Becle, S.a.b. De C.v. · BMV:CUERVO
Becle, S.a.b. De C.v — Investor Presentation (February 2024)
20 slides from Becle, S.a.b. De C.v's investor presentation, February 2024
Slide 1: Investor Presentation
Investor Presentation Becle, S.A.B de C.V. February 2024
Slide 2: Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide
Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide Becle Today Diversified Product Portfolio with Over 30 Brands 2023 Key Figures Exposure to the Right … With the Right High-Growth 27.1MM • Undisputed leader in tequila globally, Geographies… Categories of 9 Liter Case
Slide 3: Becle's Outstanding Performance Makes it Today a Larger Company than in 2015
Becle's Outstanding Performance Makes it Today a Larger Company than in 2015 2015 2023 18.2MM 1.5X 27.1MM of 9 Liter Cases of 9 Liter Cases NSV/Case (1) US$51 NSV/Case (1) US$97 933 MM 2.8X 2,625 MM Net Sales (US$) (2) Net Sales (US$) (2) Focus on brand premiumization Net Sales by Region 246 MM 1.8X
Slide 4: Our Company
Our Company 1 Undisputed Global Leader in Tequila and #2 in Irish Whiskey 2 Dominant Position in the Hottest Spirits Category… 3 …And a Privileged Competitive Position… …In High-Growth Spirits Categories Through an Extensive Product 4 Portfolio with Focus on Premiumization Proven Agility and Innovat
Slide 5: Undisputed Global Leader in Tequila and #2 in Irish Whiskey
1 Undisputed Global Leader in Tequila and #2 in Irish Whiskey Global Leader in Tequila… ... In Every Region As of 2022 Volume – Total Market Size 46.7MM 9L Cases As % of volume - 2022 United States (56% of 2022 Global Volume) 29.8% 1ST 22.5% 12.4% Owner of 3 of Top 6 Leading Tequila brands by Rest o
Slide 6: Dominant Position in the Hottest Spirits Category…
2 Dominant Position in the Hottest Spirits Category… Since Last Issuance, Tequila has… A …Been the Fastest Growing Major Spirits Category in the US and Second Fastest in the World B …Significantly Increased its Market Share (2017 - 2022 9L cases volume CAGR) (In terms of 9L cases volume) Tequila ove
Slide 7: …And a Privileged Competitive Position…
3 …And a Privileged Competitive Position… High Barriers of Entry Provided by Becle’s Vertical Integration and Own Distribution Agriculture Production Distribution Competitive Advantage Resulting from Appellation of Flagship Distilleries and Bottling Facilities Support Own Distribution Platform to Co
Slide 8: … In the Right Categories & Markets…
4 … In the Right Categories & Markets… Exposure to Dynamic Regions and Categories Spirits Growth | 2017-2022 9L cases Volume CAGR (1) (2) 78% of Becle’s Sales are in Tequila & Irish Whiskey 56% of Becle’s Sales are in the U.S. & Canada 12.3% 8.6% 8.0% 6.1% 2.7% (2.2%) (3) Tequila Irish Whiskey Total
Slide 9: … Through an Extensive Product Portfolio with Focus on Premiumization
4 … Through an Extensive Product Portfolio with Focus on Premiumization Diversified Brand Portfolio Net Sales by Category Jose Cuervo Family 1800 Other By value as of 2023 Tequila Prestige Super Premium Super Premium/ Premium Super Premium Ultra Premium Ultra Premium Irish Whiskey U.S. Whiskey Tequi
Slide 10: Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity
5 Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity Becle’s Agile & Innovative Business Model is a Key Driver of its Outperformance Net Sales Y-o-Y | (%) 32.1% 20.6% 20.9% 17.9% 12.5% 11.3% 8.5% 16.0% 6.4% 5.5% 3.1% 7.0% 3.6% 4.1% 1.2% (0.5
Slide 11: Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth
6 Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth Best-In-Class Credit Metrics Total Debt / Market Cap (1) Net Debt / EBITDA (1) 2.8x 22.9% 21.7% 2.6x 20.0% 2.4x 17.7% 2.1x 2.1x 9.6% 1.2x 7.1% Pernod Ricard Diageo Cuervo Campari Brown Forman Remy Cointr
Slide 12: Renowned Family Heritage and Strong Corporate Governance
7 Renowned Family Heritage and Strong Corporate Governance Becle is a Global Spirits Company with a Profound Family Heritage Ownership • Founded in 1758, Becle is today an 11th generation managed spirits company Public Float 13% • Public company since 2017 and part of the S&P/BMV IPC index ─ Market
Slide 13: New Bank Debt to Increase Debt Maturity Profile and Maintain Strong Liquidity
8 New Bank Debt to Increase Debt Maturity Profile and Maintain Strong Liquidity Transaction Rationale Sources & Uses • Term out US$535mn of bank financing, essentially all of the Company’s Sources Uses short-term indebtedness ➢ Leave no relevant debt maturities until May 2025 (US$153mn balance outst
Slide 14: Strong ESG Driven Culture
9 Strong ESG Driven Culture Our ESG (Environmental, Social and Governance) strategy is based on clear and defined business values and actions divided in three pillars for a sustainable future: i) Sustainable Governance, ii) From Source to Market and iii) Looking After Our People Awards, Recognitions
Slide 15: Becle's Environmental Initiatives are Aligned to the UN Sustainable Development Targets
9 Becle’s Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact SDG Alignment Sustainable Agriculture Biodiversity Sustainable Sourcing Traceability of our agave plantations, Allowing local fauna to perform Sourcing of most of our guaranteeing non-
Slide 16: Financial Statements
Financial Statements 14
Slide 17: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income Twelve months ended December 31st Fourth quarter ended December 31st 2022 % of net sales 2023 % of net sales 2023 (USD) (1) 2022 % of net sales 2023 % of net sales 2023 (USD) (1) (Ps$MM) Net sales 45,729 44,355 2,626 13,801 13,164 779 Cost of goods sol
Slide 18: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position Twelve months ended December 31st (Ps$ MM) 2022 2023 2023 (USD) (7) Assets Cash and cash equivalents 4,521 6,367 377 Trade receivables 11,812 11,229 665 Inventories (1) 19,549 16,935 1,002 Other assets (2) 3,602 3,563 211 Total current assets 39,483 38,0
Slide 19: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Twelve months ended December 31st (Ps$ MM) 2022 2023 2023 (USD) (1) Operating activities: Income before income taxes 8,231 6,188 366 Adjustment from items not implying cash flows: Depreciation and amortization 953 1,074 64 Loss on sale of property, plant and equ
Slide 20: Full Year 2024 Guidance
10 Full Year 2024 Guidance As of February 23rd, 2024 • Items provided below are based on the Company's current estimates and are not a guarantee of future performance. • There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factor
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