Maggie Beer Holdings Ltd. · ASX:MBH
Maggie Beer — FY2022 Earnings Presentation
28 slides from Maggie Beer's earnings presentation, Aug 24, 2022
Slide 1: FY22 Results
1 ASX: MBH FY22 RESULTS 24 August 2022 MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22 maggiebeerholdings.com.au
Slide 2: MBH is Australia's leading purveyor of premium food, beverage and gifting products
2 MBH is Australia's leading purveyor of premium food, beverage and gifting products MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 3: Our recipe for success – MBH's Group Values
3 Our recipe for success – MBH’s Group Values MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 4: FY22 key take aways
4 FY22 key take aways Strong financial performance of Continuing Operations (Maggie Beer Products and Hampers & Gifts Australia) ✓ Increase in net sales of 22% (on a proforma basis*) to $75.2m ✓ Delivered $11.3m of trading EBITDA ✓ Maintenance of 53% Gross Margin despite supply chain cost pressures
Slide 5: FY22 shift towards core growth brands
5 FY22 shift towards core growth brands Earnings Total Group (Continuing and Discontinued Operations) achieved $98.3m revenue and $10.3m trading EBITDA in guidance FY22 vs guidance of $95-$100m revenue and $9.25-$10.5m trading EBITDA achieved Revenue & EBITDA bridge to financials Focus on core Strat
Slide 6: Key takeaways from FY22
6 Revenue from Continuing Operations was up 22.1% in FY22 Key takeaways from Y20 Trading EBITDA from Continuing Operations strong at 15.1% of net sales NET GROSS TRADING EBITDA AS A % NPAT STRONG SALES* MARGIN EBITDA OF SALES BALANCE SHEET +22.1% 53% $11.3m 15.1% $7.5m $10.8m on FY21 in cash & to $7
Slide 7: Optimising volume, mix & sales to higher margin e-commerce channel
7 Optimising volume, mix & sales to higher margin e-commerce channel MBP & HGA - net sales value & gross margin by channel FY22 NSV 34% Grocery retail 66% eCommerce FY22 GM FY21 GM 24% 21% 76% 79% MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 8: Scalable platform to grow our premium brands
8 Scalable platform to grow our premium brands High customer engagement, product innovation and brand building driving increased MBP sales to HGA, as well as MBP direct e-commerce sales HGA NET OPERATIONAL NEW SUCCESFUL MBP PRODUCT PROMOTER EFFICIENCIES MARKETING NEW SALES TO HGA SCORE FROM INITIATI
Slide 9: Marketing investment increasing customer reach
9 Marketing investment increasing customer reach Website Visits HAMPER EMPORIUM GIFTS AUSTRALIA MAGGIE BEER FY22 FY22 FY22 WEBSITE VISITS +25.98% +22.06% +18.26% CONTINUE TO INCREASE AS On FY21 On FY21 On FY21 OUR CUSTOMER REACH GROWS Conversion Rates CONVERSION RATES CONTINUED TO IMPROVE IN FY22 HA
Slide 10: Digital marketing ROI growing through increasing the number of repeat customers
Digital marketing ROI growing through increasing the number of repeat 10 customers Customer acquisition costs CUSTOMER ACQUISITON HAMPER EMPORIUM GIFTS AUSTRALIA MAGGIE BEER COSTS FY22 FY22 FY22 INCREASED IN FY22 WITH +32.92% +32.08% +8.06% UPWEIGHTED INVESTMENT IN On FY21 On FY21 On FY21 DIGITAL MA
Slide 11: The HGA acquisition, integration and synergies have exceeded expectations
11 The HGA acquisition, integration and synergies have exceeded expectations and we have a scalable platform for future growth MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 12: Financial Information
12 Financial Information MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 13: Continuing Operations' net sales and margin growing strongly
13 Continuing Operations’ net sales and margin growing strongly Continuing Operations FY22 FY21* %Change ($'000) Total Net Sales 76,361 61,620 23.9% Net Sales ($'000) Intersegment sales (1,134) (2) 56610.6% 75,227 Net Sales 75,227 61,618 22.1% 61,618 39,838 Gross Margin 39,867 32,716 21.9% GM % 53.0
Slide 14: E-Commerce sales and margin continues to grow rapidly
14 E-Commerce sales and margin continues to grow rapidly Online Sales FY22 FY21* %Change ($’000) 49,787 MBP Online Sales 4,462 1,742 156.1% 37,716 Online Sales ($'000)* HGA Online Sales 45,325 35,974 26.0% Total Online Sales 49,787 37,716 32.0% 45,325 19,914 MBP MBP Gross Margin 2,263 904 150.2% 35,
Slide 15: MBP grocery retail sales growth underpinned by new products and increased ranging
15 MBP grocery retail sales growth underpinned by new products and increased ranging Retail Sales FY22 FY21 %Change Retail Sales ($'000) ($'000) Net Sales* 26,575 23,904 11.2% 26,575 Gross Margin 11,613 10,776 7.8% 23,904 19,924 GM % 43.7% 45.1% -1.4 pts MBP grocery retail sales were up 11.2% to $26
Slide 16: Discontinued Operations' performance
16 Discontinued Operations’ performance Dairy Assets FY22 FY21 %Change ($'000) Net Sales* 23,153 25,251 -8.3% Net Sales ($'000) Gross Margin 10,222 11,814 -13.5% 25,251 24,239 23,153 GM % 44.1% 46.8% -2.6 pts Trading EBITDA (1,089) 810 -234.4% Net Loss After Tax (19,830) (953) -1980.8% FY20 FY21 FY2
Slide 17: Total group result including assets held for sale
17 Total group result including assets held for sale The below links the Continuing and Discontinued Operations to the FY22 Financial Statements. The FY21 numbers do not contain HGA pre 21/05/21. Dairy Asset contribute a $19.8m loss to Group including the $17.5m non-cash asset impairment and write o
Slide 18: Strong balance sheet supports growth initiatives
18 Strong balance sheet supports growth initiatives ($'000) 30-Jun-22 30-Jun-21 Well-funded with $10.8m cash and no debt* Assets Inventory at $15.8m with working capital brought forward Cash 10,801 13,542 compared to FY21 to avoid supply chain delays prior to the Trade receivables 5,632 8,001 busy C
Slide 19: Inventory & working capital changes FY22 vs FY21
19 Inventory & working capital changes FY22 vs FY21 Working Capital $m 18 Tactical decision on inventory: 16 • Working capital timing changed in FY22, 14 with inventory peaking earlier than 12 previous years to avoid supply chain 10 delays & disruptions 8 6 • Inventory will reduce to normal levels 4
Slide 20: Positive operating cashflow
20 Positive operating cashflow Positive operating cashflow of $673k generated for FY22 FY22 FY21 FY20 ($'000) including $2.3m net outflow used by the Discontinued Receipts from customers (incl. GST) 102,938 54,106 43,945 Operations Payments to suppliers and employees (incl. GST) (102,265) (53,530) 4
Slide 21: Strategy & looking forward
21 Strategy & looking forward MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 22: Key growth focus areas
22 Key growth focus areas Expand core ranging in Innovative New Product Implement strategic Continue to refine our Australia and export Development across our marketing plans to manufacturing, markets core brands linked to capitalise on core distribution & consumer trends and brand strengths. operat
Slide 23: Expansion of existing ranging, innovation & launching new products
Expansion of existing ranging, innovation & launching new products 23 Key focus areas of growth MBP MBP MBP HGA HGA PCF National ranging of 3,790 extra Investment in an National chilled Expansion into New Launched 2L milk new 1L Cooking distribution points for additional National delivery service Ze
Slide 24: Increased investment in marketing & brand awareness
24 Increased investment in marketing & brand awareness Key focus areas of growth Upweighted Investment in Launch of our "milk New MBP video New Customer Data Renovation of MBP investment in successful new from carbon neutral assets for TV and Platform, online packaging to include marketing initiativ
Slide 25: Looking forward
25 Looking forward Focus on Growth Assets Renewed focus on expanding the ranging of core and new products for MBP and HGA. We intend to leverage our strong brands to reduce customer acquisition costs, drive repeat customers and increase our NPS Finalise Dairy Asset sale Finalise the divestment of th
Slide 26: Thank you. Questions?
26 THANK YOU. QUESTIONS? MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22
Slide 27: Disclaimer
27 Disclaimer This presentation is provided by Maggie Beer Holdings Ltd (MBH) to provide summary information about MBH and its subsidiaries and their activities as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete and ma
Slide 28: Thank you
28 Thank you MAGGIE BEER HOLDINGS | INVESTOR REPORT | FY22