and consolidated investment
Simplified brand portfolio, for greater focus and consolidated investment Focus Brands Current and future revenue growth engine. Nurture Brands Smaller revenue in the short term, build for the long term Trade Brands Lower strategic importance, maintain ranging and optimize profitability 21
Slide 22: Aligning with UN Goals ESG Framework
Aligning with UN Goals Our Commitment to Protecting the Planet Our Commitment to Nurturing Life ESG ✓ Our ambition is to source energy from renewable resources, reduce pollution, minimize water use, and promote sustainable farming practices. FRAMEWORK ✓ Our ambition will be to use sustainable resour
Slide 23: COVID-19 - Challenges and Opportunities
COVID-19 - Challenges and Opportunities ✓ Our highest priority remains the health and safety of our employees, suppliers, customers and stakeholders ✓ Closely monitoring the impact of the latest COVID-19 outbreaks and associated lockdowns in Australia and overseas ✓ Current experience has seen consu
Slide 24: Closing Remarks
Closing Remarks
Slide 25: Key drivers of potential future profitability into FY22 and beyond
Key drivers of potential future profitability into FY22 and beyond ✓ Operational turnaround initiatives will be critical to improving processes at the sites, particularly at Shepparton Operational initiatives - ✓ Transformation Program was launched with Pollen Consulting engaged to help support the
Slide 26: Appendices
1. Accounting changes 2. Reclassifications APPENDICES 3. Shared Services allocation
Slide 27: 1. IFRIC Accounting Change - SaaS
1. IFRIC Accounting Change - SaaS FY21 Financial Statements Note 3(a) Change in Accounting Policy During the year, the Group revised its accounting policy in relation to upfront configuration and customisation costs incurred in implementing SaaS arrangements in response to the IFRIC agenda decision
Slide 28: 2. Comparatives: Other reclassifications
2. Comparatives: Other reclassifications FY21 Financial Statements Note 3(b) Reclassifications (i) Selling expenses During the year, the Group reclassified its selling expenses from distribution expenses (previously called selling and distribution expenses) to selling and marketing expenses (previou
Slide 29: 3. Group Shared Services allocation across segments
3. Group Shared Services allocation across segments Refer to Section 3.3 in the FY21 Directors’ Report and Note 4 of the FY21 Financial Statements 29
Slide 30: Making Food Better
MAKING FOOD BETTER