Scandinavian Tobacco Group A/s · OMXCOP:STG
Scandinavian Tobacco Group A/s — Investor Day (November 2021)
81 slides from Scandinavian Tobacco Group A/s's investor day presentation, Nov 23, 2021
Slide 1: Scandinavian Tobacco Group 2021 Capital Markets Day
Scandinavian Tobacco Group A/S 2021 Capital Markets Day 23rd November, London 1
Slide 2: Agenda
AGENDA Group Overview and Strategy – Niels Frederiksen, Chief Executive Officer 01 Supply Chain and Manufacturing – Graham Cunningham, Chief Supply Chain Officer Q&A Session Europe Branded Division – Jurjan Klep, President and SVP Europe Branded Division North America Branded and Rest of World Divis
Slide 3: Group Overview and Strategy
Group Overview and Strategy NIELS FREDERIKSEN Chief Executive Officer 3
Slide 4: Who We Are
WHO WE ARE MANUFACTURER A GLOBAL LEADER IN DISTRIBUTION A LEADING PLAYER IN LARGE US ONLINE OF EXCLUSIVE THE CIGAR INDUSTRY NETWORK OF EUROPEAN AND NORTH AND RETAIL CIGARS ~100 MARKETS AMERICAN MARKETS NETWORK 4
Slide 5: Why Invest in STG?
WHY INVEST IN STG? 1. A leading player with the means to grow market share 2. Consistent performer with high margins 3. Strong, diverse brand portfolio and market positions with pricing discipline, not prone to market swings 4. Proven consolidators with additional opportunities for further consolida
Slide 6: Categories and Revenue Streams
CATEGORIES AND REVENUE STREAMS CATEGORY BREAKDOWN BALANCED REVENUE STREAMS 13% 33% 14% 36% 35% 37% 32% Handmade Cigars Europe Branded Machine-rolled Cigars North America Branded & Rest of World Smoking Tobacco North America Online & Retail Accessories and Contract Manufacturing 6
Slide 7: Unrivaled Brand Portfolio
UNRIVALED BRAND PORTFOLIO SUPER PREMIUM PREMIUM MAIN-STREAM VALUE FOR MONEY 7
Slide 8: Broad Global Assortment
BROAD GLOBAL ASSORTMENT GLOBAL STRATEGIC BRANDS LOCAL STRATEGIC BRANDS OTHER BRANDS 8
Slide 9: Navigating Regulation
NAVIGATING REGULATION Decades of experience adapting to the changing 1 global regulatory landscape 2 Successful implementation of diverse regulations 3 Ability to navigate national excise taxes 4 Trusted partner and expert in dealing with and educating the market on new regulation 5 Membership in nu
Slide 10: Sustainability Strategy
SUSTAINABILITY STRATEGY PEOPLE AND PLANET ETHICS GOVERNANCE COMMUNITIES How we engage with our How we work to ensure How we promote How we embed strong employees and the sustainable production responsible actions in our oversight and transparency communities where they business and industry in our b
Slide 11: Five Years of Accomplishments
FIVE YEARS OF ACCOMPLISHMENTS 2016 FY – 2020 FY Professionalised the business Created a nimble and proactive company +20% +4.2% Sales growth Average Organic 2016-2020 EBITDA growth Built a scalable platform Grown both organically and inorganically 1.1B >3.5B (DKK) (DKK) Annual Free Cash Capital retu
Slide 12: Our Transformation
OUR TRANSFORMATION NET SALES 8 BN DKK AGIO SWEDISH STOCK THOMPSON FUELLING THE MATCH MERGER STG LANE VERELLEN MARKET LISTING CIGARS GROWTH Rolling towards 2025 NET SALES 2.5 BN DKK 2008 2010 2011 2014 2016 2018 2018 2020 12
Slide 13: Rolling Towards 2025
Rolling Towards 2025 PURPOSE CRAFT THE RITUALS THAT MAKE US MORE VISION BE THE UNDISPUTED, GLOBAL LEADER IN CIGARS AMBITION LARGER COMPANY | GROWING EBITDA MARGIN | OUTSTANDING CASH GENERATION MUST-WIN GROW DRIVE INTEGRATE SIMPLIFY EMBRACE our handmade sustainable profit growth in new mergers everyt
Slide 14: Must-Win Battles
MUST-WIN BATTLES GROW OUR DRIVE SUSTAINABLE INTEGRATE NEW SIMPLIFY EMBRACE A HANDMADE CIGAR PROFIT GROWTH IN MERGERS AND EVERYTHING PERFORMANCE BUSINESS MACHINE-ROLLED ACQUISITIONS WE DO CULTURE CIGARS 14
Slide 15: What You'll Hear Today
Option 3 WHAT YOU’LL HEAR TODAY Market leader with successful history of financial performance, 01 industry consolidation and managing regulatory environments Driven to professionalise the company, allowing us the 02 experience and flexibility to act when and where appropriate Focus on combustible p
Slide 16: Experienced Management Team to Execute Plan
EXPERIENCED MANAGEMENT TEAM TO EXECUTE PLAN NIELS FREDERIKSEN MARIANNE RØRSLEV BOCK GRAHAM CUNNINGHAM HANNE BERG Chief Executive Officer Executive Vice President and Chief Supply Chain Officer Senior Vice President and Chief Financial Officer Chief Human Resources Officer JURJAN KLEP SARAH SANTOS RÉ
Slide 17: Supply Chain and Manufacturing
Supply Chain and Manufacturing GRAHAM CUNNINGHAM Chief Supply Chain Officer
Slide 18: Key Takeaways
KEY TAKEAWAYS Global manufacturing network 1 with robust supply chains Distinct production model respecting 2 the cigar craftsmanship Committed sustainability focus with 3 more to come Continued focus on upgrading 4 and optimising production and distribution 18
Slide 19: Our Supply Chain
OUR SUPPLY CHAIN It starts We purchase 1 with a seed 2 raw tobacco Our production We sell in more In the US we also sell 3 setup is global 4 than 100 countries 5 online to consumers 19
Slide 20: Distinct Cigar Production Model
DISTINCT CIGAR PRODUCTION MODEL STG HANDMADE STG MACHINE-ROLLED BIG TOBACCO MODEL CIGAR MODEL CIGAR MODEL STG Manufacturing FMC (factory made cigarettes) Products Manufacturers Blending (e.g. PMI, BAT, JTI) 60- 40- 50% direct Tobacco Leaf Merchants 50% contracts, Threshing (only for MRC) farming pro
Slide 21: Global Supply Chain Operations
GLOBAL SUPPLY CHAIN OPERATIONS Handmade cigars DENMARK (Holstebro) Machine-rolled cigars making, finishing and packing BELGIUM (Westerlo) DENMARK (Assens) Machine-rolled wrappers and binders BELGIUM (Lummen) CARIBBEAN CIGAR Smoking tobacco HONDURAS / NICARAGUA DOMINICAN REPUBLIC (San Pedro de Macori
Slide 22: Operational and Supply Chain Resilience
OPERATIONAL AND SUPPLY CHAIN RESILIENCE Something from the library that’s techy or global Two years of Highly engaged and Standardised technology leaf inventory resilient workforce with global footprint 22
Slide 23: Consolidation of Factory Footprint
CONSOLIDATION OF FACTORY FOOTPRINT Acquired Acquired Number of facilities 14 14 12 11 11 2016 2018 2019 2020 2021 23
Slide 24: Operational Highlights
OVERALL EQUIPMENT EFFECTIVENESS HANDMADE CIGARS OPERATIONAL HIGHLIGHTS 74% 63% 45% SAFETY PERFORMANCE 2019 2020 YTD 2021 1.4 1.2 CIGAR PRODUCTIVITY/HOUR ACROSS HANDMADE CIGARS 1 53% 49% 0.8 46% 0.6 2019 2020 YTD 2021 0.4 0.2 OVERALL EQUIPMENT EFFECTIVENESS 0 MACHINE-ROLLED CIGARS 2017 2018 2019 2020
Slide 25: A Highly Engaged Workforce
A HIGHLY ENGAGED WORKFORCE 8500+ Colleagues in Operations 70% 83% 92% 89% Directly Of the workforce is Are proud to Feel work gives a feeling of touch the leaf highly engaged* work for STG* personal accomplishment* 25 *2021 employee engagement survey
Slide 26: Sustainability at Our Core
SUSTAINABILITY AT OUR CORE IMAGE Lean 6 Sigma Continuous Building Robust Fundamentals Green Electricity Reduction in Carbon Usage 26
Slide 27: Our Goal: Optimise Operations
OUR GOAL: OPTIMISE OPERATIONS Upgrade warehousing, logistics and 01 order fulfilment capability in the US Drive automation in high-cost labour 02 environments Optimise manufacturing network to make use of 03 labour arbitrage and retire excess capacity Enable data driven planning and procurement 04 d
Slide 28: Q&A
Q&A 10 MINUTES To ask a question, please scan the QR code or go to slido.com and enter code #894003
Slide 29: Europe Branded
Europe Branded JURJAN KLEP President and Senior Vice President Europe Branded Division 29
Slide 30: Key Takeaways
KEY TAKEAWAYS Leading player in the European market 1 with strong brands and market positions across key markets Strong financial performance with 2 continuous search for opportunities to grow market share Pricing discipline, brand leadership 3 and established integration experience 30
Slide 31: Europe Branded Highlights
EUROPE BRANDED HIGHLIGHTS DIVISIONAL PERFORMANCE 2018 – 2021 YTD DKK MILLIONS 3000 2,817 35% 30% 35% 30% SHARE OF SHARE OF 2020 2500 GROUP NET GROUP EBITDA 2,015 2,105 2,036 SALES IN 2020 1,992 25% 2000 20% 1500 15% 1000 10% 500 581 5% MACHINE-ROLLED CIGARS SMOKING TOBACCO HANDMADE CIGARS ACCESSORIE
Slide 32: Agio Acquisition Grew Market Share
AGIO ACQUISITION GREW MARKET SHARE >90% >80% SHARE OF MACHINE-ROLLED CIGAR MARKET (%) >60% >50% >50% >50% >25% >30% >20% >10% >10% >10% <5% <5% Belgium The Netherlands UK France Spain Germany Italy Pre-Agio Post-Agio 32
Slide 33: European Market Overview
EUROPEAN MARKET OVERVIEW Strong brand Leading position Diverse competitor portfolio across markets picture 33% Combined market share in core European markets 33
Slide 34: Grow Share of Italian Machine-Rolled Cigar Market
GROW SHARE OF ITALIAN MACHINE-ROLLED CIGAR MARKET • Moderno Opificio del Sigaro Italiano, MOSI - cigar producer of high quality traditional Italian machine-rolled cigars • Access to the most profitable cigar segment in Italy with “Ambasciator Italico” brand ~9% MOSI segment share in Italy for tradit
Slide 35: Machine-Rolled Cigar Market Dynamics
MACHINE-ROLLED CIGAR MARKET DYNAMICS 1. Historical volume decline of 3-5% with an expected 3% decline rate going forward 2. Increasing complexity of regulatory and legislative landscape 3. Big international tobacco companies have been entering the category 35
Slide 36: Leader in France
LEADER IN FRANCE • Largest Sales Force • Adapting to Legislation • Brand Name Change for Café Crème ~19% ~16% ~9% Market Share Market Share Market Share • Big Tobacco Entry Expands Market 36
Slide 37: Challenger in Spain
CHALLENGER IN SPAIN • Brand Portfolio Covering All Price Segments • Competitive Sales Force • Adapting to Legislation ~9% ~7% ~3% Market Share Market Share Market Share • Brand Name Change for Café Crème 37
Slide 38: Market Positions Determine Strategy
MARKET POSITIONS DETERMINE STRATEGY Leader Challenger France Spain >50% >20% United Kingdom Italy >50% >10% The Netherlands Germany >60% >10% Belgium >90% 38
Slide 39: Priorities for Europe Branded
PRIORITIES FOR EUROPE BRANDED ACCELERATE SIMPLIFY WIN IN WINNING WIN THE KEY PRICING PORTFOLIO SEGMENTS CUSTOMERS • Leverage leading positions and • Offer a more • Focus on pockets of growth • Leverage strength at biggest excise opportunities competitive portfolio with customers fewer and bigger bra
Slide 40: North America Branded and Rest of World
North America Branded and Rest of World RÉGIS BROERSMA President and Senior Vice President North America Branded and Rest of World Division
Slide 41: Key Takeaways
KEY TAKEAWAYS 1 The leading provider of handmade cigars in the US A balanced portfolio including some of 2 the most well-known brands in the industry Continued investments to grow 3 the handmade cigar category globally Maximise EBITDA and invest in 4 select growth opportunities 41
Slide 42: North America Branded and ROW Highlights
NORTH AMERICA BRANDED AND ROW HIGHLIGHTS DIVISIONAL PERFORMANCE 2018 – 2021 YTD 3,000 DKK MILLIONS 45% 2,541 2,527 40% 2,436 2,500 2,222 35% 1,956 2,000 30% 25% 32% 1,500 20% SHARE OF GROUP SHARE OF 2020 43% NET SALES IN 2020 GROUP EBITDA 1,000 15% 920 737 764 813 10% 500 685 5% 0 0% 2018 FY 2019 FY
Slide 43: Key Markets
KEY MARKETS NORTH AMERICA REST OF WORLD Unique route to market in North Key markets include: America with 5 business units • Nordics (Norway, Iceland, Finland) • Australia/New Zealand • Contract Manufacturing Agreements 43
Slide 44: Category and Net Sales Split
CATEGORY AND NET SALES SPLIT MACHINE-ROLLED SMOKING HANDMADE ACCESSORIES AND NET SALES BY PRODUCT CATEGORY CIGARS TOBACCO CIGARS CONTRACT 9M 2021 MANUFACTURING 28% 23% 26% 23% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% North America Rest of World Accessories & Contract Manufacturing Smoking tobacco
Slide 45: Key Financial Data by Market and Category
KEY FINANCIAL DATA BY MARKET AND CATEGORY % OF DIVISION RELATIVE SALES GROWTH RELATIVE GROSS MARGIN AREA SALES FY 2020 vs DIVISION 2021-2025* vs DIVISION FY2020 US Handmade ~26% North US Mass Market ~18% America Canada ~8% Nordics ~10% (Norway, Finland, Iceland) ROW Other markets ~37% Legend *5 year
Slide 46: Divisional Growth Strategy
DIVISIONAL GROWTH STRATEGY 1. 2. 3. Accelerate Handmade Maximise EBITDA Pursue Growth Cigars Globally Growth Opportunities 46
Slide 47: Growth Strategy – 2021 Initiatives
GROWTH STRATEGY – 2021 INITIATIVES ACCELERATE HANDMADE MAXIMISE EBITDA GROWTH PURSUE GROWTH OPPORTUNITIES CIGARS GLOBALLY Launched Forged Cigar Optimised route to market Versa combustible hemp Company in February 2021 for STG Lane launched in US August 2021 Consolidation of M&D / Optimised route to
Slide 48: US Handmade Cigar Market
US HANDMADE CIGAR MARKET OUR BRANDS COMPETITION 2020 US Market ~ 360 million cigars North America Branded ~100 million cigars Market Trends • Declining ~1-2% per year 48
Slide 49: North America Branded Sells to All Channels
NORTH AMERICA BRANDED SELLS TO ALL CHANNELS CHANNEL DISTRIBUTION, % CHANNEL DISTRIBUTION, % US Handmade Cigar Market North America Branded Internet/Catalogue Internet/Catalogue Internet/Catalogue - NAOR Distributor Retail and Other Retail/Liquor 26% >30% 40% 47% 27% <30% 49
Slide 50: Growing Market Share in 2022 and Beyond
GROWING MARKET SHARE IN 2022 AND BEYOND Influencers Innovation Digital/Social 360° Collaborations Consumer Engagement Experimental Sponsorship 50
Slide 51: North America Online & Retail
North America Online & Retail SARAH SANTOS President and Senior Vice President North America Online & Retail Division 51
Slide 52: Key Takeaways
KEY TAKEAWAYS The leading online cigar 1 company in the US Omni-channel business: 2 online, tele-sales and retail Opportunities to expand 3 online market share Expansion of US retail network 4 represents growth opportunity 52
Slide 53: North America Online & Retail Highlights
NORTH AMERICA ONLINE & RETAIL HIGHLIGHTS DIVISIONAL PERFORMANCE 2018 – 2021 YTD 3,000 DKK MILLIONS 25% 2,662 27% 2,500 33% 2,291 20% SHARE OF SHARE OF 2020 2,007 2,023 GROUP NET 1,963 GROUP EBITDA 2,000 SALES IN 2020 15% 1,500 10% 1,000 5% MACHINE-ROLLED CIGARS SMOKING TOBACCO HANDMADE CIGARS ACCESS
Slide 54: Omni-Channel Approach
OMNI-CHANNEL APPROACH Online + Tele-sales Retail 5 6 93% 7% of division sales online of division Super-stores business units sales Super-store 25m+ catalogues sent out yearly 54
Slide 55: Leading Position in US Online Cigar Market
LEADING POSITION IN US ONLINE CIGAR MARKET SHARE OF ONLINE ORDER VOLUME Proprietary brands represent 60% of cigar smokers in the US purchased cigars online 35-40% pre-COVID 32% of online sales 46% 7% 5 distinctive business units uniquely positioned in the 16% online market Competitors North America
Slide 56: Consumer File Dynamics and Value
CONSUMER FILE DYNAMICS AND VALUE GROWTH IN CONSUMER FILE CONSUMER VALUE OVER TIME 1,400 62% $1,000 1,350 $900 $105 60% $800 1,300 $100 $700 $96 $98 $94 $242 1,250 58% $91 $92 $215 $600 $203 $186 $194 1,200 $500 $172 $177 1,150 56% $400 $81 $300 $109 $574 1,100 $486 $511 54% $200 $410 $427 $449 $467
Slide 57: Our Consumers
OUR CONSUMERS 8 DISTINCTIVE CONSUMER GROUPS Segments based on: • Age • Price Point • Annual Cigar Consumption • Purchase Frequency and Brand Preference 57
Slide 58: Differentiated Online Offering
DIFFERENTIATED ONLINE OFFERING Each online business unit is positioned and tightly aligned to a specific consumer group 58
Slide 59: Business Intelligence Will Drive Further Growth
BUSINESS INTELLIGENCE WILL DRIVE FURTHER GROWTH Insights across business units Business Basket Retention Consumer Intelligence size rates lifetime value 59
Slide 60: Handmade Cigar Consumers Migrate Online Over Time
HANDMADE CIGAR CONSUMERS MIGRATE ONLINE OVER TIME Shopping Channel Breakdown by Consumer Preference 37% 44% 43% 55% 54% Offline 77% Online 57% 63% 46% 56% 45% 23% When First Online Only Smoked >12 months 1-3 years 3-5 years 5-10 years 10-20 years +20 years Offline Only Online and Offline When First
Slide 61: Retail Network Represents Growth Opportunity
RETAIL NETWORK REPRESENTS GROWTH OPPORTUNITY Bethlehem, PA Bethlehem, PA Hamburg, PA The Colony, TX Fort Worth, TX, Retail Store Super-store Super-store Super-store Lutz, FL and Tampa, FL Opened Opened Opened Opened Super-stores Opened 2000 2007 2012 2018 2020 61
Slide 62: The Colony, TX Super-Store Performance
THE COLONY, TX SUPER-STORE PERFORMANCE A new category standard in modern, experiential retail, introducing The consumers to the category Colony 30-mile HALO effect North America Online & Retail Dallas double-digit online sales growth in HALO catchment area after one year ~25% 3-year ROIC 62
Slide 63: Expanding Retail Network
EXPANDING RETAIL NETWORK 1 We plan opening ~6-8 stores within next 2-3 years We target suburban areas in states where we 2 are already present, leveraging existing infrastructure Each store represents an investment of 4-7 million 3 USD (depending on construction model) Super-stores are not margin di
Slide 64: Q&A
Q&A 10 MINUTES To ask a question, please scan the QR code or go to slido.com and enter code #894003 64
Slide 65: Financial Outlook
Financial Outlook MARIANNE RØRSLEV BOCK Executive Vice President and Chief Financial Officer 65
Slide 66: Key Takeaways
KEY TAKEAWAYS 1 History of strong financial performance and shareholder returns 2 Disciplined capital allocation strategy and proven M&A track record 3 Strong cash flow allows for investments in growth 4 Reaching financial ambitions 66
Slide 67: Strong Financial Performance 2016-2020
STRONG FINANCIAL PERFORMANCE 2016-2020 ORGANIC EBITDA GROWTH ADJUSTED EPS GROWTH FCF BEFORE ACQUISITIONS DKKm 4.2% ~5.3% 1,070 5Y Average 5Y CAGR 5Y Average 36.0% 19.5% 1,394 14.0% 1,139 1,086 9.8% 8.2% 4.0% 2016 2020 2021 9M 2016 2020 2021 9M 2016 2020 2021 9M 67 67
Slide 68: Attractive Shareholder Returns 2016-2020
ATTRACTIVE SHAREHOLDER RETURNS 2016-2020 ROIC CAPITAL ALLOCATION TOTAL ACCUMULATED SHAREHOLDER RETURN 7.6% 5.4% 67% 5Y CAGR 5Y Average (Ordinary Accumulated TSR 67% Dividend) 12.9% 455 36% 7.8% 7.7% 198 24% 608 627 500 2016 2020 2021 9M 2016 2020 2021 9M 2016 2020 2021 YTD 68 68 Share Buy-Back Ordin
Slide 69: Our Financial Ambitions
OUR FINANCIAL AMBITIONS 3%-5% Annual average net Improve ROIC annual organic increase before acquisitions EBITDA growth and sizeable investments EARNINGS FREE CASH RETURN ON FLOW INVESTED CAPITAL 69 69
Slide 70: 3-5% Average Organic EBITDA Growth
3-5% AVERAGE ORGANIC EBITDA GROWTH North America Europe North America Branded and Rest Group Branded of World Online & Retail Net Sales: Organic growth Organic Positive growth in net sales EBITDA margin change EBITDA margin Improve change EBITDA growth 3-5% p.a. Legend Above Group Average Group Aver
Slide 71: Core Free Cash Flow
CORE FREE CASH FLOW ~2,250 >1,500 71 71 Note: Free Cash Flow before acquisition and sizeable investments, DKKm
Slide 72: Free Cash Flow Reduces Leverage Ratio
FREE CASH FLOW REDUCES LEVERAGE RATIO FCF BEFORE ACQUISITIONS LEVERAGE RATIO >1.5b (DKKm) 2.0x 1.8x 1,394 1.6x 1.5x 1,139 1,086 2016 2020 2021 9M Core Free Cash Flow 2018 2019 2020 2021 9M 72 72
Slide 73: Disciplined Capital Allocation Strategy
DISCLIPLINED CAPITAL ALLOCATION STRATEGY We aim to optimise value for our shareholders by: Increasing ROIC A disciplined shareholder return policy 73 73
Slide 74: Extracting Synergies and Growing Through M&A
EXTRACTING SYNERGIES AND GROWING THROUGH M&A MERGER STG LANE 2010 2011 2013 2014 2018 2019 2020 74
Slide 75: M&A Report Card
M&A REPORT CARD Investment Rationale Integration Strategy ROIC Strengthens position in the US online ~20% channel Significant value creation and Commercial and back- Integrate warehouse Deal Size: office integration and shipping realisation of synergies USD 62m facilities 2018 Good geographic fit, c
Slide 76: Strategic M&A Rationale Across Categories
STRATEGIC M&A RATIONALE ACROSS CATEGORIES Handmade Cigars EU Machine-Rolled Cigars US Online & Retail • Strengthen handmade • Strengthen machine-rolled • Protect and grow cigar brand portfolio cigar brand portfolio market share • Gain synergies across the • Build scale to consolidate • Consolidate s
Slide 77: Evaluating M&A Opportunities Across the Spectrum
EVALUATING M&A OPPORTUNITIES ACROSS THE SPECTRUM Bolt-on Major Structured and disciplined approach Integration planning Strategic screening Negotiations Deal execution and implementation • Strategic screening of potential • Target dialogue on an ongoing • Transaction governance • Integration princip
Slide 78: Investing for Growth
INVESTING FOR GROWTH Technology Full ERP implementation expected in 2024/2025 A key enabler for 1 strategy execution Performance Insights and Data ONEPROCESS Strengthens ability to deliver 2 growth and profitability Rolling Towards Functional 2025 People Processes Improved basis for 3 integration of
Slide 79: Positioned for Success
POSITIONED FOR SUCCESS Strong historical financial Focused on growing Disciplined capital Disciplined M&A performance and earnings, increasing allocation strategy focused approach designed to attractive shareholder cash flow and on capital efficiency and maximise ROIC returns improving ROIC sharehol
Slide 80: Q&A
Q&A 30 MINUTES To ask a question, please scan the QR code or 80 go to slido.com and enter code #894003
Slide 81: Brand Ambassador Sean Williams
BRAND AMBASSADOR SEAN WILLIAMS Please join us and Cohiba Brand Ambassador Sean Williams for cigars, drinks, and a discussion on the industry 81
Scandinavian Tobacco Group — Investor Day (November 2021) on 6ix