Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Q1 2024 Earnings Presentation
27 slides from Anora Group Oyj's earnings presentation, May 7, 2024
Slide 1: Q1 24 Results presentation
Q1 24 Results presentation with CEO Jacek Pastuszka and CFO Sigmund Toth 7 May 2024
Slide 2: Today’s agenda and speakers
Today’s agenda and speakers 1 Business review 2 Financial review 3 Summary 4 Q&A Jacek Pastuszka Sigmund Toth CEO CFO Q1 24 Results presentation | 7 May 2024 | 2
Slide 3: Business review
Business review Q1 24 Results presentation | 7 May 2024 | 3
Slide 4: Q1 results: Comparable EBITDA improved in Q1 due to higher gross margin and cost reduction
Business review Q1 results: Comparable EBITDA improved in Q1 due to higher gross margin and cost reduction Net sales Comparable EBITDA Comparable EBITDA EBITDA margin, % 146.9 (159.5) 8.9 (7.9) 6.1 (5.0) 7.8 (6.9) EUR million EUR million EUR million Results visible from Sales decline mainly Implemen
Slide 5: Wine
Business review Wine New wine launches & tender wins Net sales (total) Q1 highlights EUR million -9.1% • Net sales decreased by 9.1% to EUR 73.3 66.6 66.6 million, due to Francois Lurton resignation in Sweden in March 2023 and discontinuation of low margin third party filling contracts in Denmark. •
Slide 6: Spirits
Business review Spirits Successful launches Net sales (total) Sweden Q1 highlights EUR million O.P. Anderson Dill and Explorer Organic -3.3% Vodka met with great consumer acceptance • Net sales decreased by 3.3% from the 48.9 47.0 previous year and amounted to EUR 47.0 million. Finland • In Spirits,
Slide 7: Industrial
Business review Industrial Net sales (total) EUR million Q1 highlights 67.5 -18% 55.2 Internal 29.9 • External net sales decreased by 21.9 12%. • In Industrial segment, the net sales External 37.7 33.3 was negatively impacted by lower sales prices due to the lower price of Q1 23 Q1 24 barley combine
Slide 8: Financial review
Financial review Q1 24 Results presentation | 7 May 2024 | 8
Slide 9: Net sales development
Financial review Net sales development Q1 2024 net sales decreased by 7.9% Group net sales EUR million 2023: 727.6 YTD 2024: 146.9 • Q1/24 net sales: 146.9 (159.5) MEUR, down by 7.9% 212.4 182.7 173.0 159.5 146.9 • Net sales declined mainly due to a decrease in Wine and Industrial net sales. • In Sp
Slide 10: In Q1 2024, net sales decreased by 7.9%
Financial Review In Q1 2024, net sales decreased by 7.9% Net sales declined mainly due to a decrease in Wine and Industrial net sales Net sales (external), EUR million Net sales (external), EUR million and change per segment • In Wine, net sales decreased due to Francois Lurton resignation in Sweden
Slide 11: Q1 Group comparable EBITDA was up by 12.1% from last year
Financial Review Q1 Group comparable EBITDA was up by 12.1% from last year Comparable EBITDA improved in Q1 due to higher gross margin and cost reduction Comparable EBITDA, EURm and % of net sales Comparable EBITDA, EURm and change per segment • Results were visible from the cost cuts 16.7 and price
Slide 12: Barley sourcing
Financial review Barley sourcing Barley price development Anora used EUR/tn* 400 44.0 (45.5) 350 million kg 300 of grain in Q1 2024 250 200 209 150 e/tn* 100 50 0 Key principles for barley sourcing: 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • Purchased
Slide 13: Cash flow development
Financial review Cash flow development Cash flow decreased from the previous year Net cash flow from operations EUR million 2023: 135.3 YTD 2024: -44.6 • Net cash flow from operations totalled EUR -44.6 (3.6) million in Q1 2024 100.1 • Explained by the seasonal increase in working capital of EUR -44
Slide 14: Net working capital
Financial Review Net working capital Net working capital was at a level of -4% of net sales at the end of March (LTM) • The Group’s net working capital improved to Net working capital, EUR million and % of net sales, (LTM) EUR -31.7 (53.7) million at the end of March. • Further progress in reducing
Slide 15: Leverage
Financial Review Leverage Anora’s efforts to reduce leverage progressed well Net debt incl. lease liabilities, MEUR and • Net debt decreased to EUR 176.6 (285.5) million at Net Debt / Comparable EBITDA (LTM) the end of Q1, primarily due to the sale of Larsen -38% business 285.5 253.1 219.5 • Net deb
Slide 16: Our long-term financial targets for 2030
Financials | Targets Our long-term financial targets for 2030 Actual Actual Actual Long-term financial targets for 2030 Q1 2024 2023 2022 Net sales growth 3–5% -7.9% 3.5% 5.7% including M&A, majority being organic Comparable EBITDA margin Through focus on margin accretive business and scale benefits
Slide 17: Summary of Q1 2024
Summary of Q1 2024 Net sales declined by Comparable EBITDA 7.9% to EUR 146.9m, Our efforts to reduce improved in Q1 due to mainly due to a our leverage higher gross margin decrease in Wine and progressed well. and cost reduction. Industrial net sales. Q1 24 Results presentation | 7 May 2024 | 17
Slide 18: Outlook 2024
Outlook 2024 Market outlook 2024 In 2024, the volumes in our key markets are expected to be slightly lower than in 2023 due to challenging economic conditions. Guidance 2024 In 2024, Anora’s comparable EBITDA is expected to be EUR 75-85 million (2023: EUR 68.2 million). Q1 24 Results presentation |
Slide 19: Q&A
Q&A Q1 24 Results presentation | 7 May 2024 | 19
Slide 20: Our next scheduled event / Thank you!
Our next scheduled event • 20 August 2024 | Half-year report for 1-6/2024 Thank you!
Slide 21: Appendix
Appendix Q1 24 Results presentation | 7 May 2024 | 21
Slide 22: Anora's top 10 shareholders 28 March 2024
Ownership structure Anora's top 10 shareholders 28 March 2024 Shareholder Shares % of shares ILLUSTRATION OF ANORA’S OWNERSHIP Solidium Oy 13,097,481 19.4 Varma Mutual Pension Insurance Company 2,031,240 3.0 Ilmarinen Mutual Pension Insurance Company 1,290,000 1.9 Rest of the world WestStar Oy 1,199
Slide 23: Q1 income statement
Financial review Q4/FY income statement EUR million Q1 24 Q1 23 2023 Net sales 146.9 159.5 726.5 Other operating income 2.3 2.2 20.3 Materials and services -85.6 -97.1 -441.4 Employee benefit expenses -26.3 -25.5 -103.8 Other operating expenses -29.5 -32.3 -134.1 Depreciation, amortisation and impai
Slide 24: Q1 balance sheet
Financial Review Q1 balance sheet EUR million 31 Mar 31 Mar 31 Dec EUR million 31 Mar 31 Mar 31 Dec 2024 2023 2023 2024 2023 2023 EQUITY AND LIABILITIES ASSETS Equity attributable to owners of the parent Non-current assets Share capital 61.5 61.5 61.5 Invested unrestricted equity fund 336.8 336.8 33
Slide 25: Anora’s Executive Management Team
Governance Anora’s Executive Management Team Jacek Pastuszka Janne Halttunen Risto Gaggl Johanna Sundén CEO SVP, Wine SVP, Industrial CHRO Sigmund Toth Kirsi Puntila Mikkel Pilemand CFO SVP, International CGO Joined Anora in October International career Previously, Risto worked as Prior to joining A
Slide 26: Anora’s Board of Directors
Governance Anora’s Board of Directors Michael Holm Johansen Jyrki Mäki-Kala Kirsten Ægidius Christer Kjos Chairperson Vice Chairperson Member Member Shareholdings: 80,000 Shareholdings: 13,600 Shareholdings: 6,100 Shareholdings: - Chair of the Human Chair of the Audit Committee Member of the Human M
Slide 27: www.anora.com | investor.relations@anora.com
www.anora.com | investor.relations@anora.com | Follow us: