Aryzta AG · SIX:ARYN
Aryzta — Corporate Update (December 2020)
12 slides from Aryzta's corporate update, Dec 1, 2020
Slide 1: ARYZTA AG – Strategic Update
ARYZTA AG – Strategic Update 01 December 2020
Slide 2: Forward Looking Statement
Forward Looking Statement This document contains forward looking statements which reflect the Board of Directors’ current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forwa
Slide 3: Elliott Advisors
Elliott Advisors –– 10 September ARYZTA confirms advanced discussions with Elliott –– 24 October ARYZTA concluded discussions with Elliott with no binding offer –– 23 November Elliott announces a conditional non-binding approach –– In line with its fiduciary duties, the Board will consider all alter
Slide 4: ARYZTA's Way Forward - Overview
ARYZTA's Way Forward - Overview –– Leverage the enhanced Board's bakery, financial and turnaround expertise –– Reduce financial leverage through selective disposals –– Focus on key markets and key categories –– Three routes to market supported by a simplified structure »» Food Solutions »» Retail »»
Slide 5: Board Refreshment Strong mandate for new strategy
Board Refreshment –– Shareholder vote for change at the 15 September EGM –– Proposal to elect a further three new directors at AGM 2020 on 15 December –– Board with strong bakery, financial and turnaround expertise Strong mandate for new strategy 5 December 2020
Slide 6: Board Refreshment - Strong Financial & Turnaround Expertise
Board Refreshment - Strong Financial & Turnaround Expertise –– Gordon Hardie - 30 year career in the global food & ingredients and FMCG1 »» President of Bunge Food & Ingredients »» Managing Director of Goodman’s Fielder Bakeries Australia / New Zealand »» Currently Non-Executive Director at Owens-Gl
Slide 7: Management Changes
Management Changes –– New management only in place since 20 November –– Urs Jordi, Chairman, appointed as Interim CEO –– Jonathan Solesbury appointed as Interim CFO –– Marcus Opitz appointed as Chief Restructuring Officer »» Responsible for Disposals –– Armin Bieri appointed as Chief Transformation
Slide 8: Excessive Debt Level - Needs to be reduced
Excessive Debt Level - Needs to be reduced FY 2020 FY 2019 Net Debt: EBITDA1 3.68x 2.43x EBITDA: Net interest, including Hybrid dividend1 2.63x 3.45x –– Banking consent for increased headroom received in September 2020 –– Liquidity position of €445m at 31 October –– Actions: »» New finanical advisor
Slide 9: Our Business Model - Four Revenue Drivers
Our Business Model - Four Revenue Drivers Excellence in Channels Excellence in Innovation / Category Know-how Food Solutions (Food Service, Across Six Product Groups Convenience, Bakery) Retail QSR Excellence in quality & efficiency (Supply Chain/Procurment) Gold Standard for Excellence in Business
Slide 10: Benefits of our new multi-local model
Benefits of our new multi-local model –– New multi-local approach –– Addresses the local customer needs –– Shortens supply chains and accelerates innovation response times –– Improves understanding of customers needs and deepens relationships –– Achieved by empowering local leadership teams with loc
Slide 11: Key Takeaways - Value Creation Plan
Key Takeaways - Value Creation Plan = Single Current Value + Assset Disposals + Debt Reduction + Operational Improvement Future Value Six to nine months Disposals & Over next 18 Cost Savings months, driven by new local focus business model –– Board refreshment will complete on 15 December –– Board m
Slide 12: Thank You
Thank You 2 | ARYZTA Passion for good food December 2020