Slide 1: Noumi Limited 2022 Results
Noumi Limited 2022 Results 29 August 2022
Slide 2: Important notice and disclaimer
Important notice and disclaimer Summary Information Only This presentation criteria contains general information about Noumi Limited and its consolidated entities (“Noumi Limited”) and its activities current as at the date of this presentation. It is provided in summary and does not purport to be co
Slide 3: Agenda
Agenda FY22 OVERVIEW 01 COMPANY EVOLUTION 02 FINANCIAL PERFORMANCE 03 STRATEGY 04 CLOSING REMARKS 05 Noumi Limited FY22 Results 3
Slide 4: FY22 Overview
FY22 Overview Noumi Limited FY22 Results 4
Slide 5: Encouraging result in complex trading conditions
Encouraging result in complex trading conditions MILKLAB leads strong Plant-based Beverages growth outcome Reset, Transform, Grow strategy delayed by COVID-19, rising > inflation and geopolitical uncertainty Plant-based Beverages a standout performance, with revenue up > 7% and adjusted operating EB
Slide 6: FY22 Financial & Operating Metrics
FY22 Financial & Operating Metrics 4.6% 3.4 % $522.3m 89.7ML 15.7% 130.4ML 2 Net Revenue Plant-based sales 68% 3.8% Total export sales $7.3m 246.3ML 18.7% Adj Op EBITDA 1 Dairy UHT sales 49.8ML n.m. MILKLAB sales 23.3% $161.1m 21T Statutory Lactoferrin sales net loss after tax 1. Adjus
Slide 7: FY22 Strategy Achievements
FY22 Strategy Achievements ‘Reset, Transform, Grow’ transformation program that will return the Company to long-term, sustainable and profitable growth ✓ Reset Achievements - include US litigation settlement, Sale of Specialty Seafood and sale of shareholding in AFMH ✓ Transformation progress - work
Slide 8: Company's Transformation and Evolution
Company’s Transformation and Evolution Noumi Limited FY22 Results 8
Slide 9: FY22 puts Noumi firmly in the Transform phase
FY22 puts Noumi firmly in the Transform phase FY21 FY21-23 FY23-25 RESET TRANSFORM GROW The financial, structural, operational and Actions to Transform the Company are Those improvements provide the cultural Reset of the Company was underway, with operational springboard to Grow the business substan
Slide 10: Transform - What has been achieved so far?
Transform - What has been achieved so far? The Company has made significant progress on the turnaround since June 2020 Development of detailed business Financial Improvement Board and Management renewal Cultural and Governance change plan and operating strategy Encouraging FY22 result in face Op
Slide 11: Financial Performance
Financial Performance yy . nounii. Imagining a healthiertomorrow
Slide 12: FY22 Financial Performance (continuing operations)
FY22 Financial Performance (continuing operations ) 2 Change $ million FY22 FY211 Change Net Revenue declines due to decision to reduce loss making/low margin (%) products – otherwise revenue up YoY Net Revenue 522.3 547.3 (25.0) (4.6) Adj Operating EBITDA3 7.3 22.5 (15.2) (67.5) Adjusted Operating
Slide 13: Reset and Transformation items dominate statutory loss of $161.1m
Reset and Transformation items dominate statutory loss of $161.1m1 US Litigation Settlement Expenses $55.6m Impairment Charges $95.7m AFMH gains $6.6m, Convertible Note fair value gains $9.5m Restructuring Costs $6.5m, Onerous Contracts $4.7m 1. Continuing operations excludes Cereals & Snacks operat
Slide 14: Revenue composition
Revenue composition 1 Plant-based Traded Milk Export 31% 2% ANZ Retail 30% 35% 3% 20% 67% Other 12% Out-of-home Dairy & Nutritionals Bulk 3 SEA Contract 11% MILKLAB 18% 21% China 19% 2 REGION BRAND 26% Private Label 9% Australia’s Own 70% 4% ANZ PUREnFERRIN 9% 5% 8% Bulk Others 1. Excludes Cereals &
Slide 15: Financial Performance | Plant-based Beverages
Financial Performance | Plant-based Beverages Financial results Summary of performance Change Change ($m) FY22 FY211 Record revenues and earnings, overcoming headwinds from impact ($) (%) of COVID-19 on domestic and export markets Net Revenue 164.0 152.9 11.1 7.2 Adjusted Operating EBITDA2, 3 33.4 2
Slide 16: Financial Performance | Dairy & Nutritionals
Financial Performance | Dairy & Nutritionals Financial results Summary of performance Change Change ($m) FY22 FY211 ($) (%) Disappointing outcome, significantly affected by cost inflation and the impact of COVID-19 including key operational turnaround initiatives Net Revenue 358.3 394.3 (36.0) (9.1)
Slide 17: Cash Flow
Cash Flow Summary 30 Jun 2022 30 Jun 20211 Cash flow from continuing operations2,3 3.6 12.3 Net cash outflow of $15.5m plus additional borrowings of $5.7m Restructuring and US litigation (34.7) (14.6) > equal increase in net debt of $21.2m Income tax refund 4.1 - Adjusted Operating EBITDA2 of $7.3m
Slide 18: Strategy
Strategy Noumi Limited FY22 Results 18
Slide 19: Strategy | Plant-based Beverages
Strategy | Plant-based Beverages Focus Areas Continued expansion into high potential markets, with > particular focus on Southeast Asia Leveraging investment in out-of-home direct sales force to > build market share Build on MILKLAB's growing consumer popularity in the out-of- > home and café segmen
Slide 20: Strategy | Dairy & Nutritionals
Strategy | Dairy & Nutritionals Focus Areas Work co-operatively with farmers to negotiate contracts to > address farmgate raw milk costs Continued focus on margin growth through waste reduction > and other operational efficiencies Sales focus on Consumer Nutritionals through high volume > retail cha
Slide 21: Healthier Tomorrow Plan
Healthier Tomorrow Plan We aim to continuously improve our environmental footprint for future generations Focus areas Waste and Packaging We aim to create • We minimise the waste we products and offer generate, maximising recyclable resources to improve materials and encouraging consumers’ and commu
Slide 22: Closing Remarks
Closing Remarks Noumi Limited FY22 Results 22
Slide 23: Key drivers of potential future profitability into FY23 and beyond
Key drivers of potential future profitability into FY23 and beyond Key Drivers Progress Operational turnaround initiatives critical to improving processes at the sites, Operational turnaround initiatives continue with Operational particularly at Shepparton Operational Excellence program launched
Slide 24: Trading Outlook
Trading Outlook Dairy remains in Plant-based Beverages Global uncertainty creates transformation phase – firmly established in growth concern for input prices and rebuilding margins a priority phase supply chain cost and plus embedding Q4 FY22 reliability and potentially Strong brand foundation oper
Slide 25: Appendix
Appendix Noumi Limited FY22 Results 25
Slide 26: Pre-AASB 16 / Significant Items Reconciliation
Pre-AASB 16 / Significant Items Reconciliation Pre Post Significant 1 Significant items before EBITDA AASB 16 Reported AASB 16 AASB 16 Items Onerous contracts provision (4.7) Net Revenue 522.3 - 522.3 - 522.3 Restructuring expenses (6.5) Operating expenses (515.0) 12.1 (502.9) - (502.9) US litigatio
Slide 27: Noumi Limited FY22 Results
Noumi Limited FY22 Results 27