Maggie Beer Holdings Ltd. · ASX:MBH
Maggie Beer — H1 FY2024 Earnings Presentation
27 slides from Maggie Beer's earnings presentation, Feb 22, 2024
Slide 1: MBH H1 FY24 Results
1 NAME OF SECTION ASX MBH H1 FY24 RESULTS 22 nd FEBRUARY 2024 MBH H1 FY24 RESULTS | 1
Slide 2: Agenda
2 AGENDA • H1 FY24 summary Kinda Grange • Progress on strategic priorities Kinda Grange • H1 financial overview Craig Louttit • Strategy & outlook Kinda Grange • Q&A Kinda Grange/Craig Louttit • Appendix: • Financial snapshot by entity • NPAT reconciliation MBH H1 FY24 RESULTS | 2
Slide 3: H1 FY24 Summary
3 H1 FY24 SUMMARY MBH H1 FY24 RESULTS | 3
Slide 4: H1FY24 Summary
4 H1FY24 SUMMARY • Strong turnaround in Q2 revenue performance - Group net sales up 5.8% vs pcp from delivery of strategic initiatives • Q2 online sales up 6.8%; including sales to corporate customers up 20% vs. pcp • Q2 retail (supermarket) sales up 2.9% vs pcp • H1 FY24 sales up 0.9% - Maggie Beer
Slide 5: H1FY24 Snapshot of Financial Results
H1FY24 SNAPSHOT OF FINANCIAL RESULTS1 5 Revenue growth & strong balance sheet position delivered H1 FY24 TRADING UNDERLYING NPAT BALANCE NET SALES EBITDA2 SHEET +$0.2m $58.9m $2.8m ($1.9m) vs. pcp $11.6m In cash & no debt 4 +0.9% vs. pcp ($2.2m) vs. pcp STATUTORY NPAT $5.3m operating cashflow. MBP +
Slide 6: Progress
6 PROGRESS MBH H1 FY24 RESULTS | 6
Slide 7: H1 FY24 Progress
H1 FY24 PROGRESS 7 Good progress achieved in creating a stronger platform for growth SCALE E-COMMERCE EXPAND THE MAGGIE OPTIMISE & UNIFY PLATFORM BEER BRAND ASSETS ✓ Successfully executed Christmas plans ✓ Refreshed marketing program with major ✓ Launched Maggie Beer hampers on delivering improved c
Slide 8: Q2 FY24 E-Commerce Initiatives
Q2 FY24 E-COMMERCE INITIATIVES 8 We successfully executed all planned initiatives in Q2 with advertising spend in line with pcp, and delivering an improved Return on Advertising Spend Events & Promotions New Product Ranges Marketing & Conversion ✓ Click Frenzy ✓ New Christmas Hampers ✓ New creative
Slide 9: New Product Ranges
NEW PRODUCT RANGES 9 Setting the foundation for a more diversified e-commerce business Christmas Occasions Categories Verticals Maggie Grazing Beer Bridesmaids Travel Hamper Grazing Corporate Pet Emporium MBH H1 FY24 RESULTS | 9
Slide 10: Partnerships & Collaborations
PARTNERSHIPS & COLLABORATIONS 10 Premium brand partnerships to elevate and further differentiate our offer across existing and new occasions Maggie Beer Penfolds Curatif Cocktails Frank Green MBH H1 FY24 RESULTS | 10
Slide 11: Maggie Beer Brand Marketing
MAGGIE BEER BRAND MARKETNG 11 Brand Advertising Campaign Digital Advertising Email Marketing & Food Club MBH H1 FY24 RESULTS | 11
Slide 12: H1 Financial Overview
12 H1 FINANCIAL OVERVIEW MBH H1 FY24 RESULTS | 12
Slide 13: H1 FY24 Financial Results
13 H1 FY24 FINANCIAL RESULTS ($’000) HY23 HY24 Change • Revenue up 0.9%, retail down -0.6%, online growing 1.8% Net Sales 58,412 58,917 0.9% • Gross Margin impacted by lower PCF volume, Gross Margin $ 30,132 29,556 -1.9% delayed price recovery of input cost increases in MBP and HGA, and mix shift in
Slide 14: Net Sales Revenue & Gross Margin
14 NET SALES REVENUE & GROSS MARGIN NET SALES REVENUE BY ENTITY NET SALES REVENUE BY CHANNEL GROSS MARGIN BY CHANNEL 56.4% 55.1% $58.4m $58.9m $58.4m $58.9m $58.4 $59.0 43.6% 42.1% 17.1 17.8 m m 35.9 36.6 8.5 7.5 32.8 33.7 22.6 22.4 HY23 HY24 HY23 HY24 Retail Online HGA PCF MBP Retail Online HY23 HY
Slide 15: H1 FY24 Trading EBITDA
15 H1 FY24 TRADING EBITDA GROSS MARGIN COSTS INVESTMENTS 2.8 Maggie Beer HY24 HY23 Gross Margin PCF Labour HGA Labour Advertising & Activation MBH H1 FY24 RESULTS | 15
Slide 16: Balance Sheet and Cashflow
16 BALANCE SHEET AND CASHFLOW ('$000) 31-Dec-23 31-Dec-22 Assets ($’000) 31-Dec-23 31-Dec-22 • Well-funded with $11.6m cash and Cash and cash equivalents 11.6 17.4 Trade and other receivables 8.8 9.0 no debt* Receipts from customers 60,199 58,134 Prepayments 2.0 2.9 Payments to suppliers and • Decre
Slide 17: Strategy & Outlook
17 STRATEGY & OUTLOOK MBH H1 FY24 RESULTS | 17
Slide 18: H2 FY24 Priorities
H2 FY24 PRIORITIES 18 Improve profit delivery while accelerating strategic initiatives SCALE E-COMMERCE EXPAND THE MAGGIE OPTIMISE & UNIFY PLATFORM BEER BRAND ASSETS • Continue innovation with new categories, • Leverage manufacturing partners • Maggie Beer cheese supply well collaborations, partners
Slide 19: Outlook
19 OUTLOOK FY24 FOCUS • Investing in marketing, analytics and e-commerce capability to set a strong foundation for FY25 • Optimising our assets • Innovating and expanding our ranges • Building new categories and partnerships. OUTLOOK • For H2 FY24, MBH is focused on accelerating strategic initiative
Slide 20: Q&A
20 Q&A MBH H1 FY24 RESULTS | 20
Slide 21: Appendix
21 APPENDIX MBH H1 FY24 RESULTS | 21
Slide 22: H1 FY24 Snapshot by Entity: MBP
APPENDIX 22 1 H1 FY24 SNAPSHOT BY ENTITY: MBP MBP ($’000) HY23 HY24 Change RANGE EXPANSION SUPPORTED BY MARKETING AND IN STORE ACTIVATION Net Sales 17,077 17,775 +4.1% Gross Margin 7,768 7,558 -2.7% GM % 45.5% 42.5% -3.0 pts COOKING ENTERTAINING DESSERTS • MBP sales were up 4.1% vs. pcp. Q2 sales gr
Slide 23: H1 FY24 Snapshot by Entity: HGA
APPENDIX 23 1 H1 FY24 SNAPSHOT BY ENTITY: HGA HGA ($’000) HY23 HY24 Change IMPROVED STRENGTHENED THE LAUNCHED CONVERSION O N FOUNDATIONS NEW OFFERS Net Sales 32,848 33,670 +2.5% CORE BUSINESS • Strong Net Promoter • Higher conversion rates Gross Margin 18,798 18,643 -0.8% Score 71% and average order
Slide 24: H1 FY24 Snapshot by Entity: PCF
APPENDIX 24 1 H1 FY24 SNAPSHOT BY ENTITY: PCF PCF ($’000) HY23 HY24 Change Net Sales 8,486 7,472 -12.0% Gross Margin 3,505 3,355 -4.3% GM % 41.3% 44.9% +3.6 pts • PCF Sales down 12.0% • Main decline is through bulk milk sales • Gross Margin % improved due to product mix improvement. MBH H1 FY24 RESU
Slide 25: NPAT Reconciliation
APPENDIX 25 2 NPAT RECONCILIATION ($’000) HY23 HY24 Change • Trading EBITDA Changes – Refer to Trading Trading EBITDA 5.0 2.8 (2.2) EBITDA bridge Interest (0.1) (0.1) (0.0) • Earnout provision impact from HY23 is the Tax (0.6) 0.6 1.1 provision reversal in pcp Depreciation (1.1) (1.7) (0.6) • PCF no
Slide 26: Important Notice and Disclaimer
26 DISCLAIMER Important Notice and Disclaimer This presentation has been prepared by Maggie Beer Holdings Ltd (MBH) to provide summary information about MBH and its subsidiaries.This presentation is provided for information purposes only. The information in this presentation is in a summary form, do
Slide 27: End of Presentation
27 END OF PRESENTATION MBH H1 FY24 RESULTS | 27
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