Tasfoods Limited · ASX:TFL
Tasfoods — Investor Presentation (February 2023)
28 slides from Tasfoods's investor presentation, Feb 27, 2023
Slide 1: FY 2022 Results
FY 2022 Results Scott Hadley – Chief Executive Officer Shona Croucher – Chief Financial Officer FY22 Results Presentation | February 2023
Slide 2: Transformation work progressed in extremely challenging market conditions
Transformation work progressed in extremely challenging market conditions • Our business transformation agenda has moved forward and the majority of initiatives have finished the design phase and will now be implemented to realise the full benefits . It is a multi-year programme that will deliver si
Slide 3: Our Brand Portfolio & Customer Channels
Our Brand Portfolio & Customer Channels We have simplified our brand hierarchy and implemented a more focused sales channel strategy Brands & Product Strategy Sales Channels Brands that reflect artisan provenance & PREMIUM heritage, targeted at food lovers seeking Retail provenance behind the produc
Slide 4: Unprecedented headwinds – revenue holding up through strong price recovery
Unprecedented headwinds – revenue holding up through strong price recovery FY22 Profit or Loss ($000’s) FY22 FY21 • Sales revenue grew by 1.6% to $70.6m, with revenue per unit of measure increasing by an average of 19.9% in Betta Milk and 7.8% in the Poultry division. Income Revenue from operations
Slide 5: 2022 Operating & Financial Review
2022 Operating & Financial Review Satisfactory sales revenue with operating cost headwinds negatively impacting EBITDA FY22 FY21 Shared Shared Dairy & Poultry Sales Revenue | H121 $000's Dairy Poultry Horticulture Total Dairy Poultry Horticulture Total Services Services $60,000 Revenue Total Segment
Slide 6: Dairy Division
Dairy Division Whilst there was growth in revenue, input cost rises impacted profitability within the Dairy Division • Total revenue for the dairy division grew by 2.5% to $31.2 million. The sales growth was driven by increases in Pyengana Cheese (9%) and Betta Milk (2%) whilst Meander Valley Dairy
Slide 7: Poultry Division
Poultry Division Increased input costs and losses from discontinued operations led to an EBITDA loss in the Poultry Division • Total revenue for the poultry division grew by 1.9% on the pcp in 2021 to $39.8 million. On a like-for-like basis (excluding discontinued lines), sales grew by 3% • Sales vo
Slide 8: Horticulture Division
Horticulture Division Shima Wasabi is a high margin business with a modest revenue base and scope to grow • Total revenue for the horticulture division was consistent with 2021 at $0.4m. • Gross margin is 59% which is consistent with the pcp. The margin reflects the premium nature of the product off
Slide 9: Shared Services
Shared Services Shared Services re-shaped and right sized • The Shared Services function has been right sized as we reposition it as a smaller unit of core functions in 2023. Business unit specific functions have been re-positioned to ensure full end to end business accountability. • The focus of th
Slide 10: 2022 Balance Sheet
2022 Balance Sheet $000's Dec 22 Dec 21 • The Group is supported by a balance sheet with a net asset position of Current Assets Cash & Cash Equivalents 351 1,450 $18.3m (noting property, plant and equipment balances of $23.7m) Trade & Other Receivables 4,734 4,973 Biological Assets 2,557 2,145 • The
Slide 11: 2022 Cash Flow
2022 Cash Flow $000's FY22 FY21 • Net cash outflows from operating activities were $5.8 million for the Cash flows from operating activities year which is reflective of: Receipts from customers 71,722 69,587 Payments to suppliers and employees (76,985) (73,969) — Operational cost increases across th
Slide 12: Business Review
Business Review
Slide 13: Strong foundation established
Strong foundation established • At the beginning of 2022 the Company identified the Top 10 foundation building strategic initiatives that would underpin the future growth of the business. Against a very challenging external environment in 2022 we have made significant progress on simplifying and str
Slide 14: Sales
Sales TasFoods has increased its presence in Tasmania and enter mainland markets with considered strategies • TasFoods has significantly increased its sales capability in 2022. • We have re-structured our sales team with the addition of a National General Manager and a Sales representative for Victo
Slide 15: Marketing
Marketing TasFoods marketing focused on our core brands and e-commerce in 2022 • We invested behind our core brands of Betta and Nichols in 2022 to drive awareness and sales. • The new campaign for Nichols. ‘Nothing but..’ reminded consumers our core value proposition of chlorine free, no added wate
Slide 16: E-commerce
E-commerce Recognising the rising consumer demand for direct to consumer offerings, the Company has investing in the growth of its e-Commerce capability. • The Company has re-branded and re-launched its authentic real wasabi brand, Shima and initiated a chef ambassador program, partnering with some
Slide 17: Supply chain
Supply chain TasFoods has implemented an integrated supply chain solution for Poultry and will complete our Dairy business in 2023 • We have significantly increased our capability within TasFoods supply chain and this has allowed us to build an integrated supply chain in Poultry. Our dairy business
Slide 18: 2023 & beyond
40° TASFOOD 50°
Slide 19: Accelerate the transformation agenda
Accelerate the transformation agenda Foundational building blocks completed Tangible benefits to be realised Considerable progress was made in 2022 to fix the foundations of the Now the design phase is complete we can focus on business. Specific initiatives implemented include; executional excellenc
Slide 20: TasFoods Strategic Focus
TasFoods Strategic Focus TasFoods focus is on four key pillars to ensure the Company can leverage our competitive advantage and realise our potential as a leading branded company Fortress Tasmania Mainland Markets Adjacent Expansion Capitalise on our Expand aggressively NPD and M&A under a home-grow
Slide 21: Our Ambition
Our Ambition Whilst delayed due to external factors, our 3-phase horizon model remains our ambition over the next 2-3 years. Some elements have been completed and there is much work to do on financial stability which remains the priority. HORIZON 1 HORIZON 2 HORIZON 3 Stabilise / Consolidate Rebalan
Slide 22: Appendix
40° TASFOOD 50°
Slide 23: Revenue per unit
Revenue per unit Revenue per unit in both Dairy and Poultry has made significant improvements since value chain initiatives undertaken. Nichols revenue / kg Betta Milk revenue / litre • Revenue per • Revenue kg over the 12 per litre month period over the 12 has increased month by 8% period has • Thi
Slide 24: Input cost per unit
Input cost per unit Input costs per unit have risen significantly. Measures in place to mitigate where possible. Chicken Feed cost / Tonne Milk cost / litre Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep
Slide 25: Shared Services
Shared Services Building the platform for growth FY 2022 FY 2021 Supply Sales/ Finance/IT/ Supply Sales/ Finance/IT/ Marketing Other Marketing Other $000's Chain/ Customer HR/Shared Total Chain/ Customer HR/Shared Total D2C Corporate D2C Corporate Logistics/Ops Support Services Logistics/Ops Support
Slide 26: In 2022 our brands have won numerous awards
In 2022 our brands have won numerous awards showcasing the outstanding quality product we provide to consumers 26
Slide 27: Disclaimer
Disclaimer This presentation is provided by TasFoods Ltd ACN 084 800 902 (TasFoods) to provide summary information about TasFoods 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 comp
Slide 28: Contact
Contact Scott Hadley | CEO E: scott.hadley@tasfoods.com.au