Midsona Ab Class A · OMXSTO:MSON_A
Midsona Ab Class A — Q3 2022 Earnings Presentation
18 slides from Midsona Ab Class A's earnings presentation, 2022
Slide 1: Midsona Interim Report Quarter 3, 2022
Midsona Interim Report Quarter 1 3, 2022
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements. Such statements are based on current expectations and are subject to risks and uncertainties that could negatively affect our business. Please refer to our recently published 2021 annual and sustainability report for a better understanding of
Slide 3: Summary
Summary • Good development for conventional food brands (Friggs, Earth Control, Gainomax, Swebar etc). • Challenges for organic food brands. • Private Label outgrows brands. • Price increases implemented • Continued severe cost inflation driven by energy and Fx • Decent harvest season • New price in
Slide 4: Q3 Financial Summary
Q3 Financial Summary Net sales 944 MSEK (893) Gross Margin 23,6% (27,5%) EBITDA before IAC* 50 MSEK (80) EBITDA % before IAC* 5,3% (9,0%) Net result -478 MSEK (31) Free Cash flow 22 MSEK (-8) * Items Affecting Comparability 4
Slide 5: Action Plan
Action Plan • Restore the gross margin • Continued implementation of price increases • Expand cost savings program • Previous announced program of 40 MSEK extended to 60 MSEK • Fully implemented mid 2023 • Accelerate sales • Three commercial focus areas • Price increases • Strengthen the balance she
Slide 6: Three commercial focus areas
Three commercial focus areas Organic Portfolio Conventional Brands Consumer Health Local brands. Same platform Nordic expansion Stand-alone organization Three building blocks that cover the vast majority of generated profit 1 6
Slide 7: Innovation Friggs
Innovation Friggs midsona
Slide 8: Focus Sports Nutrition
Focus Sports Nutrition • Strong growth for sports nutrition brands • Gainomax (+19%) • Swebar (+12%) • Launches • Gainomax BCAA • Swebar Popcorn 8
Slide 9: Guaranteed new rights issue
Guaranteed new rights issue Rights Issue of approximately SEK 600 million and issue terms, subject to approval by the EGM, planned to be held on 24 November 2022 • The purpose of the Rights Issue is to repay part of the Company’s term loan in order to reduce Midsona’s leverage ratio and to generally
Slide 10: Financial review CFO Max Bokander
Financial review CFO Max Bokander
Slide 11: Financial Summary
Financial Summary MSEK Q3 2022 Q3 2021 YTD 2022 YTD 2021 Net Sales 944 893 2 872 2 761 • IAC during Q3-2022 -478 M GM%* 23,6 27,5 24,5 28,1 EBITDA* 50 80 146 252 • -421 M; write-down of goodwill EBITDA%* 5,3 9,0 5,1 9,1 for North Europe (-175) and IAC** -478 6 -484 7 South Europe (-246) Net financin
Slide 12: Net sales
Net sales MSEK Q3 Q3 Organic growth by sales channel % of NS +3,5% +3,6% Grocery trade* -2,7% 65% -1,3% Health food stores -1,1% 15% +5,7% Pharmacies -4,6% 10% Food service 14,5% 10% Structural effects: Vitality included from Q4-21 12
Slide 13: EBITDA
EBITDA * MSEK Q3 QTD GM variance -4,0 p.p. Timing of price increases to customers Unfavourable x-rate development 80 77 Mix 72 One of costs 68 50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 * Before Items Aff
Slide 14: Sales, Marketing & Admin Expenses
Sales, Marketing & Admin Expenses * MSEK Q3 22,8% of NS Savings from restructuring 22,8% of NS * Before Items Affecting Comparability 14
Slide 15: Free Cash Flow
Free Cash Flow MSEK Q3-2022 QTD 96 64 19 22 -8 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 * 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 * Before Items Affecting Comparability 15
Slide 16: Available cash
Available cash MSEK 1 200 40% 1 109 37% 35% 1 000 30% 800 778 25% 600 20% 525 20% 543 501 486 17% 464 470 15% 428 434 400 15% 14% 14% 345 336 13% 301 12% 12% 10% 260 273 11% 200 10% 10% 231 9% 201 8% 9% 7% 7% 5% 0 0% Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-
Slide 17: Priorities 2022
Priorities 2022 Reaching higher • Price increases • Growth agenda with focus on the three commercial areas • Implement expanded cost savings program • Execute new rights issue 17
Slide 18: Slide 18