Midsona Ab Class A · OMXSTO:MSON_A
Midsona Ab Class A — Q2 2021 Earnings Presentation
22 slides from Midsona Ab Class A's earnings presentation, Jul 22, 2021
Slide 1: Midsona presentation, Q2 2021
Midsona Midsona presentation, Q2 2021 CEO Peter Åsberg and CFO Max Bokander 1
Slide 2: Highlights
Highlights CEO Peter Asberg rae
Slide 3: Key developments Q2
Key developments Q2 Summary ● Tough comparative figures with last Nordic year’s product hoarding. - Growth own brands ● Gradual sales improvement - Weak development for organic brands ● Own brands do comparatively better - New launches Division Nordic ● Continued successful roll-out North of Davert
Slide 4: Q2 Highlights
Q2 Highlights Net sales amounted to: 903 MSEK (859) EBITDA before one off items 78 MSEK (97) amounted to: Corresponding EBITDA-margin 8,6% (11,3) amounted to: Net result amounted to 24 MSEK (40) Free Cashflow amounted to: -35 MSEK (84) 4
Slide 5: Revenue development Q2
Revenue development Q2 MSEK 5
Slide 6: Organic growth by channel
Organic growth by channel Food Service benefit from society opening after lockdown Q2 % of NS Highlights Q2 ● LY strong sales in Grocery trade and Health Grocery trade * -6,4% 66% food stores due to hoarding and increased household consumption were challenging Health food stores -16,1% 15% to match
Slide 7: Organic growth by sales type
Organic growth by sales type Our core business, i.e. own brands grow Q2 % of NS Highlights Q2 ● Own brands grow despite hoarding last year Own brands 0,2% 71% ● Licensed brands decline. Stopped low margin contracts. Licensed brands -17,0% 13% ● Decline in contract manufacturing as we cycle hoarding
Slide 8: Roll-out in the grocery trade in Europe continued
Roll-out in the grocery trade in Europe continued Continued investment and roll-out for Davert and Happy Bio in the grocery trade 8
Slide 9: Mivitotal launches
Mivitotal launches Broadening of Mivitotal to tablets Mivitotal ● Traditionally liquid multivitamins ● Launched a range of in total 10 new products ● Good listings in Sweden and Finland 9
Slide 10: Eskio-3 relaunch
Eskio-3 relaunch New design and product offering Eskio-3 ● Design update ● New products ● New marketing concept 10
Slide 11: Midsona's ambitious climate targets approved
Midsona’s ambitious climate targets approved New greenhouse gas emission reduction targets ● Midsona has been actively been working with emission reduction since 2019 and sustainability is an important part of our strategy ● During 2020 we adopted new ambitious climate targets and committed to: ➢ re
Slide 12: Financial review
Financial review CFO Max Bokander
Slide 13: Financial executive summary – Q2 2021
Financial executive summary – Q2 2021 Structural growth with improved Gross Margin MSEK Q2 2021 Q2 2020 YTD 2021 YTD 2020 Highlights Q2 Net Sales 903 859 1 868 1 805 GM%* 28,3 27,9 28,4 28,5 ● Net Sale growth of 5,1%, EBITDA* 78 97 172 204 – but with 4,2% organic decline EBITDA%* 8,6 11,3 9,2 11,3 ●
Slide 14: Net sales development
Net sales development Structural growth off-setting last year positive hoarding effects during April LY Highlights Q2 MSEK Q2 ● Structural growth – System Frugt added +12,1% -4,2% -2,8% ● Organic decline +5,1% – LY strong sales in April due to hoarding and increased household consumption were challe
Slide 15: Net Sales development
Net Sales development 71% * Own Brands Other Net Sales of own brands continue to develop better than total * Q2-2021 35% 31% 30% 25% 22% 20% 20% 15% 13% 12% 10% 10% 7% 5% 5% 5% 3% 3% 0% 2% 0% 0% -2% -1% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 -5% -6% -4% -10% NS Growth Organic Growth Organic
Slide 16: GP and EBITDA development - Q2 2021
GP and EBITDA development - Q2 2021 MSEK GP/GM Highlights – Q2 GM improved with 1,6 p.p. vs Proforma LY – driven by favorable mix, selective price increases and a favorable transactional 26,7% 28,3% 27,9% exchange rate effects EBITDA vs LY Proforma – 4M Lower GP from lower volumes EBITDA / EBITDA% M
Slide 17: Nordics – Q2
Nordics – Q2 Improved Gross Margin MSEK Q2 2021 Q2 2020 YTD 2021 YTD 2020 Highlights Net Sales 606 524 1 265 1 130 GM%* 32,2 31,6 32,0 32,4 ● Net Sales growth of 15,7% EBITDA* 56 64 129 136 – Currency translation -1,5% EBITDA%* 9,3 12,3 10,2 12,0 – Structural growth of 19,8% – Organic decline of 2,6
Slide 18: North Europe – Q2
North Europe – Q2 Struggling with service level due to disruption in supply chain MSEK Q2 2021 Q2 2020 YTD 2021 YTD 2020 Highlights Net Sales 204 227 428 472 GM%* 18,9 20,8 18,9 20,3 ● Net Sales decline of 10,2% EBITDA* 19 24 37 50 – Currency translation -4,5% EBITDA%* 9,2 10,7 8,7 10,6 – Organic de
Slide 19: South Europe - Q2
South Europe - Q2 Continued growth with Happy Bio MSEK Q2 2021 Q2 2020 YTD 2021 YTD 2020 Highlights Net Sales 100 114 197 217 GM%* 23,4 24,2 23,8 24,7 ● Net Sales decline of 12,1% EBITDA* 10 16 9 31 – Currency translation -4,4% EBITDA%* 10,0 13,9 9,7 14,1 – Organic decline of 7,7% • LY strong sales
Slide 20: Free Cash Flow
Free Cash Flow Free cashflow impacted by System Frugt MSEK Q2 120 300 ● System Frugt business deliver limited EBITDA at the same time as building inventory for high 100 season during Q4 250 80 ● This quarter was additionally negatively impacted by timing of payments to supplier to improve 60 200 sup
Slide 21: Summary and outlook
Summary and outlook • Tough comparative figures at the beginning of 2021. April 2020 was the last hoarding month • Successful roll-out of Davert (Germany) and Happy Bio (France & Spain) in the mass market • Stepped-up marketing investment in q1 and q2 • M&A focus • Easier comparative figures and bac
Slide 22: Recovery
Recovery RINK 22