Lark Distilling Co. Ltd. · ASX:LRK
Lark Distilling — Shareholder Meeting (November 2024)
33 slides from Lark Distilling's shareholder meeting presentation, Nov 20, 2024
Slide 1: 2024 Annual General Meeting Chair Address and Presentation
ASX ANNOUNCEMENT ASX: LRK 20 November 2024 2024 Annual General Meeting Chair Address and Presentation Lark Distilling Co. Ltd (ASX: LRK) (“Lark” or “Company”) advises in accordance with ASX Listing Rule 3.13.3, a copy of the address by Chair, Domenic Panaccio and slides to be presented at today’s An
Slide 2: Chair Address
ASX ANNOUNCEMENT ASX: LRK 20 November 2024 Chair Address Good morning and welcome to the 2024 Lark Distilling Co. Ltd Annual General Meeting. While the past financial year presented macro challenges, including a difficult economic and market landscape, we are pleased that the Company has made signif
Slide 3: Annual General Meeting
& ANNUAL GENERAL MEETING 20 November 2024 Lark Distilling Co. Limited
Slide 4: Introduction
INTRODUCTION
Slide 5: Lark Distilling Co. Ltd Board
LARK DISTILLING CO. LTD BOARD Domenic Panaccio David Dearie Chair Non-Executive Director Warren Randall Stuart Gregor Non-Executive Director Non-Executive Director
Slide 6: Format of Meeting
FORMAT OF MEETING Chair’s Address: CEO Presentation: Q&A / Voting Procedure Overview: Formal Business of the Meeting Questions on Formal Business: Meeting Closure: Domenic Panaccio Satya Sharma Melanie Leydin Domenic Panaccio Domenic Panaccio Domenic Panaccio
Slide 7: Chair's Address
CHAIR’S ADDRESS
Slide 8: CEO Presentation
& CEO PRESENTATION 2024 AGM SASH SHARMA 20 NOVEMBER 2024
Slide 9: Lark Will Be a Leader in New World Whisky
LARK WILL BEA LEADER IN NEW WORLD WHISKY.
Slide 10: FY24 Highlights, Seppeltsfield Wines Partnership and Strategic Priorities
LARK FY24 HIGHLIGHTS, SEPPELTSFIELD WINES PARTNERSHIP AND STRATEGIC PRIORITIES SATYA SHARMA - CEO 2024 AGM
Slide 11: FY24 Key Highlights
FY24 | KEY HIGHLIGHTS Net sales of $14.0 million: in line with prior market update (down $3.1m on FY23) Impact of legacy indirect Chinese exports & older limited releases in FY23, with focus on scalable core range delivering underlying growth Operating Cashflow Disciplined cost control delivers +$1.
Slide 12: Equity Raise and Announcement of Strategic Partnership with Seppeltsfield Wines
EQUITY RAISE AND ANNOUNCEMENT OF STRATEGIC PARTNERSHIP WITH SEPPELTSFIELD WINES Overview of Seppeltsfield Strategic Partnership Equity Raise & Use of Proceeds Formal long-term (10 year) barrel supply agreement with Seppeltsfield Wines Pty Limited, an entity associated with Lark Director, Warren Rand
Slide 13: Strategic Priorities
STRATEGIC PRIORITIES BUILD LONG TERM BRAND VALUE LARK will build a globally recognised and differentiated luxury brand CASH & CAPITAL DISCIPLINE INTERNATIONAL SALES MOMENTUM & DOMESTIC LEADERSHIP POSITION Creation of repeatable and diversified (geography and channel) revenue streams LARK will priori
Slide 14: Good Progress Being Made in Executing Strategy
GOOD PROGRESS BEING MADE IN EXECUTING STRATEGY - IN LINE WITH STATED MILESTONES BUILD LONG TERM BRAND VALUE * Continued awards recognition & brand partnerships * Innovation to drive halo and brand equity * Commenced work on portfolio restage, including appointment of creative design agency INTERNATI
Slide 15: High Quality Whisky Bank
HIGH QUALITY WHISKY BANK-— Underwriting Future Sales Growth * LARK’s whisky under maturation at 2.5 million litres at 43% ABV at 30 June 2024 (FY23: 2.4m litres), with book value (at cost) of $57.7m. * More modest growth than previous years, with existing Whisky Bank allowing us to optimise producti
Slide 16: Brand Restage and Growth Plans
LARK BRAND RESTAGE & GROWTH PLANS SATYA SHARMA - CEO 2024 AGM
Slide 17: Build Long Term Brand Value
BUILD LONG TERM BRAND VALUE LARK BRAND RESTAGE LARK MARKETING BLENDING SALES STRATEGY FINANCE LOVE. We See What You Won’t. POSITIONING PORTFOLIO PRODUCT BRAND IDENTITY & PACK RANGE, PRICING, PHASING PLAN GTM TOOLS & ASSETS
Slide 18: Our Growth Plan
OUR GROWTH PLAN PHASE 1: ESTABLISH BEACHHEADS (FY24 - FY27) PHASE 2: EMBED FOUNDATIONS (FY26 - FY32) BUILD BRAND EQUITY FOUNDATIONS IN KEY MARKETS PHASE 3: ACCELERATE (FY30+) EXPAND CONSUMER ENTER IDENTIFIED RECRUITMENT INTERNATIONAL MARKETS EXPLODE BRAND VALUE INCREASE INTERNATIONAL CASH & CAPITAL
Slide 19: Phase 1: Establish Beachheads
PHASE 1: ESTABLISH BEACHHEADS (FY 24 - FY27): PROGRESS AGAINST KPI'S / MILESTONES PRIORITY BUILD LONG TERM BRAND VALUE INTERNATIONAL SALES MOMENTUM & DOMESTIC LEADERSHIP POSITION CASH & CAPITAL DISCIPLINE DESCRIPTION LARK will build a globally recognized and differentiated luxury Single Malt brand,
Slide 20: 1QFY25 Trading Update and Perspectives for FY25
LARK 1QFY25 TRADING UPDATE & PERSPECTIVES FOR FY25 2024 AGM
Slide 21: 1QFY25 Trading Update
1QFY25 TRADING UPDATE INTERNATIONAL SALES MOMENTUM & DOMESTIC LEADERSHIP * Net Sales revenue growth of +7% or $0.2m, to $3.4m, versus pcp. Driven primarily by growth in D2C (+$0.3m) and Export sales of $0.2m, being partially offset by lower Net Sales from domestic B2B which were broadly in line with
Slide 22: Perspectives for FY25
PERSPECTIVES FOR FY25 INTERNATIONAL SALES MOMENTUM & DOMESTIC LEADERSHIP Trading conditions remain challenging — consumers remain cautious Net Sales growth projected in FY25 despite P&L shift from domestic distribution change, with Spirits Platform providing platform to grow in time. FY25 growth wei
Slide 23: Q&A / Voting Procedure Overview
Q&A / VOTING PROCEDURE OVERVIEW
Slide 24: Formal Business of the Meeting
FORMAL BUSINESS OF THE MEETING
Slide 25: Receipt and Consideration of Financial Statements and Reports
Receipt and Consideration of Financial Statements and Reports To receive and consider the Company’s Financial Statements, Directors’ Report and Auditor’s Report for the financial year ended 30 June 2024. Further Information = lain Short, Chief Financial Officer of Lark Distilling Co. Ltd and Billy C
Slide 26: Resolution 1: Adoption of Remuneration Report
Resolution 1: Adoption of Remuneration Report To consider and, if thought fit, pass the following as an ordinary resolution: “That for the purpose of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the
Slide 27: Resolution 2: Election of Mr Stuart Gregor as a Director
Resolution 2: Election of Mr Stuart Gregor as a Director To consider and, if thought fit, pass the following as an ordinary resolution: “That, Mr Stuart Gregor, having been appointed by the Board since the last Annual General Meeting of the Company, retires in accordance with clause 13.1(d) of the C
Slide 28: Resolution 3: Re-election of Mr David Dearie as a Director
Resolution 3: Re-election of Mr David Dearie as a Director To consider and, if thought fit, pass the following as an ordinary resolution: “That, Mr David Dearie, a Director of the Company who retires in accordance with clause 13.3(a) of the Company’s Constitution and, being eligible, offers himself
Slide 29: Resolution 4: Approval to Issue Shares to Mr Domenic Panaccio
Resolution 4: Approval to Issue Shares to Mr Domenic Panaccio To consider and, if thought fit, pass the following as an ordinary resolution: “That, for the purposes of Listing Rule 10.11 and for all other purposes, approval is given for the Company to issue 90,000 Shares to Non-Executive Chair and D
Slide 30: Resolution 5: Amendments to the Constitution
Resolution 5: Amendments to the Constitution To consider and, if thought fit, pass the following as a special resolution: “That, in accordance with section 136(2) of the Corporations Act and for all other purposes, approval is given that the Company’s Constitution be amended as set out in the Explan
Slide 31: Questions on Formal Business
QUESTIONS ON FORMAL BUSINESS
Slide 32: Voting Closure and End of Formal Business
VOTING CLOSURE AND END OF FORMAL BUSINESS
Slide 33: Tasmanian Single Malt Whisky
TASMANIAN SINGLE MALT WHISKY Thank you for your attendance
Lark Distilling — Shareholder Meeting (November 2024) on 6ix