Papoutsanis Sa · ATHEX:PAP
Papoutsanis Sa — FY2023 Earnings Presentation
22 slides from Papoutsanis Sa's earnings presentation, Mar 27, 2024
Slide 1: 2023 Financial Results Analysts' Briefing
2023 Financial Results Analysts’ Briefing March 27th, 2024
Slide 2: Disclaimer
Disclaimer BY VIEWING OR RECEIVING THIS PRESENTATION, YOU ARE AGREEING TO BE BOUND BY THE FOLLOWING LIMITATIONS. This presentation has been prepared by Papoutsanis S.A. (the Company) solely for informational purposes and cannot be used for any other purpose nor can it be addressed to any other perso
Slide 3: 2023 Financial Highlights
2023 Financial Highlights €62,3M 55% 0,15 2023 NET SALES ΕXPORTS % IN TOTAL EARNINGS PER SHARE -12% vs 2022 +36% VS 2022 *EBITDA adjusted incl. one-off items
Slide 4: 2023 Financial Highlights
2023 Financial Highlights €62,3M 55% 0,15 2023 NET SALES ΕXPORTS % IN TOTAL EARNINGS PER SHARE -12% vs 2022 +36% VS 2022 €21M 34% €9,5M 15% GROSS PROFIT GP % ON NET SALES EBITDA* EBITDA* % ON NET SALES +€4M VS 2022 +970bps VS 2022 +€2M VS 2022 +470bps VS 2022 *EBITDA adjusted incl. one-off items
Slide 5: 2023 Key Financial Drivers
2023 Key Financial Drivers Raw Material Reduced Productivity Increase & Price Correction Energy Cost Production Cost Consolidation Solid Net Sales & Robust Contribution Profitability Growth from Newly Acquired of Own Brands ARKADI (Consumer & Hotel)
Slide 6: Financial Results (in €'000)
Financial Results (in €‘000) 2023 2022 D% Net Sales 62.275 70.749 -12% Gross Profit improvement attributed to: Gross Profit 21.239 17.297 23% 34,1% 24,4% ▪ RM costs prices Gross Profit margin ▪ Energy cost Earnings before Taxes, ▪ Production cost efficiencies Interest & Depreciation (EBITDA) 9.217 7
Slide 7: Financial Results (in €'000)
Financial Results (in €‘000) 2023 2022 D% Net Sales 62.275 70.749 -12% Gross Profit improvement attributed to: Gross Profit 21.239 17.297 23% 34,1% 24,4% ▪ RM costs prices Gross Profit margin ▪ Energy cost Earnings before Taxes, ▪ Production cost efficiencies Interest & Depreciation (EBITDA) 9.217 7
Slide 8: 2023 FY Turnover (in €'000)
2023 FY Turnover (in €‘000) Turnover Growth Evolution per Category 27% 33% 34% 29% ▪ Own Consumer Brands +36% 17% ▪ Hotel Amenities -32% 70.749 -12% ▪ 3rd Party & PL -11% 62.275 ▪ Specialty Soap Bases -32% 54.769 40.842 30.667 24.241 20.775 2017 2018 2019 2020 2021 2022 2023
Slide 9: GP & EBITDA (adjusted) Evolution FY 2023 (in €'000)
GP & EBITDA (adjusted) Evolution FY 2023 (in €‘000) GROSS PROFIT & GP% FY ▪ Gross Profit & GP margin historically high 32,0% 32,5% 34,1% RM prices & Energy cost decline 28,1% 27,7% 28,7% 24,4% Production cost savings 21.239 17.773 17.297 13.065 8.810 5.830 6.709 2017 2018 2019 2020 2021 2022 202
Slide 10: The Papoutsanis World
The Papoutsanis World 44% 6% EUROPE 45% 5% N.AMERICA GREECE ASIA France, Italy, UK, Spain, Germany, Hungary, Portugal, Poland, Cyprus, Belgium, The Netherlands, Austria, Sweden, Denmark, Finland, Switzerland, Ireland, Serbia, Romania, Bulgaria, Lithuania, Ukraine, Czech Republic, Croatia, Slovenia,
Slide 11: Review by Business Segment
Review by Business Segment 2023 Sales Mix vs 2022 (in % of total turnover) 2022 2023 SPECIALTY SOAP BASES 20 16 HOTEL AMENITIES 43 40 17 OWN CONSUMER BRANDS 19 THIRD PARTY & PL 18 27 Own Consumer Brands Contribution Increase
Slide 12: Review by Business Segment
Review by Business Segment Sales EBITDA adj EBITDA (adj) (in €‘000) (in €‘000) % Own Consumer Brands 16.918 1.519 9% Vs 2022 36% +1.315 +734 bps Hotel Amenities 10.894 2.286 21% Vs 2022 -32% -552 +331 bps 3rd Party & PL 24.518 3.688 15% Vs 2022 -12% +655 +412 bps Specialty Soap Bases 9.945 1.980 20%
Slide 13: Statement of Financial Position FY 2023 (in €'000)
Statement of Financial Position FY 2023 (in €‘000) 31.12.2023 31.12.2022 ASSETS Non Current Assets 52.670 51.446 KPIs: Current Assets 22.656 31.709 Total Assets 75.326 83.155 o Net Bank Debt: 18,3M (+0,2M vs ’22) EQUITY 29.802 26.945 o Net Bank Debt/ EBITDA ratio: 1,9 (-0,5 vs ‘22) LIABILITIES o Deb
Slide 14: Statement of Cash Flows FY 2023 (in €'000)
Statement of Cash Flows FY 2023 (in €‘000) 2023 2022 Operating Activities 4.464 6.480 Investment Activities -4.531 -11.378 Days of: 2023 2022 Financing Activities -5.957 10.247 Inventory Coverage 84 66 Sales Outstanding 25 33 Cash & cash equivalents at Payables Outstanding 100 110 the beginning of t
Slide 15: 2024 Opportunities & Challenges
2024 Opportunities & Challenges ▪ Continuation of War in Ukraine ▪ New war in the Middle East ▪ Inflation/ Declining Consumer Disposable Income ▪ Volatility & Uncertainty ▪ Interest rates ▪ Political stability ▪ Materials & Energy pricing
Slide 16: 2024 Opportunities & Challenges
2024 Opportunities & Challenges ▪ Continuation of War in Ukraine ▪ Further Production Cost Consolidation ▪ New war in the Middle East ▪ Hotel & Tourism upside ▪ Exports expansion ▪ Inflation/ Declining Consumer Disposable Income ▪ Entry in Homecare ▪ Volatility & Uncertainty ▪ Sustainability trend ▪
Slide 17: 2024 Strategic Imperatives & Opportunities
2024 Strategic Imperatives & Opportunities Enhance Plant Competitiveness ▪ State-of-the-art plant, vertically integrated ▪ Significant spare capacity at very competitive cost ▪ Solar Panels Installation (sustainability & cost reduction)
Slide 18: 2024 Strategic Imperatives & Opportunities
2024 Strategic Imperatives & Opportunities Enhance Plant Drive Growth on a Competitiveness Four Pillars’ Model ▪ State-of-the-art plant, ▪ Aggressively drive own vertically integrated brands growth ▪ Significant spare ▪ Entry in sizeable capacity at very homecare categories competitive cost ▪ Contin
Slide 19: 2024 Strategic Imperatives & Opportunities
2024 Strategic Imperatives & Opportunities Enhance Plant Drive Growth on a Attract & Engage Competitiveness Four Pillars’ Model Future-Ready Talent ▪ State-of-the-art plant, ▪ Aggressively drive own ▪ Continuous training & vertically integrated brands growth upskilling ▪ Significant spare ▪ Entry in
Slide 20: 2024 Strategic Imperatives & Opportunities
2024 Strategic Imperatives & Opportunities Enhance Plant Drive Growth on a Attract & Engage Fuel Sustainable, Competitiveness Four Pillars’ Model Future-Ready Talent Profitable Growth ▪ State-of-the-art plant, ▪ Aggressively drive own ▪ Continuous training & ▪ Restructuring & vertically integrated b
Slide 21: Guidance for 2024
Guidance for 2024 €70M €5,5M 37% TURNOVER TOTAL CAPEX OF CAPEX ON ENERGY SAVING & TARGET (1M FOR SOLAR PANELS) SUSTAINABILTIY PROJECTS PENETRATION NEW CATEGORIES GEOGRAPHICAL GROWTH & CHANNELS EXPANSION 12% TURNOVER GROWTH THROUGH Papoutsanis 2024 PROJECTIONS
Slide 22: Thank you!
Thank you! Happy to answer any questions you may have