6. MASI AGRICOLAaimnews.it/wp-content/uploads/2015/08/6.-MASI-AGRICOLA.pdf · 4 One of the Best...
Transcript of 6. MASI AGRICOLAaimnews.it/wp-content/uploads/2015/08/6.-MASI-AGRICOLA.pdf · 4 One of the Best...
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Masi Agricola | Company Presentation
Lugano - September 25th, 2015
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2
Speakers
FEDERICO GIROTTO
Co-Chief Executive Officer
Years at Masi: 1
Relevant Experiences:
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Masi at a Glance
3
1
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One of the Best Known Italian Premium Wine Brands Specialised in
Amarone with a Story Dating Back to the XVIII Century
� With approx. € 60 mn of sales and a 12 mn bottle production, Masi Agricola S.p.A. ("Masi" or the "Company") is a leading
player of the Italian wine market preeminently in terms of brand awareness and quality produced
1772Boscaini family acquired a vineyard in the Valpolicella valley "Vaio dei Masi" and started wine production
1964Sandro Boscaini joined the Company
1950-1955New headquarters in
Gargagnago and start of export in Europe and North
America
1972-1973-19791972: Incorporation of Masi Agricola
1973: JV with Serego Alighieri started1979: Creation of Gruppo Tecnico Masi
2007Partnership with BossiFedrigotti (third party production)
2013Acquisition of Canova
S.r.l. including 33 ha vineyards
1999Internationalisation of production and marketing by MASI Tupungato in Argentina exporting Italian grapes and Venetian know-how
2006Alcedo SGR
investment in MASI (15% current stake in two steps investment, in 2006 and in 2011)
2003New distribution
channels: MASI opens to Duty Free and
Transportation
Business Model
� Strongly leveraging on Masi brand awareness
� Focus on Venetian terroirs and old traditional
production techniques
� Great attention to quality and R&D
Brand Portfolio
90's-Today70's60's50'sXVIIIcentury
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Shareholders and Governance Post-IPO
Board of Directors is composed by 9 members of which:
� 6 expression of Boscaini Family
� 1 new member (Federico Girotto)
� 2 independent (Mr Fontana and Mr Bignami, of which 1 designated by
Alcedo)
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Focus on Company Products and Brand2
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Top Wines
Premium Wines
Classic Wines
OtherProducts
Price (1) Bottles (# mn, 2014)
Product Brands
Overview
Source: Company Information(1) Suggested retail price in Italy including VAT(2) Including "Vecchie Annate" (i.e. selection of certain wines which have been aged more than usual)
>€25 0.811(2)
€10-€25 6.116
€5-€10 4.65
n.a. n.a.n.a.
% Revenues
23.0%
48.5%
26.8%
1.7%
% Appaxxim.
99%
96%
0%
n.a.
% Venetian Terroir
100%
91.5%
100%
n.a.
Balanced Portfolio of Products Across Different Segments
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Rank Amarone
1 Masi Costasera
2 Quintarelli
3 Bertani
4 Tommasi
5 Romano Dal Forno
Search Rank on Wine Searcher as of Apr 24th 2015
8
Focus on Masi Brand Awareness
Marketing, Advertising & Promotion
Brand Awareness(2): the Costasera Case5 Amarone with top scores from prestigious institutes(1)
86
88
90
92
94
96
98
100
Campolongo Mazzano Ris. Costasera Costasera Vaio Armaron
Wine Spectator JamesSuckling Wine Enthusiast
Scores (Max: 100)
5,05,9
6,9 7,1 7,1
2010 2011 2012 2013 2014
Communication & Marketing Costs (EUR mn)
BRAND COMMUNICATION
COMPANY EVENTS
INTERNATIONAL FAIRS
� Vineyards sightseeing
� Events for experts andenthusiasts
#
191
211
281
293
166
Search rank among worldwide wines
Source: Company Information(1) Different reference dates, from March 2012 to May 2015(2) Search Rank on Wine Searcher as of April 24th, 2015
8,4%9,6%
10,5% 11,0%12,0%
2010 2011 2012 2013 2014
Communication & Marketing Costs as a % of Revenues
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Venetian Terroir 94%
Others 6%
Appaxximento 69%
Others31%
Venetian Terroirs
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Appaxximento Technique
Masi expertise in this method is recognized
worldwide and is certified with the APPAXXIMENTO
trademark, which underlines «modern wines with an
ancient heart»
Venetian Production Techniques and Terroirs
FOCUS ON THE RECOVERY, PROMOTION AND
MODERNISATION OF THE VENETIAN TRADITIONAL
TECHNIQUES AND GRAPE VARIETIES
Wine Revenues FY 2014
Venetian Vineyards
Wine Revenues FY 2014
Verona HillsValpolicella Hills
Costasera
Valpolicella Hills
Bonacosta
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Ambassador of the Venetian Values
Masi Prize and Fondazione MasiMasi Brand Network
Amarone
Families
Association
Fondazione
Altagamma
Italian Quality
Wine Institute
� Eleven names who founded the
organisation are: Allegrini, Begali,
Brigaldara, Masi Agricola, Musella,
Speri, Tedeschi, Tenuta
Sant'Antonio, Tommasi, Venturini
and Zenato
Food & Beverage Brands
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Wine Market Overview3
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Italy: a Fragmented Market
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Market Size(1): € 12,350 mn
< 2 hectares per Grape Growers(4)
7 Employees per Wine Industrial Company
Source: ISMEA(1) Total revenues at production level; (2) Companies involved in the transformation of grapes and production of wine as per Agea 2011; (3) Industrialised players as per ISTAT 2011; (4)Agricultural companies involved in grape growing activities as per "Censimento Agricoltura" 2010;
Total Wine Producers(2): 62,525
Total Wine Industrial Companies(3): 1,807
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Focus on Company Value Chain4
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in outsourcing
� Above the line
communication
� Events and fairs
� Websites / social
network
� The Masi
Foundation
� Associations
14
High Vertical Integration and Full Control of the Value Chain
R&DProduction
and Logistics
1 3
� MASI Technical
Group
� Appaxximento
technique
� Grapes picking and
conferment
� Crushing and
destemming
� Winemaking
� Aging
� Bottling and packing
� Storage
� Picking
� Shipping to the end
customer
Selling and
Distribution
4
� Multi-firm agents on
the Italian market
� Foreign distribution
partners
Marketing and
Communication
5
Procurement
2
� Raw materials
supply
� Managed lands
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MASI Technical Group
Innovative Thanks to Continuous R&D
Experimental Vineyard and Cellar
NASA
� Founded in 1979, comprising a
pool of 13 internal and external
experts in the fields of oenology,
agronomy, microbiology, chemical
and marketing
� Group focus is on the
modernization and promotion of
the Venetian traditional grapes
and techniques
� Experimental vineyard dedicated
to modernisation and revival of
the old-tradition Venetian grapes
and wines
� Experimental cellar dedicated to
the use of modern technologies in
winemaking
� Natural Appassimento Super
Assisted is an innovative natural
"Appassimento" system
developed by Masi at Garganago
� Through the control of parameters
such as temperature, humidity,
ventilation and grapes weight
loss, the system ensures ideal
"Appassimento" conditions for the
grapes within the drying loft
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� Flexible sourcing model with a portion of wine produced from own grapes and a higher portion from grape / wine sourced
by third parties allowing to obtain a greater flexibility while maintaining margins and control over product quality
� Control on third party products ensured by a constant monitoring of the strict production standards agreed with the
Company long-standing loyal suppliers
� The recent Lazise acquisition together with Valgatara expansion have further improved Masi procurement model
Flexible and Efficient Procurement
Leveraging on 381 hectares of owned / managed vineyards
ca. 200 hectares in Triveneto
70 hectares in Tuscany
100 hectaresin Argentina
Property vineyards: 314 hectares
� 51 hectares� Valpolicella and Verona areas
� 100 hectares� Argentina
� 70 hectares� Toscana
Third party vineyards managed(1) by Masi: 67 hectares
� 31 hectares
� 31 hectares
� 5 hectares� Valpolicella (Boscaini Family)
� Trentino (Conti Bossi Fedrigotti)
� Valpolicella (Conte S. Alighieri & others)
� 93 hectares� Friuli
(1) Managed or procuring grapes on an exclusive basis for a long-term
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Production Platform: Control of All Phases and Site Specialisation
Argentina Tupungato Site
Valgatara
Gargagnago, Negrar
Stra' del
Milione
Cinigiano
Rovereto
Lazise
Tupungato site
Lazise site
Valgatara site
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Lean Commercial Division Able to Reach More than 90 Countries
MASI COMMERCIAL DIVISION
A. Boscaini
3 Zone Manager(1) 6 Zone Manager(1) North West(1)
North East and Central
(1)
South and Islands
(1)
AgentsDistribution
Partners
MASI REVENUES BY GEOGRAPHY
Rest of EuropeAmericas Italy RoW
Europe + Duty Free Area Manager (P. Torresani)
Americas + Asia Area Manager(L. Desroches)
Italy Area Manager(S. Milani)
Back Office (10)
44,9% 39,2% 39,8% 38,2% 37,2%
43,7% 49,0% 48,5% 50,4% 50,5%
9,3% 9,5% 9,1% 9,0% 10,4%2,2% 2,3% 2,7% 2,3% 2,0%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014
(1) Including consultants
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Key Financials5
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8,996 9,34010,075
7,826 7,634
15% 15% 15%
12%13%
0
0
0
0
0
0
0
0
0
5,000
10,000
15,000
20,000
2010 2011 2012 2013 2014
19,20721,064 21,602
18,670 17,962
32%34%
33%
29%30%
0
0
0
0
0
1
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
1 2 3 4 5
59,547 61,75565,667 64,554
59,721
0
20,000
40,000
60,000
80,000
100,000
120,000
2010 2011 2012 2013 2014
0
20000
40000
60000
80000
100000
1Q14 1Q15
2,663
4,084
21%
30%
15.0%
25.0%
35.0%
45.0%
55.0%
65.0%
75.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
1 2
12,764 13,438
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
1Q14 1Q15
20
Summary of P&L
Breakdown by Geography
Breakdown by Product
Top Wines23.0%
Premium Wines48.5%
Classic Wines26.8%
Other1.7%
America37.2%
Europe50.5%
Italy10.4%
Rest of World2.0%
Revenues (€ k)
EBITDA (€ k) and Margin
Net Income (€ k) and Margin
n.a.
Revenues FY 2014
(+5.3% vs 1Q2014)
Financials reported according to Italian GAAP
n.a.
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14,819
0
10,000
20,000
1Q15
21
Summary of Balance Sheet and Cash flow
(a) Calculated as: cash flow from investing activities + cash flow from operating activities
Trade Working Capital (€ k)
Cash Flow (€ k)
16,358
20,762
15,526
22,249
18,615
0.9x1.0x
0.7x
1.2x1.0x
0.0x
0.5x
1.0x
1.5x
0
10,000
20,000
2010 2011 2012 2013 2014
NFP (€k) and NFP / EBITDA
Financials reported according to Italian GAAP
Cash Flow From Investing Activities (€ k)
22,800 24,463 27,749 30,019 32,808
14,853 14,61814,631 14,023 13,796
(7,553) (10,682) (9,950) (8,297) (7,088)
30,100 28,39932,430 35,745 39,516
-20000
-10000
0
10000
20000
30000
40000
50000
60000
70000
2010 2011 2012 2013 2014
Inventories Trade Receivables Trade Payables
(2,372) (2,179) (2,299)
(11,509)
(4,032)
-15,000
-10,000
-5,000
0
2010 2011 2012 2013 2014
Cash Flow from Investing Activities
9,89512,513
8,265
(2,977)
4,885
-20,000
-10,000
0
10,000
20,000
2010 2011 2012 2013 2014
Cash Flow (a)
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Strategy6
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Strategic pillars and use of proceeds
FOCUS ON CORE BUSINESS
EXPAND THE PRODUCT
PORTFOLIO
BRAND EXPERIENCE AND CUSTOMER
PROXIMITY
1
2
3
� Organic growth in most relevant markets
� More balanced sourcing system also through acquisitions of new
vineyards
� Widening of the product range through M&A activity
� Development of new products with Appaxximento technique
� Widening Masi wine bar network
� Completion of the Masi wine shop of Lazise
� Development of the Visitor Centre in the "land of Amarone" in the
medium term
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24
Key Investment Highlights at a Glance
QUALITY WINE PRODUCER WITH INTERNATIONALLY RECOGNISED BRAND AWARENESS BASED ON VENETIAN
TERROIR AND TRADITIONAL VENETIAN TECHNIQUES (APPAXXIMENTO) 1
SUCCESSFULL TRACK RECORD IN INTEGRATING NEW BRANDS (SEREGO ALIGHIERI AND BOSSI FEDRIGOTTI) AND IN EXPANDING THE PRODUCTION FOOTPRINT (ARGENTINA, LAZISE)
2
“Vini Moderni dal Cuore Antico”
STRONG CASH FLOW GENERATION THANKS TO A GREAT PROFITABILITY4
ATTRACTIVE MARKET POSITIONING WITH MORE THAN 90% OF SALES REALISED ABROAD WITH
OPPORTUNITIES IN RELEVANT MARKETS3
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Appendix6
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(€ k)
Summary Consolidated Income Statement Data 2010 2011 2012 2013 2014
Revenues from sales and services 59,547 61,755 65,667 64,554 59,721
Net raw materials and supply costs 20,857 20,992 23,670 23,955 18,188
Services and use of third party assets costs 13,812 15,538 16,958 17,050 17,681
Personnel costs 5,262 5,693 5,960 6,504 6,785
Other operating costs 926 334 342 539 445
(Other revenue) (517) (1,866) (2,865) (2,164) (1,339)
EBITDA 19,207 21,064 21,602 18,670 17,961
EBITDA Margin 32.3% 34.1% 32.9% 28.9% 30.1%
Depreciation and amortization 4,424 4,287 4,576 4,551 4,348
EBIT 14,783 16,777 17,026 14,119 13,613
EBIT Margin 24.8% 27.2% 25.9% 21.9% 22.8%
Total net f inancial costs (677) (1,708) (1,316) (1,598) (1,049)
Total non-recurring income and expenses 206 13 101 (20) (218)
EBT 14,312 15,082 15,811 12,501 12,346
Income taxes (5,340) (5,740) (5,721) (4,668) (4,714)
Net Income 8,972 9,342 10,090 7,833 7,632
Attributable to minority interests 24 (2) (15) (7) 2
Attributable to the Company 8,996 9,340 10,075 7,826 7,634
Net Income attributable to the Company Margin 15.0% 15.1% 15.3% 12.1% 12.8%
Year ended December, 31
26
Consolidated Income Statement
Financials reported according to Italian GAAP
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(€ k)
Summary Consolidated Balance Sheet Data 2010 2011 2012 2013 2014
Intangible Assets 23,756 22,037 20,152 18,494 16,964
Tangible Assets 32,971 32,918 32,961 42,133 42,990
Financial Assets 1,535 178 178 138 812
Fixed Assets 58,262 55,133 53,291 60,765 60,766
Inventories 22,800 24,463 27,749 30,019 32,808
Trade receivables 14,853 14,618 14,631 14,023 13,796
Tax receivables 1,006 1,358 1,988 3,366 3,034
Deferred tax assets 85 187 254 243 551
Other receivables 112 117 147 197 143
Cash and cash equivalents 4,682 9,783 11,556 6,005 4,288
Prepayments and accrued income 738 1,078 1,127 1,183 776
Current Assets 44,276 51,604 57,452 55,036 55,396
TOTAL ASSETS 102,538 106,737 110,743 115,801 116,162
Share capital 33,028 37,258 37,258 37,258 37,258
Reserves 25,274 14,186 21,797 29,715 36,025
Retained earnings 8,996 9,340 10,075 7,826 7,634
Group Shareholders' Equity 67,298 60,784 69,130 74,799 80,917
Minority interests 2 42 58 64 62
Total Shareholders' Equity 67,300 60,826 69,188 74,863 80,979
Post-employment and other employee benefits 758 791 789 807 811
Deffared tax liabilities 1,257 1,195 927 813 720
Provisions for risk and charges 1,008 734 945 877 1,136
Liabilities due to banks and other lenders 21,040 30,545 27,082 28,254 22,903
Trade paybables 7,553 10,682 9,950 8,297 7,088
Tax payables 2,317 611 511 460 881
Payables due to social security insitutions 355 396 412 467 491
Other liabilities 794 749 767 825 1,019
Accrued expenses and deferred income 156 208 172 138 134
TOTAL LIABILITIES 35,238 45,911 41,555 40,938 35,183
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 102,538 106,737 110,743 115,801 116,162
Year ended December, 31
27
Consolidated Balance Sheet
Financials reported according to Italian GAAP
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(€ k)
Summary Consolidated Cash Flow Data 2010 2011 2012 2013 2014
Cash f low s from operating activities 12,267 14,692 10,564 8,532 8,917
Cash f low s from investing activities (2,372) (2,179) (2,299) (11,509) (4,032)
Cash f low s from financing activities (9,006) (7,412) (6,492) (2,574) (6,602)
Total net cash flow s 889 5,101 1,773 (5,551) (1,717)
Cash and cash equivalents (net f inancial assets) at the beginning of
the period3,793 4,682 9,783 11,556 6,005
Cash and cash equivalents (net financial assets) at the end
of period4,682 9,783 11,556 6,005 4,288
Year ended December, 31
28
Consolidated Cash Flow
Financials reported according to Italian GAAP