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Valsoia Investor Presentation 2019

Oct 1, 2019

4057_rns_2019-10-01_cc76a24c-7ba9-446e-b6c0-45dae51ea624.pdf

Investor Presentation

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Corporate Presentation H1 2019

Agenda

Company Overview

Market

Competitive Landscape

Strategy & Outlook

Financials

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Founded in 1990 by neurologist Lorenzo Sassoli and listed on the Italian stock market since 2006.

Today Valsoia is expanding in the domestic and international markets, through product innovation and acquisitions

Governance

Board of Directors

Lorenzo SassoliChairman

Furio BurnelliDeputy Chairman

Ruggero AriottiDeputy Chairman

Cesare Doria de ZulianiHonorary Chairman

Andrea Panzani Chief Executive Officer Susanna Zucchelli Independent Director

Francesca Postacchini

Independent Director

Camilla Chiusoli Independent Director

Gregorio Sassoli

Top Management

Chairman Lorenzo Sassoli

CEO Andrea Panzani

CFO Nicola Mastacchi

Shareholder Structure as at May 2018

Business Operation Model

Frozen

Products

Healthy products

  • The healthy products segment corresponds to Valsoia Bontà e Salute, Vitasoya and Naturattiva.
  • It accounts for about 59% of sales

Food

  • Our food segment products include Santa Rosa, Diete.Tic, and Weetabix distribution
  • Food products account for 28% of sales

Healthy products

Food Segment & Other

Santa Rosa, purchased in 2011, is a historic brand in the Italian food tradition, offers high quality standard jams, choosing only the highest quality fruit through strict purchasing specifications.

Diete.Tic, purchased in 2017, is a liquid sweetener, sugar substitute, with a unique and patented process. Completely calorie-free, it does not alter the taste of food or drinks and is highly soluble.

Valsoia distributes Weetabix in Italy. A range of whole grains for a wellness breakfast. Produced by the Weetabix Food Company. They are unique, loved and appreciated all over the world.

Valsoia is the brand licensee for BlueNyx. It is a dietary supplement with an exclusive MGTS 3 ACTION formula that promotes the natural and regenerating path of one's sleep. Thanks to the presence of vitamins and mineral salts, it contributes positively to the energy metabolism, to reduce the sense of tiredness and to maintain the functionality of the immune system.

Agenda

Company Overview

Market

Competitive Landscape

Strategy & Outlook

Financials

Non-dairy and plant-based alternatives market trend and number of families

The polarization of preferences: Favorable to the target of plant-based product markets

Purchase habits are changing, customers preferences are polarizing on the higher and lower range of price. It means that Valsoia's target segment is growing through the years.

"Golden consumers" are the most likely to spend on healthy eating habits.

Italy healthy food consumer trends (Sell out value)

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Italian plant-based alternatives shelves: Overcrowded

SKU 2013 – 2018 (MD)

The market is becoming increasingly competitive with a growing number of SKU's on shelves leading to a risk of overcrowding. Starting in 2018 a small dip can be identified with the beginnings of a rationalization process

Agenda

Company Overview

Market

Competitive Landscape

Strategy & Outlook

Financials

Competitive Landscape

100% 23% 12% 6% 6% 5% Market Valsoia Alpro Sojasun Granarolo Kioene Plant-based products Market share in Italy As of February 2019 Market Image Communi- cation Health Products

Valsoia continues to hold the largest market share in Italy.

Market Shares

17

Reputation Institute Analysis (1/3)

The Reputation Institute analysis is based on:

  • • An annual study since 2006
  • • A sample of 30,000 subjects in Italy
  • • The perimeter studied regards 388 companies operating in Italy

Reputation Institute Analysis (2/3)

Rank Industries Reputation
1 Luxury Products 74,63
2 Electrical & Electronics 72,67
3 FMCG - Food 72,65
49 Automotive 72,56
2 Streetwear 72,39
6 Industrial 71,53
7 FMCG - Home & Personal Care 71,50
8 FMCG - Beverage 71,31
9 Financial - Diversified 70,96
10 Entertainment - Media 70,43
10 Retail 69.38
12 Logistic 68.66
13 Pharmaceutical 67,91
14 Tourism 64,11
15 Financial - Insurance 63,96
16 Telco 61,70
17 Energy & Utilities 60,51
18 Financial - Bank 59,14
19 Entertainment - Gambling 58,08

Reputation Institute Analysis (3/3)

Within the FMCG – Food Category Valsoia ranks 17th

Rank Industries Reputation
1 Luxury Products 74,63
2 Electrical & Electronics 72.67
87 BMCG - Food 72,65
41 Automotive 72,50
5 Streetwear 72,39
6 Industrial 71,53
7 FMCG - Home & Personal Care 71,50
8 FMCG - Beverage 71,31
0 Financial - Diversified 70,96
10 Entertainment - Media 70,43
11 Retail 69.38
12 Logistic 68,66
13 Pharmaceutical 67,91
14 Tourism 64,11
15 Financial - Insurance 63.96
16 Telco 61,70
17 Energy & Utilities 60,51
18 Financial - Bank 59,14
19 Entertainment - Gambling 58,08
1 FERRERO 81,4 10 Galbusera 75,3 19 Barilla 69,6
2 DE CECCO 77,9 11 CANONO 73,9 20 HERSHEY 69,4
3 MUTTI 77,6 12 73,8 21 (Amadori)) 69,3
4 CARLO 76,4 13 म
GRANAROLO		 73,5 22 KraftHeinz 67,8
5 Kelloggis 76,3 14 Frasisi 73,5 23 Campbells 66,5
б cameo 76,2 15 8
BOLTON		 71,1 24 Mondelez, 65,3
7 75,8 16 MARS 70,9 25 C
CRUPPO CREMONINI		 62,9
8 Sporti 75,7 17 VALSOIA. 70,8 26 Nestle
Good Food, Good I.Ife		 60,7
9 Findus / 75,3 18 70,8

Vegetable Alternatives

THE WORLD IS BECOMING VEGETARIAN AND SUSTAINABLE

Valsoia is at the center of some of the most heavily discussed issues of the 21st century.

Entro quarant'anni la popolazione mondiale aumenterà di due miliardi e le risorse idriche scarseggeranno. Secondo un team di studiosi svedesi, per evitare carestie dovremo mangiare frutta e verdura anziché bistecche

Agenda

Company Overview

Market

Competitive Landscape

Strategy & Outlook

Financials

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Focus on Advertising

  • Valsoia is market leader with consolidated strong brand image and brand awareness due to high investments in advertising and consumer marketing
  • 2018 has seen several new marketing campaigns focusing on contests promoting the consumption of healthy products

Key Messages:

  • • 100% vegetable, tasty, natural, non-dairy
  • • Respect for animals and the environment
  • • A healthy diet for the whole family
  • • A brand you can trust

Key Messages:

• Through the "Lezioni di Etichetta" campaign Valsoia teaches the general public how to identify products with greater ease

  • • Significant investments in advertising continues in 2019
  • • Enlarging the coverage from Italy to international countries (USA and Germany)
  • • Digital campaigns also play a large and increasing role

Valsoia leader, with a share of voice of over 45%

Mouth and Innovation

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Focus on 3.0

New Valsoia line:

From Valsoia's own research facilities:

A complete line of exclusive products to offer consumers the maximum benefits in terms of Goodness and Health.

  • • Proteins
  • • Omega 6
  • • Low sugar
  • • No cholesterol

Mouth and Innovation

In line with the current world trends, Valsoia is the first player in Italy to present a Sugar-free rice-based and oat-based milk.

Bringing innovation to the Food segment through Santa Rosa:

  • • Only fruit sugars
  • • Only natural ingredients
  • • Less sugar than the Jams market average: - 50%
  • • Less kcal than the Jams market average (from - 49% to -54% depending on the reference)
  • • Made 65% of fruit

Expanding R&D beyond the Food and Healthy segments through BlueNyx:

  • • New supplement that promotes the natural and regenerating path of sleep.
  • • Born from Valsoia research, tested in Italy, Germany, UK and USA for an International launch that will take place at the beginning of 2019.

2019 Launches

Execution

Development and improvement of Trade Marketing (sales policies and marketing at POS) by structure, tools and working methods

Subdivision of the sales force focused on healthy food and regular food

3

Restructuring of sales force in 2018 with the entry of sales key account with experience in multinational companies

The execution capacity includes POS management through a dedicated Team monitored with KPIs

Execution example

Shelves in Italy

Our Benchmark Abroad

Coming soon to Italy

Focus on export

  • Currently present in 19 countries (Europe and United States) with an eye on China and Russia
  • Turnover from exports, excluding Germany, continue to grow
  • Ice cream is the main export product:

Dairy-free ice cream

  • Company's main expansion drive currently focused on:
    • USA
    • Germany
    • Spain

More than 25% of Gelato and Chocolate Spread Revenues come from Exports

Pioneers in health-food market

Established strong brands

Leader in quality and taste in a high-growth worldwide market

Proven and highly skilled management team

Excellent track record for innovation

Strong cash generation and positive NFP

Dividend Distribution with a payout ratio of ~40%

Agenda

Company Overview

Market

Competitive Landscape

Strategy & Outlook

Financials

34

Financials (*) The figure as of 06.30.2019 is net of the effect on the NFP of the first-time application of the IFRS 16 principle equal to 956 thousand euros; this effect is purely accounting

Profit & Loss

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Like for like sales revenues decreased 6.6% vs. the same period of 2018 due to a negative performance in the vegetable alternatives market

Despite the negative scenario "Valsoia Bontà e Salute" continues to gain market share with a sustained growth in the number of families.

Positive Food Division sales performance. Consumption remains stable

Exports, excluding Germany, continue to increase

EBITDA margin increased from 13.9% to 14.4%

(*) The Company adopted IFRS 16 on 1 January 2019 using the modified retroactive application method, the comparative information has not been restated.

(**) The company has stopped sales of the "Pomodorissimo Santa Rosa" Line starting from November 2018 following the Licensing concession to third parties of the relevant Brand

Financials

Balance Sheet

€
0
0
0		 3
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0
6-
1
9		 3
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1
2-
1
8
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  • Valsoia boasts a strong cash generation and positive NFP
  • At June 30, 2019, taking into account the € 956 thousand resulting from the application of IFRS 16, the NFP was in line with December 31, 2018
  • Shareholders' Equity amounted to €66.4M

Dividend Payment

0%

10%

20%

30%

50%

60%

Dividends have consistently been distributed every year

Note: DPS refer to the fiscal year and not the year they were paid in.

37 Financials

€
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7

The primary operating cash flow in H1 2019 was €5.3M.

Disclaimer

This document has been prepared by Valsoia S.p.A. (the 'Company') solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use of this document by any person and for any purposes. The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to the accuracy, completeness or correctness of the information or opinions contained herein. This presentation may contain forward-looking information and statements about the Company.

Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding plans, performance. In any case, investors and holders of the Company are cautioned that forward-looking information and statements are subject to various risk and uncertainties many of which are difficult to predict and subject to an independent evaluation by the Company; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements. No representation, warranty or undertaking is made by the Company in order to the implementation of these forward – looking statements. These risks and uncertainties include, but are not limited to, those contained in this presentation. Except as required by applicable law, the Company does not undertake any obligation to update any forward-looking information or statements.

Neither the Company, its shareholders, its advisors or representatives nor any other person shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction. Under all circumstances the user of this document shall solely remain responsible for his/her own assumptions, analyses and conclusions.

Contacts

Chief Financial Officer & IR

Nicola Mastacchi

Tel: +39 051-6086800 Fax: +39 051-248220 [email protected]

Valsoia S.p.A. Via Ilio Barontini, 16/5 40138 Bologna (BO) Italy

www.valsoiaspa.com

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IR Consultant

Silvia di Rosa

CDR Communication S.r.l. Tel: +39 335-7864209 [email protected]

Andrés Olivieri

CDR Communication S.r.l. Tel: +39 338-9191746 [email protected]

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