Aryzta Ag · SIX:ARYN
Aryzta — Q1 FY2009 Earnings Presentation
25 slides from Aryzta's earnings presentation, Dec 1, 2008
Slide 1: ARYZTA AG Global Leader in Speciality Bakery Q1 Update
ARYZTA AG Global Leader in Speciality Bakery Q1 Update 1st December 2008
Slide 2: Market Leader in Speciality Bakery
Market Leader in Speciality Bakery Speciality Bakery Zurich-based Global speciality bakery Established in August 2008 Dual primary listing on the SIX Swiss and ISE Irish Exchanges 2
Slide 3: Scale & Reach: Access to Consumers across 4 Continents
Scale & Reach Access to Consumers across 4 Continents No. of consumers 772m Bakeries 23 GDP 20.1 trillion DSD facilities 111 Employees 8,000+ No. of DSD routes 900+ DSD customers 140,000+ 3
Slide 4: Speciality Bakery Brands
Speciality Bakery Brands ARY?ZTA fassion for good food
Slide 5: ARYZTA AG Recap Pro-Forma Results FY 08
ARYZTA AG Recap Pro-Forma Results FY 08
Slide 6: ARYZTA pro forma Full Year Results ended 31 July 2008
ARYZTA pro forma Full Year Results ended 31 July 2008 Hiestand Holding IAWS Group, Ltd. AG TTM4 30 June Pro forma ARYZTA pro forma full €’000 year ended 31 July 2008 2008 adjustments year ended 31 July 2008 Group revenue 2,660,946 481,681 (8,426) 3,134,201 Group operating profit1 196,303 48,714 - 24
Slide 7: ARYZTA pro forma Segmental Revenue Analysis
ARYZTA pro forma Segmental Revenue Analysis Food Food Food Developing Total Total €'000 Europe N. America Markets Food Group Origin Group IAWS Group, Ltd. 708,806 453,301 - 1,162,107 1,498,8391 2,660,946 Year to 31 July 2008 Hiestand Holding AG 464,210 - 17,471 481,681 - 481,681 TTM 30 June 2008 Pro
Slide 8: ARYZTA pro forma Segmental Operating Profit Analysis
ARYZTA pro forma Segmental Operating Profit Analysis1 Food Food Food Developing Total Food Total €'000 Europe N. America Markets Group Origin Group IAWS Group, Ltd. Year to 31 July 2008 73,512 51,865 - 125,377 70,926 196,303 Hiestand Holding AG TTM 30 June 2008 47,786 - 928 48,714 - 48,714 ARYZTA pr
Slide 9: Origin
Origin Agri Nutrition Food Agri Inputs Integrated Direct Marine Proteins Flour Milling Ambient Food - Feed Ingredients on-farm Farming - Fertiliser agronomy FY08 Operating Profit - €70.9m – 74% comparable EPS uplift* Agri-Nutrition 78% Food 22% * Comparable adjusted fully diluted EPS based on curren
Slide 10: ARYZTA pro forma Net Debt
ARYZTA pro forma Net Debt €000 Net debt Net debt : EBITDA 'IAWS Food Group' year to 31 July 2008 (413,190) 2.22x 1 Hiestand year to 30 June 2008 (109,310) Pro forma adjustment2 (30,062) Total Food Group (552,562) 2.15x Origin Enterprises year to 31 July 2008 (175,125) 2.20x 3 ARYZTA year to 31 July
Slide 11: Financial Strength
Financial Strength Excellent banking facilities – over €1bn negotiated in 2008 €795m Revolving Credit Facility - matures 20 June 2013 US $450m Private Placement - matures between 13 June 2014 - 13 June 2019 Covenant - Net debt : EBITDA 3.5x As at 31 July 2008, ARYZTA Food Net Debt €553m (2.15x Net D
Slide 12: ARYZTA AG Global Leader in Speciality Bakery Q1 FY09
ARYZTA AG Global Leader in Speciality Bakery Q1 FY 09
Slide 13: Q1 Revenue
Q1 Revenue Period ended 25th October 2008 Food Food Food Developing Total Total Europe* N. America Markets* Food Group Origin Group Group Revenue (€m) 298.7 137.4 4.7 440.8 424.7 865.5 Underlying Growth 4.2% 19.5% 5.1% 8.7% 7.8% 8.4% Acquisitions 2.3% - 1.6% 68.6% 26.8% - Currency (2.0%) (4.4%) 3.3%
Slide 14: Food Europe Q1
Food Europe Q1 Performance in line with expectation 4.2% underlying revenue growth in the period Changing consumer patterns emerging Slowdown in growth across most channels - particularly in the UK and Irish markets, which have seen reduced volumes Business responding - proving resilient - working w
Slide 15: Food North America Q1
Food North America Q1 Accelerated underlying revenue growth maintained 19.5% in the period Changing consumer pattern evident for some time Business responded Well positioned in new market environment 15
Slide 16: Origin Q1
Origin Q1 Excellent Q1 performance Positive growth momentum in Agri-Nutrition division Strong contribution from its agronomy business Masstock Origin confident about prospect for full year 16
Slide 17: Q1 Economic Backdrop: Contagion from the Financial Markets
Q1 Economic Backdrop Contagion from the Financial Markets 17
Slide 18: Reaches High Street
a me. a A Reaches High Street tassion for good food
Slide 19: Global GDP Decline
0 1 2 3 4 0.5 1.5 2.5 3.5 2002 2003 Source: Bloomberg 2004 0.5 1.5 2.5 3.5 0 1 2 3 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 USA 2002 2005 2002 2003 2006 2003 2004 2007 2004 UK Estimate 2005 2008 2005 Switzerland Global GDP Decline 2006 2006 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2007 2002 2007 Estimate 200
Slide 20: Perspective: Changing Consumption Patterns
Perspective Changing Consumption Patterns Food expenditure is non discretionary Consumers have choice - convenience Vs cost / time to prepare - quality Vs cheapest nutrient - wellness Vs food as fuel Tracking consumer is business critical 20
Slide 21: Tracking Consumer
Tracking Consumer Capability across all Channels Capability to Respond Restaurants Convenience Retailing Catering Hotels & Multiple Retail Leisure Quick Service Restaurants 21
Slide 22: Customer Focus & Consumer Relevance
Customer Focus & Consumer Relevance Always fresh bakery – consumer responds Highest quality Minimal waste Differentiation Maximise return on real estate Profitability Business model delivers 22
Slide 23: Well invested Bakery Assets
Well invested Bakery Assets Capability across all Categories 23 Locations Speciality Bakeries & Innovation Centres World Class Technology & Quality Assurance State of the art R&D facilities Baking academies of excellence Raw material, recipe and product formulation 23
Slide 24: Outlook
Outlook A very well invested speciality bakery business Excellent banking facilities and free cash flow Services all food channels: – restaurants, catering, hotels and leisure, quick service restaurants, travel and retail Capability to respond quickly to changing consumption patterns Extended geogra
Slide 25: Contacts
Contacts Hilliard Lombard Alex Money ARYZTA AG Media & Investor Relations Advisor Tel: +41 (0) 44 583 42 00 Temple Bar Advisory Email: info@aryzta.com Tel: +44 (0)20 7002 1080 Email: info@templebaradvisory.com 25