Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Q1 2023 Earnings Presentation
23 slides from Anora Group Oyj's earnings presentation, May 11, 2023
Slide 1: Q1 23 Results presentation
Q1 23 Results presentation CEO Pekka Tennilä CFO Sigmund Toth 11 May 2023
Slide 2: Today's agenda and speakers
Q1 23 Results presentation Today’s agenda and speakers • Business review • Financial review • Q&A • Closing remarks CFO Sigmund Toth CEO Pekka Tennilä Q1 23 Result presentation 2023 | 11 May 2023 | 2
Slide 3: In Q1 23, sales increased, but EBITDA declined due to lower gross margins
Business Review In Q1 23, sales increased, but EBITDA declined due to lower gross margins and higher operating expenses Net sales, Net sales excl. Globus Wine Comparable EBITDA, EUR million EUR million EUR million 159.5 136.5 7.9 (133.4) (133.4) (13.0) Timing of Easter had a small Sales growth in al
Slide 4: Market development
Business Review Market development Sales in monopolies still declining, despite of the timing of Easter DEVELOPMENT OF WINE AND SPIRITS SALES VOLUMES IN THE NORDIC NORDIC MONOPOLY SALES VOLUMES OF WINE AND SPIRITS TOGETHER % change compared to previous year Q1 23 Q1 22 2022 Nordics, total sales volu
Slide 5: Wine
Business Review Wine Product launches in Q1 and April Q1 Highlights NET SALES (TOTAL), MEUR +38% • Net sales increased to EUR 73.3 (53.2) million due to Globus Wine. 73 • Net sales without Globus Wine grew 53 slightly in local currencies. • The timing of Easter had a small positive impact on sales.
Slide 6: Spirits
Business Review Spirits Product launches and tender wins Sweden – Explorer Red Berries, Xanté Passionfruit, Barracuda Gran Reserva and Koskenkorva Apple Q1 Highlights NET SALES, MEUR Finland – Goalong Single Malt, Loch Lomond Single +9% Malt, Barracuda Pineapple, Leijona Mansikka- Raparperi-Lime Coc
Slide 7: Industrial
Business Review Industrial Q1 Highlights NET SALES, MEUR +11% • External net sales grew by 6%. 68 61 • Net sales in industrial services and 30 industrial products increased due to Internal 25 increased input costs passed on through higher prices. External 36 38 • In Vectura, net sales increased in t
Slide 8: Sustainability highlights in Q1
Business Review Sustainability highlights in Q1 Planet • Anora moved to 100% renewable energy in Finland • Improvements in ESG-rankings (Systainalytics and S&P Global) People • Lost time injury frequency LTIF 7.5 (4.4) • Anora started to conduct a human rights assessment and commitment to its value
Slide 9: Financial review
Financial review Q1 23 Result presentation 2023 | 11 May 2023 | 9
Slide 10: Barley sourcing
Financial review Barley sourcing Average barley price decreased by 11% from Q1 22 to Q1 23 In Q1 23 Historically, over a 5-year period, Anora used BARLEY PRICE DEVELOPMENT (EUR/TN)* the average barley market price 45.5 (46.9) has been about 160 €/tn million kilos of grain 400 350 300 250 200 150 100
Slide 11: Net sales increased due to Globus Wine
Financial review Net sales increased due to Globus Wine Sales increased due to Globus Wine (acquired in July 2022) supported by increased sales in Spirits and Industrial, and the timing of Easter. NET SALES (EXTERNAL), MEUR 160 23 Globus Wine 134 133 129 123 +20% 159.5 4.0 2.2 133,4 20,1 137 Q1 19 P
Slide 12: Profitability weakened during Q1
Financial review Profitability weakened during Q1 Price increases only partly offset the high input costs. COMPARABLE EBITDA, MEUR AND % OF NET SALES 16,7 13,0 12.4% 10,9 -39% 9.8% 13,0 -1.9 8,6 -2.3 7,9 8.8% -0.8 6.7% -0.1 7,9 5.0% Q1 19 PF Q120 PF Q1 21 PF Q1 22 Q1 23 Q1 22 Wine Spirits Industrial
Slide 13: Balance sheet key figures
Financial review Balance sheet key figures Q1 23 Q1 22 2022 • The increase in net debt was mainly due to the acquisition of Globus Wine which was financed with debt. Net debt / comparable EBITDA (rolling 12m) 4.0 2.2 4.0 • The cash flow from operations was impacted by the change Borrowings, EUR mill
Slide 14: Outlook 2023
Financial review Outlook 2023 Guidance remains unchanged: Comparable EBITDA expected to be EUR 80-90 million • In 2023, the volumes in the monopolies are expected to be significantly lower than during the COVID-19 restrictions. • Input costs are expected to remain at a high level Q1 23 Result presen
Slide 15: Q&A
Q&A Q1 23 Result presentation 2023 | 11 May 2023 | 15
Slide 16: Closing remarks
Closing remarks Sales and market Profitability declined; Mikkel Pilemand share growth across price increases and appointed as CGO most categories savings not fully and member and markets visible in Q1 of the EMT from 1 May Q1 23 Result presentation 2023 | 11 May 2023 | 16
Slide 17: Appendix
Appendix Q1 23 Result presentation 2023 | 11 May 2023 | 17
Slide 18: Q1 2023 income statement
Financial Review Q1 2023 income statement EUR million Q1 23 Q1 23 2022 Net sales 159.5 133.4 702.7 Other operating income 2.2 2.4 10.9 Materials and services -97.1 -75.5 -414.3 Employee benefit expenses -25.5 -23.4 -93.8 Other operating expenses -32.3 -25.1 -137.6 Depreciation, amortisation and impa
Slide 19: Q1 balance sheet
Financial Review 31 Mar 31 Mar 31 Dec EUR million 2023 2022 2022 Q1 balance sheet EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital 61.5 61.5 61.5 Invested unrestricted equity fund 336.8 336.8 336.8 31 31 Legal reserve 0.5 0.4 0.5 March March 31 Dec Hedge reserve 0.9 2
Slide 20: Anora's Executive Management Team May 2023
Governance Anora’s Executive Management Team 1 May 2023 Pekka Tennilä Janne Halttunen Hannu Tuominen Kirsi Lehtola CEO SVP, Wine SVP, Industrial CHRO Sigmund Toth Kirsi Puntila Mikkel Pilemand CFO SVP, International CGO Previously served as International career Previously served as Strong HR experti
Slide 21: Anora's Board of Directors
Governance Anora’s Board of Directors Michael Holm Johansen Jyrki Mäki-Kala Kirsten Ægidius Christer Kjos Florence Rollet Chairperson Vice Chairperson Member Member Member Shareholdings: 80,000 Shareholdings: 3,517 Shareholdings: 2,440 Shareholdings: - Shareholdings: - Chair of the Human Resources C
Slide 22: Anora's top 10 shareholders 31 March 2023
Ownership structure Anora's top 10 shareholders 31 March 2023 Shareholder Shares % of shares ILLUSTRATION OF ANORA’S OWNERSHIP Solidium Oy 13 097 481 19.4 Varma Mutual Pension Insurance Company 2 031 240 3.0 Rest of the world Ilmarinen Mutual Pension Insurance Company 1 290 000 1.9 0.5% Canica AS We
Slide 23: More information
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