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Little World Beverages Ltd Presentation Fy Results 2010

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Little World Beverages Ltd Presentation Fy Results 2010 LITTLE WORLD BEVERAGES LTD PRESENTATION FY RESULTS 2010 AGM Presentation November 4th 2010 1 Operational Framework Manufacturing Little Creatures White Rabbit Brewery (Fremantle) Brewery (Healesville) Stone & Wood Brewery (Byron Bay) 20% interest Pipsqueak Cidery (Fremantle) Sales & Hospitality Distribution In-house In house Fremantle Melbourne Sales Representation Logistics Team National A/C Mgt Export Agreements 2 Full Year Result 2010 Summary Strong Financial Result… 2009 2009 Change ($mill) ($mill) Sales ↑ 18.2% 56.4 47.7 EBITDA ↑ 28.0% 12.8 10.0 Net Profit ↑ 51.1% 6.8 4.5 [ need down arrow] Operating Cash Flow 2.7% 7.9 8.1 3 Full Year Result 2010 Summary Shareholder value…. Change 2010 2009 Earnings per share (diluted) ↑ 50.0% 10.0 cents 6.66 cents Debt / (Debt + Equity) 32.3% 37.9% Dividend per share ↑ 98.0% 9.5 cents 4.8 cents Price per share (30 June) $2.39 $1.65 4 5 Year Performance… 5 5 Year Performance… 6 Fremantle Brewery • New brewing facility and packaging hall fully operational. Generating good efficiencies and opportunity for continuing improvement 7 White Rabbit Brewery : Healesville • Unique process set up - open fermenting vessels contribute distinctive malt and yeast characters • White Rabbit Dark Ale released last year has gained excellent distribution and consumer response. • White Ale released in second half of FY with excellent “pick up” by trade and encouraging early consumer response. White Rabbit Brewery : Healesville 9 Beer Brands • Pale Ale continues to build a reputation as one of Australia’s great beers. Remains strongest performer and flagship brand. • Rogers’ and Bright Ale continue delivering double digit growth • Pilsner, remains positioned as our “original house” lager style. • Single Batch series started with an IPA. A regular program of differing styles produced in one off batches packaged in the company’s unique pint bottle. 10 Hospitality The Fremantle Brewery’s cellar door and the Fitzroy Dining Hall provide an opportunity for consumers to get “personal” with the company’s entire range of products delivered by some fabulously passionate people in these venues. 11 Cider • Cider market growth leading other alcoholic beverage categories. • LWB was a “first mover” in the premium sector of Australian cider with the launch of Pipsqueak. • Route to market aligned with existing sales & distribution network & capability. • Increased competition yet Pipsqueak continues to achieve double digit volume growth. 12 Capital Expenditure Completed • New brewery commissioned with increased production capacity. • Packaging, Logistics & Admin premises at Jones St O’Connor. • White Rabbit Brewery • 20% investment in Stone & Wood Brewing Current Works • Minor additions to Dining Hall including new offices • Planning for FY11 investment in boardwalk link • Brewery additions – efficiency projects: centrifuge, bright beer tank, increased fermentation 13 International • Internationally, Little Creatures is sold in the UK, Singapore, Denmark, New Zealand, Hong Kong and Canada. • Whilst International markets are considered a future opportunity, domestic market growth is the company’s priority in terms of resource allocation and return for effort. • Since March 2007 LWB has been exclusively importing Aspall Cyder, England’s oldest direct lineage cider maker, into Australia. This relationship assisted in the production of our own cider product. 14 How Little is Little: putting LWB in perspective. • The craft beer market is less than 1% of the total Australian beer market (excluding Coopers) • LWB volume share is less than .5% of the total • LWB is considered the 5th largest brewing concern in the country behind Fosters, Lion (Kirin), Coke (SAB Miller), and Coopers… • LWB has been developed at a scale to be economically competitive in the craft market • So this “little” company believes it is well positioned as a small brewer but a big player in a high margin segment that is small in size and growing bigger. 15 What is a craft brewer? Whilst no strict definition the market is generally characterized by; • a focus on ales in preference to lager • brewed using traditional methods – typically brewed using traditional methods, without adjuncts such as rice or corn. • small scale – labor intensive micro rather than automated macro facilities using small batch based production. • craft beer is typically priced above global premium brands. The US Craft Industry produced a video which can be found on You Tube called “I am a craft brewer” which provides the more emotional standpoint of the passionate people in the business. 16 The 2009 US Craft Brewing Index Source: New Brewer Magazine 10000 9000 Contract Brewing Companies 8000 Regional Craft Breweries Microbreweries 7000 Brewpubs 6000 5000 4000 3000 2000 1000 17 ‘000 0 barrels 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Australian Beer Growth by Category FY08-10 (CAGR) Source: AC Nielsen 35 30 25 20 15 10 % 5 0 Mid Craft Light Total Total -5 Premium Int'l Premium -10 18 New Style' Regular Style' New Premium Domestic Premium Traditional Regular Traditional It can be a long time between drinks! In Australia, and indeed internationally, it is not easy to build a sustainable independent branded beer business…one that is established with strong distribution, in house national sales representation, and premium price points to deliver appropriate margin and sustainable profits. Consider the Little Creatures achievement against the major surviving domestic brewery brands, their establishment dates and current ownership; Cascade (1824–Fosters), Swan (1857-Kirin), Coopers (1862), Tooheys (1869 – Kirin), Boags (1881-Kirin), CUB (1883-Fosters), Matilda Bay (1984), Hahn (1986-Kirin)…Little Creatures Brewing 2000. Strong brewery brands accordingly are highly valued. Accordingly, LWB believes it has created a solid foundation for returning ongoing value to shareholders. 19 Thank you : Questions? This presentation has been prepared by Little World Beverages Limited (LWB) and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, and neither this document nor anything in it shall form the basis of any contract or commitment. Prospective investors should make their own independent evaluation of an investment in LWB. Nothing in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all the information that a potential investor may require in making an investment decision. LWB has prepared this presentation based on the information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by the law, none of LWB, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on part of any of them or any other person, for any loss arising from the use of this presentation or its content or otherwise arising in connection with it. This presentation contains information about the past performance of LWB, past performance is not necessarily indicative of the future performance of LWB. 20.
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