Kri-kri Milk Industry S.a. · ATHEX:KRI
Kri-kri Milk Industry — Investor Presentation (February 2024)
24 slides from Kri-kri Milk Industry's investor presentation, February 2024
Slide 1: Investor Presentation
Investor Presentation February 2024
Slide 2: Legal disclaimer
INVESTOR PRESENTATION | 9M.2023 Kri Kri Legal Legal disclaimer 02 This presentation was prepared by KRI KRI S.A. The information contained herein has been obtained from company and external sources believed to be reliable, but not guaranteed as to its accuracy or completeness. The information contai
Slide 3: Slide 3
Slide 4: At a glance
INVESTOR PRESENTATION | 9M.2023 04 At a glance 210 220 Stock price 20% 12 19,5% 2020 172 180 High returns 16% 10 15,8% 1year 3years 5years 10years 15,4% 14,8% 13,3% 135 54,5% 46,5% 125,4% 376,6% 140 12,5% 126 12,4% 8 12% 113 94 100 6 8% 7,8% 77 7,3% 79 68 5,9% 67 67 4 60 4% 2,3% 2 0% 20 2013 2014 20
Slide 5: Kri Kri today
INVESTOR PRESENTATION | 9M.2023 Kri Kri today 05 • > € 210 million estimated sales • 50% participation of exports, with a presence in 42 countries • Largest yogurt producer in Greece • 2nd brand in the Greek ice cream market • > 500 employees
Slide 6: Product range: key product segments
INVESTOR PRESENTATION | 9M.2023 Product range Key product segments 06 Yogurt Ice cream Greece Exports Greece Exports Sales €62.4m Sales €72.6m Sales €26.9m Sales €9.0m EBIT margin* 13,0% EBIT margin* 13,7% EBIT margin* 19,3% EBIT margin* 8,3% 20,0% 70,0 12,0% 10,0 18,0% 75,0 20,0% 28,0 10,0% 9,0 15,
Slide 7: History
INVESTOR PRESENTATION | 9M.2023 History 07 1987 A fully new and highly 2013 2016 2022 technological plant opened An unexpected fire broke out Marinopoulos SA, one of our The energy crisis, with much in a new area signifying on the yogurt production plant biggest customers in Greece of the countries
Slide 8: How did we get here?
INVESTOR PRESENTATION | 9M.2023 How did we get here? 08 Take full Focus on products with high advantage of profitability and opportunities prospects We respect all stakeholders
Slide 9: Market Review Yogurt Greece
INVESTOR PRESENTATION | 9M.2023 Market Review Yogurt Greece 09 YOG Market Greece Market share Kri Kri - PL 268 238 243 229 22,8% 20,0% 67 65 63 64 17,1% 16,8% 16,1% 16,5% 16,5% 16,7% 2020 2021 2022 LTM 2023 2020 2021 2022 YTD 2023 Market (volume in tonnes) Market (value in million Euro) Value market
Slide 10: Market Review Yogurt Greece: Strategic Pillars
INVESTOR PRESENTATION | 9M.2023 Market Review Yogurt Greece 10 Strategic Pillars Attention to profitable niches Focus on Strained Category Innovative products For kids and infants Improving quality by constantly High Protein and super foods Leader in kids' yogurt category investing in new technology
Slide 11: 50% revenue from exports
INVESTOR PRESENTATION | 9M.2023 50% revenue from exports 11 €m. Exports per country 2023 106,0 22% 81,0 36% 62,0 2% 55,5 4% 47,0 35,0 24,1 36% 16,6 11,5 12,5 9,0 Italy U.K. Ireland Sweden Other 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e
Slide 12: Segment review Ice cream
INVESTOR PRESENTATION | 9M.2023 Segment review Ice cream 12 Key Highlights Ice-cream market in Greece Kri-Kri’s value market share • Strong growth in sales • Expansion of our sales network € 202 m. 14% • Leveraging the sales’ power of our new premium range of Master Rich ice creams • Exports develop
Slide 13: Exports growth: Next station France!
INVESTOR PRESENTATION | 9M.2023 Exports growth I Next station France! 13 Entering in France • High protein yogurt • Private label • € 4 million estimated annual sales
Slide 14: Exports growth: Frozen yogurt in USA
INVESTOR PRESENTATION | 9M.2023 Exports growth I Frozen yogurt in USA 14 Ice-cream market in USA $ 19 b. Frozen yogurt market in USA For ice cream lovers who seek for healthier options without compromising on pleasure, KRI KRI Greek Frozen Yogurt is a guilt-free frozen delight, that artfully combine
Slide 15: Exports growth: Greek high protein yogurt in UK and Italy
INVESTOR PRESENTATION | 9M.2023 Exports growth I Greek high protein yogurt in UK and Italy 15 • Targeting tapping into the growing market of high-protein yogurts • New recipe. Naturally High in Protein (+20% more protein content) • Branded products. Differentiated from typical Greek yogurts • Expans
Slide 16: Respect all stakeholders
INVESTOR PRESENTATION | 9M.2023 Respect all stakeholders 16 We highlight We take advantage of opportunities and business strengthen their opportunities dynamics • Consumers: increased budget for product price reductions through promotions. • Farmers: An additional payment of total €500.000 as a "pre
Slide 17: Estimates for 2023
INVESTOR PRESENTATION | 9M.2023 Estimates for 2023 17 Total sales are expected to exceed €210m Sales Growth in 2023. 2023 2023 IFRS - €m 2022 Δ% 2021 2020 est. init. EBIT for 2023 is expected to be ranged Profitability Sales 210 200 171,8 22,2% 134,6 126 from €41m to €44m. EBIT 41 24,8 4 925,0% 16,7
Slide 18: Dividend
INVESTOR PRESENTATION | 9M.2023 Dividend 18 20,0 18,4 17,6 18,0 1,95 16,5 16,0 2022 2021 2020 2019 2018 2017 14,2 14,0 EBT (€m) 3,8 16,5 18,4 17,6 14,2 9,9 1,45 12,0 EAT (€m) 3,2 13,2 15,8 15 10,1 7,3 9,9 10,0 EPS 0,10 0,40 0,48 0,45 0,31 0,22 0,95 8,0 DPS 0,20 0,20 0,20 0,18 0,15 0,12 6,0 3,8 4,0 0
Slide 19: Share information
INVESTOR PRESENTATION | 9M.2023 Share information 19 Share information Shareholders’ structure Contact information Market: Main market Tsinavos Family : 72,8% KRI KRI S.A. MILK INDUSTRY 3rd km Serres-Drama Sector: Food & Beverage Institutionals domestic : 11,9% Serres PC 62125 Institutionals abroad
Slide 20: Investment proposal summary
INVESTOR PRESENTATION | 9M.2023 Investment proposal summary 20 Investment ✓ One of the few listed companies globally with clear exposure to the Greek Yogurt investment theme. ✓ High returns and dividend payments to shareholders. Management ✓ An experienced and loyal management team that has led KRI
Slide 21: Appendix: Market shares in Yogurt Greece
INVESTOR PRESENTATION | 9M.2023 Appendix: Market shares in Yogurt Greece 21 VOLUME VALUE 11M 11M 11M 11M 11M 11M 2023 2022 2021 2023 2022 2021 Leader 15,5 15,5 19,3 17,7 18,1 19,9 KRI-KRI 14,3 15,3 15,1 16,1 16,8 16,5 Competitor 1 7,3 8,6 8,9 10,9 12,7 13,7 Competitor 2 6,3 6,6 7 8,1 8,9 9,2 PRIVATE
Slide 22: Gross Profit bridge
INVESTOR PRESENTATION | 9M.2023 Gross Profit bridge 22 €m.
Slide 23: Macroeconomic environment
INVESTOR PRESENTATION | 9M.2023 Macroeconomic environment 23 Key Highlights Raw milk price 148 • 4 round of products’ price increases • Price increases offset only a part of the losses +6% resulted from higher input costs +10% • There is a time lag of price increases +7% • Profitability margins were
Slide 24: Macroeconomic environment
INVESTOR PRESENTATION | 9M.2023 Macroeconomic environment 24 cost Δ price surcharge Key Highlights Energy costs 122% €3,3m Energy • Uncontrollable, high input cost inflation Transportation 13% €1,0m crisis • Total cost surcharge: €34m Raw materials 32% €29,7m Raw milk price 150 +37% 140 130 120 110
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