Maggie Beer Holdings Ltd. · ASX:MBH
Maggie Beer — FY2024 Earnings Presentation
22 slides from Maggie Beer's earnings presentation, Aug 30, 2024
Slide 1: MBH FY24 Results
NAME OF ASX MBH FY24 RESULTS 30TH AUGUST 2024
Slide 2: Agenda
AGENDA Introductions Sue Thomas FY24 Highlights Sue Thomas Progress on Strategic Priorities Sue Thomas FY24 Financial Overview Craig Louttit The Right to Win Penny Diamantakiou Q&A Sue Thomas MBH FY24 RESULTS 2
Slide 3: Summary
SUMMARY
Slide 4: FY24 Highlights
FY24 HIGHLIGHTS • Hamper and Gifts Australia (HGA) had a strong Christmas trading period leading to revenue increase of +8% in large due to solid corporate sales. • Maggie Beer Products delivered solid revenue growth of +6.3%. • New products and brand partners delivering incremental revenue: Maggie
Slide 5: Progress
HAMPER EMPoRioM = ‘Widest
Slide 6: Progress Against FY24 Strategic Initiatives
PROGRESS AGAINST FY24 STRATEGIC INITIATIVES TO BECOME AUSTRALIA’S LEADING PURVEYOR OF PREMIUM FOOD & GIFTING PRODUCTS RIGHT TO WIN WITH OPTIMISE & UNIFY SCALE E-COMMERCE THE MAGGIE BEER ASSETS PLATFORM BRAND ✓ Successfully executed Christmas plans delivering ✓ Refreshed marketing program with “Make
Slide 7: Financials
MAGGIE HOLDINGS FINANCIALS
Slide 8: FY24 Snapshot of Financial Results
FY24 SNAPSHOT OF FINANCIAL RESULTS 1 Underlying results consistent with update at 28 June 2024 TRADING TRADING EBITDA BALANCE NET SALES EBITDA1 MARGIN %4 SHEET $89.4m $0.3m 0.3% (inc PCF) $4.7m +0.8% vs. FY23 Cash & no debt3 ($2.9m) vs. FY23 Movement made up of: ($0.6m) at GM ($2.3m) in MBP +6.3% CO
Slide 9: FY24 Financial Year Results
FY24 FINANCIAL YEAR RESULTS • Revenue up 0.8%, retail and online up 0.7% and 0.8% ($’000) FY23 FY24 Change respectively. Gross Margin impacted by delayed price recovery of input Net Sales 88,706 89,389 0.8% • cost increases, shifting channel & product mix and inventory write offs. Initiatives implem
Slide 10: Net Sales Revenue & Gross Margin
NET SALES REVENUE & GROSS MARGIN NET SALES REVENUE BY ENTITY GROSS MARGIN BY CHANNEL $89.4m $88.7m 57.3% 55.2% 41.8m 42.1m 43.0% 42.9% 16.3m 14.8m HGA 32.5m 30.6m PCF Retail Sales Online Sales MBP FY23 FY24 FY23 FY24 Variance to LY of $0.8m: • Gross Margin in the retail channel consistent with LY •
Slide 11: FY24 Trading EBITDA
FY24 TRADING EBITDA* YOY Trading EBITDA decline due to increased advertising given competitive market and cost increases not recovered in H1. Excluding PCF, Trading EBITDA $2.3m GROSS PCF MARGIN INVESTMENTS Other ($0.5m) • MBP - One off investment for brand building in Q2 ($0.5m) • MBP - higher leve
Slide 12: Balance Sheet and Cashflow
BALANCE SHEET AND CASHFLOW • $4.7m cash and no debt. ($’000) 30-Jun-23 30-Jun-24 ($’000) 30-Jun-23 30-Jun-24 Receipts from customers 92,224 93,613 Assets • Goodwill includes $13.8m Payments to suppliers and impairment of HGA. (85,561) (94,447) Cash 9,355 4,710 employees Trade receivables 7,534 7,902
Slide 13: FY24 Snapshot by Entity
FY24 SNAPSHOT BY ENTITY MBP FY23 FY24 Change ($'000) • Cooking: up +16.3%, led by growth in Stocks & Broths. MBP • Dessert: up +50.5%, launch of Ice Cream in supermarkets. Net Sales* 30,587 32,506 6.3% • Entertaining: down (4.7%) cost of living challenges impacting discretionary spend Gross Margin 1
Slide 14: The Right to Win
THE RIGHT TO WIN RIGHT TO PLAY and ABILITY TO WIN THE EVOLUTION OF MBH
Slide 15: Our Right to Win
OUR RIGHT TO WIN Leveraging our brands & unique platform Today Tomorrow Owned Everyday Premium Food & Gifting Brands Brands and Strategic Partnerships Our Digital B2C & B2B Scale & execute brands across audiences and Omni-channel Portfolio Assets customers customer base Expansion Approach Strategi
Slide 16: FY25 Priorities
FY25 PRIORITIES • Continuing to build the foundations for a financially sustainable and profitable business 1 • Executing on the recommendation regarding Paris Creek Farms • Repoint investment to areas of growth and profitability • Lifting customer experience through the scaling of the e-commerce pl
Slide 17: Leadership Team
LEADERSHIP TEAM MAGGIE BEER PRODUCTS E-COMMERCE & BRAND Group COO & CFO Highly analytical PARTNERSHIPS Seasoned e- Highly commercial commerce and experienced ASX strategy & retail leader with a and Private operations leader track record in Equity Digital, with core FMCG brand building and Tech & Med
Slide 18: In Closing
IN CLOSING Our primary focus is returning the business to profitability and capitalising on our unique assets and capabilties: 1. An iconic Australian Brand and 2. A leading Online Gifting Business Deliver on our Vision: To become Australia’s leading purveyor of premium food and gifting products Our
Slide 19: Q&A
Q &A
Slide 20: Disclaimer
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, does
Slide 21: End of Presentation
END OF PRESENTATION
Slide 22: Appendix 1 – Trading EBITDA to NLAT
Appendix 1 – Trading EBITDA to NLAT Trading EBITDA to NLAT ($'000) FY24 FY23 EBITDA - Trading 291 3,219 Non-Trading Impairment 18,329 12,500 Onerous contract 797 - Earnout reversal - (14,000) Dispute settlement 2,609 - Share based payment expense(credit) 267 (370) Other non trading 195 708 EBITDA -