Novabev Group · RUS:BELU
Novabev — Beluga Group — H1 2022 Earnings Presentation
27 slides from Novabev's earnings presentation, 2022
Slide 1: Beluga Group 1H 2022 Results
BELUGA GROUP presentation 1H 2022 Results
Slide 2: Disclaimer
Disclaimer The information contained herein has been prepared by that there is no guarantee of the accuracy or completeness of The information must not be acted on or relied on (i) in the Beluga Group PJSC ( ). The information and such data. While the Company believes that each of these United Kingd
Slide 3: Highlights: 1H'22
Highlights: 1H’22 +37% N e t R e v e n u e g r o w t h +94% E B I T D A g r o w t h 17.0% m a r g i n +97% N e t I n c o m e g r o w t h 5.4% m a r g i n
Slide 4: Beluga Group at a glance
BELUGA GROUP at a glance № 1 № 4 RUB 117bn RUB 86bn RUB 14.0bn Spirits producer Vodka producer (+21% Y-o-Y) (+26% Y-o-Y) (+47% Y-o-Y) In Russia(1) Globally(2) LTM Gross revenue(3,4) LTM Net revenue(3) LTM EBITDA(3) 18.2% 1,234 ruA+ 1.8x ≥ 25% ROIC(5) stores(6) Expert RA Net debt / EBITDA(6) of Net I
Slide 5: Robust operational performance
Robust operational performance Total shipment Import In-house brands In-house brands shipment Import brands shipment shipment, % shipment, % Mln, 9L cases(1) Mln, 9L cases Mln, 9L cases 11% 14% 4% 11% 71% 29% 17,4 17,5 15,0 14,6 2,9 15,7 14,0 14% 17% 2,4 11% 86% 83% 89% 7,3 8,3 1,7 1,4 15% 17% 6,2 6
Slide 6: Selected brands' performance in 1H2022
Selected brands’ performance in 1H2022 shows ongoing trend of sales mix premiumization In-house brands Vodka Spirits Wine Golubitskoe Parka Orthodox Beluga Belaya Devil’s Island, Green sova Baboon, gin Estate, Tete de rum Cheval + 136% + 71% + 40% + 28% + 492% + 242% + 52% Partners’ brands Spirits I
Slide 7: Continuous focus on innovations with successful ramp-up of new products
Continuous focus on innovations with successful ramp-up of new products Track record of new products launch 2020 2021 2022 A thoughtful approach to the development and launch of new products allows the Group to timely respond to changing customer preferences and better understand customers’ behavior
Slide 8: Unmatched leadership domestically and further advance worldwide
Unmatched leadership domestically and further advance worldwide Strong brand positions at the global market(1) The absolute leader in the Russian alcohol market(1) №1 vodka & flavored liquors producer(4) №1 flavored liquors producer № 4 Vodka producer globally(2) 12,8% 12,2% Tatspirtprom 10,5% Globa
Slide 9: Successful ramp-up of own specialized retail chain
Successful ramp-up of own specialized retail chain applying efficient Direct-to-customer approach Stores rollout dynamics Higher profitability comparing to public 1 234 Like-for-like sales: Russian retailers(1), Gross margin in 1H’22, % # of stores (end of period) 1 124 1 001 +10.6% (1H’22 YoY) 713
Slide 10: Winelab's diversified product portfolio and strong financial results
Winelab’s diversified product portfolio and strong financial results SKUs structure(1) 56.2% 14.1% Share of Winelab Share of Winelab in BELUGA by categories by brands(2,3) in total agencies’ GROUP’s total in-house brands revenue, 1H’22 brands revenue(2), 1H’22 Still and Beer Group's in-house sparkli
Slide 11: Financial Results Update
FINANCIAL RESULTS UPDATE
Slide 12: Financial performance summary
Financial performance summary In RUB bn unless stated otherwise 1H 2020 1H 2021 1H 2022 Change Y-o-Y Total shipment, mn 9L cases 7.2 7.3 8.3 13.7% Revenue reached RUB 42.1 bn growing at CAGR of 28.1% since 1H’20 # of stores 622 713 1 234 73.1% 37% y-o-y revenue growth in 1H 2022 Financial metrics
Slide 13: Strong financial performance
Strong financial performance Net revenue(1) EBITDA Net income In 1H’22, consolidated revenue RUB bn RUB bn % EBITDA margin RUB bn % NI margin grew by 37% driven by the 12.6% 13.4% 17.0% 1.8% 3.7% 5.4% proactive pricing policy and steady growth of Winelab retail CAGR 28% CAGR 44% CAGR 122% chain 42,1
Slide 14: Consistent growth across all segments
Consistent growth across all segments Production & Distribution Retail revenue Food revenue Strong top-line growth across revenue dynamics dynamics dynamics all business segments RUB bn RUB bn RUB bn Segment share, % Segment share, % Segment share, % Production & Distribution 55.2% 55.5% 53.5% 37.2%
Slide 15: Comfort Debt portfolio
Comfort Debt portfolio Debt burden stays on comfort Total debt evolution Total debt statistics summary RUB bn 30 Jun’21 30 Jun’22 level as of 30 Jun’22 Net Debt / Total Debt / LTM EBITDA RUB mn LTM EBITDA stands at 1.8x 3.2x 2.1x 2.4x Loans and bonds 16,483 22,121 33,0 Lease liabilities 3,745 10,874
Slide 16: Shareholder structure and dividend policy
Shareholder structure and dividend policy Shareholder structure(1) Dividend policy A. Mechetin Free float In September 2020, the Board of Directors of BELUGA GROUP approved the Group's new dividend policy, 58% 24% which sets out the following key principles: Quasi-treasury Management 13% 5% At least
Slide 17: Income statement
Income statement RUB mn 1H 2020 1H 2021 1H 2022 Y-o-Y, % Net revenue 25,629 30,752 42,053 +37% Cost of sales (16,452) (19,624) (24,854) +27% Gross profit 9,177 11,128 17,199 +55% margin 35.8% 36.2% 40.9% +4.7 pp G&A expenses (1,468) (1,796) (2,343) +30% Distribution expenses (5,201) (6,783) (9,663)
Slide 18: Balance sheet
Balance sheet RUB mn 31 Dec’21 30 Jun’21 30 Jun’22 RUB mn 31 Dec’21 30 Jun’21 30 Jun’22 ASSETS SHAREHOLDERS’ EQUITY AND LIABILITIES Non-current assets Equity and reserves Share capital 1,580 1,580 1,580 Property, plant and equipment 18,365 13,839 22,593 Treasury shares (206) (206) (250) Goodwill 3,6
Slide 19: Cash Flow
Cash Flow RUB mn 1H 2020 1H 2021 1H 2022 Operating profit, continuing operations 2,303 2,423 5,129 Operating loss, discontinued operations (136) (16) - Depreciation and amortization 1,158 1,278 2,039 Other non-cash transactions 148 92 (13) Other gain / losses 5 (26) (55) Changes in working capital (
Slide 20: Appendix
BELUGA APPENDIX
Slide 21: Beluga Group's efficient route to the market
BELUGA GROUP’s efficient route to the market 5 production facilities across Russia with >20mn 9L total capacity 1 ethanol plant with 1mn 9L total capacity 186 Saint Petersburg 1 vineyard Riga 241 ha fertile vineyards Saint Petersburg Arkhangelsk 42 Arkhangelsk region 900 ha additional land Moscow Kr
Slide 22: Diversified business with large share of non-vodka categories
Diversified business with large share of non-vodka categories Key direction for business diversification BELUGA GROUP Production & Distribution revenue evolution(2) Distribution platform focused Stable share 100% 100% on direct sales of export operations Import 4% High and growing level of the F
Slide 23: Strong brand portfolio: own brands cover most product categories
Strong brand portfolio: own brands cover most product categories Vodka Cognac / Wines Gin Whiskey Other spirits Liqueur (infusions, rum, etc.) Super Super premium premium Sub-premium / Sub-premium / premium premium Middle Middle Mainstream Mainstream Sources: Company data Notes: Price range for ever
Slide 24: Strong brand portfolio: imported brands from renowned producers
Strong brand portfolio: imported brands from the world's renowned producers Cognac Whiskey / Rum Wines Other spirits Brandy (tequila, gin, etc.) Super Super premium premium Sub-premium / Sub-premium / premium premium Middle Middle Mainstream Mainstream Sources: Company data Notes: Price range for ev
Slide 25: High standards of corporate governance with independent Board members
High standards of corporate governance with independent members on the Board of directors ALEXANDER NIKOLAY 2 New members on MECHETIN CEO Founder of BELUGA GROUP BELOKOPYTOV Chairman of the BoD CFO the Board of Directors SERGEY MIKHAIL MOLCHANOV KASHIRIN Chief Operating Officer Head of Business Deve
Slide 26: Key marketing activities
Key marketing activities WINDOW BRANDING OFFTRADE ACTIVITY DUTY FREE BRANDING BELUGA GLOBAL SPECIAL PROJECTS 26
Slide 27: Contact us!
Sergey Kuptsov Anton Chertkov Head of Corporate Finance Investor Relations Manager ir@belugaglobal.com A.Chertkov@belugaglobal.com +7 (495) 510-26-95 +7 (495) 775-30-50 Contact us!