Spc Global Holdings Ltd · ASX:SPG
Spc Global — H1 FY2025 Earnings Presentation
39 slides from Spc Global's earnings presentation, Feb 28, 2025
Slide 1: H1 FY25 Results Presentation
H1 FY25 Results Presentation Friday 28 February 2025
Slide 2: Disclaimer to this Presentation
DISCLAIMER TO THIS PRESENTATION The following disclaimer applies to this presentation (Presentation). You are therefore advised to read this disclaimer carefully before reading or making any other use of this Presentation or any information contained in this Presentation. This Presentation has been
Slide 3: Disclaimer to this Presentation
DISCLAIMER TO THIS PRESENTATION You should be aware that such statements are only opinions and are Certain market and industry data used in connection with this subject to inherent risks and uncertainties. Those risks and uncertainties Presentation may have been obtained from research, surveys or in
Slide 4: Merger of four great Australian businesses
As a result of the merger of four great Australian businesses: SPC, The Original Juice Co, Nature One Dairy and Natural Ingredients, a new powerhouse entity has emerged. SPC Global is the corporate engine of the new market leading Australian food and beverage business. Listed company name changed fr
Slide 5: Four Divisions, One Company
FOUR DIVISIONS, ONE COMPANY Each of the Business Divisions have their own corporate identity. SPC Global acts as an endorser brand linking the divisions together ensuring all divisions share the same philosophies, ethics and corporate governance. 5
Slide 6: Business Overview
BUSINESS OVERVIEW H1 FY2025 6
Slide 7: Overview
OVERVIEW • SPC Global is one of Australia’s leading agribusiness companies • Head office in Melbourne, factories in Australia & Thailand • Refocused on healthy innovative food and beverage solutions • Market leader across multiple category of products with markets in Australia, New Zealand, USA, New
Slide 8: Company Chronology
COMPANY CHRONOLOGY 1917 1921 1998 2002 2005 2014 SPC launched A separate group Co-manufacturing > Merger of SPC & Amatil acquires SPC Modernisation of operations as forms Ardmona agreement signed Ardmona for a total EV of SPC through a co- co-operative in the Foods with Siam Food in $741m investment
Slide 9: Company Chronology
COMPANY CHRONOLOGY 2018 2019 2020 2021 2022 2024 SPC receives > In June, Perma Onset of Acquisition of $111m injection > Merger of SPC and its final payment Funds Management Covid and Kuisine & Pomlife including the Original Juice Co from the Victorian acquired SPC from Restructuring investments from
Slide 10: Product scale and diversification underpins a resilient agri-food business
PRODUCT SCALE AND DIVERSIFICATION UNDERPINS A RESILIENT AGRI-FOOD BUSINESS Significant scale and diversified product offering provides a platform to leverage the existing operations and reputation of iconic Australian brands. 10
Slide 11: Brands
Brands #1 brand across packaged fruits, canned tomatoes, fruit snacks and multi- serve fruits 70% of all Australian households contain at least one product from SPC Source: Prospectus p70 11
Slide 12: Brands
Brands 1ˢᵗ market leader in Health Shots 3rd largest supplier in the chilled juice and drinks category within supermarket chains Source: Prospectus p59 12
Slide 13: Brands
Brands 8 International markets in the Asia Pacific region in which Nature One Dairy has product exposure 9 core brands offering a range of infant, child and adult nutritional powdered milk products. 13
Slide 14: A leading food ingredients supplier to Australian and New Zealand Food Industry
A leading food ingredients supplier to Australian and New Zealand Food Industry. A specialist in fruit and vegetable ingredients including frozen purees and juice concentrates. 14
Slide 15: Combined Business
COMBINED BUSINESS Portfolio of brands Leader in the Resilient and 1,000+ unique Australian food and diversified market trusted by products beverage industry leading food and consumers beverage business 15
Slide 16: SPC Global Categories and Channels
SPC GLOBAL CATEGORIES AND CHANNELS SPC Global operates in a number of channels across Australia and in the global market, growing value across these channels in several existing and expanding categories. RETAIL SERVICES INDUSTRIAL HEALTHCARE, AGED CARE & NDIS Packaged tomato Pulses Packaged tomato B
Slide 17: Seasonal production diversification bolsters working capital cycle
SEASONAL PRODUCTION DIVERSIFICATION BOLSTERS WORKING CAPITAL CYCLE OJC and SPC’s diversified product range allows for a counter cyclical production timeframe. SPC is a large-scale producer of tomato-based Conversely as a predominantly citrus-based products in Australia. Tomatoes have a ~12-week juice
Slide 18: New Executive Team
NEW EXECUTIVE TEAM MANAGING GROUP CHIEF GROUP CHIEF GROUP GENERAL COUNSEL DIRECTOR FINANCIAL OFFICER COMMERCIAL OFFICER & COMPANY SECRETARY Robert Iervasi John Harwood Hayley Coldrey Brant Clutterbuck CHIEF EXECUTIVE OFFICER, GROUP CHIEF SUPPLY GROUP CHIEF STRATEGY & GROUP CHIEF HUMAN NATURE ONE DAI
Slide 19: H1 FY2025
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Slide 20: H1 Results
H1 RESULTS Results summary table - proforma (full six-month period) Revenue EBITDA (normalised) A$M H1 ‘25 Revenue 197.9 Net loss after tax (NLAT) (23.9) EBITDA (normalised) 7.5 NLAT (normalised) (10.3) The H1 results represents the performance of each business division across the full six-month per
Slide 21: H1 Results – Key Financial Messages
H1 RESULTS – KEY FINANCIAL MESSAGES Pro-forma 6-month period in line with expectations. Normalised proforma EBITDA delivery of $7.5 million in 1 • Q2 performance impacted by the completion of the 5 line with expectations, largely supported by Nature transaction. One Dairy reflecting the strategic val
Slide 22: Manufacturing Profile
MANUFACTURING PROFILE Seasonal production volume input is a key driver of manufacturing recoveries and overall profitability. DEC - JAN JAN JAN - APR JAN - APR MAR - JUNE From an SPC business division perspective: • 100% of fresh fruit intake occurs in the second half the financial year. • A total of
Slide 23: Balance Sheet & Inventory Optimisation
BALANCE SHEET & INVENTORY OPTIMISATION A$M DEC’24 A$M DEC’24 JUN’24 Cash 2.6 TOTAL INVENTORY 132.2 149.5 Inventory 132.2 SPC 116.1 138.0 Current assets (excl. cash & inventory) 60.7 OJC 9.4 4.7 Right of use assets 144.1 Non-current assets (excl. ROU assets) 157.0 NOD 6.7 6.8 Total Assets 496.6 Borro
Slide 24: Investment Thesis
Our 9 unique investment Investment opportunities remain the basis for our renewed growth. Thesis They provide SPC Global with a competitive advantage to generate long term sustainable shareholder value 24
Slide 25: SPC Global is a unique investment opportunity creating a competitive advantage
SPC GLOBAL IS A UNIQUE INVESTMENT OPPORTUNITY CREATING A COMPETITIVE ADVANTAGE An attractive portfolio of brands, 1 Strong underlying business 6 categories and capabilities to restored since corporate carve out leverage for growth Established platform undertaking 2 7 Turbocharging OJC by utilising u
Slide 26: The SPC Global of Tomorrow
THE SPC GLOBAL OF TOMORROW As we plan for tomorrow, we have addressed some foundational issues to improve and stabilise performance. Channel Led Business Consumer and Customer Centricity Focus on where and how consumers shop rather than just From focus on commoditised goods to focus on value what th
Slide 27: Building Momentum
BUILDING MOMENTUM By addressing the foundations and driving our unique opportunities, we have seen positive momentum in the first two months post merger. International Expansion Domestic Cross-Selling Nature One Dairy: $250 million deal with DFI Retail OJC Juice Lab Shots through the SPC team across
Slide 28: Turbocharging OJC by leveraging available capacity at Shepparton
TURBOCHARGING OJC BY LEVERAGING The enhanced capacity from utilising SPC’s AVAILABLE CAPACITY Shepparton site will increase production capacity and ultimately allow OJC to meet additional AT SHEPPARTON customer demand. This is also expected to lower OJC’s transport costs, increase efficiency of handl
Slide 29: Unlocking the Power of Shepparton
UNLOCKING THE POWER OF SHEPPARTON 01 Identified an immediate capacity unlock at OJC’s Mill Park site of 04 We will unlock an additional 25% capacity uplift in bottling and will between 24% and 40% additional double capacity in industrial juice capacity. processing. 02 Intention to close Mill Park ove
Slide 30: How? New debt facilities
HOW? The Merged Group has capacity to draw down new debt facilities for an amount between $105 million and $160 million. SPC Global is seeking to have access to up to $160 million. 01 Under the prospectus, we noted that we require 03 To deliver the above, we are now seeking to secure up to $49 milli
Slide 31: Market Guidance FY25
MARKET GUIDANCE FY25 The business reconfirms Material growth and cost Future earnings will be SPC Global is committed to its prospectus guidance synergies will be underpinned by delighting its customers of delivering $29 million delivered ahead time continued operational with an enviable portfolio of
Slide 32: Welcome to the SPC Global of tomorrow...
Welcome to the SPC Global of tomorrow... 32
Slide 33: Appendix
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Slide 34: H1 Results
H1 RESULTS Results summary table Results summary table statutory period statutory period A$M H1 ‘25 H1 ‘24 A$M SPC OJC NOD CONSOL Revenue 133.2 118.6 Revenue 123.4 5.4 4.4 133.2 Net loss after tax (NLAT) (25.4) (11.2) EBITDA (normalised) 0.3 0.3 0.5 1.1 EBITDA (normalised) 1.1 0.7 NPAT (normalised)
Slide 35: SPC Business Division Overview
BUSINESS DIVISION OVERVIEW SPC • Functional and naturally enhanced foods designed to • Iconic and heritage brand, founded in 1917 be easy to open and accessible to people with • Products include packaged fruit (in cans), fruit disabilities and fine motor skill difficulty snacks, tomatoes, baked beans
Slide 36: The Original Juice Co Business Division Overview
BUSINESS DIVISION OVERVIEW THE ORIGINAL JUICE CO The Original Juice Co (OJC) has 30+ years of experience in producing high quality juice products Overview: • OJC has a presence in major supermarket retailers, convenience and industrial juice, whilst continuing to explore additional distribution chan
Slide 37: Nature One Dairy Business Division Overview
BUSINESS DIVISION OVERVIEW NATURE ONE DAIRY Nature One Dairy provides counter-cyclical product diversification and distribution channels into Asia. Overview: Sales and distribution footprint across the Asia Pacific region • Nature One Dairy is a manufacturer and distributor of powdered Nature One Dair
Slide 38: Nature One Dairy cont.
NATURE ONE DAIRY CONT. The Nature One Dairy business serves customers of all ages and is well-positioned to take advantage of market tailwinds. Nature One Dairy serves a broad customer base across 9 key brands... INFANT FORMULA LOW GI/DIABETIC SENIOR NUTRITION (+40 YEARS) SENIOR NUTRITION (+50 YEARS
Slide 39: Natural Ingredients Business Division Overview
BUSINESS DIVISION OVERVIEW NATURAL INGREDIENTS Servicing the food manufacturing, food service and retail industries with plant-based ingredients for over 15 years. Overview: NATURAL INGREDIENTS EXAMPLE: • Since its inception in 2006, Natural Ingredients has been recognised and rewarded by customers,
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