Maggie Beer Holdings Ltd. · ASX:MBH
Maggie Beer — FY2023 Earnings Presentation
22 slides from Maggie Beer's earnings presentation, Aug 28, 2023
Slide 1: MBH FY23 Results
NAME OF SECTION ASX MBH FY23 RESULTS 28TH AUGUST 2023
Slide 2: FY23 Highlights
FY23 HIGHLIGHTS Maggie Beer Products (MBP) category expansion and growth Hamper and Gifts Australia (HGA) market share growth Paris Creek Farms (PCF) reclassified as a continuing operation Operating cashflow positive $6.5m and strong balance sheet maintained Investment in people and brands to fuel g
Slide 3: FY23 Snapshot of Financial Results
FY23 SNAPSHOT OF FINANCIAL RESULTS 1 Results consistent with update at 30 May 2023 NET SALES TRADING NPAT BALANCE EBITDA2 SHEET $88.7m $3.2m $0.8m $9.2m In cash & no debt4 -1.4% vs. FY22 ($7.3m) vs. FY22 ($1.6m) vs. FY22 MBP Made up of: $6.5m operating cashflow. HGA ($2m) at GM Strong position enabl
Slide 4: FY24 Key Priorities
FY24 KEY PRIORITIES Leveraging our e-commerce capability across core brands FY23 Inflationary pressures on CODB Maggie Beer sales growth enabled by HGA growing share in contracting Outcomes impacting margins/returns people and adv investment “hamper” market through adv investment 5 yr OPTIMISE & EXP
Slide 5: FY23 Review
FY23 REVIEW
Slide 6: FY23 Financial Year Results
FY23 FINANCIAL YEAR RESULTS ($’000) FY22 FY23 Change Net Sales 89,989 88,706 -1.4% • Revenue down 1.4%, retail growing 7.2%, online down 8.4% Gross Margin $ 46,562 44,608 -4.2% • Gross Margin impacted by COGS inflation and Gross Margin % 51.7% 50.3% -1.4 pts shifting channel and product mix • Tradin
Slide 7: Net Sales Revenue & Gross Margin
NET SALES REVENUE & GROSS MARGIN NET SALES REVENUE BY ENTITY GROSS MARGIN BY CHANNEL $90.0m $88.7m 57.1% 57.3% 45.2m 41.8m 45.2% 43.0% 14.8m 16.3m HGA 30.0m 30.6m PCF FY22 MBP FY23 FY22 FY23 Retail Sales Online Sales Variance to LY of $1.3M: • Mix shift from online to retail has reduced GM BY 1.4pts
Slide 8: Trading EBITDA
FY23 TRADING EBITDA GROSS MARGIN INVESTMENTS RISING COSTS $2.0m $2.3m $10.5m $1.5m $0.8m $0.7m $3.2m FY22 GM Advertising Labour Freight Overheads & Other FY23 Expenses MBH FY23 RESULTS 8
Slide 9: Balance Sheet and Cashflow
BALANCE SHEET AND CASHFLOW • Well-funded with $9.2m ($’000) 30-Jun-22 30-Jun-23 ($’000) 30-Jun-22 30-Jun-23 cash and no debt* Receipts from customers 102,938 92,224 Assets • Decrease in net assets of $5.2m Payments to suppliers and (102,265) (85,700) Cash 10,801 9,216 includes return of capital & em
Slide 10: Snapshot by Entity: MBP
FY23 SNAPSHOT BY ENTITY: MBP MBP ($’000) FY22 FY23 Change RANGE EXPANSION SUPPORTED BY MARKETING AND IN STORE ACTIVATION Net Sales 30,029 30,587 1.9% Gross Margin 13,815 13,279 -3.9% GM % 46.0% 43.4% -2.6 pts COOKING ENTERTAINING KITCHEN +12.4% +3.4% Online • MBP sales were up 1.9% reflecting strong
Slide 11: Snapshot by Entity: HGA
FY23 SNAPSHOT BY ENTITY: HGA HGA ($’000) FY22 FY23 Change IMPROVED STRENGTHENED THE LAUNCHED CONVERSION ON FOUNDATIONS NEW OFFERS Net Sales 45,198 41,811 -7.5% CORE BUSINESS Gross Margin 26,018 24,151 -7.2% • Strong Net Promoter • The Hamper Emporium Score 70% outperformed the GM % 57.6% 57.8% 0.2 p
Slide 12: Snapshot by Entity: PCF
FY23 SNAPSHOT BY ENTITY: PCF PCF ($’000) FY22 FY23 Change Net Sales 14,762 16,308 10.5% Gross Margin 6,729 7,178 6.7% GM % 45.6% 44.0% -1.6 pts • PCF Sales up 10.5% • Incremental distribution in milk and in store activation • Milk expansion into flavoured albeit small volume • Bulk milk sales improv
Slide 13: Strategy & Outlook
MAGGIE MBE HOLDINGS
Slide 14: Aspiration & Addressable Market
ASPIRATION & ADDRESSABLE MARKET OUR VISION FOOD $8.3B TO CHAMPION THE Cooking, Entertaining, JOY OF AUSTRALIAN FOOD, Desserts, Dairy CULTURE AND GIFTING = $36.6B in CULTURE $5.8B scope market OUR 5 YEAR ASPIRATION opportunity Kitchen, Home, Garden To create a $300M net sales revenue GIFTING $22.5B b
Slide 15: 5 Yr Strategy Recap - Re-imagining the Business
5 YR STRATEGY RECAP - RE-IMAGINING THE BUSINESS From: From: From: A specialist organic dairy A market leading hamper An iconic food brand & gifting business focussed on white milk To: To: To: A market leading An iconic food Superior quality dairy e-commerce platform that is & lifestyle brand in manu
Slide 16: 5 Yr Strategy Recap - Re-imagining Growth
5 YR STRATEGY RECAP -RE-IMAGINING GROWTH Realising the untapped potential of our assets by reframing MBH’s distinct business structures into a unified force OPTIMISE & EXPAND THE SCALE E-COMMERCE UNIFY ASSETS MAGGIE BEER BRAND PLATFORM • Retain PCF asset and invest in • Grow the core by increasing •
Slide 17: FY24 Priorities
FY24 PRIORITIES Focus on optimising core operations and investments to strengthen brands, accelerate innovation and enhance the customer experience OPTIMISE & EXPAND THE SCALE E-COMMERCE UNIFY ASSETS MAGGIE BEER BRAND PLATFORM • PCF cheese capex investment • Grow distribution in core ranges • Execut
Slide 18: FY24 Progress
FY24 PROGRESS OPTIMISE & EXPAND THE SCALE E-COMMERCE UNIFY ASSETS MAGGIE BEER BRAND PLATFORM Cocktail Hampers: • Created unified New Partnership with Curatif Supply Chain team across MBP & PCF • In-housed Maggie Beer Ash Brie (pre capex) Grazing Hampers: Launched online Maggie Beer Ice Cream range w
Slide 19: Outlook
OUTLOOK FY24 FOCUS • Investing in marketing, analytics and e-commerce capability to set a strong foundation for FY25 • Optimising our assets • Innovating and expanding our ranges • Building new categories and partnerships OUTLOOK • MBH focused on leveraging strengths to meet shifting consumer habits
Slide 20: E wo by a = a o Zz a E g M. s
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Slide 21: Disclaimer
DISCLAIMER Important Notice and Disclaimer This presentation has been prepared by Maggie Beer Holdings Ltd (MBH) to provide summary information about MBH and its subsidiaries. This presentation is provided for information purposes only. The information in this presentation is in a summary form, does
Slide 22: End of Presentation
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