Maggie Beer Holdings Ltd. · ASX:MBH
Maggie Beer — H1 FY22 Earnings Presentation
37 slides from Maggie Beer's earnings presentation, Feb 16, 2022
Slide 1: H1 FY22 Results
ASX: MBH H1 FY22 RESULTS 16 February 2022 maggiebeerholdings.com.au
Slide 2: FY22 has started very well with strong revenue and earnings growth
2 FY22 has started very well with strong revenue and earnings growth despite COVID-19 challenges MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 3: H1 FY22 Summary
3 H1 FY22 Summary H1 FY22 has delivered strong sales and earnings growth Net sales increased by 133.8% or 18.2% on a proforma basis* in H1 FY22 compared to H1 FY21 Trading EBITDA increased by 438.2% or $8.0m** to $9.8m in H1 FY22 compared to H1 FY21. EBITDA increasing to 15.2% of net sales in H1 FY2
Slide 4: Key Group takeaways from H1 FY22
4 Key Group takeaways from H1 FY22 Key takeaways from Y20 Strong financial performance across all key metrics NET NET POSITIVE GROSS TRADING STRONG SALES SALES NPAT MARGIN EBITDA BALANCE SHEET +133.8% +18.2% $5.5m +$20.4m $9.8m $23.0m on H1 FY21 on H1 FY21 vs ($0.4m) to 51.5% up 438% on in cash to $
Slide 5: Strong growth in net sales in H1 FY22
5 Strong growth in net sales in H1 FY22 The businesses continue to grow in a challenging market HAMPERS & MAGGIE BEER MAGGIE BEER PARIS CREEK ST DAVID DAIRY GIFTS AUSTRALIA PRODUCTS H1 PRODUCTS H1 FY22 FARMS H1 FY22 H1 FY22 NET H1 FY22 NET FY22 NET SALES E-COMMERCE NET NET SALES SALES SALES* SALES (
Slide 6: Solid growth in delivered Gross Margin
6 Solid growth in delivered Gross Margin The businesses continue to implement plans to improve gross margins HAMPERS & MAGGIE BEER MAGGIE BEER PARIS CREEK ST DAVID DAIRY GIFTS AUSTRALIA PRODUCTS H1 PRODUCTS H1 FY22 FARMS H1 FY22 H1 FY22 GROSS H1 FY22 GROSS FY22 GROSS E-COMMERCE GROSS MARGIN MARGIN M
Slide 7: Acquisition of HGA delivering what we said it would
Acquisition of HGA delivering what we said it would 7 The integration of HGA already returning strong results and synergies HGA continued to grow strongly with net sales increasing by 28.6%* The inclusion of MBP products in HGA’s range is driving incremental growth MBP e-commerce grew an impressive
Slide 8: MBH delivered strong revenue & earnings growth
8 MBH delivered strong revenue & earnings growth Group achieves 133.8% net sales growth in H1 FY22 over H1 FY21 (18.2% on pro-forma basis*) The acquisition of HGA in FY21 diversified revenue with online sales now making up 59% of total net sales in H1 FY22. NPAT of $5.5m (FY21: loss of $0.4m), refle
Slide 9: MBH now has strong revenue & GP diversification
MBH now has strong revenue & GP diversification 9 Net Sales Value & Gross Margin by Channel MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 10: MBH Group e-commerce performance
10 MBH Group e-commerce performance Online Sales 38,359 H1 FY22 H1 FY21* %Change ($’000) Online Sales ($'000)* MBP Online Sales 3,637 1,327 174.1% 28,332 HGA Online Sales 34,722 27,005 28.6% HGA 34,722 Total Online Sales 38,359 28,332 35.4% MBP 13,265 27,005 MBP Gross Margin 1,909 638 199.0% 9,384 6
Slide 11: MBH Group retail performance
11 MBH Group retail performance Retail Sales H1 FY22 H1 FY21 %Change ($'000) Retail Sales ($'000) Retail Sales 26,166 26,268 -0.4% Gross Margin 11,940 12,187 -2.0% 26,268 26,166 22,547 21,096 22,700 GM % 45.6% 46.4% -0.8 pts MBP retail sales were up 9.7% to $14.5m H1 FY20 H2 FY20 H1 FY21 H2 FY21 H1
Slide 12: Strong balance sheet supports growth initiatives
12 Strong balance sheet supports growth initiatives Well-funded ($'000) 31-Dec-21 30-Jun-21 31-Dec-20 - $23.0m cash Assets - $3.0m of undrawn debt facilities Cash 23,030 13,542 6,282 - Cash increased by $9.5m from June 21 Trade receivables 8,902 8,001 9,606 Jobkeeper of $820k was voluntarily repaid
Slide 13: Group operating cashflow improves by $10.9m
13 Group operating cashflow improves by $10.9m H1 FY22 H1 FY21 Positive operating cashflow of $11.4m generated in ($'000) H1 FY22 Receipts from customers (inclusive of GST) 66,103 26,351 - H1 FY22 improved by $10.9m on H1 FY21 Payments to suppliers and employees (inclusive of GST) (54,727) (25,913)
Slide 14: COVID-19 challenges
14 COVID-19 challenges COVID-19 challenges impacting H1 FY22 and the start of H2 FY22 Staff wellbeing – all our people were kept safe and well & in accordance with our COVID-19 safe plans and health authority mandates. Supply chain – H1 FY22 saw industry wide disruption to freight services with incr
Slide 15: Global consumer trends and business wins
15 Global consumer trends and business wins Consumers trends Australian products that use local ingredients, 100% natural ingredients, with nothing artificial Ethically sourced and produced sustainably Premium products, that are consistently of high quality E-commerce trend continues strongly Health
Slide 16: Key growth focus across all 4 brands
16 Key growth focus across all 4 brands Expand core ranging in Innovative New Product Implement strategic Continue to refine our Australia and export Development across the marketing plans to manufacturing, markets four core brands linked to capitalise on core distribution & consumer trends and bran
Slide 17: The acquisition of HGA in late FY21 has transformed the Group
17 The acquisition of HGA in late FY21 has transformed the Group diversifying its revenue and earnings and improving gross margins MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 18: Hampers & Gifts Australia
18 Hampers & Gifts Australia MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 19: HGA continues to grow strongly off COVID-19 highs
19 HGA continues to grow strongly off COVID-19 highs Hampers & Gifts Australia H1 FY22 H1 FY211 %Change ($'000) Net Sales 34,722 27,005 28.6% Net Sales ($'000)1 Gross Margin 19,402 15,488 25.3% 34,722 GM % 55.9% 57.4% -1.5 pts 27,005 HGA net sales up 28.6%1 to $34.7m demonstrating its strong 12,768
Slide 20: Growth drivers for The Hamper Emporium
20 Growth drivers for The Hamper Emporium (vs H1 FY21) WEBSITE TOTAL REPEAT NET PROMOTER NEW VISITS CUSTOMERS CUSTOMERS SCORE CUSTOMERS +37.7% +38.2% +56.6% 72.5 +31.1% on H1 FY21 on H1 FY21 on H1 FY21 on H1 FY21 MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 21: Growth drivers for Gifts Australia
21 Growth drivers for Gifts Australia (vs H1 FY21) WEBSITE TOTAL REPEAT NET PROMOTER NEW VISITS CUSTOMERS CUSTOMERS SCORE CUSTOMERS +30.4% +22.8% +40.0% 74.5 +19.0% on H1 FY21 on H1 FY21 on H1 FY21 on H1 FY21 MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 22: HGA levers for continued growth
22 HGA levers for continued growth Expansion of offer Expansion of offer into cheese, homewares and new pamper hampers to allow growth for new, more frequent and repeat gifting occasions. Growing sales and market share whilst ensuring an amazing customer experience: Investing in marketing to grow sa
Slide 23: Maggie Beer Products
23 Maggie Beer Products MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 24: MBP continues to deliver strong results
24 MBP continues to deliver strong results Maggie Beer Products H1 FY22 H1 FY21 %Change ($'000) Retail Sales 80% 14,539 13,253 9.7% Net Sales ($'000) Online Sales 20% 3,637 1,327 174.1% Net Sales 18,176 14,580 24.7% 18,176 14,580 Gross Margin 8,293 6,745 23.0% 11,339 11,066 GM % 45.6% 46.3% -0.6 pts
Slide 25: New digital marketing plan to continue strong e-commerce growth in FY22
25 New digital marketing plan to continue strong e- commerce growth in FY22 Growing sales and market share whilst ensuring an amazing customer experience: Investing in marketing to grow sales and our market share of premium consumers whilst investing in ensuring an excellent customer experience Bett
Slide 26: Growth drivers for MBP e-commerce
26 Growth drivers for MBP e-commerce (vs H1 FY21) WEBSITE WEBSITE CUSTOMER REPEAT INCREASE IN FOOD INCREASE IN VISITS CONVERSIONS CUSTOMERS CLUB MEMBERS GIFTING % +36.4% +65% 51.2% +55.6% +87.9% on H1 FY21 on H1 FY21 on H1 FY21 on H1 FY21 MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 27: Increasing brand awareness and sales
27 Increasing brand awareness and sales Connecting with consumers to drive brand recognition and in-store traffic Large scale in-store activity during H1 FY22 during peak buying occasions drove awareness, engagement and sales Extensive in-store launch campaigns for Bone Broths and Finishing Sauces i
Slide 28: Paris Creek Farms
28 Paris Creek Farms MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 29: New business wins to create growth in H2 FY22
29 New business wins to create growth in H2 FY22 Paris Creek Farms H1 FY22 H1 FY21 %Change ($'000) Net Sales 7,649 8,718 -12.3% 3,395 -14.6% Net Sales ($'000) Gross Margin 3,976 GM % 44.4% 45.6% -1.2 pts 8,718 8,225 Net sales down 12.3%, but excluding the private label business 7,824 discontinued in
Slide 30: Increasing brand awareness and sales
30 Increasing brand awareness and sales Paris Creek Farms. Deliciously better for you and for our planet. Advertising activity with high frequency Nova radio partnership reaching over 1.3 million people in SA between June and December 21 Marketing focusing on key selling points of sustainability, or
Slide 31: St David Dairy
31 St David Dairy MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 32: SDD continues to grow in H1 FY22
32 SDD continues to grow in H1 FY22 Despite COVID-19 restrictions and lockdowns throughout H1 FY22, St David Dairy continued to deliver revenue growth St David Dairy H1 FY22 H1 FY21 %Change ($'000) Net Sales ($'000) Net Sales 4,754 4,420 7.6% Gross Margin 2,160 2,062 4.8% 4,754 GM % 45.4% 46.6% -1.2
Slide 33: Increasing brand awareness and sales
33 Increasing brand awareness and sales Engaging consumers with our delicious difference Social media following grows to over 10k followers on Instagram and Facebook Collaboration with influencers and customers to grow brand awareness with social media content and recipes New in-store point of sales
Slide 34: The future is bright
The future is bright 34 MBH has a clear path to sustained earnings and revenue growth, with four premium brands that remain on-trend and continue to resonate with Australian & international consumers MBH’s large e-commerce business has provided excellent revenue diversification with over 50% of Grou
Slide 35: Thank you. Questions?
35 THANK YOU. QUESTIONS? MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22
Slide 36: Disclaimer
36 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 37: Thank you
37 Thank you MAGGIE BEER HOLDINGS | INVESTOR REPORT | H1 FY22