MCPHERSON'S LIMITED - Interim / Quarterly Report 2021

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Mcpherson’s Limited

hy21 results release 17[th] february 2021

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CREATING BETTER IN Health Wellness & Beauty

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Agenda

1 Introduction – grant peck
2 HY2021 Financial results – Paul Witheridge
3 CORE BRANDS and channel & customer – Donna chan

4 Summary – grant peck

HEALTH, WELLNESS & BEAUTY – A $15.5 billion market

HEALTH & WELLNESS ($7.5 Billion, +5.0% vs YA)

beauty +5.0% vs YA)vs YA) ($8.0 Billion, +4.6% vs YA) NATURAL HEALTH HEALTHY SKIN & BEAUTY Immunity & Protection Cosmeceutical Sleep & Mood Australian Natural Joint & Movement Essential Beauty Digestive Health Clean Beauty

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strategic business imperatives

Refocus McPherson's on Health, Wellness & Beauty with sustainability and people at the core

Create a China facing business

Revitalise our own McPherson’s brands

Ensure we have our team fit for the future with appropriate expertise, capabilities and values

Ensure a healthy balance sheet

Stabilize and grow NZ & Singapore and expand in Asia & International

Move from transactional to strategic partnerships with our top six customers

Gain efficiencies and savings across Supply Chain infrastructure

Integrate and grow acquired skincare brands; Dr. LeWinn’s and A’kin

Create a new business team focused on significant M&A opportunities

Hy21 update - Key messages

STRENGTH OF DOMESTIC PERFORMANCE

Balance sheet AND dividend CAPACITY

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3
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Export update

A BROADER SET OF GROWTH OPPORTUNITIES EVIDENT……….

CAPACITY FOR M&A BUT CLEAR GUARDRAILS

A’KIN

Mcpherson’s

Australian Tea Tree Oil Detoxifying Mask

HY2021 FINANCIAL RESULTS HIGHLIGHTS

HY21 SALES REVENUE BREAKDOWN BY PRODUCT CATEGORY

SALES REVENUE FROM OWNED BRANDS DECREASED BY 4% DOMESTIC SALES FROM OWNED BRANDS INCREASED BY 7%

Owned brands:	1H21 $m	1H20 $m	% change	Comments
Skin, Hair and Body	17.6	27.6	(36%)	• 67% decline in sales to ABM • 5% growth in sales of domestic in A’kin
Essential Beauty	32.9	29.1	13%	• Market leading beauty accessories brand Manicare and hair accessories brand Lady Jayne grew by 13% and 30% • Cotton consumables brand Swisspers grew by2%
Health	1.1	-	NM	• Acquisition of Fusion Health and Oriental Botanicals on 1 December 2020
Household Essentials & others	32.4	31.0	7%	• Multix grew by 6% due to trend towards home based food preparation, food preservation and household waste disposal
Total Owned brands 84.0 87.7 (4%)
Agency Brands	6.5	7.2	(10%)	• COVID-19 weakness in the Singapore market
Private Label	11.2	11.1	1%	• Improved sales to Aldi
Total Sales	101.7	106.0	(4%)

HY21 SALES REVENUE BREAKDOWN BY GEOGRAPHY

TOTAL AUSTRALIAN DOMESTIC SALES INCREASED BY 6%

Geography:	1H21 $m	1H21 $m	1H21 $m	1H20 $m	1H20 $m	1H20 $m	% Change
	Owned Brands	Agency & Private Label	Total 1H21	Owned Brands	Agency & Private Label	Total 1H20
Australian Domestic	72.3	16.2	88.5	67.6	15.7	83.3	6%
Australian Export (Primarily to China)	5.6	-	5.6	14.2	-	14.2	(61%)
New Zealand	5.2	0.2	5.4	4.7	0.3	5.0	8%
Singapore and SEA	0.9	1.3	2.2	1.4	2.1	3.5	(37%)
Total Sales	84.0	17.7	101.7	87.9	18.1	106.0	(4%)

HY21 $101.7m

BRIDGE OF hy20 TO hY21 SALES

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$M
$110
$105
New Health
Increase in Lady Division
Jayne $1.1m
Increase in $1.4m
Multix Others
Increase in
$100 Manicare $1.4m ($0.3m)
$2.2m
Decrease in Dr.
$95 LeWinn's Export Decrease in Dr.
($9.1m) LeWinn's Domestic
($1.0m)
HY20
$90 $106.0m
$85
$80
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BRIDGE OF hY20 TO hy21 UNDERLYING PBT

$10

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Decrease in
$8 Commodity Prices
Increase in $1.0m Others
$0.6m
Increase in Singapore & NZ
contribution from PBT
$0.5m
Lady Jayne
Increase in $0.9m Adverse AUD/USD FX
$6
contribution Impact
from Manicare ($0.9m)
$1.5m (Note: very strong FX
hedging profile in
Increase in
HY20)
HY20 contribution from
HY21
$8.5m Multix
$4 $7.1m
$1.7m
Decrease in
contribution
from Dr.
LeWinn’s Export
($4.8m)
$2
Decrease in
contribution from
Dr. LeWinn’s
Domestic
($1.8m)
$0
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BALANCE SHEET

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❑ Net debt excluding lease liabilities has reduced from
$19.6m to $3.8m over the last 12 months
45 NET DEBT ($M - 31 DECEMBER)
❑ $45.9m Equity capital raised in October and November
2020 has funded Global Therapeutics acquisition and 40
will fund future acquisitions
35
❑ Low gearing of 3%, excluding lease liabilities, provides
capacity to fund accretive acquisitions in HW&B
30
25
Gearing % (31 December)
35.0%
30.4% 20 40.9
30.0%
25.9%
25.0%
15 30.4
20.0%
17.1% 17.5%
15.0% 10 19.5 19.6
10.0%
5
5.0% 3.0%
3.8
0.0% 0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
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Excluding lease liabilities

CASHFLOW

❑ Seasonally low cash conversion of 68% due to:
i. Relatively high December 20 sales; and

Operating Cashflow before interest and tax ($m)

ii. General seasonal increase in stock ahead of Chinese New Year shutdowns

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❑ Improved 2H21 cash conversion is forecast
Cash Conversion
120%
106%
94%
100%
80% 68%
15.9
13.4
60% 47%
40%
22%
5.4
20%
3.1
2.0
0%
1H17 1H18 1H19 1H20 1H21
1H17 1H18 1H19 1H20 1H21
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1H21 INTERIM ORDINARY

❑ Interim ordinary dividend of 3.5 cents per share fully franked (1H20 4.0 cents per share)
❑ Payout ratio of 98% of 1H21 earnings per share
❑ Interim dividend payable 18 March 2021
❑ Dividend reinvestment plan suspended due to strong balance sheet

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Mcpherson’s
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CORE BRANDS

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Dr. Lewinn’s
Ultra R4 Collagen Surge Plumping Gel
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MCP strongly positioned in traditional Channels

21% share in the categories we participate in 16.8% in HW&B +6.6% vs YA

Total Pharmacy and Grocery market

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2 Australian beauty supplier Ranked #15 total OTC Pharmacy

Pharmacy

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Top 100 suppliers in Grocery Currently Ranked #66

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Grocery
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MCP success in pharmacy channel

MCP OUTPERFORMING PHARMACY GROWTH (EXCEPT DURING 1ST COVID OUTBREAK)

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McP Core brands Performance vs Total OTC Pharmacy Dollars v YA
Value Growth % vs YA McP Core Brands
Total Defined Pharmacy Total Core McPherson's Brands Dollars 000s Dollars 000s YA
$8,841 $8,913
41.2
Gap driven by $8,025
Health demand $7,233 $7,494 [$7,813] $7,617 $7,279
during Covid $6,914 $6,967 $6,696 $7,005 $6,863
$7,667
25.0 $7,235 $7,175 $7,205 $7,083
28.6 $6,261 $6,621 $6,417 $6,400 $6,716 $6,150 [$6,314]
18.4 $5,787
16.3
13.3
8.9 8.6 15.9 8.7
5.7
4.4 3.6 4.6 4.3 10.7
6.3
4.3
2.0 2.8 1.7 3.0
-0.2
-2.3 -2.9
-4.7
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AU Pharmacy

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McPherson’s growing ahead of competition in a challenging environment

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Top 50
Manufacturers
Ranked
Ranked
51-100
101-200
Ranked 201+
Ranked #15
$117M
6%
72% 11% 7%
$ share
$ share $ share $ share 10.6%
-3.2% -0.2% 0.4%
Dollars
Dollars Dollars Dollars
Source: IRI OTC Pharmacy MarketEdge, MAT To 06/09/20
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Strong results for core owned brands

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+2.4 SHARE POINT GAIN
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+1.9 SHARE POINT GAIN
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+1.3 SHARE POINT GAIN
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Maintain share
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+0.5 SHARE POINT GAIN
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+6% GROWTH
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Innovation SUCCESS driving sustainable growth

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MCP Core Brands NPD Cumulative Share % (over 3 years)
Ex. Factory Statutory Sales
33.1%
28.3%
20.5%
15.3%
10.4%
FY17 FY18 FY19 FY20 HFY21
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13
11
3 6
R&D R&D R&D R&D
Foreign market registrations
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EXPANSION INTO BEAUTY NUTRITION

#1 NATURAL HAIRCARE NPD

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PREMIUM NPD DRIVING CATEGORY GROWTH

#1 COTTON SUSTAINABLE NPD

220 PROJECTS IN THE INNOVATION FUNNEL

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leverage macro trends for FUTURE growth

NATURAL SELF CARE

PRO-ACTIVE BEAUTY AUSTRALIAN BEAUTY BEAUTY AT HOME

SUSTAINABLE LIVING

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Custodians of your own skin health. More choice, technology, information & education enabling empowerment.
•
Consumers opting for in87% of Shoppers are more home beauty and skin likely to purchase products treatment alternatives in that are ethically and sustainably produced.
the absence of salons.
78% of Australians have purchased at least one form of complementary medicine in the last year.
Shoppers are gravitating towards locally made products & retailing.
```
 - 41% of shoppers are willing to pay more for ethical and sustainable products.
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- 88% of Australians in January were more likely to purchase AUS Made products.
33% of women say they have added beauty supplements to their skincare routine in the last year.
Australian complementary medicines are recognised around the world for quality, safety and efficacy.
2.5% increase in households purchasing facial skincare (Sept v Feb 2020).

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: 20

mcpherson’s health division established

NATURAL SELF CARE

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Herbal and traditional products gaining increased popularity
100% of Global Therapeutics Employees transitioned
High customer engagement & continuity of supply maintained
Complementary distribution network to broaden reach across portfolio

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Children’s Bone & Women’s Hair, skin Muscular Mental
Immunity Digestive
health joint health and nails support wellbeing
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#1 Australian cosmeceutical brand in pharmacy

PRO-ACTIVE BEAUTY

Expansion into adjacent category with clinically proven beauty nutrition
Fuel China demand with innovation
Boost clinical claims to drive brand penetration
Target international expansion

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NEW
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Powerful Australian natural beauty

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Australian beauty
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Compelling brand proposition appealing to Millennials
Grocery channel expansion driving accessibility and awareness
New scientifically proven haircare
New clinically proven skincare

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NEW
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On trend tanning & skincare for gen z

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Sustainable & Pandemic Australian
Sensitive Skin
Pampering
Eco-friendly
62% of Gen Z prefer Consumers opting for in- 88% of Australians in Sensitive Skin the
to buy from home beauty and skin January were more likely
second highest desired
treatment alternatives in
Sustainable Brands to purchase Aus Made claim
the absence of salons products
24
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Australian beauty
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Leading brands driving category growth

Beauty at home

Innovative premium skincare tools
Fashion collaboration and runway collections to attract Millennial shopper
On-line DIY education

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Continued merchandising investment

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Leading sustainable innovation

Sustainable living

Fuelling high growth sustainable segments

Innovation

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Education
Larger pack sizes
Company wide commitment to reduce environmental impact

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INCREASED INVESTMENT in digital

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amplify engage convert
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+54% increase for online sales to key pharmacy customer (MAT vs LY))
77.5M digital ad impressions YTD
+216% increase in social engagement (MAT vs LY)
+42% increase in social reach (MAT vs LY)
94% increase in product reviews (MAT vs LY)
+46% in MCP eCommerce sales (MAT vs LY)
+36% increase in site traffic (MAT vs LY)
5,855 minutes spent on GlamCam since October launch

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E-learning
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New E-Learning platform:
Cloud Based retailer training
Modules can be loaded into retailer’s own LMS
Engaging modules and features

Mcpherson’s

Channel & customer

MACRO Retail trends shaping MCP Sales Strategy

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CHANNEL SHIFT

GLOBALISATION

RETAILER BRAND FOCUS

SHOPPER ENGAGEMENT

  - 53% of shoppers are likely to change their minds based on what they see in store

Over 120 exclusive/pseudo brands available within categories MCP participates in
Shift to Grocery from Pharmacy
64.8% of Top 250 retailers have foreign operations
Ecommerce growth +41% outpacing total retail growth +4% & holds 8% dollar share
Online facilitating expansion
- Retailers partnering with suppliers offering navigation and Category solutions
58% of people are now considering private label
84% of Australians engaging in online shopping
Global Expansion of AU retailers in bricks & mortar (+20 stores in FY21)
Retailer strategies continue with Exclusives key pillar
Most conveniently located near my home ranked #1 during COVID
Localised ranging – Geo targeting

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Delivering on MCP channel and customer H1 Strategy

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STRATEGIC

CHANNEL PRESENCE PARTNERSHIPS AND EXPANSION

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DIFFERENTIATION

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SHOPPER ENGAGEMENT

• • •
A’kin Grocery Expansion ANZ Akin and Revitanail now 17 First to market Off location investment with presence China Bricks products/Exclusive +24% YTD
• 223 lines onboarded Online & Mortar promotions executed in •
retailers CWH/Priceline and Ind PH Category solutions NZ • Plans to include Soulful H2
• • • Online investment +39% YTD Private Label presence in Navigation solutions GLAM in Customer assets • CWH growing presence in Grocery Channel NZ • Virtual engagement
• • +15000 incremental Category partnership with distribution points ANZ Metcash
+15000 incremental distribution points ANZ
Sugarbaby launch into Farmers NZ

ANZ business operational imperatives Overview

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Investment optimisation

Brand share growth

Expansion

Continued PORTFOLIO MANAGEMENT Promotional effectiveness INCREASE in ONLINE INVESTMENT RESHAPE TRADING TERMS

Drive growth from CORE AND Innovation DATA Led BUSINESS PLANNING Strategic participation In Private Label

New Category share gains New Channel Penetration CORE Distribution Expansion Further a’kin expansion

Mcpherson’s

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A’Kin
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Natural Australian Skincare
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SUMMARY

Hy21 update - Key messages

STRENGTH OF DOMESTIC PERFORMANCE

Balance sheet AND dividend CAPACITY

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3
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Export update

A BROADER SET OF GROWTH OPPORTUNITIES EVIDENT……….

CAPACITY FOR M&A BUT CLEAR GUARDRAILS

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Q & A

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34 —

AI assistant

MCPHERSON'S LIMITED — Interim / Quarterly Report 2021

65305_rns_2021-02-16_babca4e1-b843-4df1-abd0-25f738a7e35c.pdf