Slide 1: Managing Director's Report 12 Months to 31 July 2023
Managing Director’s Report 12 Months to 31 July 2023 26 September 2023
Slide 2: Vision, Values and Purpose Statement
Vision, Values and Purpose Statement Vision To optimise the health and development of adults, infants and children. Values Respect, Response, Responsibility Purpose In collaboration with key market participants, Clover develops customised high value nutritional ingredients that enhance the wellbeing
Slide 3: Full Year Performance Highlights
Full Year Performance Highlights ♣ Total full year Revenue ♣ New customers and $79.9m up 13.0% on products diversify revenue FY22 $70.7m driven by base increased demand and prebuild re GB China ♣ Inventory at $36.9m approvals increased $0.9m on FY22 full ♣ Net Profit after tax year $6.2m down 13.0%
Slide 4: FY23 Update
FY23 Update ♣ Throughout FY23, Clover prioritized maintaining a COVID-free environment and enhancing our health and safety protocols. ♣ The first half of the year witnessed record-breaking revenue of $44.4 million, although orders slowed during the second half to $35.5 million. ♣ Our inventory posit
Slide 5: Sales by Geography
Sales by Geography EU Sales A$000 Europe/ME ♣ Customers in Europe were less impacted by 27,000 22,000 17,000 the China GB positioning and new 12,000 customers added to revenue. 7,000 ♣ Middle Eastern customers grew through 2,000 2018 2019 2020 2021 2022 2023 new brands and market growth. EU Sales As
Slide 6: Full Year 2023 Results
Full Year 2023 Results ♣ 13% year on year revenue increase. Middle East growth AUD million 4E Reported 4E Reported 31 Jul 2023 31 Jul 2022 offset traditional customer base slowing. Revenue $79.9 $70.7 ♣ Price increases / cost reduction EBITDA $10.0 $11.0 and mix of the customer base sales has offset
Slide 7: Balance Sheet 31 July 2023
Balance Sheet 31 July 2023 AUD Reported Reported ♣ Cash management 31 Jul 2023 31 Jul 2022 Movement continues to be a $M $M $M focus with the Cash 9.4 10.1 (0.7) volatility around Trade Receivables 12.0 19.4 (7.4) revenue Inventories 36.9 36.0 0.9 ♣ Trade receivables Total Current Assets 60.0 66.9 (
Slide 8: Melody Dairies - New Zealand
Melody Dairies - New Zealand ♣ Clover has 42% ownership of a spray drying facility in Hamilton, New Zealand ♣ Melody Dairies made significant operational improvements during the year to allow for full production runs with higher volume ♣ The slow down in the infant formula market demand has impacted
Slide 9: An Update on Growth Platforms
An Update on Growth Platforms Focus on Infant Formula New New Product Market Development Development 9
Slide 10: Growth Platform: New products driving future growth
Growth Platform New products driving future growth ♣ Premneo ♣ Regulatory approval work has commenced across multiple countries, though it is expected to be a lengthy process. ♣ Trial product has been successfully packaged in India in preparation for launch upon regulatory approval. ♣ We are activel
Slide 11: Growth Platform: Infant formula provides new opportunities
Growth Platform Focus on Infant Infant formula provides new opportunities Formula ♣ Clover has been included in Chinese & Western infant formula brands with China GB license applications ♣ Customers built significant inventory positions ahead of the China GB license with inventory remaining in the d
Slide 12: Growth Platform: New market development
Growth Platform New market development ♣ The Company has commissioned a spray dryer in its R&D facility in Brisbane accelerating new product development ♣ The Company has extended distribution into Turkiye (“Turkey”), Japan, Korea and India with market development activities expected to deliver reve
Slide 13: 1HFY24 Outlook & Priorities
1HFY24 Outlook & Priorities ♣ Managing our inventory position to be financially balanced and have the flexibility to meet fluctuating customer demand ♣ Achieving an agreed cost-effective structure with greater levels of production at Melody Dairies ♣ Progressing commercialisation of the Premneo and
Slide 14: Disclaimer
Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. This