Cobram Estate Olives Ltd. · ASX:CBO
Cobram Estate Olives — H1 FY2022 Earnings Presentation
22 slides from Cobram Estate Olives's earnings presentation, Feb 21, 2022
Slide 1: Half Year FY2022 Results Presentation
Half Year FY2022 Results Presentation Cobram Estate Olives Limited ACN 115 131 667 June 2021 21 February 2022
Slide 2: Disclaimer
Disclaimer The material in this presentation is general background information about Cobram Estate Olives Limited (“CBO” or “the Company”) and is current at the date of the presentation. The information in the presentation is provided for information purposes only, is in summary form, and does not p
Slide 3: Agenda
Agenda 1. Welcome from Chair and Co-Founder Rob McGavin 2. Half Year FY2022 Financial Results 3. Business Operations and Company Update 4. Questions
Slide 4: Welcome and Key Messages
Welcome and Key Messages • The Company delivered improved earnings in 1HFY22, with the group reporting half-year EBITDA of $4.8 million (up 109% versus the prior year (1HFY21)), and half-year operating cash flow before interest and tax of $18.2 million (up 57% versus 1HFY21). • It is important to no
Slide 5: Half Year FY2022 Financial Results
Half Year FY2022 Financial Results Sam Beaton Joint-CEO Finance and Commercial
Slide 6: Half Year FY2022 - Financial Results Summary
Half Year FY2022 - Financial Results Summary Financial Results for the 6 months to 31 December 2021 • EBITDA for the period of $4.8 million ($2.3 million 1HFY21) • NPAT for the period of $5.2 million loss ($6.6 million loss 1HFY21) • Operating cashflow before interest and tax of $18.2 million ($11.6
Slide 7: Group Income Statement (Statutory) and Segment EBITDA
Group Income Statement (Statutory) and Segment EBITDA Earnings underpinned by the Australian olive oil division. 2022 crop carried at cost at 31 December 2021. Income Statement 6 months to 6 months to Segment results 31-Dec 31-Dec • The Australian Olive Oil division reported an EBITDA $'million 2021
Slide 8: Group Cash Flow Statement
Group Cash Flow Statement Strong operating cash flow for the half year Cashflow Statement 6 months to 6 months to 31-Dec 31-Dec $'million 2021 2020 Variance Key points Earnings before tax (6.1) (8.0) Continued strong operating cashflow reflective of (Increase) / decrease in working capital/ other no
Slide 9: Group Balance Sheet
Group Balance Sheet Strong balance sheet following equity raise Balance Sheet 31-Dec 30-Jun $'million 2021 2021 Variance Key points Cash 11.2 1.2 • Significant increase in Net Assets following the Current Assets (excluding cash) 126.1 134.6 $50 million equity raise in December 2021. Property plant a
Slide 10: Financial Outlook
Financial Outlook Outlook is positive, underpinned by increasing consumer demand for high quality extra virgin olive oil and our strong olive oil position in Australia • Sales outlook is positive, with increasing consumer demand for high quality extra virgin olive oil. • We are expecting year on yea
Slide 11: Funding Growth
Funding Growth The Company is well positioned to continue to fund growth strategies The Company is well positioned to continue to fund its growth strategies following the December 2021 $50 million equity placement and an increase in debt facilities by US$7 million. • During December 2021, $9.4 milli
Slide 12: Business Operations and Company Update
Business Operations and Company Update Leandro Ravetti Joint-CEO Technical and Production
Slide 13: Operational highlights
Operational highlights Minimal disruption to date despite the complexities all businesses are facing due to COVID-19 General / impact of COVID-19 • Across our business our operations are running relatively smoothly despite the many business challenges faced due to COVID-19. This is a credit to our f
Slide 14: 2022 Australian Olive Harvest Update
2022 Australian Olive Harvest Update Olive yields expected to be slightly above our 2021 Prospectus projections • The 2022 Australian olive harvest will commence in April and be completed around the end of June. The olive yield and the volume of olive oil produced from the Company’s Australian olive
Slide 15: Water Pricing in Australia Remains Below Historical Averages
Water Pricing in Australia Remains Below Historical Averages In FY2022 YTD we have purchased 74% of our water needs at a weighted average price of $96/megalitre Key points Cobram Estate Olives annual Temporary Water purchases • In FY2022 to 18 February, the Company has purchased 74% of its and avera
Slide 16: 2021 USA Olive Harvest Results
2021 USA Olive Harvest Results A challenging harvest, but well executed, yielding double the 2020 crop • After a very wet and difficult start of the season, our USA operations, technical, and milling teams coordinated fantastically to complete our Californian olive harvest within target timelines an
Slide 17: Environmental Sustainability Update
Environmental Sustainability Update New carbon farming project and olive pomace processing to compliment ongoing sustainability initiatives Carbon Farming Project • CBO recently signed an agreement with the Carbon Farming Foundation to implement a native reforestation project at the Company’s Bounda
Slide 18: Questions?
Questions Questions? Cobram Estate Olives Limited 18
Slide 19: Thank-you!
Thank-you!
Slide 20: Appendix
Appendix
Slide 21: Company Overview
Company Overview Cobram Estate Olives is Australia’s largest vertically integrated olive grower, processor and marketer • Established in 1998, with olive growing, processing and marketing operations in Australia and the USA, and export customers in 17 countries. • A market leader in the Australian e
Slide 22: Cobram Estate Olives - From Tree to Table
Cobram Estate Olives - From Tree to Table Growing and marketing olive goodness in Australia and the USA Cobram Estate Olives Limited 22
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